Ellington Residential Mortgage REIT (EARN) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover Page Document

Cover Page Document - shares	3 Months Ended
	Mar. 31, 2022	May 11, 2022
Cover [Abstract]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value per share
Entity Incorporation, State or Country Code	MD
Document Transition Report	false
Document Annual Report	true
Entity Registrant Name	Ellington Residential Mortgage REIT
Entity Address, Address Line One	53 Forest Avenue
Entity Address, City or Town	Old Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06870
Entity Central Index Key	0001560672
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Entity File Number	001-35896
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		13,109,926
Entity Shell Company	false
Entity Tax Identification Number	46-0687599
City Area Code	203
Local Phone Number	698-1200
Trading Symbol	EARN
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 16,206	$ 69,028
Mortgage-backed securities, at fair value(1)	[1]	1,094,183	1,311,361
Other investments, at fair value		21,277	309
Due from brokers		88,441	88,662
Financial derivatives–assets, at fair value		36,566	6,638
Reverse repurchase agreements		27,348	117,505
Receivable for securities sold		218,812	0
Interest receivable		3,530	4,504
Other assets		782	459
Total Assets		1,507,145	1,598,466
LIABILITIES
Repurchase agreements		1,211,163	1,064,835
Payable for securities purchased		119,792	255,136
Due to brokers		23,052	1,959
Financial derivatives–liabilities, at fair value		3,277	1,103
U.S. Treasury securities sold short, at fair value		13,461	117,195
Dividend payable		1,311	1,311
Accrued expenses		976	1,236
Management fee payable to affiliate		500	581
Interest payable		712	885
Total Liabilities		1,374,244	1,444,241
SHAREHOLDERS' EQUITY
Preferred shares, par value $0.01 per share, 100,000,000 shares authorized; (0 shares issued and outstanding, respectively)		0	0
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (13,109,926 and 13,109,926 shares issued and outstanding, respectively)		131	131
Additional paid-in-capital		238,941	238,865
Accumulated deficit		(106,171)	(84,771)
Total Shareholders' Equity		132,901	154,225
Total Liabilities and Shareholders' Equity		$ 1,507,145	$ 1,598,466
[1]	Includes assets pledged as collateral to counterparties. See Note 6 for additional details on the Company's borrowings and related collateral.

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	13,109,926	13,109,926
Common stock, shares outstanding	13,109,926	13,109,926

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INTEREST INCOME (EXPENSE)
Interest income	$ 6,535	$ 6,535
Interest expense	(1,103)	(781)
Total net interest income	5,432	5,754
EXPENSES
Management fees to affiliate	500	614
Professional fees	206	271
Compensation expense	162	177
Insurance expense	98	86
Other operating expenses	355	317
Total expenses	1,321	1,465
OTHER INCOME (LOSS)
Net realized gains (losses) on securities	(14,170)	3,081
Net realized gains (losses) on financial derivatives	15,353	(5,150)
Change in net unrealized gains (losses) on securities	(50,515)	(10,308)
Change in net unrealized gains (losses) on financial derivatives	27,754	8,215
Total other income (loss)	(21,578)	(4,162)
NET INCOME (LOSS)	$ (17,467)	$ 127
NET INCOME (LOSS) PER COMMON SHARE:
Basic and Diluted (in dollars per share)	$ (1.33)	$ 0.01

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Common Shares [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated (Deficit) Earnings [Member]
Balance, in shares at Dec. 31, 2020			12,343,542	0
Balance at Dec. 31, 2020		$ 166,402	$ 123	$ 0	$ 229,614	$ (63,335)
Shares Issued, Shares		0
Share based compensation		$ 66			66
Dividends declared	[1]	(3,456)				(3,456)
NET INCOME (LOSS)		127				127
Balance, in shares at Mar. 31, 2021			12,343,542	0
Balance at Mar. 31, 2021		$ 163,139	$ 123	$ 0	229,680	(66,664)
Common Stock, Dividends, Per Share, Declared		$ 0.28
Balance, in shares at Dec. 31, 2021			13,109,926	0
Balance at Dec. 31, 2021		$ 154,225	$ 131	$ 0	238,865	(84,771)
Shares Issued, Shares		0
Share based compensation		$ 76			76
Dividends declared	[1]	(3,933)				(3,933)
NET INCOME (LOSS)		(17,467)				(17,467)
Balance, in shares at Mar. 31, 2022			13,109,926	0
Balance at Mar. 31, 2022		$ 132,901	$ 131	$ 0	$ 238,941	$ (106,171)
Common Stock, Dividends, Per Share, Declared		$ 0.30
[1]	For the three-month periods ended March 31, 2022 and 2021, dividends totaling $0.30 and $0.28, respectively, per common share outstanding, were declared.

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows provided by (used in) operating activities:
Net income (loss)	$ (17,467)	$ 127
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
Net realized (gains) losses on securities	14,170	(3,081)
Change in net unrealized (gains) losses on securities	50,515	10,308
Net realized (gains) losses on financial derivatives	(15,353)	5,150
Change in net unrealized (gains) losses on financial derivatives	(27,754)	(8,215)
Amortization of premiums and accretion of discounts, net	2,535	2,620
Share based compensation	76	66
(Increase) decrease in assets:
Interest receivable	974	(18)
Other assets	(323)	(311)
Increase (decrease) in liabilities:
Accrued expenses	(227)	(107)
Interest payable	(173)	143
Management fees payable to affiliate	(81)	(12)
Net cash provided by (used in) operating activities	6,892	6,670
Cash flows provided by (used in) investing activities:
Purchases of securities	(1,100,487)	(199,731)
Proceeds from sale of securities	804,471	29,975
Principal repayments of mortgage-backed securities	65,967	79,110
Proceeds from investments sold short	162,472	190,110
Repurchase of investments sold short	(261,322)	(88,569)
Proceeds from disposition of financial derivatives	18,526	5,113
Purchase of financial derivatives	(7,626)	(8,253)
Payments made on reverse repurchase agreements	(5,216,036)	(2,667,643)
Proceeds from reverse repurchase agreements	5,306,192	2,568,739
Due from brokers, net	7,327	4,640
Due to brokers, net	18,761	347
Net cash provided by (used in) investing activities	(201,755)	(86,162)
Cash flows provided by (used in) financing activities:
Offering costs paid	(33)	(70)
Dividends paid	(3,933)	(3,456)
Borrowings under repurchase agreements	963,814	433,559
Repayments of repurchase agreements	(817,486)	(342,080)
Due from brokers, net	(251)	(14,127)
Due to brokers, net	(70)	0
Cash provided by (used in) financing activities	142,041	73,826
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(52,822)	(5,666)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	69,028	58,166
CASH AND CASH EQUIVALENTS, END OF PERIOD	16,206	52,500
Supplemental disclosure of cash flow information:
Interest paid	1,277	639
Dividend payable	$ 1,311	$ 3,456

Organization and Investment Obj

Organization and Investment Objective	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Investment Objective	Organization and Investment Objective Ellington Residential Mortgage REIT, or "EARN," was formed as a Maryland real estate investment trust, or "REIT," on August 2, 2012, and commenced operations on September 25, 2012. EARN conducts its business through its wholly owned subsidiaries, EARN OP GP LLC, or the "General Partner," and Ellington Residential Mortgage LP, or the "Operating Partnership," which were formed as a Delaware limited liability company and a Delaware limited partnership, respectively, on July 31, 2012 and commenced operations on September 25, 2012. The Operating Partnership conducts its business of acquiring, investing in, and managing residential mortgage- and real estate-related assets through its wholly owned subsidiaries. EARN, the General Partner, the Operating Partnership, and their consolidated subsidiaries are hereafter defined as the "Company." Ellington Residential Mortgage Management LLC, or the "Manager," serves as the Manager of the Company pursuant to the terms of the Fifth Amended and Restated Management Agreement, or the "Management Agreement." The Manager is an affiliate of Ellington Management Group, L.L.C., or "EMG," an investment management firm that is an SEC-registered investment adviser with a 27-year history of investing in a broad spectrum of mortgage-backed securities and related derivatives, with an emphasis on the residential mortgage-backed securities, or "RMBS," market. In accordance with the terms of the Management Agreement and the Services Agreement (as described in Note 9), the Manager is responsible for administering the Company's business activities and day-to-day operations, and performs certain services, subject to oversight by the Board of Trustees. See Note 9 for further information on the Management Agreement. The Company acquires and manages RMBS, for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity, or "Agency RMBS," and RMBS that do not carry such guarantees, or "non-Agency RMBS," such as RMBS backed by prime jumbo, Alternative A-paper, manufactured housing, and subprime residential mortgage loans. Agency RMBS include both Agency pools and Agency collateralized mortgage obligations, or "CMOs," and non-Agency RMBS primarily consist of non-Agency CMOs, both investment grade and non-investment grade. The Company may also acquire and manage CMBS, mortgage servicing rights, credit risk transfer securities, residential mortgage loans, and other mortgage- and real estate-related assets. The Company may also invest in other instruments including, but not limited to, forward-settling To-Be-Announced Agency pass-through certificates, or "TBAs," interest rate swaps and swaptions, U.S. Treasury securities, Eurodollar and U.S. Treasury futures, other financial derivatives, and cash equivalents. The Company's targeted investments may range from unrated first loss securities to AAA senior securities. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or "the Code," and conducts its operations to qualify and be taxed as a REIT. As a REIT, the Company is required to distribute annually at least 90% of its taxable income. As long as the Company continues to qualify as a REIT, it will not be subject to U.S. federal corporate taxes on its taxable income to the extent that it distributes all of its annual taxable income to its shareholders within the time limits prescribed by the Code. It is the intention of the Company to distribute at least 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Code, which may extend into the subsequent taxable year.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies (A) Basis of Presentation: The Company's unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," and Regulation S-X. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities' voting equity interests, or through other contractual rights that give the Company control, are consolidated by the Company. All inter-company balances and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's interim consolidated financial statements have been included and are only of a normal recurring nature. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021. (B) Valuation: The Company applies ASC 820-10, Fair Value Measurement ("ASC 820-10"), to its holdings of financial instruments. ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are exchange-traded derivatives and equities; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are Agency RMBS, U.S. Treasury securities, certain non-Agency RMBS, and actively traded derivatives such as TBAs, interest rate swaps, and swaptions; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. Currently, this category includes certain RMBS, such as certain non-Agency RMBS and certain Agency interest only securities, or "IOs," where there is less price transparency. For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. For each such financial instrument, the determination of which category within the fair value hierarchy is appropriate is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value, with the highest priority given to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), and the lowest priority given to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefits of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period. Summary Valuation Techniques For financial instruments that are traded in an "active market," the best measure of fair value is the quoted market price. However, many of the Company's financial instruments are not traded in an active market. Therefore, management generally uses third-party valuations when available. If third-party valuations are not available, management uses other valuation techniques, such as the discounted cash flow methodology. The following are summary descriptions, for the various categories of financial instruments, of the valuation methodologies management uses in determining fair value of the Company's financial instruments in such categories. Management utilizes such methodologies to assign a fair value (the estimated price that, in an orderly transaction at the valuation date, would be received to sell an asset, or paid to transfer a liability, as the case may be) to each such financial instrument. For the Company's RMBS investments and TBAs, management seeks to obtain at least one third-party valuation, and often obtains multiple valuations when available. Management has been able to obtain third-party valuations on the vast majority of these instruments and expects to continue to solicit third-party valuations in the future. Management generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding, management may adjust the valuations it receives (e.g., downward adjustments for odd lots), and management may challenge or reject a valuation when, based on its validation criteria, management determines that such valuation is unreasonable or erroneous. Furthermore, based on its validation criteria, management may determine that the average of the third-party valuations received for a given instrument does not result in what management believes to be the fair value of such instrument, and in such circumstances management may override this average with its own good faith valuation. The validation criteria may take into account output from management's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The use of proprietary models requires the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates and default rates. Given their relatively high level of price transparency, Agency RMBS pass-throughs and TBAs are typically designated as Level 2 assets. Non-Agency RMBS and Agency interest only and inverse interest only RMBS are generally classified as either Level 2 or Level 3 based on the analysis of available market data and/or third-party valuations. Furthermore, the methodology used by the third-party valuation providers is reviewed at least annually by management, so as to ascertain whether such providers are utilizing observable market data to determine the valuations that they provide. Interest rate swaps and swaptions are typically valued based on internal models that use observable market data, including applicable interest rates in effect as of the measurement date; the model-generated valuations are then typically compared to counterparty valuations for reasonableness. These financial derivatives are generally designated as Level 2 instruments. In valuing its derivatives, the Company also considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each derivative agreement. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value. Repurchase agreements and reverse repurchase agreements are classified as Level 2 assets and liabilities based on the adequacy of the collateral and their short term nature. The Company's valuation process, including the application of validation criteria, is directed by the Manager's Valuation Committee ("Valuation Committee") and overseen by the Company's audit committee. The Valuation Committee includes senior level executives from various departments within the Manager, and each quarter the Valuation Committee reviews and approves the valuations of the Company's investments. The valuation process also includes a monthly review by the Company's third party administrator. The goal of this review is to replicate various aspects of the Company's valuation process based on the Company's documented procedures. Because of the inherent uncertainty of valuation, the estimated fair value of the Company's financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the consolidated financial statements. (C) Accounting for Securities: Purchases and sales of securities are recorded on trade date and realized and unrealized gains and losses are calculated based on identified cost. The Company has chosen to make a fair value election pursuant to ASC 825-10, Financial Instruments , for its securities portfolio. Electing the fair value option, or "FVO," allows the Company to record changes in fair value in the Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, securities are recorded at fair value on the Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Consolidated Statement of Operations as a component of Change in net unrealized gains (losses) on securities. The Company applies the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13") and evaluates the cost basis of its securities on at least a quarterly basis under ASC 326-30, Financial Instruments—Credit Losses: Available-for-Sale Debt Securities ("ASC 326-30"). When the fair value of a security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired. The Company must evaluate the decline in the fair value of the impaired security and determine whether such decline resulted from a credit loss or non-credit related factors. In its assessment of whether a credit loss exists, the Company compares the present value of estimated future cash flows of the impaired security with the amortized cost basis of such security. The estimated future cash flows reflect those that a "market participant" would use and typically include assumptions related to fluctuations in interest rates, prepayment speeds, default rates, collateral performance, and the timing and amount of projected credit losses, as well as incorporating observations of current market developments and events. Cash flows are discounted at an interest rate equal to the current yield used to accrete interest income. If the present value of estimated future cash flows is less than the amortized cost basis of the security, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a security's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the security's cost basis. This adjustment to the amortized cost basis of the security is reflected in Net realized gains (losses) on securities, on the Consolidated Statement of Operations. (D) Interest Income: Coupon interest income on investment securities is accrued based on the outstanding principal balance or notional amount and the current coupon rate on each security. The Company amortizes purchase premiums and accretes purchase discounts on its fixed-income securities. For RMBS that are deemed to be of high credit quality at the time of purchase, premiums and discounts are generally amortized/accreted into interest income over the life of such securities using the effective interest method. For such RMBS whose cash flows vary depending on prepayments, an effective yield retroactive to the time of purchase is periodically recomputed based on actual prepayments and changes in projected prepayment activity, and a catch-up adjustment, or "Catch-up Premium Amortization Adjustment," is made to amortization to reflect the cumulative impact of the change in effective yield. For RMBS that are deemed not to be of high credit quality at the time of purchase, interest income is recognized based on the effective interest method. For purposes of estimating future expected cash flows, management uses assumptions including, but not limited to, assumptions for future prepayment rates, default rates, and loss severities (each of which may in turn incorporate various macro-economic assumptions, such as future housing prices). These assumptions are re-evaluated not less than quarterly. Changes in estimated future cash flows, as applied to the current amortized cost of the security, may result in a prospective change in the yield/interest income recognized on such securities. Certain of the Company's debt securities, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination. If at the date of acquisition for a particular asset the Company projects a significant difference between contractual cash flows and expected cash flows, it establishes an initial estimate for credit losses as an upward adjustment to the acquisition cost of the asset for the purpose of calculating interest income using the effective yield method. The Company's accretion of discounts and amortization of premiums on securities for U.S. federal and other tax purposes is likely to differ from the accounting treatment under U.S. GAAP of these items as described above. (E) Cash and Cash Equivalents: Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in interest bearing overnight accounts and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy. (F) Due from brokers/Due to brokers: Due from brokers and Due to brokers accounts on the Consolidated Balance Sheet include collateral transferred to or received from counterparties, including clearinghouses, along with receivables and payables for open and/or closed derivative positions. (G) Financial Derivatives: The Company enters into various types of financial derivatives subject to its investment guidelines, which include restrictions associated with maintaining its qualification as a REIT. The Company's financial derivatives are predominantly subject to bilateral master trade agreements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Company may be required to deliver or may receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the relative value of financial derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared financial derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant acts as intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Collateral received by the Company is reflected on the Consolidated Balance Sheet as "Due to Brokers." Conversely, collateral posted by the Company is reflected as "Due from Brokers" on the Consolidated Balance Sheet. The types of financial derivatives that have been utilized by the Company to date include interest rate swaps, TBAs, swaptions, and futures. Swaps: The Company enters into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. The Company enters into interest rate swap contracts primarily to mitigate interest rate risk. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Swaps change in value with movements in interest rates or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date. TBA Securities: The Company transacts in the forward settling TBA market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company typically does not take delivery of TBAs, but rather enters into offsetting transactions and settles the associated receivable and payable balances with its counterparties. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. TBAs are accounted for by the Company as financial derivatives. The difference between the contract price and the fair value of the TBA position as of the reporting date is included in Change in net unrealized gains (losses) on financial derivatives in the Consolidated Statement of Operations. Upon settlement of the TBA contract, the realized gain (loss) on the TBA contract is equal to the net cash amount received (paid). Options : The Company enters into swaption contracts. It may purchase or write put, call, straddle, or other similar options contracts. The Company enters into options contracts primarily to help mitigate interest rate risk. When the Company purchases an options contract, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options contracts that expire unexercised are recognized on the expiration date as realized losses. If an options contract is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company writes an options contract, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options contracts that expire unexercised are recognized on the expiration date as realized gains. If an options contract is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. In general, the Company's options contracts contain forward-settling premiums. In this case, no money is exchanged upfront; instead, the agreed-upon premium is paid by the buyer upon expiration of the options contract, regardless of whether or not the options contract is exercised. Unrealized gains or (losses) resulting from the options contract being marked-to-market are included in Change in net unrealized gains (losses) on financial derivatives in the Consolidated Statement of Operations. Realized gains or (losses) are included in Net realized gains (losses) on financial derivatives on the Consolidated Statement of Operations. Futures Contracts : The Company enters into Eurodollar futures contracts and U.S. Treasury futures contracts. A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Unrealized gains or (losses) are included in Change in net unrealized gains (losses) on financial derivatives in the Consolidated Statement of Operations. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Realized gains or (losses) are included in Net realized gains (losses) on financial derivatives on the Consolidated Statement of Operations. Financial derivative assets are included in Financial derivatives–assets, at fair value on the Consolidated Balance Sheet while financial derivative liabilities are included in Financial derivatives–liabilities, at fair value on the Consolidated Balance Sheet. The Company has chosen to elect the FVO for its financial derivatives. Electing the FVO allows the Company to record changes in fair value in the Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. Changes in unrealized gains and losses on financial derivatives are included in Change in net unrealized gains (losses) on financial derivatives, on the Consolidated Statement of Operations. Realized gains and losses on financial derivatives are included in Net realized gains (losses) on financial derivatives on the Consolidated Statement of Operations. (H) Repurchase Agreements: The Company enters into repurchase agreements with third-party broker-dealers, whereby it sells securities under agreements to repurchase at an agreed upon price and date. The Company accounts for repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the repurchase agreement, on the amount borrowed over the term of the repurchase agreement. The interest rate on a repurchase agreement is based on competitive market rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a repurchase agreement, the lender establishes and maintains an account containing cash and/or securities having a value not less than the repurchase price, including accrued interest, of the repurchase agreement. Repurchase agreements are carried at their contractual amounts, which approximate fair value due to their short-term nature. (I) Reverse Repurchase Agreements: The Company enters into reverse repurchase agreement transactions with third-party broker-dealers, whereby it purchases securities under agreements to resell at an agreed upon price and date. The interest rate on a reverse repurchase agreement is based on competitive market rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. Reverse repurchase agreements are carried at their contractual amounts, which approximate fair value due to their short-term nature. Repurchase and reverse repurchase agreements that are conducted with the same counterparty can be reported on a net basis if they meet the requirements of ASC 210-20, Balance Sheet Offsetting . There are currently no repurchase and reverse repurchase agreements reported on a net basis in the Company's consolidated financial statements. (J) Securities Sold Short: The Company may purchase or engage in short sales of U.S. Treasury securities to mitigate the potential impact of changes in interest rates on the performance of its portfolio. When the Company sells securities short, it typically satisfies its security delivery settlement obligation by borrowing or purchasing the security sold short from the same or a different counterparty. When borrowing a security sold short from a counterparty, the Company generally is required to deliver cash or securities to such counterparty as collateral for the Company's obligation to return the borrowed security. The Company has chosen to make the fair value election pursuant to ASC 825-10, Financial Instruments , for its securities sold short. Electing the FVO allows the Company to record changes in fair value in the Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, securities sold short are recorded at fair value on the Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Consolidated Statement of Operations as a component of Change in net unrealized gains (losses) on securities. A realized gain or loss will be recognized upon the termination of a short sale if the market price is less or greater than the original sale price. Such realized gain or loss is recorded on the Company's Consolidated Statement of Operations in Net realized gains (losses) on securities. (K) Offering Costs/Deferred Offering Costs/Underwriters' Discounts: Offering costs, underwriters' discounts and commissions and fees, are charged against shareholders' equity within Additional paid-in-capital. Offering costs typically include legal, accounting, and other fees associated with the cost of raising equity capital. (L) Share Based Compensation: The Company applies the provisions of ASC 718, Compensation—Stock Compensation ("ASC 718"), with regard to its equity incentive plan. ASC 718 covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured based on the fair value, at the grant date, of the equity or liability instruments issued and is amortized over the vesting period. Restricted shares issued to the Company's independent trustees and partially dedicated personnel are participating securities and receive dividends prior to vesting. Fair value for such awards is based on the closing stock price on the New York Stock Exchange at the grant date. The vesting period for restricted share awards is typically one to two years. Shares issued to the Company's independent trustees and partially dedicated personnel are subject to tax withholding upon vesting. The Company's independent trustees and partially dedicated personnel are permitted to forfeit a portion of their vested shares to pay such withholding tax. Forfeited shares decrease the total number of shares issued and outstanding and are immediately retired upon settlement. (M) Dividends: Dividends payable are recorded on the declaration date. (N) Expenses: Expenses are recognized as incurred on the Consolidated Statement of Operations. (O) Earnings Per Share: In accordance with the provisions of ASC 260, Earnings per Share , the Company calculates basic income (loss) per share by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for that period. Diluted income (loss) per share takes into account the effect of dilutive instruments, such as share options and warrants, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. (P) Share Repurchases: Common shares that are repurchased by the Company subsequent to issuance are immediately retired upon settlement and decrease the total number of shares issued and outstanding. The cost of such share repurchases is charged against Additional paid-in-capital on the Company's Consolidated Balance Sheet. (Q) Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company is generally not subject to corporate-level federal and state income tax on net income it distributes to its shareholders within the prescribed timeframes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including distributing at least 90% of its annual taxable income to shareholders. Even if the Company qualifies as a REIT, it may be subject to certain federal, state, local and foreign taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state, and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT. The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company did not have any unrecognized tax benefits resulting from tax positions related to the current period or its open tax years. In the normal course of business, the Company may be subject to examination by federal, state, local, and foreign jurisdictions, where applicable, for the current period and its open tax years. The Company may take positions with respect to certain tax issues which depend on legal interpretation of facts or applicable tax regulations. Should the relevant tax regulators successfully challenge any of such positions, the Company might be found to have a tax liability that has not been recorded in the accompanying consolidated financial statements. Also, management's conclusions regarding the authoritative guidance may be subject to review and adjustment at a later date based on changin

Mortgage-Backed Securities

Mortgage-Backed Securities	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities	Mortgage-Backed SecuritiesThe following tables present details of the Company's mortgage-backed securities portfolio at March 31, 2022 and December 31, 2021, respectively. The Company's Agency RMBS include mortgage pass-through certificates and CMOs representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by a U.S. government agency or government-sponsored enterprise, or "GSE." The non-Agency RMBS portfolio is not issued or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any agency of the U.S. Government and is therefore subject to greater credit risk. By RMBS Type March 31, 2022: ($ in thousands) Gross Unrealized Weighted Average Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1) Yield Life (2) Agency RMBS: 15-year fixed-rate mortgages $ 102,119 $ 3,588 $ 105,707 $ 335 $ (3,953) $ 102,089 2.76% 1.77% 3.97 20-year fixed-rate mortgages 34,244 1,421 35,665 11 (3,137) 32,539 2.30% 1.51% 6.82 30-year fixed-rate mortgages 890,736 35,262 925,998 1,894 (39,885) 888,007 3.22% 2.38% 7.83 Adjustable rate mortgages 10,307 549 10,856 22 (299) 10,579 2.85% 2.19% 4.52 Reverse mortgages 33,238 2,262 35,500 9 (1,072) 34,437 3.33% 2.27% 4.16 Interest only securities n/a n/a 11,804 175 (2,285) 9,694 4.19% 5.48% 5.29 Total Agency RMBS 1,070,644 43,082 1,125,530 2,446 (50,631) 1,077,345 3.22% 2.33% 7.16 Non-Agency RMBS: Principal and interest securities 10,654 (3,347) 7,307 1,343 — 8,650 1.78% 6.58% 8.06 Interest only securities n/a n/a 6,722 1,466 — 8,188 0.24% 12.98% 9.05 Total Non-Agency RMBS 10,654 (3,347) 14,029 2,809 — 16,838 0.27% 9.64% 9.04 Total RMBS $ 1,081,298 $ 39,735 $ 1,139,559 $ 5,255 $ (50,631) $ 1,094,183 2.05% 2.42% 7.90 (1) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral. (2) Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. December 31, 2021: ($ in thousands) Gross Unrealized Weighted Average Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1) Yield Life (Years) (2) Agency RMBS: 15-year fixed-rate mortgages $ 125,033 $ 5,066 $ 130,099 $ 1,488 $ (877) $ 130,710 2.78% 1.69% 4.18 20-year fixed-rate mortgages 35,732 1,479 37,211 34 (898) 36,347 2.31% 1.50% 5.96 30-year fixed-rate mortgages 1,027,843 38,504 1,066,347 13,672 (7,115) 1,072,904 3.03% 2.37% 4.97 Adjustable rate mortgages 11,491 543 12,034 59 (133) 11,960 2.82% 2.21% 4.23 Reverse mortgages 35,313 2,339 37,652 242 (597) 37,297 3.33% 2.27% 4.24 Interest only securities n/a n/a 12,983 95 (2,789) 10,289 3.36% 5.34% 3.87 Total Agency RMBS 1,235,412 47,931 1,296,326 15,590 (12,409) 1,299,507 3.02% 2.31% 4.81 Non-Agency RMBS: Principal and interest securities 10,672 (3,438) 7,234 1,822 — 9,056 1.47% 6.25% 7.49 Interest only securities n/a n/a 2,684 114 — 2,798 0.27% 11.58% 6.79 Total Non-Agency RMBS 10,672 (3,438) 9,918 1,936 — 11,854 0.30% 7.69% 6.82 Total RMBS $ 1,246,084 $ 44,493 $ 1,306,244 $ 17,526 $ (12,409) $ 1,311,361 2.48% 2.33% 5.21 (1) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral. (2) Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. By Estimated Weighted Average Life As of March 31, 2022 ($ in thousands) Agency RMBS Agency Interest Only Securities Non-Agency RMBS Estimated Weighted Average Life (1) Fair Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Less than three years $ 32,113 $ 32,529 3.67 % $ 581 $ 822 4.83 % $ 515 $ 450 6.00 % Greater than three years and less than seven years 480,872 495,555 3.68 % 7,983 9,976 4.36 % 279 160 2.56 % Greater than seven years and less than eleven years 551,773 582,657 2.68 % 1,130 1,006 2.47 % 16,044 13,419 0.26 % Greater than eleven years 2,893 2,985 2.50 % — — — % — — — % Total $ 1,067,651 $ 1,113,726 3.15 % $ 9,694 $ 11,804 4.19 % $ 16,838 $ 14,029 0.27 % (1) Average lives of RMBS are generally shorter than stated contractual maturities. (2) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral. As of December 31, 2021: ($ in thousands) Agency RMBS Agency Interest Only Securities Non-Agency RMBS Estimated Weighted Average Life (1) Fair Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Less than three years $ 28,443 $ 28,273 3.75 % $ 1,628 $ 2,027 2.10 % $ 561 $ 457 6.00 % Greater than three years and less than seven years 724,996 718,318 3.53 % 7,820 10,095 4.38 % 1,773 1,571 0.35 % Greater than seven years and less than eleven years 280,147 281,786 2.50 % 841 861 2.39 % 9,520 7,890 0.25 % Greater than eleven years 255,632 254,966 2.00 % — — — % — — — % Total $ 1,289,218 $ 1,283,343 2.99 % $ 10,289 $ 12,983 3.36 % $ 11,854 $ 9,918 0.30 % (1) Average lives of RMBS are generally shorter than stated contractual maturities. (2) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral. The following tables reflect the components of interest income on the Company's RMBS for the three month periods ended March 31, 2022 and 2021: Three-Month Period Ended Three-Month Period Ended ($ in thousands) Coupon Net Amortization Interest Coupon Net Amortization Interest Agency RMBS $ 9,224 $ (3,018) $ 6,206 $ 10,118 $ (3,828) $ 6,290 Non-Agency RMBS 422 (132) 290 73 157 230 Total $ 9,646 $ (3,150) $ 6,496 $ 10,191 $ (3,671) $ 6,520 For the three-month periods ended March 31, 2022 and 2021, the Catch-up Premium Amortization Adjustment was $(0.5) million and $0.1 million, respectively. At March 31, 2022, the Company had gross unrealized losses on RMBS of $(50.6) million, of which $(0.8) million relates to adverse changes in estimated future cash flows on Agency IOs, primarily resulting from an increase in expected prepayments. At December 31, 2021, the Company had gross unrealized losses on RMBS of $(12.4) million, of which $(2.2) million relates to adverse changes in estimated future cash flows on Agency IOs and non-Agency RMBS, primarily resulting from an increase in expected prepayments. The Company determined for certain securities that a portion of such securities' cost basis is not collectible; for the three-month periods ended March 31, 2022, the Company recognized realized losses on such securities of $(0.3) million, which are reflected in Net realized gains (losses) on securities, on the Consolidated Statement of Operations.

Valuation

Valuation	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Valuation	Valuation The following tables present the Company's financial instruments measured at fair value on: March 31, 2022: (In thousands) Description Level 1 Level 2 Level 3 Total Assets: Mortgage-backed securities, at fair value: Agency RMBS: 15-year fixed-rate mortgages $ — $ 102,089 $ — $ 102,089 20-year fixed-rate mortgages — 32,539 — 32,539 30-year fixed-rate mortgages — 888,007 — 888,007 Adjustable rate mortgages — 10,579 — 10,579 Reverse mortgages — 34,437 — 34,437 Interest only securities — 6,552 3,142 9,694 Non-Agency RMBS — 4,690 12,148 16,838 Mortgage-backed securities, at fair value — 1,078,893 15,290 1,094,183 Other investments, at fair value: U.S. Treasury securities — 21,026 — 21,026 Preferred equity securities 251 — — 251 Total other investments, at fair value 251 21,026 — 21,277 Financial derivatives–assets, at fair value: TBAs — 2,569 — 2,569 Interest rate swaps — 25,836 — 25,836 Futures 8,161 — — 8,161 Total financial derivatives–assets, at fair value 8,161 28,405 — 36,566 Total mortgage-backed securities, other investments, and financial derivatives–assets, at fair value $ 8,412 $ 1,128,324 $ 15,290 $ 1,152,026 Liabilities: U.S. Treasury securities sold short, at fair value $ — $ (13,461) $ — $ (13,461) Financial derivatives–liabilities, at fair value: TBAs — (1,049) — (1,049) Interest rate swaps — (2,078) — (2,078) Futures (150) — — (150) Total financial derivatives–liabilities, at fair value (150) (3,127) — (3,277) Total U.S. Treasury securities sold short and financial derivatives–liabilities, at fair value $ (150) $ (16,588) $ — $ (16,738) December 31, 2021: (In thousands) Description Level 1 Level 2 Level 3 Total Assets: Mortgage-backed securities, at fair value: Agency RMBS: 15-year fixed-rate mortgages $ — $ 130,710 $ — $ 130,710 20-year fixed-rate mortgages — 36,347 — 36,347 30-year fixed-rate mortgages — 1,072,904 — 1,072,904 Adjustable rate mortgages — 11,960 — 11,960 Reverse mortgages — 37,297 — 37,297 Interest only securities — 4,635 5,654 10,289 Non-Agency RMBS — 4,595 7,259 11,854 Mortgage-backed securities, at fair value — 1,298,448 12,913 1,311,361 Other investments, at fair value: Preferred equity securities 309 — — 309 Total other investments, at fair value 309 — — 309 Financial derivatives–assets, at fair value: TBAs — 908 — 908 Interest rate swaps — 5,454 — 5,454 Futures 276 — — 276 Total financial derivatives–assets, at fair value 276 6,362 — 6,638 Total mortgage-backed securities and financial derivatives–assets, at fair value $ 585 $ 1,304,810 $ 12,913 $ 1,318,308 Liabilities: U.S. Treasury securities sold short, at fair value $ — $ (117,195) $ — $ (117,195) Financial derivatives–liabilities, at fair value: TBAs — (350) — (350) Interest rate swaps — (608) — (608) Futures (145) — — (145) Total financial derivatives–liabilities, at fair value (145) (958) — (1,103) Total U.S. Treasury securities sold short and financial derivatives–liabilities, at fair value $ (145) $ (118,153) $ — $ (118,298) The following tables present additional information about the Company's investments which are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value. Three-Month Period Ended March 31, 2022: (In thousands) Non-Agency RMBS Agency RMBS Beginning balance as of December 31, 2021 $ 7,259 $ 5,654 Purchases 6,473 174 Proceeds from sales (5,126) — Principal repayments (42) — (Amortization)/accretion, net (48) (429) Net realized gains (losses) 23 (183) Change in net unrealized gains (losses) 622 514 Transfers: Transfers into level 3 2,987 338 Transfers out of level 3 — (2,926) Ending balance as of March 31, 2022 $ 12,148 $ 3,142 All amounts of net realized and changes in net unrealized gains (losses) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gains (losses) for both Level 3 financial instruments held by the Company at March 31, 2022, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2022. For Level 3 financial instruments held by the Company as of March 31, 2022, change in net unrealized gains (losses) of $0.3 million and $0.2 million, for the three-month period ended March 31, 2022 relate to non-Agency RMBS and Agency RMBS, respectively. At March 31, 2022, the Company transferred $2.9 million of RMBS from Level 3 to Level 2 and $3.3 million of RMBS from Level 2 to Level 3. Transfers between hierarchy levels are based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The level designation of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third party pricing sources. Three-Month Period Ended March 31, 2021: (In thousands) Non-Agency RMBS Agency RMBS Beginning balance as of December 31, 2020 $ 13,296 $ 8,196 Purchases — 1,905 Proceeds from sales (2,914) — Principal repayments (452) — (Amortization)/accretion, net 147 (781) Net realized gains (losses) 170 (13) Change in net unrealized gains (losses) (247) 1,606 Transfers: Transfers into level 3 — 280 Transfers out of level 3 — (3,998) Ending balance as of March 31, 2021 $ 10,000 $ 7,195 All amounts of net realized and changes in net unrealized gains (losses) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gains (losses) for both Level 3 financial instruments held by the Company as of March 31, 2021, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2021. For Level 3 financial instruments held by the Company as of March 31, 2021, change in net unrealized gains (losses) of $(0.1) million and $1.1 million, for the three-month period ended March 31, 2021 relate to non-Agency RMBS and Agency RMBS, respectively. At March 31, 2021, the Company transferred $4.0 million of RMBS from Level 3 to Level 2 and $0.3 million of RMBS from Level 2 to Level 3. Transfers between these hierarchy levels are based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The level designation of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third party pricing sources. The following tables identify the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2022 and December 31, 2021: March 31, 2022: Range Description Fair Value Valuation Technique Significant Unobservable Input Min Max Weighted Average (1) (In thousands) Non-Agency RMBS $ 8,343 Market quotes Non-Binding Third-Party Valuation $ 0.68 $ 96.66 $ 57.83 3,805 Discounted Cash Flows 12,148 Yield 4.0 % 28.6 % 6.8 % Projected Collateral Prepayments 26.3 % 59.1 % 34.0 % Projected Collateral Losses 0.8 % 10.2 % 7.9 % Projected Collateral Recoveries 6.5 % 13.1 % 11.0 % Agency RMBS–Interest Only Securities 1,360 Market quotes Non-Binding Third-Party Valuation $ 10.65 $ 16.75 $ 15.07 1,782 Option Adjusted Spread ("OAS") LIBOR OAS (2)(3) 226 5,036 1,117 3,142 Projected Collateral Prepayments 46.5 % 83.1 % 64.5 % (1) Averages are weighted based on the fair value of the related instrument. (2) Shown in basis points. (3) For the range minimum, the range maximum, and the weighted average of LIBOR OAS, excludes Agency interest only securities with a negative LIBOR OAS, with a total fair value of $9 thousand. Including these securities, the weighted average was 1,113 basis points. December 31, 2021: Range Description Fair Value Valuation Technique Significant Unobservable Input Min Max Weighted Average (1) (In thousands) Non-Agency RMBS $ 2,643 Market quotes Non-Binding Third-Party Valuation $ 52.43 $ 92.28 $ 88.18 4,616 Discounted Cash Flows 7,259 Yield 2.2 % 31.8 % 6.0 % Projected Collateral Prepayments 35.7 % 79.1 % 49.2 % Projected Collateral Losses 0.0 % 9.2 % 5.9 % Projected Collateral Recoveries 1.1 % 14.0 % 9.3 % Agency RMBS–Interest Only Securities 3,713 Market quotes Non-Binding Third-Party Valuation $ 6.64 $ 15.90 $ 13.42 1,941 Option Adjusted Spread ("OAS") LIBOR OAS (2)(3) 224 5,020 953 5,654 Projected Collateral Prepayments 17.3 % 85.4 % 72.4 % (1) Averages are weighted based on the fair value of the related instrument. (2) Shown in basis points. (3) For the range minimum, the range maximum, and the weighted average of LIBOR OAS, excludes Agency interest only securities with a negative LIBOR OAS, with a total fair value of $15 thousand. Including these securities, the weighted average was 950 basis points. Third-party non-binding valuations are validated by comparing such valuations to internally generated prices based on the Company's models and, when available, to recent trading activity in the same or similar instruments. For those instruments valued using discounted cash flows, collateral prepayments, losses, recoveries, and scheduled amortization are projected over the remaining life of the collateral and expressed as a percentage of the collateral's current principal balance. For those assets valued using the LIBOR Option Adjusted Spread, or "OAS," valuation methodology, cash flows are projected using the Company's models over multiple interest rate scenarios, and these projected cash flows are then discounted using the LIBOR rates implied by each interest rate scenario. The LIBOR OAS of an asset is then computed as the unique constant yield spread that, when added to all LIBOR rates in each interest rate scenario generated by the model, will equate (a) the expected present value of the projected asset cash flows over all model scenarios to (b) the actual current market price of the asset. LIBOR OAS is therefore model-dependent. Generally speaking, LIBOR OAS measures the additional yield spread over LIBOR that an asset provides at its current market price after taking into account any interest rate options embedded in the asset. Material changes in any of the inputs above in isolation could result in a significant change to reported fair value measurements. Fair value measurements are impacted by the interrelationships of these inputs. For example, a higher expectation of collateral prepayments will generally result in a lower expectation of collateral losses. Conversely, higher losses will generally result in lower prepayments. The following table summarizes the estimated fair value of all other financial instruments not included in the disclosures above as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Assets: Cash and cash equivalents $ 16,206 $ 16,206 $ 69,028 $ 69,028 Due from brokers 88,441 88,441 88,662 88,662 Reverse repurchase agreements 27,348 27,348 117,505 117,505 Liabilities: Repurchase agreements 1,211,163 1,211,163 1,064,835 1,064,835 Due to brokers 23,052 23,052 1,959 1,959 Cash and cash equivalents includes cash held in interest bearing overnight accounts, for which fair value equals the carrying value, and cash held in money market accounts, which are liquid in nature and for which fair value equals the carrying value; such assets are considered Level 1 assets. Due from brokers and Due to brokers include collateral transferred to or received from counterparties, along with receivables and payables for open and/or closed derivative positions. These receivables and payables are short term in nature and any collateral transferred consists primarily of cash; fair value of these items approximates carrying value and such items are considered Level 1 assets and liabilities. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value due to their short term nature. Repurchase agreements and reverse repurchase agreements are classified as Level 2 assets and liabilities based on the adequacy of the collateral and their short term nature.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instrument Detail [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	5. Financial Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. Specifically, the Company's primary source of financing is repurchase agreements and the Company enters into financial derivative and other instruments to manage exposure to variable cash flows on portions of its borrowings under those repurchase agreements. Since the interest rates on repurchase agreements typically change with market interest rates such as LIBOR or the Secured Overnight Financing Rate, or "SOFR," the Company is constantly exposed to changing interest rates, which accordingly affects cash flows associated with the Company's borrowings. To mitigate the effect of changes in these interest rates and their related cash flows, the Company may enter into a variety of derivative contracts, including interest rate swaps, futures, swaptions, and TBAs. Additionally, from time to time, the Company may use short positions in U.S. Treasury securities to mitigate its interest rate risk. The following table details the fair value of the Company's holdings of financial derivatives as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 4 $ 158 TBA securities sale contracts 2,565 750 Fixed payer interest rate swaps 25,499 5,165 Fixed receiver interest rate swaps 337 289 Futures 8,161 276 Total financial derivatives–assets, at fair value 36,566 6,638 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts (689) (182) TBA securities sale contracts (360) (168) Fixed payer interest rate swaps (485) (465) Fixed receiver interest rate swaps (1,593) (143) Futures (150) (145) Total financial derivatives–liabilities, at fair value (3,277) (1,103) Total, net $ 33,289 $ 5,535 Interest Rate Swaps The following tables provide information about the Company's fixed payer interest rate swaps as of March 31, 2022 and and December 31, 2021: March 31, 2022: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ 32 0.05 % 0.08 % 0.56 2023 129,095 2,029 0.43 0.45 1.18 2024 14,700 580 0.30 0.42 1.89 2025 57,805 2,986 0.77 0.61 3.05 2027 472 18 1.61 0.51 5.66 2028 116,894 8,575 1.14 0.51 6.31 2029 15,800 (40) 2.17 0.27 7.01 2031 61,024 5,184 1.34 0.53 9.29 2032 93,277 3,830 1.61 0.05 9.85 2040 500 90 0.90 0.08 18.57 2041 11,227 1,342 1.59 0.30 19.36 2049 3,633 263 1.89 0.26 27.59 2050 792 229 0.90 0.23 28.30 2052 5,000 (104) 2.05 0.29 30.00 Total $ 515,219 $ 25,014 1.05 % 0.40 % 6.20 December 31, 2021: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ 12 0.05 % 0.08 % 0.08 2023 129,095 419 0.43 0.16 1.43 2024 14,700 193 0.30 0.16 2.13 2025 53,101 1,037 0.57 0.18 3.32 2027 472 (6) 1.61 0.18 5.91 2028 116,894 1,920 1.14 0.17 6.55 2031 61,024 891 1.34 0.17 9.54 2040 500 45 0.90 0.08 18.82 2041 11,227 196 1.59 0.14 19.60 2049 3,633 (155) 1.89 0.12 27.83 2050 792 148 0.90 0.12 28.54 Total $ 396,438 $ 4,700 0.84 % 0.17 % 5.30 The following tables provide information about the Company's fixed receiver interest rate swaps as of March 31, 2022 and December 31, 2021. March 31, 2022: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ (30) 0.05 % 0.06 % 0.56 2023 13,200 337 0.26 1.87 1.07 2027 71,400 (1,162) 0.20 1.84 4.96 2032 7,218 (307) 0.05 1.59 9.85 2040 500 (94) 0.08 0.84 18.57 Total $ 97,318 $ (1,256) 0.19 % 1.73 % 4.64 December 31, 2021: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ (10) 0.05 % 0.06 % 0.80 2023 13,200 283 0.12 1.87 1.31 2026 11,500 (77) 0.16 1.14 4.78 2040 500 (50) 0.08 0.84 18.82 Total $ 30,200 $ 146 0.13 % 1.27 % 2.84 Futures The following tables provide information about the Company's futures as of March 31, 2022 and December 31, 2021. March 31, 2022: Description Notional Amount Fair Value Remaining Months to Expiration ($ in thousands) Assets: Short Contracts: U.S. Treasury Futures $ (261,900) $ 8,161 2.85 Liabilities: Long Contracts: U.S. Treasury Futures 3,300 (150) 2.73 Total, net $ (258,600) $ 8,011 2.85 December 31, 2021: Description Notional Amount Fair Value Remaining Months to Expiration ($ in thousands) Assets: Short Contracts: U.S. Treasury Futures $ (100,500) $ 276 3.00 Liabilities: Long Contracts: U.S. Treasury Futures 3,300 (29) 2.70 Short Contracts: U.S. Treasury Futures (153,500) (116) 2.70 Total, net $ (250,700) $ 131 2.82 TBAs The Company transacts in the forward settling TBA market. Pursuant to these TBA transactions, the Company agrees to purchase or sell, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. TBAs are generally liquid, have quoted market prices, and represent the most actively traded class of MBS. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. The Company does not generally take delivery of TBAs; rather, it settles the associated receivable and payable with its trading counterparties on a net basis. Transactions with the same counterparty for the same TBA that result in a reduction of the position are treated as extinguished. As of March 31, 2022 and December 31, 2021, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows: March 31, 2022 December 31, 2021 TBA Securities Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) (In thousands) Purchase contracts: Assets $ 301 $ 284 $ 288 $ 4 $ 85,766 $ 88,324 $ 88,482 $ 158 Liabilities 64,962 65,601 64,912 (689) 130,641 132,419 132,237 (182) 65,263 65,885 65,200 (685) 216,407 220,743 220,719 (24) Sale contracts: Assets (195,482) (201,224) (198,659) 2,565 (255,987) (270,334) (269,584) 750 Liabilities (39,390) (37,183) (37,543) (360) (156,645) (164,510) (164,678) (168) (234,872) (238,407) (236,202) 2,205 (412,632) (434,844) (434,262) 582 Total TBA securities, net $ (169,609) $ (172,522) $ (171,002) $ 1,520 $ (196,225) $ (214,101) $ (213,543) $ 558 (1) Notional amount represents the principal balance of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4) Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet. The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the three-month period ended March 31, 2022 and year ended December 31, 2021: Derivative Type Three-Month Year Ended (In thousands) Interest rate swaps $ 524,000 $ 422,905 TBAs 490,858 720,268 Futures 259,275 232,792 Gains and losses on the Company's financial derivatives for the three-month periods ended March 31, 2022 and 2021 are summarized in the tables below: Three-Month Period Ended March 31, 2022 Derivative Type Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives (In thousands) Interest rate swaps $ (616) $ (811) $ (1,427) $ (43) $ 18,956 $ 18,913 TBAs 7,726 7,726 962 962 Futures 9,054 9,054 7,879 7,879 Total $ (616) $ 15,969 $ 15,353 $ (43) $ 27,797 $ 27,754 Three-Month Period Ended March 31, 2021 Derivative Type Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives (In thousands) Interest rate swaps $ (386) $ (3,116) $ (3,502) $ (51) $ 9,570 $ 9,519 TBAs (3,531) (3,531) (5,197) (5,197) Futures 1,883 1,883 3,893 3,893 Total $ (386) $ (4,764) $ (5,150) $ (51) $ 8,266 $ 8,215 From time to time, the Company uses short positions in U.S. Treasury positions as a component of its interest rate hedging portfolio. As of March 31, 2022, the Company held short positions in U.S. Treasury securities, with a principal amount of $14.0 million and a fair value of $13.5 million. As of December 31, 2021, the Company held short positions in U.S. Treasury securities, with a principal amount of $118.8 million and a fair value of $117.2 million.

Borrowings under Repurchase Agr

Borrowings under Repurchase Agreements	3 Months Ended
	Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements Disclosure [Text Block]	Borrowings under Repurchase Agreements The Company enters into repurchase agreements. A repurchase agreement involves the sale of an asset to a counterparty together with a simultaneous agreement to repurchase the transferred asset or similar asset from such counterparty at a future date. The Company accounts for its repurchase agreements as collateralized borrowings, with the transferred assets effectively serving as collateral for the related borrowing. The Company's repurchase agreements typically range in term from 30 to 364 days. The principal economic terms of each repurchase agreement—such as loan amount, interest rate, and maturity date—are typically negotiated on a transaction-by-transaction basis. Other terms and conditions, such as relating to events of default, are typically governed under the Company's master repurchase agreements. Absent an event of default, the Company maintains beneficial ownership of the transferred securities during the term of the repurchase agreement and receives the related principal and interest payments. Interest rates on these borrowings are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase agreement at which time the Company may enter into a new repurchase agreement at prevailing market rates with the same counterparty, repay that counterparty and possibly negotiate financing terms with a different counterparty, or choose to no longer finance the related asset. In response to a decline in the fair value of the transferred securities, whether as a result of changes in market conditions, security paydowns, or other factors, repurchase agreement counterparties will typically make a margin call, whereby the Company will be required to post additional securities and/or cash as collateral with the counterparty in order to re-establish the agreed-upon collateralization requirements. In the event of increases in fair value of the transferred securities, the Company generally can require the counterparty to post collateral with it in the form of cash or securities. The Company is generally permitted to sell or re-pledge any securities posted by the counterparty as collateral; however, upon termination of the repurchase agreement, or other circumstance in which the counterparty is no longer required to post such margin, the Company must return to the counterparty the same security that had been posted. The contractual amount (loan amount) of the Company's repurchase agreements approximates fair value, based on the short-term nature of the debt and the adequacy of the collateral. At any given time, the Company seeks to have its outstanding borrowings under repurchase agreements with several different counterparties in order to reduce the exposure to any single counterparty. As of both March 31, 2022 and December 31, 2021, the Company had outstanding borrowings under repurchase agreements with 15 counterparties. The following table details the Company's outstanding borrowings under repurchase agreements as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Weighted Average Weighted Average Remaining Days to Maturity Borrowings Outstanding Interest Rate Remaining Days to Maturity Borrowings Outstanding Interest Rate Remaining Days to Maturity Agency RMBS: (In thousands) (In thousands) 30 days or less $ 351,496 0.31 % 14 $ 162,089 0.18 % 13 31-60 days 239,611 0.29 43 235,321 0.21 43 61-90 days 131,226 0.35 74 114,931 0.18 72 91-120 days 76,414 0.19 115 104,361 0.17 106 121-150 days 133,757 0.44 135 148,855 0.16 133 151-180 days 96,752 0.45 166 56,337 0.15 163 181-364 days 150,214 0.68 273 242,941 0.19 238 Total Agency RMBS 1,179,470 0.38 92 1,064,835 0.18 111 Non-Agency RMBS: 30 days or less 3,960 1.00 1 — — — 31-60 days 11,657 1.56 40 — — — Total Non-Agency RMBS 15,617 1.42 30 — — — U.S. Treasury Securities 30 days or less 16,076 0.25 1 — — — Total U.S. Treasury Securities 16,076 0.25 1 — — — Total $ 1,211,163 0.39 % 90 $ 1,064,835 0.18 % 111 Repurchase agreements involving underlying investments that the Company sold prior to period end, for settlement following period end, are shown using their contractual maturity dates even though such repurchase agreements may be expected to be terminated early upon settlement of the sale of the underlying investment. As of March 31, 2022 and December 31, 2021, the fair value of RMBS transferred as collateral under outstanding borrowings under repurchase agreements was $1.2 billion and $1.0 billion, respectively. In addition as of March 31, 2022 and December 31, 2021, the Company was posting to repurchase agreement counterparties net cash collateral of $78.0 million and $77.7 million, respectively, as a result of margin calls with various repurchase agreement counterparties. Amount at risk represents the excess, if any, for each counterparty of the fair value of collateral held by such counterparty over the amounts outstanding under repurchase agreements. The following table provides details by counterparty for such counterparties for which the amounts at risk relating to our repurchase agreements was greater than 10% of total equity as of March 31, 2022. There was no counterparty for which the amount at risk was greater than 10% of shareholders' equity as of December 31, 2021. Counterparty a Amount at Risk Weighted Average Remaining Days to Maturity Percentage of Equity (In thousands) J.P. Morgan Securities LLC $ 19,759 162 14.9 % Royal Bank of Canada 13,966 116 10.5 %

Offsetting of Assets and Liabil

Offsetting of Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
Offsetting of Assets and Liabilities [Abstract]
OffsettingOfAssetsAndLiabilities [Text Block]	Offsetting of Assets and Liabilities The Company records certain financial instruments at fair value as described in Note 2. In connection with its financial derivatives, repurchase agreements, and related trading agreements, the Company and its counterparties are required to pledge collateral. Cash or other collateral is exchanged as required with each of the Company's counterparties in connection with open derivative positions and repurchase agreements. The following tables present information about certain assets and liabilities representing financial instruments as of March 31, 2022 and December 31, 2021. The Company has not previously entered into master netting agreements with any of its counterparties. Certain of the Company's repurchase and reverse repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of net settlement, as well as a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. March 31, 2022: Description Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets: Financial derivatives–assets $ 36,566 $ (2,920) $ — $ (17,724) $ 15,922 Reverse repurchase agreements 27,348 (27,348) — — — Liabilities: Financial derivatives–liabilities (3,277) 2,920 — 271 (86) Repurchase agreements (1,211,163) 27,348 1,105,807 78,008 — (1) In the Company's Consolidated Balance Sheet, all balances associated with repurchase and reverse repurchase agreements and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's repurchase agreements and cash collateral pledged on the Company's financial derivative assets and liabilities. Total financial instruments transferred or pledged as collateral on the Company's repurchase agreements as of March 31, 2022 were $1.2 billion. As of March 31, 2022 total cash collateral (received) pledged on financial derivative assets and financial derivative liabilities excludes $1.3 million and $(0.4) million, respectively, of net excess cash collateral. (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a particular asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows. December 31, 2021: Description Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets: Financial derivatives–assets $ 6,638 $ (820) $ — $ — $ 5,818 Reverse repurchase agreements 117,505 (31,306) (86,199) — — Liabilities: Financial derivatives–liabilities (1,103) 820 — 271 (12) Repurchase agreements (1,064,835) 31,306 955,842 77,687 — (1) In the Company's Consolidated Balance Sheet, all balances associated with repurchase and reverse repurchase agreements and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's repurchase agreements and cash collateral pledged on the Company's financial derivative assets and liabilities. Total financial instruments transferred or pledged as collateral on the Company's repurchase agreements as of December 31, 2021 were $1.0 billion. As of December 31, 2021 total cash collateral on financial derivative assets excludes $9.2 million of net excess cash collateral. (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a particular asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share Basic earnings per share, or "EPS," is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for the period. Diluted EPS takes into account the effect of outstanding dilutive instruments, such as share options and warrants, if any, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of March 31, 2022 and 2021, the Company did not have any dilutive instruments outstanding. The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three-month periods ended March 31, 2022 and 2021: Three-Month Period Ended (In thousands except for share amounts) March 31, 2022 March 31, 2021 Numerator: Net income (loss) $ (17,467) $ 127 Denominator: Basic and diluted weighted average shares outstanding 13,109,926 12,343,542 Basic and diluted earnings per share $ (1.33) $ 0.01

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement The Company is party to the Management Agreement, which has a current term that expires on September 24, 2022, and has been, and is expected to be, renewed automatically each year thereafter for an additional one-year period, subject to certain termination rights. The Company is externally managed and advised by the Manager. Pursuant to the terms of the Management Agreement, the Manager provides the Company with its management team, including its officers, and appropriate support personnel. The Company does not have any employees. The Manager is responsible for the day-to-day operations of the Company. The Manager receives an annual management fee in an amount equal to 1.50% per annum of shareholders' equity (as defined in the Management Agreement) as of the end of each fiscal quarter (before deductions for any management fee with respect to such fiscal period). The management fee is payable quarterly in arrears. For the three-month periods ended March 31, 2022 and 2021, the total management fee incurred was $0.5 million and $0.6 million, respectively. Services Agreement The Manager and EMG are parties to a services agreement, pursuant to which EMG is required to provide to the Manager sufficient personnel, services, and resources to enable the Manager to carry out its obligations and responsibilities under the Management Agreement. The Company is a named third-party beneficiary to the services agreement and, as a result, has, as a non-exclusive remedy, a direct right of action against EMG in the event of any breach by the Manager of any of its duties, obligations, or agreements under the Management Agreement that arise out of or result from any breach by EMG of its obligations under the services agreement. The services agreement will terminate upon the termination of the Management Agreement. Pursuant to the services agreement, the Manager makes certain payments to EMG in connection with the services provided. The Manager and EMG have overlapping ownership and are under common control. Expense Reimbursement Under the terms of the Management Agreement, the Company is required to reimburse the Manager for operating expenses related to the Company that are incurred by the Manager, including expenses relating to legal, accounting, due diligence, other services, and all other costs and expenses. The Company's reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash within 60 days following delivery of the expense statement by the Manager; provided, however, that such reimbursement may be offset by the Manager against amounts due to the Company from the Manager. The Company will not reimburse the Manager for the salaries and other compensation of the Manager's personnel except that the Company will be responsible for expenses incurred by the Manager in employing certain dedicated or partially dedicated personnel as further described below. The Company reimburses the Manager for the allocable share of the compensation, including, without limitation, wages, salaries, and employee benefits paid or reimbursed, as approved by the Compensation Committee of the Board of Trustees, to certain dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company's affairs, based upon the percentage of time devoted by such personnel to the Company's affairs. In their capacities as officers or personnel of the Manager or its affiliates, such personnel will devote such portion of their time to the Company's affairs as is necessary to enable the Company to operate its business. During the three-month periods ended March 31, 2022 and 2021, the Company reimbursed the Manager $1.1 million and $1.0 million, respectively, for previously incurred operating and compensation expenses. As of March 31, 2022 and December 31, 2021, the outstanding payable to the Manager for operating and compensation expenses was $0.2 million and $0.4 million, respectively, and is included in Accrued expenses on the Consolidated Balance Sheet. Termination Fee The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any material term of the Management Agreement. Such termination fee will be equal to 5% of Shareholders' Equity, as defined in the Management Agreement as of the month-end preceding the date of the notice of termination or non-renewal of the Management Agreement. Registration Rights Agreement The Company is a party to a registration rights agreement, the "Registration Rights Agreement," with an affiliate of EMG and with the Blackstone Tactical Opportunities Funds (the "Blackstone Funds") pursuant to which the Company has granted such EMG affiliate and the Blackstone Funds and each of their permitted transferees and other holders of the Company's "Registrable Common Stock" (as such term is defined in the registration rights agreement) who become parties to the registration rights agreement with certain demand and/or piggy-back registration and shelf takedown rights. In April 2021, the Blackstone Funds registered all of their Registrable Common Stock.

Capital

Capital	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Capital	Capital The Company has authorized 500,000,000 common shares, $0.01 par value per share, and 100,000,000 preferred shares, $0.01 par value per share. The Board of Trustees may authorize the issuance of additional shares of either class. As of both March 31, 2022 and December 31, 2021, there were 13,109,926 common shares outstanding, respectively. No preferred shares have been issued. Detailed below is a roll forward of the Company's common shares outstanding for the three-month periods ended March 31, 2022 and 2021: Three-Month Period Ended March 31, 2022 March 31, 2021 Common Shares Outstanding (12/31/2021 and 12/31/2020, respectively) 13,109,926 12,343,542 Share Activity: Common shares issued — — Restricted common shares issued — — Common shares repurchased — — Common Shares Outstanding (3/31/2022 and 3/31/2021, respectively) 13,109,926 12,343,542 Unvested restricted shares outstanding (3/31/2022 and 3/31/2021, respectively) 32,567 27,594 The below table provides details on the Company's restricted shares granted pursuant to share award agreements which are unvested at March 31, 2022: Grant Recipient Number of Restricted Shares Granted Grant Date Vesting Date (1) Independent trustees: 16,816 September 14, 2021 September 13, 2022 Partially dedicated employees: 4,452 December 17, 2020 December 17, 2022 5,650 December 16, 2021 December 16, 2022 5,649 December 16, 2021 December 16, 2023 (1) Date at which such restricted shares will vest and become non-forfeitable. As of both March 31, 2022 and December 31, 2021, there were 268,831 shares available for future issuance under the Company's 2013 Equity Incentive Plan. On June 13, 2018, the Company's Board of Trustees approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.2 million common shares. The program, which is open-ended in duration, allows the Company to make repurchases from time to time on the open market or in negotiated transactions, including through Rule 10b5-1 plans. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and its financial performance, among other considerations. The Company did not repurchase any shares during either of the three-month periods ended March 31, 2022 or 2021. From inception of the current share repurchase program adopted on June 13, 2018 through March 31, 2022, the Company repurchased 434,171 of its common shares at an aggregate cost of $4.1 million, and an average price per share of $9.45. On April 2, 2021, the Company commenced an "at-the-market" offering program, or "ATM program," by entering into equity distribution agreements with third party sales agents under which it was authorized to offer and sell up to $75.0 million of common shares from time to time. From commencement of the ATM program through March 31, 2022, the Company issued 163,269 common shares under the ATM program. Distribution Policy The timing and frequency of distributions will be determined by the Board of Trustees based upon a variety of factors deemed relevant by the Company's trustees, including restrictions under applicable law, capital requirements of the Company, and the REIT requirements of the Code. Distributions to shareholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each shareholder a statement setting forth distributions paid or deemed paid during the preceding year and their U.S. federal income tax treatment. It is the intention of the Company to distribute at least 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. The Company provides current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Company. In the normal course of business the Company may also enter into contracts that contain a variety of representations, warranties, and general indemnifications. The Company's maximum exposure under these arrangements, including future claims that may be made against the Company that have not yet occurred, is unknown. The Company has not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has no liabilities recorded for these agreements as of March 31, 2022 and December 31, 2021 and management is not aware of any significant contingencies at March 31, 2022.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 7, 2022, the Board of Trustees approved a monthly dividend in the amount of $0.10 per share payable on May 25, 2022 to shareholders of record as of April 29, 2022. On May 2, 2022, the Board of Trustees approved a monthly dividend in the amount of $0.08 per share payable on June 27, 2022 to shareholders of record as of May 31, 2022.

Significant Accounting Polici_2

Significant Accounting Policies Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The Company's unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or "U.S. GAAP," and Regulation S-X. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities' voting equity interests, or through other contractual rights that give the Company control, are consolidated by the Company. All inter-company balances and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. In management's opinion, all material adjustments considered necessary for a fair statement of the Company's interim consolidated financial statements have been included and are only of a normal recurring nature. Interim results are not necessarily indicative of the results that may be expected for the entire fiscal year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Valuation	Valuation: The Company applies ASC 820-10, Fair Value Measurement ("ASC 820-10"), to its holdings of financial instruments. ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Currently, the types of financial instruments the Company generally includes in this category are exchange-traded derivatives and equities; • Level 2—inputs to the valuation methodology other than quoted prices included in Level 1 are observable for the asset or liability, either directly or indirectly. Currently, the types of financial instruments that the Company generally includes in this category are Agency RMBS, U.S. Treasury securities, certain non-Agency RMBS, and actively traded derivatives such as TBAs, interest rate swaps, and swaptions; and • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. Currently, this category includes certain RMBS, such as certain non-Agency RMBS and certain Agency interest only securities, or "IOs," where there is less price transparency. For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. For each such financial instrument, the determination of which category within the fair value hierarchy is appropriate is based on the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the various inputs that management uses to measure fair value, with the highest priority given to inputs that are observable and reflect quoted prices (unadjusted) for identical assets or liabilities in active markets (Level 1), and the lowest priority given to inputs that are unobservable and significant to the fair value measurement (Level 3). The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefits of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. The leveling of each financial instrument is reassessed at the end of each period. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period. Summary Valuation Techniques For financial instruments that are traded in an "active market," the best measure of fair value is the quoted market price. However, many of the Company's financial instruments are not traded in an active market. Therefore, management generally uses third-party valuations when available. If third-party valuations are not available, management uses other valuation techniques, such as the discounted cash flow methodology. The following are summary descriptions, for the various categories of financial instruments, of the valuation methodologies management uses in determining fair value of the Company's financial instruments in such categories. Management utilizes such methodologies to assign a fair value (the estimated price that, in an orderly transaction at the valuation date, would be received to sell an asset, or paid to transfer a liability, as the case may be) to each such financial instrument. For the Company's RMBS investments and TBAs, management seeks to obtain at least one third-party valuation, and often obtains multiple valuations when available. Management has been able to obtain third-party valuations on the vast majority of these instruments and expects to continue to solicit third-party valuations in the future. Management generally values each financial instrument at the average of third-party valuations received and not rejected as described below. Third-party valuations are not binding, management may adjust the valuations it receives (e.g., downward adjustments for odd lots), and management may challenge or reject a valuation when, based on its validation criteria, management determines that such valuation is unreasonable or erroneous. Furthermore, based on its validation criteria, management may determine that the average of the third-party valuations received for a given instrument does not result in what management believes to be the fair value of such instrument, and in such circumstances management may override this average with its own good faith valuation. The validation criteria may take into account output from management's own models, recent trading activity in the same or similar instruments, and valuations received from third parties. The use of proprietary models requires the use of a significant amount of judgment and the application of various assumptions including, but not limited to, assumptions concerning future prepayment rates and default rates. Given their relatively high level of price transparency, Agency RMBS pass-throughs and TBAs are typically designated as Level 2 assets. Non-Agency RMBS and Agency interest only and inverse interest only RMBS are generally classified as either Level 2 or Level 3 based on the analysis of available market data and/or third-party valuations. Furthermore, the methodology used by the third-party valuation providers is reviewed at least annually by management, so as to ascertain whether such providers are utilizing observable market data to determine the valuations that they provide. Interest rate swaps and swaptions are typically valued based on internal models that use observable market data, including applicable interest rates in effect as of the measurement date; the model-generated valuations are then typically compared to counterparty valuations for reasonableness. These financial derivatives are generally designated as Level 2 instruments. In valuing its derivatives, the Company also considers the creditworthiness of both the Company and its counterparties, along with collateral provisions contained in each derivative agreement. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value. Repurchase agreements and reverse repurchase agreements are classified as Level 2 assets and liabilities based on the adequacy of the collateral and their short term nature. The Company's valuation process, including the application of validation criteria, is directed by the Manager's Valuation Committee ("Valuation Committee") and overseen by the Company's audit committee. The Valuation Committee includes senior level executives from various departments within the Manager, and each quarter the Valuation Committee reviews and approves the valuations of the Company's investments. The valuation process also includes a monthly review by the Company's third party administrator. The goal of this review is to replicate various aspects of the Company's valuation process based on the Company's documented procedures. Because of the inherent uncertainty of valuation, the estimated fair value of the Company's financial instruments may differ significantly from the values that would have been used had a ready market for the financial instruments existed, and the differences could be material to the consolidated financial statements.
Accounting for Securities	Accounting for Securities: Purchases and sales of securities are recorded on trade date and realized and unrealized gains and losses are calculated based on identified cost. The Company has chosen to make a fair value election pursuant to ASC 825-10, Financial Instruments , for its securities portfolio. Electing the fair value option, or "FVO," allows the Company to record changes in fair value in the Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, securities are recorded at fair value on the Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Consolidated Statement of Operations as a component of Change in net unrealized gains (losses) on securities. The Company applies the principles of ASU 2016-13, Financial Instruments—Credit Losses ("ASU 2016-13") and evaluates the cost basis of its securities on at least a quarterly basis under ASC 326-30, Financial Instruments—Credit Losses: Available-for-Sale Debt Securities ("ASC 326-30"). When the fair value of a security is less than its amortized cost basis as of the balance sheet date, the security's cost basis is considered impaired. The Company must evaluate the decline in the fair value of the impaired security and determine whether such decline resulted from a credit loss or non-credit related factors. In its assessment of whether a credit loss exists, the Company compares the present value of estimated future cash flows of the impaired security with the amortized cost basis of such security. The estimated future cash flows reflect those that a "market participant" would use and typically include assumptions related to fluctuations in interest rates, prepayment speeds, default rates, collateral performance, and the timing and amount of projected credit losses, as well as incorporating observations of current market developments and events. Cash flows are discounted at an interest rate equal to the current yield used to accrete interest income. If the present value of estimated future cash flows is less than the amortized cost basis of the security, an expected credit loss exists and is included in Unrealized gains (losses) on securities and loans, net, on the Consolidated Statement of Operations. If it is determined as of the financial reporting date that all or a portion of a security's cost basis is not collectible, then the Company will recognize a realized loss to the extent of the adjustment to the security's cost basis. This adjustment to the amortized cost basis of the security is reflected in Net realized gains (losses) on securities, on the Consolidated Statement of Operations.
Interest Income	Interest Income: Coupon interest income on investment securities is accrued based on the outstanding principal balance or notional amount and the current coupon rate on each security. The Company amortizes purchase premiums and accretes purchase discounts on its fixed-income securities. For RMBS that are deemed to be of high credit quality at the time of purchase, premiums and discounts are generally amortized/accreted into interest income over the life of such securities using the effective interest method. For such RMBS whose cash flows vary depending on prepayments, an effective yield retroactive to the time of purchase is periodically recomputed based on actual prepayments and changes in projected prepayment activity, and a catch-up adjustment, or "Catch-up Premium Amortization Adjustment," is made to amortization to reflect the cumulative impact of the change in effective yield. For RMBS that are deemed not to be of high credit quality at the time of purchase, interest income is recognized based on the effective interest method. For purposes of estimating future expected cash flows, management uses assumptions including, but not limited to, assumptions for future prepayment rates, default rates, and loss severities (each of which may in turn incorporate various macro-economic assumptions, such as future housing prices). These assumptions are re-evaluated not less than quarterly. Changes in estimated future cash flows, as applied to the current amortized cost of the security, may result in a prospective change in the yield/interest income recognized on such securities. Certain of the Company's debt securities, at the date of acquisition, have experienced or are expected to experience more-than-insignificant deterioration in credit quality since origination. If at the date of acquisition for a particular asset the Company projects a significant difference between contractual cash flows and expected cash flows, it establishes an initial estimate for credit losses as an upward adjustment to the acquisition cost of the asset for the purpose of calculating interest income using the effective yield method. The Company's accretion of discounts and amortization of premiums on securities for U.S. federal and other tax purposes is likely to differ from the accounting treatment under U.S. GAAP of these items as described above.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents include cash and short term investments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents typically include amounts held in interest bearing overnight accounts and amounts held in money market funds, and these balances generally exceed insured limits. The Company holds its cash at institutions that it believes to be highly creditworthy.
Deposits with Dealers Held as Collateral/Due to Brokers	Due from brokers/Due to brokers: Due from brokers and Due to brokers accounts on the Consolidated Balance Sheet include collateral transferred to or received from counterparties, including clearinghouses, along with receivables and payables for open and/or closed derivative positions.
Financial Derivatives	Financial Derivatives: The Company enters into various types of financial derivatives subject to its investment guidelines, which include restrictions associated with maintaining its qualification as a REIT. The Company's financial derivatives are predominantly subject to bilateral master trade agreements or clearing in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Company may be required to deliver or may receive cash or securities as collateral upon entering into derivative transactions. In addition, changes in the relative value of financial derivative transactions may require the Company or the counterparty to post or receive additional collateral. In the case of cleared financial derivatives, the clearinghouse becomes the Company's counterparty and a futures commission merchant acts as intermediary between the Company and the clearinghouse with respect to all facets of the related transaction, including the posting and receipt of required collateral. Collateral received by the Company is reflected on the Consolidated Balance Sheet as "Due to Brokers." Conversely, collateral posted by the Company is reflected as "Due from Brokers" on the Consolidated Balance Sheet. The types of financial derivatives that have been utilized by the Company to date include interest rate swaps, TBAs, swaptions, and futures. Swaps: The Company enters into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. The Company enters into interest rate swap contracts primarily to mitigate interest rate risk. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Swaps change in value with movements in interest rates or total return of the reference securities. During the term of swap contracts, changes in value are recognized as unrealized gains or losses on the Consolidated Statement of Operations. When a contract is terminated, the Company realizes a gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Company's basis in the contract, if any. Periodic payments or receipts required by swap agreements are recorded as unrealized gains or losses when accrued and realized gains or losses when received or paid. Upfront payments paid and/or received by the Company to open swap contracts are recorded as an asset and/or liability on the Consolidated Balance Sheet and are recorded as a realized gain or loss on the termination date. TBA Securities: The Company transacts in the forward settling TBA market. A TBA position is a forward contract for the purchase ("long position") or sale ("short position") of Agency RMBS at a predetermined price, face amount, issuer, coupon, and maturity on an agreed-upon future delivery date. For each TBA contract and delivery month, a uniform settlement date for all market participants is determined by the Securities Industry and Financial Markets Association. The specific Agency RMBS to be delivered into the contract at the settlement date are not known at the time of the transaction. The Company typically does not take delivery of TBAs, but rather enters into offsetting transactions and settles the associated receivable and payable balances with its counterparties. The Company uses TBAs to mitigate interest rate risk, usually by taking short positions. The Company also invests in TBAs as a means of acquiring additional exposure to Agency RMBS, or for speculative purposes, including holding long positions. TBAs are accounted for by the Company as financial derivatives. The difference between the contract price and the fair value of the TBA position as of the reporting date is included in Change in net unrealized gains (losses) on financial derivatives in the Consolidated Statement of Operations. Upon settlement of the TBA contract, the realized gain (loss) on the TBA contract is equal to the net cash amount received (paid). Options : The Company enters into swaption contracts. It may purchase or write put, call, straddle, or other similar options contracts. The Company enters into options contracts primarily to help mitigate interest rate risk. When the Company purchases an options contract, the option asset is initially recorded at an amount equal to the premium paid, if any, and is subsequently marked-to-market. Premiums paid for purchasing options contracts that expire unexercised are recognized on the expiration date as realized losses. If an options contract is exercised, the premium paid is subtracted from the proceeds of the sale or added to the cost of the purchase to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company writes an options contract, the option liability is initially recorded at an amount equal to the premium received, if any, and is subsequently marked-to-market. Premiums received for writing options contracts that expire unexercised are recognized on the expiration date as realized gains. If an options contract is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Company has realized a gain or loss on the related investment transaction. When the Company enters into a closing transaction, the Company will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premiums paid or received. In general, the Company's options contracts contain forward-settling premiums. In this case, no money is exchanged upfront; instead, the agreed-upon premium is paid by the buyer upon expiration of the options contract, regardless of whether or not the options contract is exercised. Unrealized gains or (losses) resulting from the options contract being marked-to-market are included in Change in net unrealized gains (losses) on financial derivatives in the Consolidated Statement of Operations. Realized gains or (losses) are included in Net realized gains (losses) on financial derivatives on the Consolidated Statement of Operations. Futures Contracts : The Company enters into Eurodollar futures contracts and U.S. Treasury futures contracts. A futures contract is an exchange-traded agreement to buy or sell an asset for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either in the form of cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by marking-to-market to reflect the current market value of the contract. Unrealized gains or (losses) are included in Change in net unrealized gains (losses) on financial derivatives in the Consolidated Statement of Operations. Variation margin payments are made or received periodically, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference between the proceeds of the closing transaction and the Company's basis in the contract. Realized gains or (losses) are included in Net realized gains (losses) on financial derivatives on the Consolidated Statement of Operations.
Repurchase Agreements	Repurchase Agreements: The Company enters into repurchase agreements with third-party broker-dealers, whereby it sells securities under agreements to repurchase at an agreed upon price and date. The Company accounts for repurchase agreements as collateralized borrowings, with the initial sale price representing the amount borrowed, and with the future repurchase price consisting of the amount borrowed plus interest, at the implied interest rate of the repurchase agreement, on the amount borrowed over the term of the repurchase agreement. The interest rate on a repurchase agreement is based on competitive market rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. When the Company enters into a repurchase agreement, the lender establishes and maintains an account containing cash and/or securities having a value not less than the repurchase price, including accrued interest, of the repurchase agreement. Repurchase agreements are carried at their contractual amounts, which approximate fair value due to their short-term nature.
Reverse Repurchase Agreements	Reverse Repurchase Agreements: The Company enters into reverse repurchase agreement transactions with third-party broker-dealers, whereby it purchases securities under agreements to resell at an agreed upon price and date. The interest rate on a reverse repurchase agreement is based on competitive market rates (or competitive market spreads, in the case of agreements with floating interest rates) at the time such agreement is entered into. Reverse repurchase agreements are carried at their contractual amounts, which approximate fair value due to their short-term nature. Repurchase and reverse repurchase agreements that are conducted with the same counterparty can be reported on a net basis if they meet the requirements of ASC 210-20, Balance Sheet Offsetting . There are currently no repurchase and reverse repurchase agreements reported on a net basis in the Company's consolidated financial statements.
Securities Sold Short	Securities Sold Short: The Company may purchase or engage in short sales of U.S. Treasury securities to mitigate the potential impact of changes in interest rates on the performance of its portfolio. When the Company sells securities short, it typically satisfies its security delivery settlement obligation by borrowing or purchasing the security sold short from the same or a different counterparty. When borrowing a security sold short from a counterparty, the Company generally is required to deliver cash or securities to such counterparty as collateral for the Company's obligation to return the borrowed security. The Company has chosen to make the fair value election pursuant to ASC 825-10, Financial Instruments , for its securities sold short. Electing the FVO allows the Company to record changes in fair value in the Consolidated Statement of Operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all securities activities will be recorded in a similar manner. As such, securities sold short are recorded at fair value on the Consolidated Balance Sheet and the period change in fair value is recorded in current period earnings on the Consolidated Statement of Operations as a component of Change in net unrealized gains (losses) on securities. A realized gain or loss will be recognized upon the termination of a short sale if the market price is less or greater than the original sale price. Such realized gain or loss is recorded on the Company's Consolidated Statement of Operations in Net realized gains (losses) on securities.
Offering Costs/Deferred Offering Costs/Underwriters' Discounts	Offering Costs/Deferred Offering Costs/Underwriters' Discounts: Offering costs, underwriters' discounts and commissions and fees, are charged against shareholders' equity within Additional paid-in-capital. Offering costs typically include legal, accounting, and other fees associated with the cost of raising equity capital.
Share Based Compensation	Share Based Compensation: The Company applies the provisions of ASC 718, Compensation—Stock Compensation ("ASC 718"), with regard to its equity incentive plan. ASC 718 covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured based on the fair value, at the grant date, of the equity or liability instruments issued and is amortized over the vesting period. Restricted shares issued to the Company's independent trustees and partially dedicated personnel are participating securities and receive dividends prior to vesting. Fair value for such awards is based on the closing stock price on the New York Stock Exchange at the grant date. The vesting period for restricted share awards is typically one to two years. Shares issued to the Company's independent trustees and partially dedicated personnel are subject to tax withholding upon vesting. The Company's independent trustees and partially dedicated personnel are permitted to forfeit a portion of their vested shares to pay such withholding tax. Forfeited shares decrease the total number of shares issued and outstanding and are immediately retired upon settlement.
Dividends	Dividends: Dividends payable are recorded on the declaration date.
Expenses	Expenses: Expenses are recognized as incurred on the Consolidated Statement of Operations.
Earnings Per Share	Earnings Per Share: In accordance with the provisions of ASC 260, Earnings per Share , the Company calculates basic income (loss) per share by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for that period. Diluted income (loss) per share takes into account the effect of dilutive instruments, such as share options and warrants, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding.
Share Repurchases	Share Repurchases: Common shares that are repurchased by the Company subsequent to issuance are immediately retired upon settlement and decrease the total number of shares issued and outstanding. The cost of such share repurchases is charged against Additional paid-in-capital on the Company's Consolidated Balance Sheet.
Income Taxes	Income Taxes: The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a REIT, the Company is generally not subject to corporate-level federal and state income tax on net income it distributes to its shareholders within the prescribed timeframes. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including distributing at least 90% of its annual taxable income to shareholders. Even if the Company qualifies as a REIT, it may be subject to certain federal, state, local and foreign taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state, and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which the Company fails to qualify as a REIT.The Company follows the authoritative guidance on accounting for and disclosure of uncertainty on tax positions, which requires management to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For uncertain tax positions, the tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company did not have any unrecognized tax benefits resulting from tax positions related to the current period or its open tax years. In the normal course of business, the Company may be subject to examination by federal, state, local, and foreign jurisdictions, where applicable, for the current period and its open tax years. The Company may take positions with respect to certain tax issues which depend on legal interpretation of facts or applicable tax regulations. Should the relevant tax regulators successfully challenge any of such positions, the Company might be found to have a tax liability that has not been recorded in the accompanying consolidated financial statements. Also, management's conclusions regarding the authoritative guidance may be subject to review and adjustment at a later date based on changing tax laws, regulations, and interpretations thereof. There were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements : In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities beginning on March 12, 2020 and may be elected over time. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2021-01"), which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications apply to derivatives that are affected by the reform to LIBOR. The amendments in this update were effective immediately for all entities. ASU 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and it is currently evaluating the impact that the adoption of ASU 2020-04 would have on the consolidated financial statements.

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Mortgage-backed securities [Table Text Block]	The following tables present details of the Company's mortgage-backed securities portfolio at March 31, 2022 and December 31, 2021, respectively. The Company's Agency RMBS include mortgage pass-through certificates and CMOs representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by a U.S. government agency or government-sponsored enterprise, or "GSE." The non-Agency RMBS portfolio is not issued or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any agency of the U.S. Government and is therefore subject to greater credit risk. By RMBS Type March 31, 2022: ($ in thousands) Gross Unrealized Weighted Average Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1) Yield Life (2) Agency RMBS: 15-year fixed-rate mortgages $ 102,119 $ 3,588 $ 105,707 $ 335 $ (3,953) $ 102,089 2.76% 1.77% 3.97 20-year fixed-rate mortgages 34,244 1,421 35,665 11 (3,137) 32,539 2.30% 1.51% 6.82 30-year fixed-rate mortgages 890,736 35,262 925,998 1,894 (39,885) 888,007 3.22% 2.38% 7.83 Adjustable rate mortgages 10,307 549 10,856 22 (299) 10,579 2.85% 2.19% 4.52 Reverse mortgages 33,238 2,262 35,500 9 (1,072) 34,437 3.33% 2.27% 4.16 Interest only securities n/a n/a 11,804 175 (2,285) 9,694 4.19% 5.48% 5.29 Total Agency RMBS 1,070,644 43,082 1,125,530 2,446 (50,631) 1,077,345 3.22% 2.33% 7.16 Non-Agency RMBS: Principal and interest securities 10,654 (3,347) 7,307 1,343 — 8,650 1.78% 6.58% 8.06 Interest only securities n/a n/a 6,722 1,466 — 8,188 0.24% 12.98% 9.05 Total Non-Agency RMBS 10,654 (3,347) 14,029 2,809 — 16,838 0.27% 9.64% 9.04 Total RMBS $ 1,081,298 $ 39,735 $ 1,139,559 $ 5,255 $ (50,631) $ 1,094,183 2.05% 2.42% 7.90 (1) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral. (2) Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal. December 31, 2021: ($ in thousands) Gross Unrealized Weighted Average Current Principal Unamortized Premium (Discount) Amortized Cost Gains Losses Fair Value Coupon (1) Yield Life (Years) (2) Agency RMBS: 15-year fixed-rate mortgages $ 125,033 $ 5,066 $ 130,099 $ 1,488 $ (877) $ 130,710 2.78% 1.69% 4.18 20-year fixed-rate mortgages 35,732 1,479 37,211 34 (898) 36,347 2.31% 1.50% 5.96 30-year fixed-rate mortgages 1,027,843 38,504 1,066,347 13,672 (7,115) 1,072,904 3.03% 2.37% 4.97 Adjustable rate mortgages 11,491 543 12,034 59 (133) 11,960 2.82% 2.21% 4.23 Reverse mortgages 35,313 2,339 37,652 242 (597) 37,297 3.33% 2.27% 4.24 Interest only securities n/a n/a 12,983 95 (2,789) 10,289 3.36% 5.34% 3.87 Total Agency RMBS 1,235,412 47,931 1,296,326 15,590 (12,409) 1,299,507 3.02% 2.31% 4.81 Non-Agency RMBS: Principal and interest securities 10,672 (3,438) 7,234 1,822 — 9,056 1.47% 6.25% 7.49 Interest only securities n/a n/a 2,684 114 — 2,798 0.27% 11.58% 6.79 Total Non-Agency RMBS 10,672 (3,438) 9,918 1,936 — 11,854 0.30% 7.69% 6.82 Total RMBS $ 1,246,084 $ 44,493 $ 1,306,244 $ 17,526 $ (12,409) $ 1,311,361 2.48% 2.33% 5.21 (1) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral. (2) Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
Weighted Average Life Classifications [Table Text Block]	By Estimated Weighted Average Life As of March 31, 2022 ($ in thousands) Agency RMBS Agency Interest Only Securities Non-Agency RMBS Estimated Weighted Average Life (1) Fair Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Less than three years $ 32,113 $ 32,529 3.67 % $ 581 $ 822 4.83 % $ 515 $ 450 6.00 % Greater than three years and less than seven years 480,872 495,555 3.68 % 7,983 9,976 4.36 % 279 160 2.56 % Greater than seven years and less than eleven years 551,773 582,657 2.68 % 1,130 1,006 2.47 % 16,044 13,419 0.26 % Greater than eleven years 2,893 2,985 2.50 % — — — % — — — % Total $ 1,067,651 $ 1,113,726 3.15 % $ 9,694 $ 11,804 4.19 % $ 16,838 $ 14,029 0.27 % (1) Average lives of RMBS are generally shorter than stated contractual maturities. (2) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral. As of December 31, 2021: ($ in thousands) Agency RMBS Agency Interest Only Securities Non-Agency RMBS Estimated Weighted Average Life (1) Fair Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Fair Value Amortized Cost Weighted Average Coupon (2) Less than three years $ 28,443 $ 28,273 3.75 % $ 1,628 $ 2,027 2.10 % $ 561 $ 457 6.00 % Greater than three years and less than seven years 724,996 718,318 3.53 % 7,820 10,095 4.38 % 1,773 1,571 0.35 % Greater than seven years and less than eleven years 280,147 281,786 2.50 % 841 861 2.39 % 9,520 7,890 0.25 % Greater than eleven years 255,632 254,966 2.00 % — — — % — — — % Total $ 1,289,218 $ 1,283,343 2.99 % $ 10,289 $ 12,983 3.36 % $ 11,854 $ 9,918 0.30 % (1) Average lives of RMBS are generally shorter than stated contractual maturities. (2) Weighted average coupon represents the weighted average pass-through rates of the securities rather than the weighted average gross mortgage rates of the underlying collateral.
Interest Income Components - Investments [Table Text Block]	The following tables reflect the components of interest income on the Company's RMBS for the three month periods ended March 31, 2022 and 2021: Three-Month Period Ended Three-Month Period Ended ($ in thousands) Coupon Net Amortization Interest Coupon Net Amortization Interest Agency RMBS $ 9,224 $ (3,018) $ 6,206 $ 10,118 $ (3,828) $ 6,290 Non-Agency RMBS 422 (132) 290 73 157 230 Total $ 9,646 $ (3,150) $ 6,496 $ 10,191 $ (3,671) $ 6,520

Valuation (Tables)

Valuation (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following tables present the Company's financial instruments measured at fair value on: March 31, 2022: (In thousands) Description Level 1 Level 2 Level 3 Total Assets: Mortgage-backed securities, at fair value: Agency RMBS: 15-year fixed-rate mortgages $ — $ 102,089 $ — $ 102,089 20-year fixed-rate mortgages — 32,539 — 32,539 30-year fixed-rate mortgages — 888,007 — 888,007 Adjustable rate mortgages — 10,579 — 10,579 Reverse mortgages — 34,437 — 34,437 Interest only securities — 6,552 3,142 9,694 Non-Agency RMBS — 4,690 12,148 16,838 Mortgage-backed securities, at fair value — 1,078,893 15,290 1,094,183 Other investments, at fair value: U.S. Treasury securities — 21,026 — 21,026 Preferred equity securities 251 — — 251 Total other investments, at fair value 251 21,026 — 21,277 Financial derivatives–assets, at fair value: TBAs — 2,569 — 2,569 Interest rate swaps — 25,836 — 25,836 Futures 8,161 — — 8,161 Total financial derivatives–assets, at fair value 8,161 28,405 — 36,566 Total mortgage-backed securities, other investments, and financial derivatives–assets, at fair value $ 8,412 $ 1,128,324 $ 15,290 $ 1,152,026 Liabilities: U.S. Treasury securities sold short, at fair value $ — $ (13,461) $ — $ (13,461) Financial derivatives–liabilities, at fair value: TBAs — (1,049) — (1,049) Interest rate swaps — (2,078) — (2,078) Futures (150) — — (150) Total financial derivatives–liabilities, at fair value (150) (3,127) — (3,277) Total U.S. Treasury securities sold short and financial derivatives–liabilities, at fair value $ (150) $ (16,588) $ — $ (16,738) December 31, 2021: (In thousands) Description Level 1 Level 2 Level 3 Total Assets: Mortgage-backed securities, at fair value: Agency RMBS: 15-year fixed-rate mortgages $ — $ 130,710 $ — $ 130,710 20-year fixed-rate mortgages — 36,347 — 36,347 30-year fixed-rate mortgages — 1,072,904 — 1,072,904 Adjustable rate mortgages — 11,960 — 11,960 Reverse mortgages — 37,297 — 37,297 Interest only securities — 4,635 5,654 10,289 Non-Agency RMBS — 4,595 7,259 11,854 Mortgage-backed securities, at fair value — 1,298,448 12,913 1,311,361 Other investments, at fair value: Preferred equity securities 309 — — 309 Total other investments, at fair value 309 — — 309 Financial derivatives–assets, at fair value: TBAs — 908 — 908 Interest rate swaps — 5,454 — 5,454 Futures 276 — — 276 Total financial derivatives–assets, at fair value 276 6,362 — 6,638 Total mortgage-backed securities and financial derivatives–assets, at fair value $ 585 $ 1,304,810 $ 12,913 $ 1,318,308 Liabilities: U.S. Treasury securities sold short, at fair value $ — $ (117,195) $ — $ (117,195) Financial derivatives–liabilities, at fair value: TBAs — (350) — (350) Interest rate swaps — (608) — (608) Futures (145) — — (145) Total financial derivatives–liabilities, at fair value (145) (958) — (1,103) Total U.S. Treasury securities sold short and financial derivatives–liabilities, at fair value $ (145) $ (118,153) $ — $ (118,298)
Unobservable Input Reconciliation	The following tables present additional information about the Company's investments which are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value. Three-Month Period Ended March 31, 2022: (In thousands) Non-Agency RMBS Agency RMBS Beginning balance as of December 31, 2021 $ 7,259 $ 5,654 Purchases 6,473 174 Proceeds from sales (5,126) — Principal repayments (42) — (Amortization)/accretion, net (48) (429) Net realized gains (losses) 23 (183) Change in net unrealized gains (losses) 622 514 Transfers: Transfers into level 3 2,987 338 Transfers out of level 3 — (2,926) Ending balance as of March 31, 2022 $ 12,148 $ 3,142 All amounts of net realized and changes in net unrealized gains (losses) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gains (losses) for both Level 3 financial instruments held by the Company at March 31, 2022, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2022. For Level 3 financial instruments held by the Company as of March 31, 2022, change in net unrealized gains (losses) of $0.3 million and $0.2 million, for the three-month period ended March 31, 2022 relate to non-Agency RMBS and Agency RMBS, respectively. At March 31, 2022, the Company transferred $2.9 million of RMBS from Level 3 to Level 2 and $3.3 million of RMBS from Level 2 to Level 3. Transfers between hierarchy levels are based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The level designation of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third party pricing sources. Three-Month Period Ended March 31, 2021: (In thousands) Non-Agency RMBS Agency RMBS Beginning balance as of December 31, 2020 $ 13,296 $ 8,196 Purchases — 1,905 Proceeds from sales (2,914) — Principal repayments (452) — (Amortization)/accretion, net 147 (781) Net realized gains (losses) 170 (13) Change in net unrealized gains (losses) (247) 1,606 Transfers: Transfers into level 3 — 280 Transfers out of level 3 — (3,998) Ending balance as of March 31, 2021 $ 10,000 $ 7,195 All amounts of net realized and changes in net unrealized gains (losses) in the table above are reflected in the accompanying Consolidated Statement of Operations. The table above incorporates changes in net unrealized gains (losses) for both Level 3 financial instruments held by the Company as of March 31, 2021, as well as Level 3 financial instruments disposed of by the Company during the three-month period ended March 31, 2021. For Level 3 financial instruments held by the Company as of March 31, 2021, change in net unrealized gains (losses) of $(0.1) million and $1.1 million, for the three-month period ended March 31, 2021 relate to non-Agency RMBS and Agency RMBS, respectively. At March 31, 2021, the Company transferred $4.0 million of RMBS from Level 3 to Level 2 and $0.3 million of RMBS from Level 2 to Level 3. Transfers between these hierarchy levels are based on the availability of sufficient observable inputs to meet Level 2 versus Level 3 criteria. The level designation of each financial instrument is reassessed at the end of each period, and is based on pricing information received from third party pricing sources.
Quantitative Information	The following tables identify the significant unobservable inputs that affect the valuation of the Company's Level 3 assets and liabilities as of March 31, 2022 and December 31, 2021: March 31, 2022: Range Description Fair Value Valuation Technique Significant Unobservable Input Min Max Weighted Average (1) (In thousands) Non-Agency RMBS $ 8,343 Market quotes Non-Binding Third-Party Valuation $ 0.68 $ 96.66 $ 57.83 3,805 Discounted Cash Flows 12,148 Yield 4.0 % 28.6 % 6.8 % Projected Collateral Prepayments 26.3 % 59.1 % 34.0 % Projected Collateral Losses 0.8 % 10.2 % 7.9 % Projected Collateral Recoveries 6.5 % 13.1 % 11.0 % Agency RMBS–Interest Only Securities 1,360 Market quotes Non-Binding Third-Party Valuation $ 10.65 $ 16.75 $ 15.07 1,782 Option Adjusted Spread ("OAS") LIBOR OAS (2)(3) 226 5,036 1,117 3,142 Projected Collateral Prepayments 46.5 % 83.1 % 64.5 % (1) Averages are weighted based on the fair value of the related instrument. (2) Shown in basis points. (3) For the range minimum, the range maximum, and the weighted average of LIBOR OAS, excludes Agency interest only securities with a negative LIBOR OAS, with a total fair value of $9 thousand. Including these securities, the weighted average was 1,113 basis points. December 31, 2021: Range Description Fair Value Valuation Technique Significant Unobservable Input Min Max Weighted Average (1) (In thousands) Non-Agency RMBS $ 2,643 Market quotes Non-Binding Third-Party Valuation $ 52.43 $ 92.28 $ 88.18 4,616 Discounted Cash Flows 7,259 Yield 2.2 % 31.8 % 6.0 % Projected Collateral Prepayments 35.7 % 79.1 % 49.2 % Projected Collateral Losses 0.0 % 9.2 % 5.9 % Projected Collateral Recoveries 1.1 % 14.0 % 9.3 % Agency RMBS–Interest Only Securities 3,713 Market quotes Non-Binding Third-Party Valuation $ 6.64 $ 15.90 $ 13.42 1,941 Option Adjusted Spread ("OAS") LIBOR OAS (2)(3) 224 5,020 953 5,654 Projected Collateral Prepayments 17.3 % 85.4 % 72.4 % (1) Averages are weighted based on the fair value of the related instrument. (2) Shown in basis points. (3) For the range minimum, the range maximum, and the weighted average of LIBOR OAS, excludes Agency interest only securities with a negative LIBOR OAS, with a total fair value of $15 thousand. Including these securities, the weighted average was 950 basis points.
Fair Value, Other Financial Instruments	The following table summarizes the estimated fair value of all other financial instruments not included in the disclosures above as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Assets: Cash and cash equivalents $ 16,206 $ 16,206 $ 69,028 $ 69,028 Due from brokers 88,441 88,441 88,662 88,662 Reverse repurchase agreements 27,348 27,348 117,505 117,505 Liabilities: Repurchase agreements 1,211,163 1,211,163 1,064,835 1,064,835 Due to brokers 23,052 23,052 1,959 1,959 Cash and cash equivalents includes cash held in interest bearing overnight accounts, for which fair value equals the carrying value, and cash held in money market accounts, which are liquid in nature and for which fair value equals the carrying value; such assets are considered Level 1 assets. Due from brokers and Due to brokers include collateral transferred to or received from counterparties, along with receivables and payables for open and/or closed derivative positions. These receivables and payables are short term in nature and any collateral transferred consists primarily of cash; fair value of these items approximates carrying value and such items are considered Level 1 assets and liabilities. The Company's repurchase and reverse repurchase agreements are carried at cost, which approximates fair value due to their short term nature. Repurchase agreements and reverse repurchase agreements are classified as Level 2 assets and liabilities based on the adequacy of the collateral and their short term nature.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instrument Detail [Abstract]
Schedule of Derivative Instruments [Table Text Block]	The following table details the fair value of the Company's holdings of financial derivatives as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Financial derivatives–assets, at fair value: TBA securities purchase contracts $ 4 $ 158 TBA securities sale contracts 2,565 750 Fixed payer interest rate swaps 25,499 5,165 Fixed receiver interest rate swaps 337 289 Futures 8,161 276 Total financial derivatives–assets, at fair value 36,566 6,638 Financial derivatives–liabilities, at fair value: TBA securities purchase contracts (689) (182) TBA securities sale contracts (360) (168) Fixed payer interest rate swaps (485) (465) Fixed receiver interest rate swaps (1,593) (143) Futures (150) (145) Total financial derivatives–liabilities, at fair value (3,277) (1,103) Total, net $ 33,289 $ 5,535
Interest Rate Swaps By Remaining Maturity [Table Text Block]	The following tables provide information about the Company's fixed payer interest rate swaps as of March 31, 2022 and and December 31, 2021: March 31, 2022: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ 32 0.05 % 0.08 % 0.56 2023 129,095 2,029 0.43 0.45 1.18 2024 14,700 580 0.30 0.42 1.89 2025 57,805 2,986 0.77 0.61 3.05 2027 472 18 1.61 0.51 5.66 2028 116,894 8,575 1.14 0.51 6.31 2029 15,800 (40) 2.17 0.27 7.01 2031 61,024 5,184 1.34 0.53 9.29 2032 93,277 3,830 1.61 0.05 9.85 2040 500 90 0.90 0.08 18.57 2041 11,227 1,342 1.59 0.30 19.36 2049 3,633 263 1.89 0.26 27.59 2050 792 229 0.90 0.23 28.30 2052 5,000 (104) 2.05 0.29 30.00 Total $ 515,219 $ 25,014 1.05 % 0.40 % 6.20 December 31, 2021: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ 12 0.05 % 0.08 % 0.08 2023 129,095 419 0.43 0.16 1.43 2024 14,700 193 0.30 0.16 2.13 2025 53,101 1,037 0.57 0.18 3.32 2027 472 (6) 1.61 0.18 5.91 2028 116,894 1,920 1.14 0.17 6.55 2031 61,024 891 1.34 0.17 9.54 2040 500 45 0.90 0.08 18.82 2041 11,227 196 1.59 0.14 19.60 2049 3,633 (155) 1.89 0.12 27.83 2050 792 148 0.90 0.12 28.54 Total $ 396,438 $ 4,700 0.84 % 0.17 % 5.30 The following tables provide information about the Company's fixed receiver interest rate swaps as of March 31, 2022 and December 31, 2021. March 31, 2022: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ (30) 0.05 % 0.06 % 0.56 2023 13,200 337 0.26 1.87 1.07 2027 71,400 (1,162) 0.20 1.84 4.96 2032 7,218 (307) 0.05 1.59 9.85 2040 500 (94) 0.08 0.84 18.57 Total $ 97,318 $ (1,256) 0.19 % 1.73 % 4.64 December 31, 2021: Weighted Average Maturity Notional Amount Fair Value Pay Rate Receive Rate Remaining Years to Maturity (In thousands) 2022 $ 5,000 $ (10) 0.05 % 0.06 % 0.80 2023 13,200 283 0.12 1.87 1.31 2026 11,500 (77) 0.16 1.14 4.78 2040 500 (50) 0.08 0.84 18.82 Total $ 30,200 $ 146 0.13 % 1.27 % 2.84
Futures [Table Text Block]	The following tables provide information about the Company's futures as of March 31, 2022 and December 31, 2021. March 31, 2022: Description Notional Amount Fair Value Remaining Months to Expiration ($ in thousands) Assets: Short Contracts: U.S. Treasury Futures $ (261,900) $ 8,161 2.85 Liabilities: Long Contracts: U.S. Treasury Futures 3,300 (150) 2.73 Total, net $ (258,600) $ 8,011 2.85 December 31, 2021: Description Notional Amount Fair Value Remaining Months to Expiration ($ in thousands) Assets: Short Contracts: U.S. Treasury Futures $ (100,500) $ 276 3.00 Liabilities: Long Contracts: U.S. Treasury Futures 3,300 (29) 2.70 Short Contracts: U.S. Treasury Futures (153,500) (116) 2.70 Total, net $ (250,700) $ 131 2.82
Schedule of To-be-announced securities (TBAs) [Table Text Block]	As of March 31, 2022 and December 31, 2021, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows: March 31, 2022 December 31, 2021 TBA Securities Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) Notional Amount (1) Cost Basis (2) Market Value (3) Net Carrying Value (4) (In thousands) Purchase contracts: Assets $ 301 $ 284 $ 288 $ 4 $ 85,766 $ 88,324 $ 88,482 $ 158 Liabilities 64,962 65,601 64,912 (689) 130,641 132,419 132,237 (182) 65,263 65,885 65,200 (685) 216,407 220,743 220,719 (24) Sale contracts: Assets (195,482) (201,224) (198,659) 2,565 (255,987) (270,334) (269,584) 750 Liabilities (39,390) (37,183) (37,543) (360) (156,645) (164,510) (164,678) (168) (234,872) (238,407) (236,202) 2,205 (412,632) (434,844) (434,262) 582 Total TBA securities, net $ (169,609) $ (172,522) $ (171,002) $ 1,520 $ (196,225) $ (214,101) $ (213,543) $ 558 (1) Notional amount represents the principal balance of the underlying Agency RMBS. (2) Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3) Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4) Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.
Derivative Activity, Volume [Table Text Block]	The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the three-month period ended March 31, 2022 and year ended December 31, 2021: Derivative Type Three-Month Year Ended (In thousands) Interest rate swaps $ 524,000 $ 422,905 TBAs 490,858 720,268 Futures 259,275 232,792
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	Gains and losses on the Company's financial derivatives for the three-month periods ended March 31, 2022 and 2021 are summarized in the tables below: Three-Month Period Ended March 31, 2022 Derivative Type Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives (In thousands) Interest rate swaps $ (616) $ (811) $ (1,427) $ (43) $ 18,956 $ 18,913 TBAs 7,726 7,726 962 962 Futures 9,054 9,054 7,879 7,879 Total $ (616) $ 15,969 $ 15,353 $ (43) $ 27,797 $ 27,754 Three-Month Period Ended March 31, 2021 Derivative Type Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps Net Realized Gains (Losses) on Financial Derivatives Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps Change in Net Unrealized Gains (Losses) on Financial Derivatives (In thousands) Interest rate swaps $ (386) $ (3,116) $ (3,502) $ (51) $ 9,570 $ 9,519 TBAs (3,531) (3,531) (5,197) (5,197) Futures 1,883 1,883 3,893 3,893 Total $ (386) $ (4,764) $ (5,150) $ (51) $ 8,266 $ 8,215

Borrowings under Repurchase A_2

Borrowings under Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements [Table Text Block]	The following table details the Company's outstanding borrowings under repurchase agreements as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Weighted Average Weighted Average Remaining Days to Maturity Borrowings Outstanding Interest Rate Remaining Days to Maturity Borrowings Outstanding Interest Rate Remaining Days to Maturity Agency RMBS: (In thousands) (In thousands) 30 days or less $ 351,496 0.31 % 14 $ 162,089 0.18 % 13 31-60 days 239,611 0.29 43 235,321 0.21 43 61-90 days 131,226 0.35 74 114,931 0.18 72 91-120 days 76,414 0.19 115 104,361 0.17 106 121-150 days 133,757 0.44 135 148,855 0.16 133 151-180 days 96,752 0.45 166 56,337 0.15 163 181-364 days 150,214 0.68 273 242,941 0.19 238 Total Agency RMBS 1,179,470 0.38 92 1,064,835 0.18 111 Non-Agency RMBS: 30 days or less 3,960 1.00 1 — — — 31-60 days 11,657 1.56 40 — — — Total Non-Agency RMBS 15,617 1.42 30 — — — U.S. Treasury Securities 30 days or less 16,076 0.25 1 — — — Total U.S. Treasury Securities 16,076 0.25 1 — — — Total $ 1,211,163 0.39 % 90 $ 1,064,835 0.18 % 111
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]	The following table provides details by counterparty for such counterparties for which the amounts at risk relating to our repurchase agreements was greater than 10% of total equity as of March 31, 2022. There was no counterparty for which the amount at risk was greater than 10% of shareholders' equity as of December 31, 2021. Counterparty a Amount at Risk Weighted Average Remaining Days to Maturity Percentage of Equity (In thousands) J.P. Morgan Securities LLC $ 19,759 162 14.9 % Royal Bank of Canada 13,966 116 10.5 %

Offsetting of Assets and Liab_2

Offsetting of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Offsetting of Assets and Liabilities [Abstract]
Offsetting of Assets and Liabilities [Table Text Block]	The following tables present information about certain assets and liabilities representing financial instruments as of March 31, 2022 and December 31, 2021. The Company has not previously entered into master netting agreements with any of its counterparties. Certain of the Company's repurchase and reverse repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of net settlement, as well as a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. March 31, 2022: Description Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets: Financial derivatives–assets $ 36,566 $ (2,920) $ — $ (17,724) $ 15,922 Reverse repurchase agreements 27,348 (27,348) — — — Liabilities: Financial derivatives–liabilities (3,277) 2,920 — 271 (86) Repurchase agreements (1,211,163) 27,348 1,105,807 78,008 — (1) In the Company's Consolidated Balance Sheet, all balances associated with repurchase and reverse repurchase agreements and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's repurchase agreements and cash collateral pledged on the Company's financial derivative assets and liabilities. Total financial instruments transferred or pledged as collateral on the Company's repurchase agreements as of March 31, 2022 were $1.2 billion. As of March 31, 2022 total cash collateral (received) pledged on financial derivative assets and financial derivative liabilities excludes $1.3 million and $(0.4) million, respectively, of net excess cash collateral. (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a particular asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows. December 31, 2021: Description Amount of Assets (Liabilities) Presented in the Consolidated Balance Sheet (1) Financial Instruments Available for Offset Financial Instruments Transferred or Pledged as Collateral (2)(3) Cash Collateral (Received) Pledged (2)(3) Net Amount (In thousands) Assets: Financial derivatives–assets $ 6,638 $ (820) $ — $ — $ 5,818 Reverse repurchase agreements 117,505 (31,306) (86,199) — — Liabilities: Financial derivatives–liabilities (1,103) 820 — 271 (12) Repurchase agreements (1,064,835) 31,306 955,842 77,687 — (1) In the Company's Consolidated Balance Sheet, all balances associated with repurchase and reverse repurchase agreements and financial derivatives are presented on a gross basis. (2) For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's repurchase agreements and cash collateral pledged on the Company's financial derivative assets and liabilities. Total financial instruments transferred or pledged as collateral on the Company's repurchase agreements as of December 31, 2021 were $1.0 billion. As of December 31, 2021 total cash collateral on financial derivative assets excludes $9.2 million of net excess cash collateral. (3) When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a particular asset or liability. As a result, in preparing the above table, the Company has made assumptions in allocating pledged or posted collateral among the various rows.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation	The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three-month periods ended March 31, 2022 and 2021: Three-Month Period Ended (In thousands except for share amounts) March 31, 2022 March 31, 2021 Numerator: Net income (loss) $ (17,467) $ 127 Denominator: Basic and diluted weighted average shares outstanding 13,109,926 12,343,542 Basic and diluted earnings per share $ (1.33) $ 0.01

Capital (Tables)

Capital (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Summary of Common Shares Outstanding [Table Text Block]	Detailed below is a roll forward of the Company's common shares outstanding for the three-month periods ended March 31, 2022 and 2021: Three-Month Period Ended March 31, 2022 March 31, 2021 Common Shares Outstanding (12/31/2021 and 12/31/2020, respectively) 13,109,926 12,343,542 Share Activity: Common shares issued — — Restricted common shares issued — — Common shares repurchased — — Common Shares Outstanding (3/31/2022 and 3/31/2021, respectively) 13,109,926 12,343,542 Unvested restricted shares outstanding (3/31/2022 and 3/31/2021, respectively) 32,567 27,594
Vesting schedule for restricted shares [Table Text Block]	The below table provides details on the Company's restricted shares granted pursuant to share award agreements which are unvested at March 31, 2022: Grant Recipient Number of Restricted Shares Granted Grant Date Vesting Date (1) Independent trustees: 16,816 September 14, 2021 September 13, 2022 Partially dedicated employees: 4,452 December 17, 2020 December 17, 2022 5,650 December 16, 2021 December 16, 2022 5,649 December 16, 2021 December 16, 2023 (1) Date at which such restricted shares will vest and become non-forfeitable.

Organization and Investment O_2

Organization and Investment Objective (Details)	3 Months Ended
	Mar. 31, 2022
Organization and Investment Objective [Line Items]
Required Distribution of Taxable Net Income, Percentage on Annual Basis	90.00%
Intended Distribution of Taxable Net Income, Percentage on Annual Basis	100.00%

Significant Accounting Polici_3

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies [Line Items]
Required Distribution of Taxable Net Income, Percentage on Annual Basis	90.00%
Minimum
Significant Accounting Policies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Maximum
Significant Accounting Policies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years

Schedule of Mortgage-Backed Sec

Schedule of Mortgage-Backed Securities (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)	[1]	$ 1,094,183	$ 1,311,361
Residential Mortgage Backed Securities [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		1,081,298	1,246,084
Unamortized Premium (Discount)		39,735	44,493
Amortized Cost		1,139,559	1,306,244
Gross Unrealized Gain on Securities		5,255	17,526
Gross Unrealized Losses on Securities		(50,631)	(12,409)
Mortgage-backed securities, at fair value(1)		$ 1,094,183	$ 1,311,361
Weighted Average Coupon		2.05%	2.48%
Weighted Average Yield		2.42%	2.33%
Weighted Average Life (Years)		7 years 10 months 24 days	5 years 2 months 15 days
Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 10,654	$ 10,672
Unamortized Premium (Discount)		(3,347)	(3,438)
Amortized Cost		14,029	9,918
Gross Unrealized Gain on Securities		2,809	1,936
Gross Unrealized Losses on Securities		0	0
Mortgage-backed securities, at fair value(1)		$ 16,838	$ 11,854
Weighted Average Coupon		0.27%	0.30%
Weighted Average Yield		9.64%	7.69%
Weighted Average Life (Years)		9 years 14 days	6 years 9 months 25 days
15-year fixed rate mortgages [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 102,119	$ 125,033
Unamortized Premium (Discount)		3,588	5,066
Amortized Cost		105,707	130,099
Gross Unrealized Gain on Securities		335	1,488
Gross Unrealized Losses on Securities		(3,953)	(877)
Mortgage-backed securities, at fair value(1)		$ 102,089	$ 130,710
Weighted Average Coupon		2.76%	2.78%
Weighted Average Yield		1.77%	1.69%
Weighted Average Life (Years)		3 years 11 months 19 days	4 years 2 months 4 days
20-year fixed rate mortgages [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 34,244	$ 35,732
Unamortized Premium (Discount)		1,421	1,479
Amortized Cost		35,665	37,211
Gross Unrealized Gain on Securities		11	34
Gross Unrealized Losses on Securities		(3,137)	(898)
Mortgage-backed securities, at fair value(1)		$ 32,539	$ 36,347
Weighted Average Coupon		2.30%	2.31%
Weighted Average Yield		1.51%	1.50%
Weighted Average Life (Years)		6 years 9 months 25 days	5 years 11 months 15 days
30-year fixed rate mortgages [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 890,736	$ 1,027,843
Unamortized Premium (Discount)		35,262	38,504
Amortized Cost		925,998	1,066,347
Gross Unrealized Gain on Securities		1,894	13,672
Gross Unrealized Losses on Securities		(39,885)	(7,115)
Mortgage-backed securities, at fair value(1)		$ 888,007	$ 1,072,904
Weighted Average Coupon		3.22%	3.03%
Weighted Average Yield		2.38%	2.37%
Weighted Average Life (Years)		7 years 9 months 29 days	4 years 11 months 19 days
Adjustable Rate Mortgages | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 10,307	$ 11,491
Unamortized Premium (Discount)		549	543
Amortized Cost		10,856	12,034
Gross Unrealized Gain on Securities		22	59
Gross Unrealized Losses on Securities		(299)	(133)
Mortgage-backed securities, at fair value(1)		$ 10,579	$ 11,960
Weighted Average Coupon		2.85%	2.82%
Weighted Average Yield		2.19%	2.21%
Weighted Average Life (Years)		4 years 6 months 7 days	4 years 2 months 23 days
Reverse mortgages [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 33,238	$ 35,313
Unamortized Premium (Discount)		2,262	2,339
Amortized Cost		35,500	37,652
Gross Unrealized Gain on Securities		9	242
Gross Unrealized Losses on Securities		(1,072)	(597)
Mortgage-backed securities, at fair value(1)		$ 34,437	$ 37,297
Weighted Average Coupon		3.33%	3.33%
Weighted Average Yield		2.27%	2.27%
Weighted Average Life (Years)		4 years 1 month 28 days	4 years 2 months 26 days
Interest-Only [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Amortized Cost		$ 11,804	$ 12,983
Gross Unrealized Gain on Securities		175	95
Gross Unrealized Losses on Securities		(2,285)	(2,789)
Mortgage-backed securities, at fair value(1)		$ 9,694	$ 10,289
Weighted Average Coupon		4.19%	3.36%
Weighted Average Yield		5.48%	5.34%
Weighted Average Life (Years)		5 years 3 months 14 days	3 years 10 months 13 days
Interest-Only [Member] | Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Amortized Cost		$ 6,722	$ 2,684
Gross Unrealized Gain on Securities		1,466	114
Gross Unrealized Losses on Securities		0	0
Mortgage-backed securities, at fair value(1)		$ 8,188	$ 2,798
Weighted Average Coupon		0.24%	0.27%
Weighted Average Yield		12.98%	11.58%
Weighted Average Life (Years)		9 years 18 days	6 years 9 months 14 days
Agency Securities [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 1,070,644	$ 1,235,412
Unamortized Premium (Discount)		43,082	47,931
Amortized Cost		1,125,530	1,296,326
Gross Unrealized Gain on Securities		2,446	15,590
Gross Unrealized Losses on Securities		(50,631)	(12,409)
Mortgage-backed securities, at fair value(1)		$ 1,077,345	$ 1,299,507
Weighted Average Coupon		3.22%	3.02%
Weighted Average Yield		2.33%	2.31%
Weighted Average Life (Years)		7 years 1 month 28 days	4 years 9 months 21 days
Principal and interest securities | Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Current Principal		$ 10,654	$ 10,672
Unamortized Premium (Discount)		(3,347)	(3,438)
Amortized Cost		7,307	7,234
Gross Unrealized Gain on Securities		1,343	1,822
Gross Unrealized Losses on Securities		0	0
Mortgage-backed securities, at fair value(1)		$ 8,650	$ 9,056
Weighted Average Coupon		1.78%	1.47%
Weighted Average Yield		6.58%	6.25%
Weighted Average Life (Years)		8 years 21 days	7 years 5 months 26 days
[1]	Includes assets pledged as collateral to counterparties. See Note 6 for additional details on the Company's borrowings and related collateral.

Schedule of Mortgage-Backed S_2

Schedule of Mortgage-Backed Securities by Weighted Average Life (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)	[1]	$ 1,094,183	$ 1,311,361
Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		16,838	11,854
Amortized Cost		$ 14,029	$ 9,918
Weighted Average Coupon Rate, Percent		0.27%	0.30%
Less than three years [Member] | Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 515	$ 561
Amortized Cost		$ 450	$ 457
Weighted Average Coupon Rate, Percent		6.00%	6.00%
Greater than three years and less than seven years [Member] | Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 279	$ 1,773
Amortized Cost		$ 160	$ 1,571
Weighted Average Coupon Rate, Percent		2.56%	0.35%
Greater than seven years and less than eleven years [Member] | Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 16,044	$ 9,520
Amortized Cost		$ 13,419	$ 7,890
Weighted Average Coupon Rate, Percent		0.26%	0.25%
Greater than eleven years [Member] | Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 0	$ 0
Amortized Cost		$ 0	$ 0
Weighted Average Coupon Rate, Percent		0.00%	0.00%
Fixed Rate [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 1,067,651	$ 1,289,218
Amortized Cost		$ 1,113,726	$ 1,283,343
Weighted Average Coupon Rate, Percent		3.15%	2.99%
Fixed Rate [Member] | Less than three years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 32,113	$ 28,443
Amortized Cost		$ 32,529	$ 28,273
Weighted Average Coupon Rate, Percent		3.67%	3.75%
Fixed Rate [Member] | Greater than three years and less than seven years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 480,872	$ 724,996
Amortized Cost		$ 495,555	$ 718,318
Weighted Average Coupon Rate, Percent		3.68%	3.53%
Fixed Rate [Member] | Greater than seven years and less than eleven years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 551,773	$ 280,147
Amortized Cost		$ 582,657	$ 281,786
Weighted Average Coupon Rate, Percent		2.68%	2.50%
Fixed Rate [Member] | Greater than eleven years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 2,893	$ 255,632
Amortized Cost		$ 2,985	$ 254,966
Weighted Average Coupon Rate, Percent		2.50%	2.00%
Interest-Only [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 9,694	$ 10,289
Amortized Cost		$ 11,804	$ 12,983
Weighted Average Coupon Rate, Percent		4.19%	3.36%
Interest-Only [Member] | Non-Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 8,188	$ 2,798
Amortized Cost		$ 6,722	$ 2,684
Weighted Average Coupon Rate, Percent		0.24%	0.27%
Interest-Only [Member] | Less than three years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 581	$ 1,628
Amortized Cost		$ 822	$ 2,027
Weighted Average Coupon Rate, Percent		4.83%	2.10%
Interest-Only [Member] | Greater than three years and less than seven years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 7,983	$ 7,820
Amortized Cost		$ 9,976	$ 10,095
Weighted Average Coupon Rate, Percent		4.36%	4.38%
Interest-Only [Member] | Greater than seven years and less than eleven years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 1,130	$ 841
Amortized Cost		$ 1,006	$ 861
Weighted Average Coupon Rate, Percent		2.47%	2.39%
Interest-Only [Member] | Greater than eleven years [Member] | Agency RMBS [Member]
Mortgage-Backed Securities [Line Items]
Mortgage-backed securities, at fair value(1)		$ 0	$ 0
Amortized Cost		$ 0	$ 0
Weighted Average Coupon Rate, Percent		0.00%	0.00%
[1]	Includes assets pledged as collateral to counterparties. See Note 6 for additional details on the Company's borrowings and related collateral.

Mortgage-Backed Securities Inte

Mortgage-Backed Securities Interest Income Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest Income Components [Line Items]
Net Amortization	$ (2,535)	$ (2,620)
Interest income	6,535	6,535
Agency RMBS [Member]
Interest Income Components [Line Items]
Coupon Interest	9,224	10,118
Net Amortization	(3,018)	(3,828)
Interest income	6,206	6,290
Non-Agency RMBS [Member]
Interest Income Components [Line Items]
Coupon Interest	422	73
Net Amortization	(132)	157
Interest income	290	230
Residential Mortgage Backed Securities [Member]
Interest Income Components [Line Items]
Coupon Interest	9,646	10,191
Net Amortization	(3,150)	(3,671)
Interest income	$ 6,496	$ 6,520

Mortgage-Backed Securities Narr

Mortgage-Backed Securities Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Catch-up Premium Amortization Adjustment	$ (0.5)	$ 0.1
Available-for-sale Securities, Gross Unrealized Loss	(50.6)	$ (12.4)
Debt Securities, Available-for-sale, Allowance for Credit Loss	(0.8)		$ (2.2)
Mortgage-Backed Securities [Line Items]
Available-for-sale securities Realizes Losses - Write offs	$ (0.3)

Valuation Schedule of Fair Valu

Valuation Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	$ 36,566	$ 6,638
Financial derivatives–liabilities, at fair value	(3,277)	(1,103)
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	36,566	6,638
Total mortgage-backed securities, other investments, and financial derivatives–assets, at fair value	1,152,026	1,318,308
Financial derivatives–liabilities, at fair value	(3,277)	(1,103)
Total U.S. Treasury securities and financial derivatives-liabilities, at fair value	(16,738)	(118,298)
Fair Value, Recurring [Member] | TBA securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	2,569	908
Financial derivatives–liabilities, at fair value	(1,049)	(350)
Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	25,836	5,454
Financial derivatives–liabilities, at fair value	(2,078)	(608)
Fair Value, Recurring [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	8,161	276
Financial derivatives–liabilities, at fair value	(150)	(145)
Fair Value, Recurring [Member] | Agency RMBS [Member] | 15-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	102,089	130,710
Fair Value, Recurring [Member] | Agency RMBS [Member] | 20-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	32,539	36,347
Fair Value, Recurring [Member] | Agency RMBS [Member] | 30-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	888,007	1,072,904
Fair Value, Recurring [Member] | Agency RMBS [Member] | Adjustable Rate Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	10,579	11,960
Fair Value, Recurring [Member] | Agency RMBS [Member] | Reverse mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	34,437	37,297
Fair Value, Recurring [Member] | Agency RMBS [Member] | Interest-Only [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	9,694	10,289
Fair Value, Recurring [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	1,094,183	1,311,361
Fair Value, Recurring [Member] | Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	21,277	309
Fair Value, Recurring [Member] | Other Investments [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	251	309
Fair Value, Recurring [Member] | Other Investments [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	21,026
Fair Value, Recurring [Member] | Non-Agency RMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	16,838	11,854
Fair Value, Recurring [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities sold short, at fair value	(13,461)	(117,195)
Fair Value, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	8,161	276
Total mortgage-backed securities, other investments, and financial derivatives–assets, at fair value	8,412	585
Financial derivatives–liabilities, at fair value	(150)	(145)
Total U.S. Treasury securities and financial derivatives-liabilities, at fair value	(150)	(145)
Fair Value, Recurring [Member] | Level 1 [Member] | TBA securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	0	0
Financial derivatives–liabilities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	0	0
Financial derivatives–liabilities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	8,161	276
Financial derivatives–liabilities, at fair value	(150)	(145)
Fair Value, Recurring [Member] | Level 1 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities sold short, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Agency RMBS [Member] | 15-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Agency RMBS [Member] | 20-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Agency RMBS [Member] | 30-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Agency RMBS [Member] | Adjustable Rate Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Agency RMBS [Member] | Reverse mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Agency RMBS [Member] | Interest-Only [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 1 [Member] | Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	251	309
Fair Value, Recurring [Member] | Level 1 [Member] | Other Investments [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	251	309
Fair Value, Recurring [Member] | Level 1 [Member] | Other Investments [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0
Fair Value, Recurring [Member] | Level 1 [Member] | Non-Agency RMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	28,405	6,362
Total mortgage-backed securities, other investments, and financial derivatives–assets, at fair value	1,128,324	1,304,810
Financial derivatives–liabilities, at fair value	(3,127)	(958)
Total U.S. Treasury securities and financial derivatives-liabilities, at fair value	(16,588)	(118,153)
Fair Value, Recurring [Member] | Level 2 [Member] | TBA securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	2,569	908
Financial derivatives–liabilities, at fair value	(1,049)	(350)
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	25,836	5,454
Financial derivatives–liabilities, at fair value	(2,078)	(608)
Fair Value, Recurring [Member] | Level 2 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	0	0
Financial derivatives–liabilities, at fair value	0	0
Fair Value, Recurring [Member] | Level 2 [Member] | Agency RMBS [Member] | 15-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	102,089	130,710
Fair Value, Recurring [Member] | Level 2 [Member] | Agency RMBS [Member] | 20-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	32,539	36,347
Fair Value, Recurring [Member] | Level 2 [Member] | Agency RMBS [Member] | 30-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	888,007	1,072,904
Fair Value, Recurring [Member] | Level 2 [Member] | Agency RMBS [Member] | Adjustable Rate Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	10,579	11,960
Fair Value, Recurring [Member] | Level 2 [Member] | Agency RMBS [Member] | Reverse mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	34,437	37,297
Fair Value, Recurring [Member] | Level 2 [Member] | Agency RMBS [Member] | Interest-Only [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	6,552	4,635
Fair Value, Recurring [Member] | Level 2 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	1,078,893	1,298,448
Fair Value, Recurring [Member] | Level 2 [Member] | Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	21,026	0
Fair Value, Recurring [Member] | Level 2 [Member] | Other Investments [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 2 [Member] | Other Investments [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	21,026
Fair Value, Recurring [Member] | Level 2 [Member] | Non-Agency RMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	4,690	4,595
Fair Value, Recurring [Member] | Level 2 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities sold short, at fair value	(13,461)	(117,195)
Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	0	0
Total mortgage-backed securities, other investments, and financial derivatives–assets, at fair value	15,290	12,913
Financial derivatives–liabilities, at fair value	0	0
Total U.S. Treasury securities and financial derivatives-liabilities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | TBA securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	0	0
Financial derivatives–liabilities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	0	0
Financial derivatives–liabilities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives-assets, at fair value	0	0
Financial derivatives–liabilities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Agency RMBS [Member] | 15-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Agency RMBS [Member] | 20-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Agency RMBS [Member] | 30-year fixed rate mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Agency RMBS [Member] | Adjustable Rate Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Agency RMBS [Member] | Reverse mortgages [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Agency RMBS [Member] | Interest-Only [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	3,142	5,654
Fair Value, Recurring [Member] | Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	15,290	12,913
Fair Value, Recurring [Member] | Level 3 [Member] | Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Other Investments [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Other Investments [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	0
Fair Value, Recurring [Member] | Level 3 [Member] | Non-Agency RMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities, at fair value	12,148	7,259
Fair Value, Recurring [Member] | Level 3 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities sold short, at fair value	$ 0	$ 0

Valuation Unobservable Input Re

Valuation Unobservable Input Reconciliation (Details) - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Agency RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5,654	$ 8,196
Purchases	174	1,905
Proceeds from sales	0	0
Principal repayments	0	0
(Amortization)/accretion, net	(429)	(781)
Net realized gains (losses)	(183)	(13)
Change in net unrealized gains (losses)	514	1,606
Transfers
Transfers into level 3	338	280
Transfers out of level 3	(2,926)	(3,998)
Ending balance	3,142	7,195
Change in net unrealized gains (losses) for level 3 assets still held	200	1,100
Non-Agency RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,259	13,296
Purchases	6,473	0
Proceeds from sales	(5,126)	(2,914)
Principal repayments	(42)	452
(Amortization)/accretion, net	(48)	147
Net realized gains (losses)	23	170
Change in net unrealized gains (losses)	622	(247)
Transfers
Transfers into level 3	2,987	0
Transfers out of level 3	0	0
Ending balance	12,148	10,000
Change in net unrealized gains (losses) for level 3 assets still held	300	(100)
Residential Mortgage Backed Securities [Member]
Transfers
Transfers into level 3	3,300	300
Transfers out of level 3	$ (2,900)	$ (4,000)

Valuation Qualtitative Informat

Valuation Qualtitative Information (Details) - Level 3 [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Non-Agency RMBS [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 12,148,000	$ 7,259,000
Non-Agency RMBS [Member] | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Yield	4.00%	2.20%
Projected Collateral Prepayments	26.30%	35.70%
Projected Collateral Losses	0.80%	0.00%
Projected Collateral Recoveries	6.50%	1.10%
Non-Agency RMBS [Member] | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Yield	28.60%	31.80%
Projected Collateral Prepayments	59.10%	79.10%
Projected Collateral Losses	10.20%	9.20%
Projected Collateral Recoveries	13.10%	14.00%
Non-Agency RMBS [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Yield	6.80%	6.00%
Projected Collateral Prepayments	34.00%	49.20%
Projected Collateral Losses	7.90%	5.90%
Projected Collateral Recoveries	11.00%	9.30%
Non-Agency RMBS [Member] | Discounted Cash Flows [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 3,805,000	$ 4,616,000
Non-Agency RMBS [Member] | Market Quotes [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 8,343,000	$ 2,643,000
Non-Agency RMBS [Member] | Market Quotes [Member] | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-Binding Third-Party Valuation	0.68	52.43
Non-Agency RMBS [Member] | Market Quotes [Member] | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-Binding Third-Party Valuation	96.66	92.28
Non-Agency RMBS [Member] | Market Quotes [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-Binding Third-Party Valuation	57.83	88.18
Interest-Only [Member] | Agency RMBS [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 3,142,000	$ 5,654,000
Interest-Only [Member] | Agency RMBS [Member] | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Projected Collateral Prepayments	46.50%	17.30%
Interest-Only [Member] | Agency RMBS [Member] | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Projected Collateral Prepayments	83.10%	85.40%
Interest-Only [Member] | Agency RMBS [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Projected Collateral Prepayments	64.50%	72.40%
Interest-Only [Member] | Agency RMBS [Member] | Market Quotes [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 1,360,000	$ 3,713,000
Interest-Only [Member] | Agency RMBS [Member] | Market Quotes [Member] | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-Binding Third-Party Valuation	10.65	6.64
Interest-Only [Member] | Agency RMBS [Member] | Market Quotes [Member] | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-Binding Third-Party Valuation	16.75	15.90
Interest-Only [Member] | Agency RMBS [Member] | Market Quotes [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-Binding Third-Party Valuation	15.07	13.42
Interest-Only [Member] | Agency RMBS [Member] | Valuation, Income Approach [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 9,000	$ 15,000
Assets, Fair Value Disclosure	$ 1,782,000	$ 1,941,000
Interest-Only [Member] | Agency RMBS [Member] | Valuation, Income Approach [Member] | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LIBOR OAS	2.26%	2.24%
Interest-Only [Member] | Agency RMBS [Member] | Valuation, Income Approach [Member] | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LIBOR OAS	50.36%	50.20%
Interest-Only [Member] | Agency RMBS [Member] | Valuation, Income Approach [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Inputs LIBOR OAS Including Negative	11.30%	9.50%
LIBOR OAS	11.17%	9.53%

Valuation Fair Value, Other Fin

Valuation Fair Value, Other Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 16,206	$ 69,028	$ 52,500	$ 58,166
Due from brokers	88,441	88,662
Reverse repurchase agreements	27,348	117,505
Repurchase agreements	1,211,163	1,064,835
Due to brokers	23,052	1,959
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	16,206	69,028
Due from brokers	88,441	88,662
Reverse repurchase agreements	27,348	117,505
Repurchase agreements	1,211,163	1,064,835
Due to brokers	23,052	1,959
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	16,206	69,028
Due from brokers	88,441	88,662
Reverse repurchase agreements	27,348	117,505
Repurchase agreements	1,211,163	1,064,835
Due to brokers	$ 23,052	$ 1,959

Derivative Instruments Schedule

Derivative Instruments Schedule of Derivatves (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 36,566	$ 6,638
Financial derivatives–liabilities, at fair value	(3,277)	(1,103)
Derivative, Fair Value, Net	33,289	5,535
TBA securities- purchase contracts [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	(685)	(24)
TBA securities- sale contracts [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	2,205	582
Derivative Financial Instruments, Assets [Member] | TBA securities- purchase contracts [Member]
Derivative [Line Items]
Financial derivatives–assets, at fair value	4	158
Derivative Financial Instruments, Assets [Member] | TBA securities- sale contracts [Member]
Derivative [Line Items]
Financial derivatives–assets, at fair value	2,565	750
Derivative Financial Instruments, Liabilities [Member] | TBA securities- purchase contracts [Member]
Derivative [Line Items]
Financial derivatives–liabilities, at fair value	(689)	(182)
Derivative Financial Instruments, Liabilities [Member] | TBA securities- sale contracts [Member]
Derivative [Line Items]
Financial derivatives–liabilities, at fair value	(360)	(168)
Derivative Financial Instruments, Liabilities [Member] | Futures [Member]
Derivative [Line Items]
Financial derivatives–liabilities, at fair value	(150)	(145)
Short [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	25,014	4,700
Short [Member] | Derivative Financial Instruments, Assets [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Financial derivatives–assets, at fair value	25,499	5,165
Short [Member] | Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Financial derivatives–liabilities, at fair value	(485)	(465)
Long [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	(1,256)	146
Long [Member] | Derivative Financial Instruments, Assets [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Financial derivatives–assets, at fair value	337	289
Long [Member] | Derivative Financial Instruments, Assets [Member] | Futures [Member]
Derivative [Line Items]
Financial derivatives–assets, at fair value	8,161	276
Long [Member] | Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Financial derivatives–liabilities, at fair value	$ (1,593)	$ (143)

Derivative Instruments Schedu_2

Derivative Instruments Schedule of Interest Rate Swaps by Maturity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, Fair Value, Net	$ 33,289	$ 5,535
Short [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 25,014	$ 4,700
Weighted Average Pay Rate	1.05%	0.84%
Weighted Average Receive Rate	0.40%	0.17%
Derivative, Average Remaining Maturity	6 years 2 months 12 days	5 years 3 months 18 days
Derivative, Notional Amount	$ 515,219	$ 396,438
Short [Member] | Year 2022 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 32	$ 12
Weighted Average Pay Rate	0.05%	0.05%
Weighted Average Receive Rate	0.08%	0.08%
Derivative, Average Remaining Maturity	6 months 21 days	29 days
Derivative, Notional Amount	$ 5,000	$ 5,000
Short [Member] | Year 2023 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 2,029	$ 419
Weighted Average Pay Rate	0.43%	0.43%
Weighted Average Receive Rate	0.45%	0.16%
Derivative, Average Remaining Maturity	1 year 2 months 4 days	1 year 5 months 4 days
Derivative, Notional Amount	$ 129,095	$ 129,095
Short [Member] | Year 2024 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 580	$ 193
Weighted Average Pay Rate	0.30%	0.30%
Weighted Average Receive Rate	0.42%	0.16%
Derivative, Average Remaining Maturity	1 year 10 months 20 days	2 years 1 month 17 days
Derivative, Notional Amount	$ 14,700	$ 14,700
Short [Member] | Year 2025 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 2,986	$ 1,037
Weighted Average Pay Rate	0.77%	0.57%
Weighted Average Receive Rate	0.61%	0.18%
Derivative, Average Remaining Maturity	3 years 18 days	3 years 3 months 25 days
Derivative, Notional Amount	$ 57,805	$ 53,101
Short [Member] | Year 2027 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 18	$ (6)
Weighted Average Pay Rate	1.61%	1.61%
Weighted Average Receive Rate	0.51%	0.18%
Derivative, Average Remaining Maturity	5 years 7 months 28 days	5 years 10 months 28 days
Derivative, Notional Amount	$ 472	$ 472
Short [Member] | Year 2028 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 8,575	$ 1,920
Weighted Average Pay Rate	1.14%	1.14%
Weighted Average Receive Rate	0.51%	0.17%
Derivative, Average Remaining Maturity	6 years 3 months 21 days	6 years 6 months 18 days
Derivative, Notional Amount	$ 116,894	$ 116,894
Short [Member] | Year 2029 [Member] [Domain] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (40)
Weighted Average Pay Rate	2.17%
Weighted Average Receive Rate	0.27%
Derivative, Average Remaining Maturity	7 years 3 days
Derivative, Notional Amount	$ 15,800
Short [Member] | Year 2031 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 5,184	$ 891
Weighted Average Pay Rate	1.34%	1.34%
Weighted Average Receive Rate	0.53%	0.17%
Derivative, Average Remaining Maturity	9 years 3 months 14 days	9 years 6 months 14 days
Derivative, Notional Amount	$ 61,024	$ 61,024
Short [Member] | Year 2032 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 3,830
Weighted Average Pay Rate	1.61%
Weighted Average Receive Rate	0.05%
Derivative, Average Remaining Maturity	9 years 10 months 6 days
Derivative, Notional Amount	$ 93,277
Short [Member] | Year 2040 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 90	$ 45
Weighted Average Pay Rate	0.90%	0.90%
Weighted Average Receive Rate	0.08%	0.08%
Derivative, Average Remaining Maturity	18 years 6 months 25 days	18 years 9 months 25 days
Derivative, Notional Amount	$ 500	$ 500
Short [Member] | Year 2041 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 1,342	$ 196
Weighted Average Pay Rate	1.59%	1.59%
Weighted Average Receive Rate	0.30%	0.14%
Derivative, Average Remaining Maturity	19 years 4 months 9 days	19 years 7 months 6 days
Derivative, Notional Amount	$ 11,227	$ 11,227
Short [Member] | Year 2049 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 263	$ (155)
Weighted Average Pay Rate	1.89%	1.89%
Weighted Average Receive Rate	0.26%	0.12%
Derivative, Average Remaining Maturity	27 years 7 months 2 days	27 years 9 months 29 days
Derivative, Notional Amount	$ 3,633	$ 3,633
Short [Member] | Year 2050 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 229	$ 148
Weighted Average Pay Rate	0.90%	0.90%
Weighted Average Receive Rate	0.23%	0.12%
Derivative, Average Remaining Maturity	28 years 3 months 18 days	28 years 6 months 14 days
Derivative, Notional Amount	$ 792	$ 792
Short [Member] | Year 2052 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (104)
Weighted Average Pay Rate	2.05%
Weighted Average Receive Rate	0.29%
Derivative, Average Remaining Maturity	30 years
Derivative, Notional Amount	$ 5,000
Long [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (1,256)	$ 146
Weighted Average Pay Rate	0.19%	0.13%
Weighted Average Receive Rate	1.73%	1.27%
Derivative, Average Remaining Maturity	4 years 7 months 20 days	2 years 10 months 2 days
Derivative, Notional Amount	$ 97,318	$ 30,200
Long [Member] | Year 2022 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (30)	$ (10)
Weighted Average Pay Rate	0.05%	0.05%
Weighted Average Receive Rate	0.06%	0.06%
Derivative, Average Remaining Maturity	6 months 21 days	9 months 18 days
Derivative, Notional Amount	$ 5,000	$ 5,000
Long [Member] | Year 2023 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 337	$ 283
Weighted Average Pay Rate	0.26%	0.12%
Weighted Average Receive Rate	1.87%	1.87%
Derivative, Average Remaining Maturity	1 year 25 days	1 year 3 months 21 days
Derivative, Notional Amount	$ 13,200	$ 13,200
Long [Member] | Year 2026 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net		$ (77)
Weighted Average Pay Rate		0.16%
Weighted Average Receive Rate		1.14%
Derivative, Average Remaining Maturity		4 years 9 months 10 days
Derivative, Notional Amount		$ 11,500
Long [Member] | Year 2027 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (1,162)
Weighted Average Pay Rate	0.20%
Weighted Average Receive Rate	1.84%
Derivative, Average Remaining Maturity	4 years 11 months 15 days
Derivative, Notional Amount	$ 71,400
Long [Member] | Year 2032 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (307)
Weighted Average Pay Rate	0.05%
Weighted Average Receive Rate	1.59%
Derivative, Average Remaining Maturity	9 years 10 months 6 days
Derivative, Notional Amount	$ 7,218
Long [Member] | Year 2040 | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ (94)	$ (50)
Weighted Average Pay Rate	0.08%	0.08%
Weighted Average Receive Rate	0.84%	0.84%
Derivative, Average Remaining Maturity	18 years 6 months 25 days	18 years 9 months 25 days
Derivative, Notional Amount	$ 500	$ 500

Derivative Instruments Schedu_3

Derivative Instruments Schedule of Futures (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, Fair Value, Net	$ 33,289	$ 5,535
Financial derivatives–liabilities, at fair value	3,277	1,103
Financial derivatives–assets, at fair value	36,566	6,638
Futures [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	258,600	250,700
US Treasury Note Futures [Member] | Futures [Member]
Derivative [Line Items]
Derivative, Fair Value, Net	$ 8,011	$ 131
Derivative, Average Remaining Maturity	2 months 26 days	2 months 25 days
US Treasury Note Futures [Member] | Futures [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 3,300	$ 3,300
Financial derivatives–liabilities, at fair value	$ (150)	$ (29)
US Treasury Note Futures [Member] | Futures [Member] | Long [Member] | Liability
Derivative [Line Items]
Derivative, Average Remaining Maturity	2 months 22 days	2 months 21 days
US Treasury Note Futures [Member] | Futures [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 153,500
Financial derivatives–liabilities, at fair value		(116)
Financial derivatives–assets, at fair value	$ 8,161	276
US Treasury Note Futures [Member] | Futures [Member] | Short [Member] | Assets
Derivative [Line Items]
Derivative, Notional Amount	$ 261,900	$ 100,500
Derivative, Average Remaining Maturity	2 months 26 days	3 months
US Treasury Note Futures [Member] | Futures [Member] | Short [Member] | Liability
Derivative [Line Items]
Derivative, Average Remaining Maturity		2 months 21 days

Derivative Instruments Schedu_4

Derivative Instruments Schedule of TBA Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Financial derivatives–assets, at fair value	$ 36,566	$ 6,638
Financial derivatives–liabilities, at fair value	(3,277)	(1,103)
Derivative, Fair Value, Net	33,289	5,535
TBA securities- purchase contracts [Member]
Derivative [Line Items]
Derivative notional	65,263	216,407
Derivative cost basis	65,885	220,743
Market Value, Underyling	65,200	220,719
Derivative, Fair Value, Net	(685)	(24)
TBA securities- sale contracts [Member]
Derivative [Line Items]
Derivative notional	(234,872)	(412,632)
Derivative cost basis	(238,407)	(434,844)
Market Value, Underyling	(236,202)	(434,262)
Derivative, Fair Value, Net	2,205	582
TBA securities [Member]
Derivative [Line Items]
Derivative notional, net	(169,609)	(196,225)
Derivative cost basis	(172,522)	(214,101)
Market Value, Underyling	(171,002)	(213,543)
Derivative, Fair Value, Net	1,520	558
Derivative Financial Instruments, Assets [Member] | TBA securities- purchase contracts [Member]
Derivative [Line Items]
Derivative notional	301	85,766
Derivative cost basis	284	88,324
Market Value, Underyling	288	88,482
Financial derivatives–assets, at fair value	4	158
Derivative Financial Instruments, Assets [Member] | TBA securities- sale contracts [Member]
Derivative [Line Items]
Derivative notional	(195,482)	(255,987)
Derivative cost basis	(201,224)	(270,334)
Market Value, Underyling	(198,659)	(269,584)
Financial derivatives–assets, at fair value	2,565	750
Derivative Financial Instruments, Liabilities [Member] | TBA securities- purchase contracts [Member]
Derivative [Line Items]
Derivative notional	64,962	130,641
Derivative cost basis	65,601	132,419
Market Value, Underyling	64,912	132,237
Financial derivatives–liabilities, at fair value	(689)	(182)
Derivative Financial Instruments, Liabilities [Member] | TBA securities- sale contracts [Member]
Derivative [Line Items]
Derivative notional	(39,390)	(156,645)
Derivative cost basis	(37,183)	(164,510)
Market Value, Underyling	(37,543)	(164,678)
Financial derivatives–liabilities, at fair value	$ (360)	$ (168)

Schedule of Derivative Activity

Schedule of Derivative Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Interest Rate Swap [Member]
Derivative [Line Items]
Financial derivative average monthly notional	$ 524,000	$ 422,905
TBA securities [Member]
Derivative [Line Items]
Financial derivative average monthly notional	490,858	720,268
Futures [Member]
Derivative [Line Items]
Financial derivative average monthly notional	$ 259,275	$ 232,792

Derivative Instruments Schedu_5

Derivative Instruments Schedule of Gains and Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Net realized gains (losses) on periodic settements of interest rate swaps	$ (616)	$ (386)
Net realized gains (losses) other than on periodic settements of interest rate swaps	15,969	(4,764)
Net realized gains (losses) on financial derivatives	15,353	(5,150)
Change in net unrealized gains (losses) on accrued periodic settlements on interest rate swaps	(43)	(51)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	27,797	8,266
Change in net unrealized gains (losses) on financial derivatives	27,754	8,215
Interest Rate Swap [Member]
Derivative [Line Items]
Net realized gains (losses) on periodic settements of interest rate swaps	(616)	(386)
Net realized gains (losses) other than on periodic settements of interest rate swaps	(811)	(3,116)
Net realized gains (losses) on financial derivatives	(1,427)	(3,502)
Change in net unrealized gains (losses) on accrued periodic settlements on interest rate swaps	(43)	(51)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	18,956	9,570
Change in net unrealized gains (losses) on financial derivatives	18,913	9,519
TBA securities [Member]
Derivative [Line Items]
Net realized gains (losses) other than on periodic settements of interest rate swaps	7,726	(3,531)
Net realized gains (losses) on financial derivatives	7,726	(3,531)
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	962	(5,197)
Change in net unrealized gains (losses) on financial derivatives	962	(5,197)
Futures [Member]
Derivative [Line Items]
Net realized gains (losses) other than on periodic settements of interest rate swaps	9,054	1,883
Net realized gains (losses) on financial derivatives	9,054	1,883
Change in Net Unrealized Gains (Losses) Other Than on Accrued Periodic Settlements of Interest Rate Swaps	7,879	3,893
Change in net unrealized gains (losses) on financial derivatives	$ 7,879	$ 3,893

Financial Derivatives Narrative

Financial Derivatives Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
U.S. Treasury securities sold short, at fair value	$ 13,461	$ 117,195
US Treasury Securities [Member]
Derivative [Line Items]
U.S. Treasury securities sold short, at fair value	13,500	117,200
Investment Sold, Not yet Purchased, Balance, Principal Amount	$ 14,000	$ 118,800

Borrowings under Repurchase A_3

Borrowings under Repurchase Agreements Schedule of Repurchase Agreements by Maturity (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2021
Repurchase Agreements [Line Items]
Repurchase agreements	$ 1,211,163		$ 1,064,835
Debt, Weighted Average Interest Rate	0.39%		0.18%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	90 days		111 days
Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 1,179,470		$ 1,064,835
Debt, Weighted Average Interest Rate	0.38%		0.18%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	92 days		111 days
Non-Agency RMBS [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 15,617		$ 0
Debt, Weighted Average Interest Rate	1.42%		0.00%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	30 days
US Treasury Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 16,076		$ 0
Debt, Weighted Average Interest Rate	0.25%		0.00%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	1 day
Maturity up to 30 days [Member] | Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 351,496		$ 162,089
Debt, Weighted Average Interest Rate	0.31%		0.18%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	14 days		13 days
Maturity up to 30 days [Member] | Non-Agency RMBS [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 3,960		$ 0
Debt, Weighted Average Interest Rate	1.00%		0.00%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	1 day
Maturity up to 30 days [Member] | US Treasury Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 16,076		$ 0
Debt, Weighted Average Interest Rate	0.25%		0.00%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	1 day
Maturity 31 to 60 days [Member] | Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 239,611		$ 235,321
Debt, Weighted Average Interest Rate	0.29%		0.21%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	43 days		43 days
Maturity 31 to 60 days [Member] | Non-Agency RMBS [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 11,657		$ 0
Debt, Weighted Average Interest Rate	1.56%		0.00%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	40 days
Maturity 61 to 90 days [Member] | Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 131,226		$ 114,931
Debt, Weighted Average Interest Rate	0.35%		0.18%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	74 days		72 days
Maturity 91 to 120 days [Member]
Repurchase Agreements [Line Items]
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		0 days
Maturity 91 to 120 days [Member] | Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 76,414		$ 104,361
Debt, Weighted Average Interest Rate	0.19%		0.17%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	115 days		106 days
Maturity 121 to 150 days [Member] [Member] | Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 133,757		$ 148,855
Debt, Weighted Average Interest Rate	0.44%		0.16%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	135 days		133 days
Maturity 151 to 180 days [Member] [Member] | Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 96,752		$ 56,337
Debt, Weighted Average Interest Rate	0.45%		0.15%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	166 days		163 days
Maturity 181 to 360 days [Member] | Agency Securities [Member]
Repurchase Agreements [Line Items]
Repurchase agreements	$ 150,214		$ 242,941
Debt, Weighted Average Interest Rate	0.68%		0.19%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	273 days		238 days

Borrowings under Repurchase A_4

Borrowings under Repurchase Agreements Borrowings under Repurchase Agreements Schedule of Repurchase Agreement by Counterparty (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty Concentration Risk Threshold	10.00%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	90 days	111 days
Royal Bank of Canada [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 13,966
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	116 days
Repurchase Agreement Counterparty, Amount at Risk as a Percentage of Shareholders' Equity	10.50%
J.P. Morgan Securities LLC [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 19,759
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	162 days
Repurchase Agreement Counterparty, Amount at Risk as a Percentage of Shareholders' Equity	14.90%

Borrowings under Repurchase A_5

Borrowings under Repurchase Agreements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)counterparties	Dec. 31, 2021USD ($)counterparties
Repurchase Agreements [Line Items]
Number of Counterparties with Outstanding Repurchase Agreements | counterparties	15	15
Repurchase Agreements, collateral amount	$ 1,200	$ 1,000
Minimum
Repurchase Agreements [Line Items]
Repurchase Agreements Maturity	30 days
Maximum
Repurchase Agreements [Line Items]
Repurchase Agreements Maturity	364 days
Repurchase Agreements [Member]
Repurchase Agreements [Line Items]
Cash Collateral (Received) Pledged	$ 78	$ 77.7

Borrowings under Repurchase A_6

Borrowings under Repurchase Agreements Amount at Risk Greater than 10% Equity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Text Block [Abstract]
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	90 days	111 days
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	90 days	111 days
J.P. Morgan Securities LLC [Member]
Text Block [Abstract]
Repurchase Agreement Counterparty, Amount at Risk	$ 19,759
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	162 days
Repurchase Agreement Counterparty, Amount at Risk as a Percentage of Shareholders' Equity	14.90%
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 19,759
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	162 days
Repurchase Agreement Counterparty, Amount at Risk as a Percentage of Shareholders' Equity	14.90%
Royal Bank of Canada [Member]
Text Block [Abstract]
Repurchase Agreement Counterparty, Amount at Risk	$ 13,966
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	116 days
Repurchase Agreement Counterparty, Amount at Risk as a Percentage of Shareholders' Equity	10.50%
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 13,966
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	116 days
Repurchase Agreement Counterparty, Amount at Risk as a Percentage of Shareholders' Equity	10.50%

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets and Liabilities [Line Items]
Financial derivatives–assets, at fair value	$ 36,566,000	$ 6,638,000
Financial derivatives–liabilities, at fair value	(3,277,000)	(1,103,000)
Repurchase agreements	(1,211,163,000)	(1,064,835,000)
Derivative Liability, Fair Value, Amount Offset Against Collateral	(2,920,000)	(820,000)
Derivative Asset, Fair Value, Amount Offset Against Collateral	2,920,000	820,000
Securities purchased under agreements to resell available for offset	27,348,000	31,306,000
Derivative, Collateral, Obligation to Return Cash	(17,724,000)	0
Derivative, Collateral, Right to Reclaim Cash	271,000	271,000
Cash Collateral Pledged	78,008,000	77,687,000
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	15,922,000	5,818,000
Derivatives and related collateral, net	(86,000)	(12,000)
Repurchase agreements and related collateral, net	0	0
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	1,200,000,000	1,000,000,000
Reverse repurchase agreements	27,348,000	117,505,000
Securities sold under agreements to repurchase available for offset	(27,348,000)	(31,306,000)
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Cash	0	0
Reverse Repurchase Agreements and Related Collateral Net	0	0
Derivative Financial Instruments, Liabilities [Member]
Offsetting Assets and Liabilities [Line Items]
Excess cash collateral	(400,000)
Derivative Financial Instruments, Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Excess cash collateral	1,300,000	9,200,000
Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Financial Instruments Pledged as Collateral	(1,105,807,000)	(955,842,000)
Derivative Financial Instruments, Assets [Member]
Offsetting Assets and Liabilities [Line Items]
Financial Instruments Pledged as Collateral	0	0
Derivative Financial Instruments, Liabilities [Member]
Offsetting Assets and Liabilities [Line Items]
Financial Instruments Pledged as Collateral	0	0
Reverse Repurchase Agreements [Member]
Offsetting Assets and Liabilities [Line Items]
Financial Instruments Pledged as Collateral	$ 0	$ (86,199,000)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ (17,467)	$ 127
Basic and diluted weighted average shares outstanding	13,109,926	12,343,542
Basic and Diluted Earnings Per Share (in dollars per share)	$ (1.33)	$ 0.01

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Annual Base Management Fee, Percent	1.50%
Expense reimbursement period	60 days
Expenses Reimbursed to Related Party	$ 1,100	$ 1,000
Accrued expenses	$ 976		$ 1,236
Termination fee percentage	5.00%
Management Fee, Description	The Manager receives an annual management fee in an amount equal to 1.50% per annum of shareholders' equity (as defined in the Management Agreement) as of the end of each fiscal quarter (before deductions for any management fee with respect to such fiscal period). The management fee is payable quarterly in arrears.
Management agreement renewal period	1 year
Annual Base Management Fee, Percent	1.50%
Expense reimbursement period	60 days
Expenses Reimbursed to Related Party	$ 1,100	$ 1,000
Termination fee percentage	5.00%
Termination Fee, Description	The Management Agreement requires the Company to pay a termination fee to the Manager in the event of (1) the Company's termination or non-renewal of the Management Agreement without cause or (2) the Manager's termination of the Management Agreement upon a default by the Company in the performance of any material term of the Management Agreement. Such termination fee will be equal to 5% of Shareholders' Equity, as defined in the Management Agreement as of the month-end preceding the date of the notice of termination or non-renewal of the Management Agreement.
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Accrued expenses	$ 200		$ 400

Capital Summary of Common Share

Capital Summary of Common Shares Outstanding (Details)	3 Months Ended		46 Months Ended
	Mar. 31, 2022shares	Mar. 31, 2021shares	Mar. 31, 2022shares
Equity [Abstract]
Common Shares Outstanding, beginning of period	13,109,926	12,343,542
Shares Issued, Shares	0	0
Stock Issued During Period, Shares, Restricted Stock Award, Gross	0	0
Shares repurchased	0	0	(434,171)
Common Shares Outstanding, end of period	13,109,926	12,343,542	13,109,926
Unvested restricted shares outstanding	32,567	27,594	32,567

Capital Vesting Schedule for re

Capital Vesting Schedule for restricted shares (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued	0	0
Vest December 17, 2022 | Partially dedicated employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued	4,452
Restricted share grant date	Dec. 17, 2020
Restricted share vesting date	Dec. 17, 2022
Vest September 13, 2022 | Independent Trustees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued	16,816
Restricted share grant date	Sep. 14, 2021
Restricted share vesting date	Sep. 13, 2022
Vest December 16, 2023 | Partially dedicated employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued	5,649
Restricted share grant date	Dec. 16, 2021
Restricted share vesting date	Dec. 16, 2023
Vest December 16, 2022 | Partially dedicated employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued	5,650
Restricted share grant date	Dec. 16, 2021
Restricted share vesting date	Dec. 16, 2022

Capital (Details)

Capital (Details) - USD ($)		3 Months Ended		12 Months Ended	46 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 13, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized		500,000,000		500,000,000	500,000,000	500,000,000
Common stock par value		$ 0.01		$ 0.01	$ 0.01	$ 0.01
Preferred stock authorized		100,000,000		100,000,000	100,000,000	100,000,000
Preferred stock par value		$ 0.01		$ 0.01	$ 0.01	$ 0.01
Preferred shares issued		0		0	0	0
Common Stock, Dividends, Per Share, Declared		$ 0.30	$ 0.28
Dividends	[1]	$ (3,933,000)	$ (3,456,000)
Stock Issued During Period, Shares, Restricted Stock Award, Gross		0	0
Common Stock, Capital Shares Reserved for Future Issuance		268,831		268,831	268,831	268,831
Stock Repurchase Program, Authorized Amount							1,200,000
Repurchase of common shares, shares		0	0		(434,171)
Repurchase of common shares, Value					$ (4,100,000)
Stock Repurchases Average Price Per Share					$ 9.45
Intended Distribution of Taxable Net Income, Percentage on Annual Basis		100.00%
Shares Issued, Shares		0	0
Maximum amount available to be issued under at the market program		$ 75,000,000
Common stock, shares issued		13,109,926		13,109,926	13,109,926	13,109,926
At the market program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued, Shares				163,269
[1]	For the three-month periods ended March 31, 2022 and 2021, dividends totaling $0.30 and $0.28, respectively, per common share outstanding, were declared.

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - $ / shares	May 02, 2022	Apr. 07, 2022
Subsequent Event [Line Items]
Dividends Payable, Date Declared	May 2, 2022	Apr. 7, 2022
Dividends Payable, Amount Per Share	$ 0.08	$ 0.10
Dividends Payable, Date to be Paid	Jun. 27, 2022	May 25, 2022
Dividends Payable, Date of Record	May 31, 2022	Apr. 29, 2022