Dynex Capital (DX) 10-K 1 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 25, 2021	Jun. 30, 2020	Dec. 31, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	1-9819
Entity Registrant Name	DYNEX CAPITAL, INC.
Entity Central Index Key	0000826675
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	52-1549373
Entity Address, Address Line One	4991 Lake Brook Drive, Suite 100
Entity Address, Address Line Two	4991 Lake Brook Drive, Suite 100
Entity Address, City or Town	Glen Allen,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060-9245
City Area Code	(804)
Local Phone Number	217-5800
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 315,650,564
Entity Common Stock, Shares Outstanding		26,860,470
Common Stock, Par or Stated Value Per Share	$ 0.01			$ 0.01
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	DX
Security Exchange Name	NYSE
Series B Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.625% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	N/A
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	DXPRC
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Cash and cash equivalents	$ 295,602	$ 62,582
Restricted cash	7,077	71,648
Mortgage-backed securities (including pledged of $2,467,859 and $5,024,625, respectively), at fair value	2,596,255	5,188,163
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	6,264	0
Other Investments and Securities, at Cost	0	9,405
Receivable for securities sold	150,432	0
Derivative assets	11,342	4,290
Accrued interest receivable	14,388	26,209
Other assets, net	6,394	8,307
Total assets	3,087,754	5,370,604
Liabilities:
Repurchase agreements	2,437,163	4,752,348
Payable for unsettled securities	5	6,180
Non-recourse collateralized financing	111	2,733
Derivative liabilities	1,634	974
Accrued interest payable	1,410	15,585
Accrued dividends payable	5,814	6,280
Other liabilities	8,164	3,516
Total liabilities	2,454,301	4,787,616
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; 7,248,330 and 6,788,330 shares issued and outstanding, respectively ($181,208 and $169,708 aggregate liquidation preference, respectively)	174,564	162,807
Common stock, par value $0.01 per share, 90,000,000 shares authorized; 23,697,970 and 22,945,993 shares issued and outstanding, respectively	237	229
Additional paid-in capital	869,495	858,347
Accumulated other comprehensive income	80,261	173,806
Accumulated deficit	(491,104)	(612,201)
Total shareholders’ equity	633,453	582,988
Total liabilities and shareholders’ equity	$ 3,087,754	$ 5,370,604

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest income	$ 96,468	$ 170,168	$ 110,051
Interest expense	(32,615)	(114,111)	(59,574)
Net interest income	63,853	56,057	50,477
Gain (loss) on sale of investments, net	308,084	(5,755)	(23,373)
Loss on derivative instruments, net	172,290	186,949	3,461
Gain (loss) on investments, net	20	(56)	52
Other operating (expense) income, net	(1,057)	22	(1,567)
General and administrative expenses:
Compensation and benefits	(11,743)	(7,520)	(6,605)
Other general and administrative	(9,337)	(8,467)	(8,500)
Net income (loss)	177,530	(152,668)	7,023
Preferred stock dividends	(13,599)	(12,967)	(11,801)
Preferred stock redemption charge	3,914	0	0
Net income (loss) to common shareholders	160,017	(165,635)	(4,778)
Other comprehensive income:
Unrealized gain (loss) on available-for-sale investments, net	214,539	203,995	(50,218)
Reclassification adjustment for (gain) loss on sale of available-for-sale investments, net	(308,084)	5,755	23,373
Reclassification adjustment for de-designated cash flow hedges	0	(165)	(237)
Total other comprehensive (loss) income	(93,545)	209,585	(27,082)
Comprehensive income (loss) to common shareholders	$ 66,472	$ 43,950	$ (31,860)
Net income (loss) per common share-basic and diluted	$ 6.93	$ (7.01)	$ (0.25)
Weighted average common shares-basic and diluted	23,106	23,620	19,235

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Preferred Stock	Preferred Stock Including Additional Paid in Capital	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, Preferred shares outstanding at Dec. 31, 2017		5,888,680
Balance, Common shares outstanding at Dec. 31, 2017				18,610,516
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, shares		65,914		2,276,549
Restricted stock granted, net of amortization				71,053
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				(19,045)
Balance, Preferred shares outstanding at Dec. 31, 2018		5,954,594
Balance, Common shares outstanding at Dec. 31, 2018				20,939,073
Balance at Dec. 31, 2017	$ 557,058		$ 141,294	$ 186	$ 776,245	$ (8,697)	$ (351,970)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, value	43,457		1,599	22	41,836
Restricted stock granted, net of amortization	1,230			1	1,229
Adjustments for tax withholding on share-based compensation	(364)			0	(364)
Stock issuance costs	(95)		(10)		(85)
Net income (loss)	7,023						(7,023)
Dividends on preferred stock	(11,801)						(11,801)
Dividends on common stock	(42,273)						(42,273)
Other Comprehensive Income (Loss), Net of Tax	(27,082)					(27,082)
Balance at Dec. 31, 2018	$ 527,153		142,883	$ 209	818,861	(35,779)	(399,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, shares		833,736		3,664,418
Restricted stock granted, net of amortization				68,004
Stock Repurchased During Period, Shares				(1,709,271)
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				(16,231)
Balance, Preferred shares outstanding at Dec. 31, 2019	6,788,330	6,788,330
Balance, Common shares outstanding at Dec. 31, 2019	22,945,993			22,945,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, value	$ 83,812		19,924	$ 36	63,852
Restricted stock granted, net of amortization	1,206			1	1,205
Stock Repurchased During Period, Value	(25,034)			17	(25,017)
Adjustments for tax withholding on share-based compensation	(296)			0	(296)
Stock issuance costs	(258)				(258)
Net income (loss)	(152,668)						152,668
Dividends on preferred stock	(12,967)						(12,967)
Dividends on common stock	(47,545)						(47,545)
Other Comprehensive Income (Loss), Net of Tax	209,585					209,585
Balance at Dec. 31, 2019	$ 582,988		162,807	$ 229	858,347	173,806	(612,201)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, shares		4,460,000		558,583
Stock Redeemed or Called During Period, Shares		4,000,000
Restricted stock granted, net of amortization				239,661
Stock Repurchased During Period, Shares				(32,925)
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				(13,342)
Balance, Preferred shares outstanding at Dec. 31, 2020	7,248,330	7,248,330
Balance, Common shares outstanding at Dec. 31, 2020	23,697,970			23,697,970
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 548						548
Stock issuance, value	117,818		107,843	$ 6	9,969
Stock Redeemed or Called During Period, Value	100,000		96,086				3,914
Restricted stock granted, net of amortization	1,823			2	1,821
Stock Repurchased During Period, Value	(372)			0	(372)
Adjustments for tax withholding on share-based compensation	(245)			0	(245)
Stock issuance costs	(25)				(25)
Net income (loss)	177,530						(177,530)
Dividends on preferred stock	(13,599)						(13,599)
Dividends on common stock	(38,372)						(38,372)
Other Comprehensive Income (Loss), Net of Tax	(93,545)					(93,545)
Balance at Dec. 31, 2020	$ 633,453		$ 174,564	$ 237	$ 869,495	$ 80,261	$ (491,104)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net income (loss)	$ 177,530	$ (152,668)	$ 7,023
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Loss on derivative instruments, net	172,290	186,949	3,461
(Gain) loss on sale of investments, net	(308,084)	5,755	23,373
(Gain) loss on investments, net	(20)	56	(52)
Amortization of investment premiums, net	126,395	133,690	143,036
Other amortization and depreciation, net	1,989	1,684	1,232
Stock-based compensation expense	1,823	1,205	1,231
Decrease (increase) in accrued interest receivable	11,821	(5,190)	(1,200)
(Decrease) increase in accrued interest payable	(14,175)	5,277	6,574
Change in other assets and liabilities, net	4,383	(1,412)	(4,118)
Net cash provided by operating activities	173,952	175,346	180,560
Investing activities:
Purchase of investments	(2,436,953)	(2,991,311)	(1,789,272)
Principal payments received on investments	474,731	537,481	188,898
Proceeds from sales of investments	4,491,873	1,033,066	733,064
Principal payments received on mortgage loans held for investment	2,854	2,103	4,210
Net payments on derivatives, including terminations	(184,857)	(184,920)	(6,135)
Other investing activities	0	(121)	(102)
Net cash provided by (used in) investing activities	2,347,648	(1,603,702)	(869,337)
Financing activities:
Borrowings under repurchase agreements	31,054,242	102,505,318	105,236,233
Repayments of repurchase agreement borrowings	(33,369,427)	(101,020,954)	(104,534,151)
Principal payments on non-recourse collateralized financing	(2,646)	(738)	(2,094)
Proceeds from issuance of preferred stock	107,843	19,924	1,599
Proceeds from issuance of common stock	9,891	63,889	41,858
Payments for Repurchase of Redeemable Preferred Stock	100,000	0	0
Cash paid for stock issuance costs	0	(185)	(10)
Payments for Repurchase of Common Stock	372	25,034	0
Payments related to tax withholding for stock-based compensation	(245)	(296)	(364)
Dividends paid	(52,437)	(68,042)	(52,790)
Net cash (used in) provided by financing activities	(2,353,151)	1,473,882	690,281
Net increase in cash, cash equivalents, and restricted cash	168,449	45,526	1,504
Cash, cash equivalents, and restricted cash at beginning of period	134,230	88,704	87,200
Cash, cash equivalents, and restricted cash at end of period	302,679	134,230	88,704
Supplemental Disclosure of Cash Activity:
Cash paid for interest	$ 46,054	$ 108,986	$ 53,205

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Mortgage-backed securities (including pledged of $2,467,859 and $5,024,625, respectively), at fair value	$ 2,467,859	$ 5,024,625
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	$ 6,264	$ 8,857
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Outstanding	7,248,330	6,788,330
Preferred Stock, Shares Issued	7,248,330	6,788,330
Preferred Stock, Liquidation Preference, Value	$ 181,208	$ 169,708
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, Shares, Issued	23,697,970	22,945,993
Common Stock, Shares, Outstanding	23,697,970	22,945,993
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01

Consolidated Balance Sheets (Ph

Consolidated Balance Sheets (Phantom Facts) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Other Investments and Securities, at Cost	$ 0	$ 9,405
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	$ 6,264	$ 0

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies (Notes)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Dynex Capital, Inc. (“Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company is an internally managed mortgage real estate investment trust, or mortgage REIT, which primarily earns income from investing on a leveraged basis in debt securities, the majority of which are specified pools of Agency mortgage-backed securities (“MBS”) consisting of commercial MBS (“CMBS”), residential MBS (“RMBS”), and CMBS interest-only (“IO”) securities and non-Agency MBS, which consist mainly of CMBS IO. Agency MBS have a guaranty of principal payment by a U.S. government-sponsored entity (“GSE”) such as Fannie Mae and Freddie Mac, which are in conservatorship and are currently supported by a senior preferred stock purchase agreement from U.S. Treasury. Non-Agency MBS are issued by non-governmental enterprises and do not have a guaranty of principal payment. The Company also invests in other types of mortgage-related securities, such as to-be-announced securities (“TBAs” or “TBA securities”). Impact of COVID-19 As a result of the economic, health and market turmoil brought about by the coronavirus (“COVID-19”) pandemic, fixed income and equity markets experienced severe disruption beginning in mid-March of 2020. The disruption resulted in a substantial rally in interest rates and a decline in fair value of MBS from spread widening, which together led to significant demands on liquidity from margin calls from derivative and repurchase agreement counterparties. During this time, the Company met all margin calls and was not forced to sell any assets. Since early in the second quarter of 2020, fixed income markets, equity markets and Agency MBS prices have stabilized with the Federal Reserve announcing multiple programs to support economic activity and to support the smooth functioning of markets. In addition, the CARES Act was passed by the U.S. Congress to provide economic relief, which included certain assistance to homeowners and renters. As part of the CARES Act, both Fannie Mae and Freddie Mac have implemented mortgage forbearance policies that allow borrowers to delay their mortgage payments for up to 15 months and have put a moratorium on foreclosures on single-family homes until March 31, 2021. The impact of high levels of forbearance on the Company’s MBS could range from immaterial to significant depending upon not only actual losses incurred on underlying loans but also future public policy choices and actions by the GSEs, their regulator the FHFA, the Federal Reserve, and federal and state governments. The nature and timing of any such future public policy choices and actions are unpredictable, including the potential impact on MBS prices and prepayment speeds. Though these supportive actions have helped cushion the economic damage from the disruption of the pandemic to date, the Company can give no assurance as to how, in the long term, these and other actions by the U.S. government will affect the efficiency, liquidity and stability of the financial and mortgage markets. Basis of Presentation The accompanying consolidated financial statements of Dynex Capital, Inc. and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) the instructions to the Annual Report on Form 10-K and Article 3 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). All references to common shares, per common share amounts, and restricted stock have been adjusted to reflect the effect of the Company’s 1-for-3 reverse stock split effected on June 20, 2019 for all periods presented. “Fair value adjustments, net” on the Company’s consolidated comprehensive income statements for prior periods has been retitled to “gain (loss) on investments, net”. This line item includes changes in fair value for mortgage loans held for investment, net, for which the Company elected the fair value option effective January 1, 2020. Please refer to Note 3 for additional information about this change in accounting policy. Consolidation and Variable Interest Entities The consolidated financial statements include the accounts of the Company and the accounts of its majority owned subsidiaries and variable interest entities (“VIE”) for which it is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates a VIE if the Company is determined to be the VIE’s primary beneficiary, which is defined as the party that has both: (i) the power to control the activities that most significantly impact the VIE’s financial performance and (ii) the right to receive benefits or absorb losses that could potentially be significant to the VIE. The Company reconsiders its evaluation of whether to consolidate a VIE on an ongoing basis, based on changes in the facts and circumstances pertaining to the VIE. Though the Company invests in Agency and non-Agency MBS which are generally considered to be interests in VIEs, the Company does not consolidate these entities because it does not meet the criteria to be deemed a primary beneficiary. The Company consolidates a securitization trust, which has residential mortgage loans included in “mortgage loans held for investment” on its consolidated balance sheet, of which a portion is pledged as collateral for one remaining bond recorded as “non-recourse collateralized financing” on its consolidated balance sheet. The Company owns the subordinate class in the trust and has been deemed the primary beneficiary. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, amortization of premiums and discounts and fair value measurements of its investments. These items are discussed further below within this note to the consolidated financial statements. Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986 and the corresponding provisions of state law. To qualify as a REIT, the Company must meet certain tests including investing in primarily real estate-related assets and the required distribution of at least 90% of its annual REIT taxable income to shareholders after consideration of its net operating loss (“NOL”) carryforward and not including taxable income retained in its taxable subsidiaries. As a REIT, the Company generally will not be subject to federal income tax on the amount of its income or capital gains that is distributed as dividends to shareholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities and records these liabilities, if any, to the extent they are deemed more likely than not to have been incurred. Net Income (Loss) Per Common Share The Company calculates basic net income per common share by dividing net income to common shareholders for the period by weighted-average shares of common stock outstanding for that period. The Company did not have any potentially dilutive securities outstanding during the years ended December 31, 2020, December 31, 2019, or December 31, 2018. Holders of unvested shares of the Company’s issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities and therefore are included in the computation of basic net income per common share using the two-class method. Upon vesting, restrictions on transfer expire on each share of restricted stock, and each such share of restricted stock represents one unrestricted share of common stock. Because the Company’s 7.625% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) and its 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) (collectively, the “Preferred Stock”) were redeemable at the Company’s option for cash only and convertible into shares of common stock only upon a change of control of the Company (and subject to other circumstances) as described in Article IIIB and Article IIIC of the Company’s Articles of Amendment to the Restated Articles of Incorporation (the “Restated Articles of Incorporation, as amended”), the effect of those shares and their related dividends were excluded from the calculation of diluted net income per common share for the periods presented. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less as well as unrestricted demand deposits at highly rated financial institutions. The Company’s cash balances fluctuate throughout the year and may exceed Federal Deposit Insurance Company insured limits from time to time. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result due to the financial position and creditworthiness of the depository institutions in which those deposits are held. Restricted Cash Restricted cash consists of cash the Company has pledged to cover initial and variation margin with its financing and certain derivative counterparties. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company's consolidated balance sheet as of the periods indicated that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the years ended December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Cash and cash equivalents $ 295,602 $ 62,582 Restricted cash 7,077 71,648 Total cash, cash equivalents, and restricted cash shown on consolidated statement of cash flows $ 302,679 $ 134,230 Mortgage-Backed Securities The Company’s MBS are recorded at fair value on the Company’s consolidated balance sheet. MBS purchased prior to December 31, 2020 are designated as available for sale with changes in fair value reported in other comprehensive income (“OCI”) as an unrealized gain (loss) until the investment is sold or matures. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of accumulated other comprehensive income (“AOCI”) into net income as a realized “gain (loss) on sale of available-for-sale investments, net” using the specific identification method. Effective January 1, 2020, the Company elected the fair value option for all MBS purchased on or after that date with changes in fair value reported in net income as “gain (loss) on investments, net”. Management is electing the fair value option so that GAAP net income will reflect the changes in fair value for its future purchases of MBS in a manner consistent with the presentation and timing of the changes in fair value of its derivative instruments. Electing the fair value option is increasing as an industry trend for mortgage REITs who have not elected cash flow hedge accounting. The fair value of the Company’s MBS pledged as collateral against repurchase agreements is disclosed parenthetically on the Company’s consolidated balance sheets. Interest Income, Premium Amortization, and Discount Accretion. Interest income on MBS is accrued based on the outstanding principal balance (or notional balance in the case of interest-only, or “IO” securities) and their contractual terms. Premiums or discounts associated with the purchase of Agency MBS as well as any non-Agency MBS rated ‘AA’ and higher are amortized or accreted into interest income over the projected life of such securities using the effective yield method, and adjustments to premium amortization and discount accretion are made for actual cash payments. The Company’s projections of future cash payments are based on input and analysis received from external sources and internal models and include assumptions about the amount and timing of loan prepayment rates, fluctuations in interest rates, credit losses, and other factors. On at least a quarterly basis, the Company reviews and makes any necessary adjustments to its cash flow projections and updates the yield recognized on these assets. The Company does not currently hold any non-Agency MBS that were purchased at a discount with credit ratings of less than ‘AA’ or not rated by any of the nationally recognized credit rating agencies at the time of purchase. Determination of MBS Fair Value. The Company estimates the fair value of the majority of its MBS based upon prices obtained from pricing services and broker quotes. The remainder of the Company’s MBS are valued by discounting the estimated future cash flows derived from cash flow models that utilize information such as the security’s coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, estimated future interest rates, expected losses, and credit enhancements as well as certain other relevant information. Please refer to Note 6 for further discussion of MBS fair value measurements. Allowance for Credit Losses. The Company recently adopted Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses . On at least a quarterly basis, the Company evaluates any MBS designated as available-for-sale with a fair value less than its amortized cost for credit losses. If the difference between the present value of cash flows expected to be collected on the MBS is less than its amortized cost, the difference is recorded as an allowance for credit loss through net income up to and not exceeding the amount that the amortized cost exceeds current fair value. Subsequent changes in credit loss estimates are recognized in earnings in the period in which they occur. Because the majority of the Company’s investments are higher credit quality and most are guaranteed by a GSE, the Company is not likely to have an allowance for credit losses related to its MBS recorded on its consolidated balance sheet. Repurchase Agreements The Company’s repurchase agreements, which are used to finance its purchases of MBS, are accounted for as secured borrowings under which the Company pledges its securities as collateral to secure a loan, which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew the agreement at the then prevailing financing rate. A repurchase agreement lender may require the Company to pledge additional collateral in the event of a decline in the fair value of the collateral pledged. Repurchase agreement financing is recourse to the Company and the assets pledged. Most of the Company’s repurchase agreements are based on the September 1996 version of the Bond Market Association Master Repurchase Agreement, which generally provides that the lender, as buyer, is responsible for obtaining collateral valuations from a generally recognized source agreed to by both the Company and the lender, or, in an instance when such source is not available, the value determination is made by the lender. Derivative Instruments The Company’s derivative instruments generally include interest rate swaps, futures, options, and forward contracts for the purchase or sale of Agency RMBS on a non-specified pool basis, commonly referred to as to-be-announced (“TBA”) securities. Derivative instruments are reported at their fair value on the Company’s consolidated balance sheet as derivative assets if in a gain position or as derivative liabilities if in a loss position, at the end of the period reported. All periodic interest benefits/costs and changes in fair value of derivative instruments, including gains and losses realized upon termination, maturity, or settlement are recorded in “gain (loss) on derivative instruments, net” on the Company’s consolidated statement of comprehensive income (loss). Cash receipts and payments related to derivative instruments are classified in the investing activities section of the consolidated statements of cash flows in accordance with the underlying nature or purpose of the derivative transactions. The Company enters into long and short positions in U.S. Treasury futures contracts, which are valued based on exchange pricing with daily margin settlements. The Company realizes gains or losses on these contracts upon expiration at an amount equal to the difference between the current fair value of the underlying asset and the contractual price of the futures contract. Daily margin exchanges for the Company’s U.S. Treasury futures are not considered legal settlement of the instrument. The Company’s put options on U.S. Treasury futures provide the Company the right, but not an obligation, to buy U.S. Treasury futures at a predetermined notional amount and stated term in the future. Put options on U.S. Treasury futures are valued based on exchange pricing without daily exchanges of margin amounts. The Company records the premium paid for the option contract as a derivative asset on its consolidated balance sheet and adjusts the balance for changes in fair value through “gain (loss) on derivative instruments” until the option is exercised or the contract expires. The Company may also purchase options for interest rate swaps (“interest rate swaptions”) and defer the premium payment until the effective date. The premium payable and underlying swaption are accounted for as a single unit of account. As of December 31, 2020, the Company does not have any interest rate swap agreements outstanding due to management’s expectations of low financing costs for the near term and the increase in margin requirements from counterparties since the onset of the pandemic. All of the Company’s interest rate swap agreements held as of December 31, 2019 were centrally cleared through the Chicago Mercantile Exchange (“CME”), which required the Company to post initial margin as collateral as well as variation margin for changes in the fair value of the CME cleared swaps. The exchange of variation margin for CME cleared swaps is legally considered to be the settlement of the derivative itself as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily exchange of variation margin associated with CME cleared interest rate swaps as a direct increase or decrease to the carrying value of the related derivative asset or liability. A TBA security is a forward contract (“TBA contract”) for the purchase (“long position”) or sale (“short position”) of a non-specified Agency MBS at a predetermined price with certain principal and interest terms and certain types of collateral, but the particular Agency securities to be delivered are not identified until shortly before the settlement date. The Company accounts for long and short positions in TBAs as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS or that the individual TBA transaction will not settle in the shortest time period possible. Please refer to Note 5 for additional information regarding the Company’s derivative instruments as well as Note 6 for information on how the fair value of these instruments are calculated. Share-Based Compensation Pursuant to the Company’s 2020 Stock and Incentive Plan (the “2020 Plan”), the Company may grant share-based compensation to eligible employees, non-employee directors or consultants or advisors to the Company, including restricted stock awards, stock options, stock appreciation rights, performance units, restricted stock units, and performance cash awards. The Company’s restricted stock currently issued and outstanding may be settled only in shares of its common stock, and therefore are treated as equity awards with their fair value measured by the closing stock price on the grant date and recognized as compensation cost over the requisite service period with a corresponding credit to shareholders’ equity. The Company does not estimate forfeiture rates, but adjusts for actual forfeitures in the periods in which they occur. The requisite service period is the period during which a participant is required to provide service in exchange for an award, which is equivalent to the vesting period specified in the terms of the time-based restricted stock award. None of the Company’s restricted stock awards have performance-based conditions. The Company does not currently have any share-based compensation issued or outstanding other than restricted stock issued to its employees, officers, and directors. Contingencies In the normal course of business, there may be various lawsuits, claims, and other contingencies pending against the Company. On a quarterly basis, the Company evaluates whether to establish provisions for estimated losses from those matters. The Company recognizes a liability for a contingent loss when: (a) the underlying causal event has occurred prior to the balance sheet date; (b) it is probable that a loss has been incurred; and (c) there is a reasonable basis for estimating that loss. A liability is not recognized for a contingent loss when it is only possible or remotely possible that a loss has been incurred, however, possible contingent losses shall be disclosed. If the contingent loss (or an additional loss in excess of any accrual) is at least a reasonable possibility and material, then the Company discloses a reasonable estimate of the possible loss or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible material loss, or range of loss, then that fact is disclosed. As previously disclosed in the 2019 Form 10-K, the receiver (the “Receiver”) for one of the plaintiffs awarded damages in a judgment (the "DCI Judgment") against Dynex Commercial, Inc. ("DCI"), a subsidiary of a former affiliate of the Company, filed a separate claim in May 2018 against the Company seeking payment of the damages awarded in connection with the DCI Judgment, alleging that the Company breached a litigation cost sharing agreement, as amended (the "Agreement"), that was initially entered into by the Company and DCI in December 2000. On November 21, 2019, the U.S. District Court, Northern District of Texas ("Northern District Court") granted in part and denied in part summary judgment on the Receiver’s claim and the Company’s claim for offset and recoupment. The Northern District Court found that the Company breached the Agreement and therefore must pay damages to the Receiver. The Northern District Court simultaneously granted the Company’s motion for summary judgment finding that DCI also breached the Agreement and that the Company can recover amounts due to it from DCI under the Agreement. The Receiver subsequently filed a claim for damages with the Northern District Court of approximately $12,600, while the Company filed claims for damages ranging from $13,300 to $30,600, including interest. The Receiver filed objections (the "Objections") with the Northern District Court to, among other things, the Company recovering amounts incurred prior to entry into the Agreement and amounts incurred under the Agreement after January 31, 2006, including interest, which is the date that DCI’s corporate existence ceased under Virginia law. The Company has disputed the Receiver’s Objections, arguing, among other things, that the Receiver's Objections are not supportable under Virginia law and has further refined its damages claim to range from $15,961 based on simple interest to $22,752 based on a combination of simple and compound interest, which the Company believes is supportable under Virginia law. There have been no material developments in this matter during the year ended December 31, 2020. After consultation with litigation counsel, the Company believes, based upon information currently available and its evaluation of Virginia law, that the likelihood of loss is not probable, and given the range of potential claims for damages by the Company to offset the Receiver's claims, the amount of possible loss cannot be reasonably estimated, and therefore, no contingent liability has been recorded. Recently Issued Accounting Pronouncements The Company evaluates Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) on at least a quarterly basis to evaluate applicability and significance of any impact on its financial condition and results of operations. There were no accounting pronouncements issued during the year ended December 31, 2020 that are expected to have a material impact on the Company’s financial condition or results of operations. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. ASU 2021-01, Reference Rate Reform (Topic 848): Scope, was issued to clarify the scope of ASU 2020-04 includes any derivative instrument that uses an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Based on the terms of its derivative instruments held as of December 31, 2020 and its current expected hedging strategy, the Company does not believe either of these pronouncements will have a material impact on its consolidated financial statements.

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies Disclosure	As previously disclosed in the 2019 Form 10-K, the receiver (the “Receiver”) for one of the plaintiffs awarded damages in a judgment (the "DCI Judgment") against Dynex Commercial, Inc. ("DCI"), a subsidiary of a former affiliate of the Company, filed a separate claim in May 2018 against the Company seeking payment of the damages awarded in connection with the DCI Judgment, alleging that the Company breached a litigation cost sharing agreement, as amended (the "Agreement"), that was initially entered into by the Company and DCI in December 2000. On November 21, 2019, the U.S. District Court, Northern District of Texas ("Northern District Court") granted in part and denied in part summary judgment on the Receiver’s claim and the Company’s claim for offset and recoupment. The Northern District Court found that the Company breached the Agreement and therefore must pay damages to the Receiver. The Northern District Court simultaneously granted the Company’s motion for summary judgment finding that DCI also breached the Agreement and that the Company can recover amounts due to it from DCI under the Agreement. The Receiver subsequently filed a claim for damages with the Northern District Court of approximately $12,600, while the Company filed claims for damages ranging from $13,300 to $30,600, including interest. The Receiver filed objections (the "Objections") with the Northern District Court to, among other things, the Company recovering amounts incurred prior to entry into the Agreement and amounts incurred under the Agreement after January 31, 2006, including interest, which is the date that DCI’s corporate existence ceased under Virginia law. The Company has disputed the Receiver’s Objections, arguing, among other things, that the Receiver's Objections are not supportable under Virginia law and has further refined its damages claim to range from $15,961 based on simple interest to $22,752 based on a combination of simple and compound interest, which the Company believes is supportable under Virginia law. There have been no material developments in this matter during the year ended December 31, 2020. After consultation with litigation counsel, the Company believes, based upon information currently available and its evaluation of Virginia law, that the likelihood of loss is not probable, and given the range of potential claims for damages by the Company to offset the Receiver's claims, the amount of possible loss cannot be reasonably estimated, and therefore, no contingent liability has been recorded.

Investments in Debt Securities

Investments in Debt Securities Investment in Debt Securities (Notes)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities	MORTGAGE-BACKED SECURITIES The majority of the Company’s MBS are pledged as collateral for the Company’s repurchase agreements. The following tables present the Company’s MBS by investment type (including securities pending settlement) as of the dates indicated: December 31, 2020 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS $ 1,839,046 $ 57,997 $ 1,897,043 $ 49,348 $ — $ 1,946,391 Agency CMBS 235,801 3,152 238,953 19,597 — 258,550 CMBS IO (1) — 378,940 378,940 12,081 (982) 390,039 Non-Agency other 1,499 (440) 1,059 267 (51) 1,275 Total MBS: $ 2,076,346 $ 439,649 $ 2,515,995 $ 81,293 $ (1,033) $ 2,596,255 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $11,277,908 and $9,319,520 respectively, as of December 31, 2020. December 31, 2019 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS $ 2,563,684 $ 55,770 $ 2,619,454 $ 69,082 $ (462) $ 2,688,074 Agency CMBS 1,890,186 15,414 1,905,600 93,763 (6) 1,999,357 CMBS IO (1) — 488,145 488,145 11,760 (863) 499,042 Non-Agency other 1,938 (780) 1,158 552 (20) 1,690 Total MBS: $ 4,455,808 $ 558,549 $ 5,014,357 $ 175,157 $ (1,351) $ 5,188,163 (1) The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $13,404,824 and $9,799,629, respectively, as of December 31, 2019. Actual maturities of MBS are affected by the contractual lives of the underlying mortgage collateral, periodic payments of principal, prepayments of principal, and the payment priority structure of the security; therefore, actual maturities are generally shorter than the securities' stated contractual maturities. The following table presents information regarding the "gain (loss) on sale of investments, net" on the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, 2020 2019 2018 Proceeds Received Realized Gain (Loss) Proceeds Received Realized Gain (Loss) Proceeds Received Realized Gain (Loss) Agency RMBS $ 2,395,032 $ 82,689 $ 796,699 $ 506 $ 217,837 $ (7,785) Agency CMBS 2,247,273 225,395 213,199 (6,493) 242,029 (9,218) Agency CMBS IO — — 23,168 232 15,700 146 Non-Agency CMBS IO — — — — 8,695 51 U.S. Treasuries — — — — 248,803 (6,567) $ 4,642,305 $ 308,084 $ 1,033,066 $ (5,755) $ 733,064 $ (23,373) The following table presents certain information for the AFS securities in an unrealized loss position as of the dates indicated: December 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Continuous unrealized loss position for less than 12 months: Agency MBS $ 19,266 $ (399) 19 $ 215,792 $ (1,139) 27 Non-Agency MBS 33,417 (408) 23 13,607 (146) 7 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 749 $ (133) 2 $ 75,745 $ (35) 2 Non-Agency MBS 2,156 (93) 5 1,099 (31) 5 The unrealized losses on the Company’s MBS were the result of declines in market prices and were not credit related; therefore the Company’s allowance for credit losses on its MBS designated as available-for-sale was $0 as of December 31, 2020. The principal related to Agency MBS is guaranteed by the GSEs Fannie Mae and Freddie Mac. Although the unrealized losses are not credit related, the Company assesses its ability and intent to hold any MBS with an unrealized loss until the recovery in its value in accordance with GAAP. This assessment is based on the amount of the unrealized loss and significance of the related investment as well as the Company’s leverage and liquidity position. In addition, for its non-Agency MBS, the Company reviews the credit ratings, the credit characteristics of the mortgage loans collateralizing these securities, and the estimated future cash flows including projected collateral losses.

Receivables, Loans, Notes Recei

Receivables, Loans, Notes Receivable, and Others	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Financing Receivables	MORTGAGE LOANS HELD FOR INVESTMENT, NET AND RELATED NON-RECOURSE COLLATERALIZED FINANCING The Company's mortgage loans held for investment, net are single-family mortgage loans which were originated or purchased by the Company prior to 2000. As of January 1, 2020, management chose to elect the fair value option in accounting for its mortgage loans held for investment pursuant to the provisions of ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief, which was issued in May of 2019. Management chose to elect the fair value option in order to be consistent with the Company’s other investments which are measured at fair value. The election of the fair value option resulted in a cumulative adjustment of $(548) to retained earnings on its consolidated balance sheet as of January 1, 2020. Subsequent changes in fair value are recorded in “gain (loss) on investments, net” on the Company’s consolidated statements of comprehensive income. The amortized cost of the Company’s mortgage loans declined to $6,613 as of December 31, 2020 from $9,501 as of December 31, 2019 due primarily to principal payments.

Repurchase Agreements (Notes)

Repurchase Agreements (Notes)	12 Months Ended
	Dec. 31, 2020
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	REPURCHASE AGREEMENTS The Company’s repurchase agreements outstanding as of December 31, 2020 and December 31, 2019 are summarized in the following tables: December 31, 2020 December 31, 2019 Collateral Type Balance (1) Weighted Fair Value of Balance Weighted Fair Value of Agency RMBS $ 1,874,176 0.23 % $ 1,973,608 $ 2,594,645 1.96 % $ 2,647,638 Agency CMBS 237,649 0.23 % 255,741 1,735,848 1.98 % 1,901,452 Agency CMBS IO 209,393 0.90 % 243,042 255,912 2.30 % 282,522 Non-Agency CMBS IO 115,945 1.28 % 136,684 165,943 2.67 % 193,013 Total repurchase agreements $ 2,437,163 0.34 % $ 2,609,075 $ 4,752,348 2.01 % $ 5,024,625 The amounts for fair value of collateral pledged in the table above as of December 31, 2020 include securities with an amortized cost of $141,215 which were sold but not settled as of that date, and for which the proceeds of $150,432 are recorded as “receivable for securities sold” on the consolidated balance sheet. These securities collateralized $140,612 of the Company’s repurchase agreement borrowings outstanding as of December 31, 2020. The Company also had $5 and $6,180 payable to counterparties as of December 31, 2020 and December 31, 2019, respectively, for transactions pending settlement as of those respective dates. The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: December 31, 2020 December 31, 2019 Remaining Term to Maturity Balance Weighted WAVG Original Term to Maturity Balance Weighted WAVG Original Term to Maturity Less than 30 days $ 1,416,608 0.37 % 53 $ 2,078,185 2.12 % 34 30 to 90 days 845,394 0.31 % 35 2,674,163 1.93 % 52 91 to 180 days 175,161 0.22 % 13 — — % — Total $ 2,437,163 0.34 % 44 $ 4,752,348 2.01 % 45 As of December 31, 2020, the Company had repurchase agreement amounts outstanding with 20 of its 37 available repurchase agreement counterparties. The Company has a committed repurchase facility with Wells Fargo that has an aggregate maximum borrowing capacity of $250,000, of which it had $121,379 outstanding at a weighted average borrowing rate of 1.01% as of December 31, 2020. The facility is available to the Company until its maturity date of June 11, 2021. The Company did not have more than 5% of its equity at risk with any of its counterparties as of December 31, 2020. The Company’s counterparties, as set forth in the master repurchase agreement with the counterparty, require the Company to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth and earnings, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining the Company’s REIT status. In addition, some of the agreements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with the covenants contained in these financing agreements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company believes it was in full compliance with all covenants in master repurchase agreements under which there were amounts outstanding as of December 31, 2020. The Company's repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its repurchase agreements to these arrangements on a gross basis. The following tables present information regarding the Company's repurchase agreements as if the Company had presented them on a net basis as of December 31, 2020 and December 31, 2019: Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2020 Repurchase agreements $ 2,437,163 $ — $ 2,437,163 $ (2,437,163) $ — $ — December 31, 2019 Repurchase agreements $ 4,752,348 $ — $ 4,752,348 $ (4,752,348) $ — $ — (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please see Note 5

Derivatives (Notes)

Derivatives (Notes)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES Types and Uses of Derivatives Instruments Interest Rate Derivatives. The Company is currently using short positions in U.S. Treasury futures, put options on U.S. Treasury futures, and interest rate swaptions to mitigate the impact of changing interest rates on its book value. The Company has substantially reduced its notional balance of interest rate swaps since first quarter of 2020 due to the significant reduction of its MBS portfolio and management’s expectation that financing costs will remain low for the near term. TBA Transactions. The Company purchases TBA securities as a means of investing in non-specified fixed-rate Agency RMBS and may also periodically sell TBA securities as a means of economically hedging its book value exposure to Agency RMBS. The Company holds long and short positions in TBA securities by executing a series of transactions, commonly referred to as “dollar roll” transactions, which effectively delay the settlement of a forward purchase (or sale) of a non-specified Agency RMBS by entering into an offsetting TBA position, net settling the paired-off positions in cash, and simultaneously entering into an identical TBA long (or short) position with a later settlement date. TBA securities purchased (or sold) for a forward settlement date are generally priced at a discount relative to TBA securities settling in the current month. This discount, often referred to as “drop income” represents the economic equivalent of net interest income (interest income less implied financing cost) on the underlying Agency security from trade date to settlement date. The Company accounts for all TBAs (whether net long or net short positions, or collectively “TBA dollar roll positions”) as derivative instruments because it cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS, or that the individual TBA transaction will not settle in the shortest period possible. (Loss) Gain on Derivative Instruments, Net The table below provides detail of the Company’s “(loss) gain on derivative instruments, net” by type of derivative for the periods indicated: Year Ended December 31, Type of Derivative Instrument 2020 2019 2018 Interest rate swaps $ (182,942) $ (202,450) $ 10,363 Interest rate swaptions 680 (5,607) — Futures (15,046) 2,250 (2,722) Options on U.S. Treasury futures (26,186) (1,422) (658) TBA securities - long positions 61,245 20,020 (10,737) TBA securities - short positions (10,041) 260 293 Loss on derivative instruments, net $ (172,290) $ (186,949) $ (3,461) The table below summarizes information about the carrying value by type of derivative instrument on the Company’s consolidated balance sheets as of the dates indicated: Type of Derivative Instrument Balance Sheet Location Purpose December 31, 2020 December 31, 2019 Options on U.S. Treasury futures Derivative assets Economic hedging $ 1,094 $ 2,883 Interest rate swaptions Derivative assets Economic hedging 1,360 573 TBA securities - long positions Derivative assets Investing 8,888 834 Total derivatives assets $ 11,342 $ 4,290 Interest rate swaptions Derivative liabilities Economic hedging $ (107) $ — U.S. Treasury futures Derivative liabilities Economic hedging (1,527) — TBA securities - short positions Derivative liabilities Economic hedging — (974) Total derivatives liabilities $ (1,634) $ (974) The following table provides details on the Company’s interest rate swaptions held as of the dates indicated: Option Underlying Payer Swap Months to Expiration Cost Fair Value Average Term to Expiration Notional Amount Average Fixed Pay Rate Average Term in Years As of December 31, 2020: 6 months or less $ 6,312 $ 1,161 3 months $ 750,000 1.02% 10 Greater than 6 months 6,688 92 8 months 500,000 1.16% 10 $ 13,000 $ 1,253 $ 1,250,000 1.07% As of December 31, 2019: 6 months or less $ 6,180 $ 573 1 month $ 750,000 2.07% 10 The following table provides details on the Company’s U.S. Treasury futures and options on U.S. Treasury futures held as of the dates indicated: As of December 31, 2020: As of December 31, 2019: Notional Amount Long (Short) Fair Value Average Term to Expiration Notional Amount Long (Short) Fair Value Average Term to Expiration Options on U.S. Treasury futures $ 500,000 $ 1,094 1 month $ 1,350,000 $ 2,883 2 months U.S. Treasury futures - short positions (825,000) (1,527) 2 months — — — The following table summarizes information about the Company's TBA securities as of the dates indicated: December 31, 2020 December 31, 2019 TBA securities Long Positions Short Positions Long Positions Short Positions Implied market value (1) $ 1,572,949 $ — $ 442,161 $ (520,117) Implied cost basis (2) 1,564,061 — 441,327 (519,143) Net carrying value (3) $ 8,888 $ — $ 834 $ (974) (1) Implied market value represents the estimated fair value of the underlying Agency MBS as of the date indicated. (2) Implied cost basis represents the forward price to be paid for the underlying Agency MBS as of the date indicated. (3) Net carrying value is the amount included on the consolidated balance sheets within “derivative assets (liabilities)” and represents the difference between the implied market value and the implied cost basis of the TBA security as of the date indicated. Volume of Activity The tables below summarize changes in the Company’s derivative instruments for the period indicated: Type of Derivative Instrument Notional Amount as of December 31, 2019 Additions Settlements, Notional Amount as of December 31, 2020 Interest rate swaps $ 4,225,000 $ 2,915,000 $ (7,140,000) $ — Interest rate swaptions 750,000 1,250,000 (750,000) 1,250,000 U.S. Treasury futures - short positions — 5,737,600 (4,912,600) 825,000 Options on U.S. Treasury futures 1,350,000 5,650,000 (6,500,000) 500,000 TBA - long positions 435,000 15,516,000 (14,436,000) 1,515,000 TBA - short positions 500,000 3,017,000 (3,517,000) — Offsetting The Company's derivatives are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its derivative assets and liabilities subject to these arrangements on a gross basis. The following tables present information regarding those derivative assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of December 31, 2020 and December 31, 2019: Offsetting of Assets Gross Amount of Recognized Assets Gross Amount Offset in the Balance Sheet Net Amount of Assets Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Received as Collateral Cash Received as Collateral December 31, 2020 Interest rate swaptions $ 1,360 $ — $ 1,360 $ (107) $ — $ 1,253 Options on U.S. Treasury futures 1,094 — 1,094 — — 1,094 TBA - long positions 8,888 — 8,888 — (7,681) 1,207 Derivative assets $ 11,342 $ — $ 11,342 $ (107) $ (7,681) $ 3,554 December 31, 2019 Interest rate swaptions $ 573 $ — $ 573 $ — $ — $ 573 Options on U.S. Treasury futures 2,883 — 2,883 — — 2,883 TBA - long positions 834 — 834 (380) — 454 Derivative assets $ 4,290 $ — $ 4,290 $ (380) $ — $ 3,910 Offsetting of Liabilities Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2020 U.S. Treasury futures-short positions $ (1,527) — $ (1,527) $ — $ 1,527 $ — Interest rate swaptions (107) — (107) 107 — — Derivative liabilities $ (1,634) $ — $ (1,634) $ 107 $ 1,527 $ — December 31, 2019 TBA - short positions $ (974) — $ (974) $ 380 — $ (594) Derivative liabilities $ (974) $ — $ (974) $ 380 $ — $ (594) (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash," and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically. Please see Note 4 for information related to the Company’s repurchase agreements, which are also subject to underlying agreements with master netting or similar arrangements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions market participants would use when pricing an asset or liability and also considers all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. ASC Topic 820 established a valuation hierarchy of three levels as follows: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 – Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs either directly observable or indirectly observable through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level 3 – Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best estimate of how market participants would price the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the Company’s financial instruments that are measured at fair value on the Company’s consolidated balance sheet by their valuation hierarchy levels as of the dates indicated: December 31, 2020 December 31, 2019 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets carried at fair value: MBS $ 2,596,255 $ — $ 2,594,980 $ 1,275 $ 5,188,163 $ — $ 5,186,473 $ 1,690 Mortgage loans held for investment (1) 6,264 — — 6,264 8,857 — — 8,857 Derivative assets: Options on U.S. Treasury futures 1,094 1,094 — — 2,883 2,883 — — Interest rate swaptions 1,360 — 1,360 — 573 — 573 — TBA securities-long positions 8,888 — 8,888 — 834 — 834 — Total assets carried at fair value $ 2,613,861 $ 1,094 $ 2,605,228 $ 7,539 $ 5,201,310 $ 2,883 $ 5,187,880 $ 10,547 Liabilities carried at fair value: U.S. Treasury futures $ 1,527 $ 1,527 $ — $ — $ — $ — $ — $ — Interest rate swaptions 107 — 107 — — — — — TBA securities-short positions — — — — 974 — 974 — Total liabilities carried at fair value $ 1,634 $ 1,527 $ 107 $ — $ 974 $ — $ 974 $ — (1) Mortgage loans held for investment were carried at amortized cost of $9,405 on the Company’s consolidated balance sheet as of December 31, 2019. The fair value measurements for the Company's MBS are considered Level 2 when there are substantially similar securities actively trading or for which there has been recent trading activity in their respective markets and are based on prices received from pricing services and quotes from brokers. In valuing a security, the pricing service uses either a market approach, which uses observable prices and other relevant information that is generated by market transactions of identical or similar securities, or an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount. The Company reviews the prices it receives from its pricing sources as well as the assumptions and inputs utilized by its pricing sources for reasonableness. Examples of these observable inputs and assumptions include market interest rates, credit spreads, and projected prepayment speeds, among other things. The Company owns other non-Agency MBS and mortgage loans that are considered Level 3 assets because there has been no recent trading activity of similar instruments upon which their fair value can be measured. The fair value for these Level 3 assets is measured by discounting the estimated future cash flows derived from cash flow models using significant inputs which are determined by the Company when market observable inputs are not available. Information utilized in those pricing models include the security’s credit rating, coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, estimated future interest rates, expected credit losses, and credit enhancement as well as certain other relevant information. The Company used a constant prepayment rate assumption of 10%, default rate of 2%, loss severity of 20%, and a discount rate of 7.0% in measuring the fair value of its Level 3 assets as of December 31, 2020. Significant changes in any of these inputs in isolation may result in a significantly different fair value measurement. Level 3 assets are generally most sensitive to the default rate and severity assumptions. The activity of the Company’s Level 3 assets during the year ended December 31, 2020 is presented in the following table: Year Ended December 31, 2020 Other Non-Agency MBS Mortgage Loans Balance as of beginning of period $ 1,690 $ 9,405 Change in fair value (1) (316) (253) Principal payments (439) (2,854) Accretion (amortization) 340 (34) Balance as of end of period $ 1,275 $ 6,264 (1) Change in fair value for other non-Agency MBS is recorded as unrealized gain (loss) in “other comprehensive income”. Change in fair value for mortgage loans is recorded as unrealized gain (loss) in “gain(loss) on investments, net“ and the amount shown for the year ended December 31, 2020 is net of a cumulative adjustment of $(548) made to the amortized cost as of December 31, 2019 as a result of the Company’s election of the fair value option for its mortgage loans effective January 1, 2020. U.S. Treasury futures and options on U.S. Treasury futures are valued based on closing exchange prices on these contracts and are classified accordingly as Level 1 measurements. The fair value of interest rate swaptions is based on the fair value of the underlying interest rate swap and time remaining until its expiration and is carried on the balance sheet net of any deferred premium to be paid upon expiration. The fair value of TBA securities is estimated using methods similar those used to fair value the Company’s Level 2 MBS. The Company also had interest rate swap agreements outstanding as of December 31, 2019. The fair value of interest rate swaps is measured using the income approach with the forward interest rate swap curve as its primary input, which is considered an observable input, and thus their fair values are considered Level 2 measurements. The carrying value on the Company’s consolidated balance sheet as of December 31, 2019 nets to $0 because the daily exchange of variation margin is legally considered as settlement of the derivative as opposed to a pledge of collateral. The Company did not have any interest rate swap agreements outstanding as of December 31, 2020.

Shareholders' Equity and Share-

Shareholders' Equity and Share-Based Compensation (Notes)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Shareholders' Equity and Share-based Compensation	SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Preferred Stock. The Company's articles of incorporation authorize the issuance of up to 50,000,000 shares of preferred stock, par value $0.01 per share. The Company’s Board of Directors has designated 6,600,000 shares for issuance as Series C Preferred Stock, and the Company sold 4,460,000 of such shares during the first quarter of 2020 through a public offering for which it received proceeds of $107,843, net of $3,657 in broker commissions and other expenses. The Company used the proceeds to redeem all 2,300,000 outstanding shares of its 8.50% Series A Cumulative Redeemable Preferred Stock at an aggregate redemption price of approximately $25.35 per share, which included accumulated and unpaid dividends declared as of the redemption date March 14, 2020. The Company also used the proceeds to partially redeem 1,700,000 shares of its Series B Preferred Stock at an aggregate redemption price of approximately $25.32 per share, which included accumulated and unpaid dividends declared as of the redemption date March 16, 2020. The excess of the $25.00 liquidation price per share over the carrying value of the preferred stock redeemed resulted in a charge of $(3,914) to net income to common shareholders for the year ended December 31, 2020. The Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common stock pursuant to the terms of the Preferred Stock. The Company had 2,788,330 shares of its Series B Preferred Stock remaining as of December 31, 2020, which could be redeemed at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. Except under certain limited circumstances described in Article IIIC of the Company’s Restated Articles of Incorporation, as amended, the Company may not redeem the Series C Preferred Stock prior to April 15, 2025. On or after that date, the Series C Preferred Stock may be redeemed at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. Because the Preferred Stock is redeemable only at the option of the issuer, it is classified as equity on the Company’s consolidated balance sheet. The Series B Preferred Stock paid a cumulative cash dividend equivalent to 7.625% of the $25.00 liquidation preference per share each year. The Series C Preferred stock pays a cumulative cash dividend equivalent to 6.900% of the $25.00 liquidation preference per share each year until April 15, 2025 upon which date and thereafter, the Company will pay cumulative cash dividends at a percentage of the $25.00 liquidation value per share equal to an annual floating rate of three-month LIBOR plus a spread of 5.461%. The Company paid its regular quarterly dividend of $0.4765625 per share of Series B Preferred Stock and $0.43125 per share of Series C Preferred Stock on January 15, 2021 to shareholders of record as of January 1, 2021. Common Stock. The following table summarizes information regarding monthly dividend declarations on the Company’s common stock during the year ended December 31, 2020: Year Ended December 31, 2020 Declaration Date Amount Declared Record Date Payment Date January 13, 2020 $ 0.15 January 24, 2020 February 3, 2020 February 14, 2020 0.15 February 24, 2020 March 2, 2020 March 10, 2020 0.15 March 23, 2020 April 1, 2020 April 8, 2020 0.15 April 22, 2020 May 1, 2020 May 12, 2020 0.15 May 22, 2020 June 1, 2020 June 10. 2020 0.13 June 22, 2020 July 1, 2020 July 13, 2020 0.13 July 23, 2020 August 4, 2020 August 10, 2020 0.13 August 21, 2020 September 1, 2020 September 14, 2020 0.13 September 24, 2020 October 1, 2020 October 13, 2020 0.13 October 23, 2020 November 2, 2020 November 10, 2020 0.13 November 20, 2020 December 1, 2020 December 10, 2020 0.13 December 21, 2020 January 4, 2021 Stock and Incentive Plans. The Company’s Board adopted the 2020 Stock and Incentive Plan, which was approved by the Company’s shareholders on June 9, 2020. The 2020 Plan, which replaced the Company’s 2018 Stock and Incentive Plan (the “2018 Plan”), reserves for issuance up to 2,300,000 common shares for eligible employees, non-employee directors, consultants, and advisors to the Company to be granted in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, performance units, and performance cash awards. Awards previously granted under the 2018 Plan or any other prior equity plan will remain outstanding and valid in accordance with their terms, but no new awards will be granted under the 2018 Plan or any other prior equity plan. Total stock-based compensation expense recognized by the Company for the year ended December 31, 2020 was $1,823 compared to $1,205 and $1,231 for the years ended December 31, 2019 and December 31, 2018, respectively. The following table presents a rollforward of the restricted stock activity for the periods indicated: Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Restricted stock outstanding as of beginning of period 119,213 $ 18.56 113,904 $ 19.19 117,701 $ 21.02 Granted 240,293 13.88 68,004 18.09 71,053 18.95 Vested (77,113) 17.94 (62,695) 19.20 (74,850) 21.85 Forfeited (632) 17.10 — — — — Restricted stock outstanding as of end of period 281,761 $ 14.74 119,213 $ 18.56 113,904 $ 19.19 As of December 31, 2020, the grant date fair value of the Company’s remaining nonvested restricted stock is $2,760 which will be amortized into compensation expense over a weighted average period of 2.1 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXESThe Company's estimated REIT taxable income before consideration of its NOL carryforward was $77,492 for the year ended December 31, 2020, $23,334 for the year ended December 31, 2019, and $21,085 for the year ended December 31, 2018. After common and preferred dividend distributions during those years as well as utilization of the Company's NOL carryforward to offset taxable earnings, the Company does not expect to incur any income tax liability for the year ended December 31, 2020 and did not incur any material income tax liability for the years ending December 31, 2019 or December 31, 2018. As of December 31, 2020, the Company has $17,353 of NOL carryforward remaining which will expire over the next 5 years.After reviewing for any potentially uncertain income tax positions, the Company has concluded that it does not have any uncertain tax positions that meet the recognition or measurement criteria of ASC Topic 740 as of December 31, 2020, December 31, 2019, or December 31, 2018, although its tax returns for those tax years are open to examination by the IRS. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes.

Related Party Disclosures

Related Party Disclosures	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONSAs noted in previous filings, DCI, a former affiliate of the Company, was named a party to several lawsuits in 1999 and 2000 regarding the activities of DCI while it was an operating subsidiary of an affiliate of the Company. The Company was named a party to several of the lawsuits (the “DCI Litigation”) due to its affiliation with DCI. In December 2000, the Company and DCI entered into a Litigation Cost Sharing Agreement (the “Agreement”) whereby the Company agreed to advance DCI's portion of the costs of defending against the DCI Litigation. As discussed in Note 1, certain plaintiffs are seeking to enforce the DCI judgment against the Company under various legal theories including pursuant to the Agreement. The Company's advances to cover DCI's costs for the DCI Litigation during the years ended December 31, 2020, 2019, and 2018 were $0, $63, and $307, respectively, not including interest. As of December 31, 2020, the Company has a receivable on its consolidated balance sheet of $15,961 for advances made in connection with the DCI Litigation and amounts due, including interest, under the Agreement, which has been fully reserved for collectability by the Company because DCI does not currently have any assets. DCI is currently wholly owned by an unaffiliated company whose sole shareholder is an executive of the Company..

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to December 31, 2020: • the Company issued 3,162,500 shares of common stock through an underwritten public offering for which it received proceeds of approximately $55,510, net of expenses; and

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Organization [Text Block]	OrganizationDynex Capital, Inc. (“Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company is an internally managed mortgage real estate investment trust, or mortgage REIT, which primarily earns income from investing on a leveraged basis in debt securities, the majority of which are specified pools of Agency mortgage-backed securities (“MBS”) consisting of commercial MBS (“CMBS”), residential MBS (“RMBS”), and CMBS interest-only (“IO”) securities and non-Agency MBS, which consist mainly of CMBS IO. Agency MBS have a guaranty of principal payment by a U.S. government-sponsored entity (“GSE”) such as Fannie Mae and Freddie Mac, which are in conservatorship and are currently supported by a senior preferred stock purchase agreement from U.S. Treasury. Non-Agency MBS are issued by non-governmental enterprises and do not have a guaranty of principal payment. The Company also invests in other types of mortgage-related securities, such as to-be-announced securities (“TBAs” or “TBA securities”).
Impact of COVID-19	Impact of COVID-19 As a result of the economic, health and market turmoil brought about by the coronavirus (“COVID-19”) pandemic, fixed income and equity markets experienced severe disruption beginning in mid-March of 2020. The disruption resulted in a substantial rally in interest rates and a decline in fair value of MBS from spread widening, which together led to significant demands on liquidity from margin calls from derivative and repurchase agreement counterparties. During this time, the Company met all margin calls and was not forced to sell any assets. Since early in the second quarter of 2020, fixed income markets, equity markets and Agency MBS prices have stabilized with the Federal Reserve announcing multiple programs to support economic activity and to support the smooth functioning of markets. In addition, the CARES Act was passed by the U.S. Congress to provide economic relief, which included certain assistance to homeowners and renters. As part of the CARES Act, both Fannie Mae and Freddie Mac have implemented mortgage forbearance policies that allow borrowers to delay their mortgage payments for up to 15 months and have put a moratorium on foreclosures on single-family homes until March 31, 2021. The impact of high levels of forbearance on the Company’s MBS could range from immaterial to significant depending upon not only actual losses incurred on underlying loans but also future public policy choices and actions by the GSEs, their regulator the FHFA, the Federal Reserve, and federal and state governments. The nature and timing of any such future public policy choices and actions are unpredictable, including the potential impact on MBS prices and prepayment speeds. Though these supportive actions have helped cushion the economic damage from the disruption of the pandemic to date, the Company can give no assurance as to how, in the long term, these and other actions by the U.S. government will affect the efficiency, liquidity and stability of the financial and mortgage markets.
Basis of Presentation [Policy Text Block]	Basis of Presentation The accompanying consolidated financial statements of Dynex Capital, Inc. and its subsidiaries (together, “Dynex” or, as appropriate, the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) the instructions to the Annual Report on Form 10-K and Article 3 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). All references to common shares, per common share amounts, and restricted stock have been adjusted to reflect the effect of the Company’s 1-for-3 reverse stock split effected on June 20, 2019 for all periods presented. “Fair value adjustments, net” on the Company’s consolidated comprehensive income statements for prior periods has been retitled to “gain (loss) on investments, net”. This line item includes changes in fair value for mortgage loans held for investment, net, for which the Company elected the fair value option effective January 1, 2020. Please refer to Note 3
Consolidation [Policy Text Block]	Consolidation and Variable Interest Entities The consolidated financial statements include the accounts of the Company and the accounts of its majority owned subsidiaries and variable interest entities (“VIE”) for which it is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates a VIE if the Company is determined to be the VIE’s primary beneficiary, which is defined as the party that has both: (i) the power to control the activities that most significantly impact the VIE’s financial performance and (ii) the right to receive benefits or absorb losses that could potentially be significant to the VIE. The Company reconsiders its evaluation of whether to consolidate a VIE on an ongoing basis, based on changes in the facts and circumstances pertaining to the VIE. Though the Company invests in Agency and non-Agency MBS which are generally considered to be interests in VIEs, the Company does not consolidate these entities because it does not meet the criteria to be deemed a primary beneficiary.
Use of Estimates [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, amortization of premiums and discounts and fair value measurements of its investments. These items are discussed further below within this note to the consolidated financial statements.
Income Taxes [Policy Text Block]	Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986 and the corresponding provisions of state law. To qualify as a REIT, the Company must meet certain tests including investing in primarily real estate-related assets and the required distribution of at least 90% of its annual REIT taxable income to shareholders after consideration of its net operating loss (“NOL”) carryforward and not including taxable income retained in its taxable subsidiaries. As a REIT, the Company generally will not be subject to federal income tax on the amount of its income or capital gains that is distributed as dividends to shareholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities and records these liabilities, if any, to the extent they are deemed more likely than not to have been incurred.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share The Company calculates basic net income per common share by dividing net income to common shareholders for the period by weighted-average shares of common stock outstanding for that period. The Company did not have any potentially dilutive securities outstanding during the years ended December 31, 2020, December 31, 2019, or December 31, 2018. Holders of unvested shares of the Company’s issued and outstanding restricted common stock are eligible to receive non-forfeitable dividends. As such, these unvested shares are considered participating securities and therefore are included in the computation of basic net income per common share using the two-class method. Upon vesting, restrictions on transfer expire on each share of restricted stock, and each such share of restricted stock represents one unrestricted share of common stock.
Cash and Cash Equivalents [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less as well as unrestricted demand deposits at highly rated financial institutions. The Company’s cash balances fluctuate throughout the year and may exceed Federal Deposit Insurance Company insured limits from time to time. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
Restricted Cash [Policy Text Block]	Restricted Cash Restricted cash consists of cash the Company has pledged to cover initial and variation margin with its financing and certain derivative counterparties. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company's consolidated balance sheet as of the periods indicated that sum to the total of the same such amounts shown on the Company’s consolidated statement of cash flows for the years ended December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Cash and cash equivalents $ 295,602 $ 62,582 Restricted cash 7,077 71,648 Total cash, cash equivalents, and restricted cash shown on consolidated statement of cash flows $ 302,679 $ 134,230
Mortgage-Back Securities, Policy	Mortgage-Backed Securities The Company’s MBS are recorded at fair value on the Company’s consolidated balance sheet. MBS purchased prior to December 31, 2020 are designated as available for sale with changes in fair value reported in other comprehensive income (“OCI”) as an unrealized gain (loss) until the investment is sold or matures. Upon the sale of an AFS security, any unrealized gain or loss is reclassified out of accumulated other comprehensive income (“AOCI”) into net income as a realized “gain (loss) on sale of available-for-sale investments, net” using the specific identification method. Effective January 1, 2020, the Company elected the fair value option for all MBS purchased on or after that date with changes in fair value reported in net income as “gain (loss) on investments, net”. Management is electing the fair value option so that GAAP net income will reflect the changes in fair value for its future purchases of MBS in a manner consistent with the presentation and timing of the changes in fair value of its derivative instruments. Electing the fair value option is increasing as an industry trend for mortgage REITs who have not elected cash flow hedge accounting. The fair value of the Company’s MBS pledged as collateral against repurchase agreements is disclosed parenthetically on the Company’s consolidated balance sheets. Interest Income, Premium Amortization, and Discount Accretion. Interest income on MBS is accrued based on the outstanding principal balance (or notional balance in the case of interest-only, or “IO” securities) and their contractual terms. Premiums or discounts associated with the purchase of Agency MBS as well as any non-Agency MBS rated ‘AA’ and higher are amortized or accreted into interest income over the projected life of such securities using the effective yield method, and adjustments to premium amortization and discount accretion are made for actual cash payments. The Company’s projections of future cash payments are based on input and analysis received from external sources and internal models and include assumptions about the amount and timing of loan prepayment rates, fluctuations in interest rates, credit losses, and other factors. On at least a quarterly basis, the Company reviews and makes any necessary adjustments to its cash flow projections and updates the yield recognized on these assets. The Company does not currently hold any non-Agency MBS that were purchased at a discount with credit ratings of less than ‘AA’ or not rated by any of the nationally recognized credit rating agencies at the time of purchase. Determination of MBS Fair Value. The Company estimates the fair value of the majority of its MBS based upon prices obtained from pricing services and broker quotes. The remainder of the Company’s MBS are valued by discounting the estimated future cash flows derived from cash flow models that utilize information such as the security’s coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, estimated future interest rates, expected losses, and credit enhancements as well as certain other relevant information. Please refer to Note 6 for further discussion of MBS fair value measurements. Allowance for Credit Losses. The Company recently adopted Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses . On at least a quarterly basis, the Company evaluates any MBS designated as available-for-sale with a fair value less than its amortized cost for credit losses. If the difference between the present value of cash flows expected to be collected on the MBS is less than its amortized cost, the difference is recorded as an allowance for credit loss through net income up to and not exceeding the amount that the amortized cost exceeds current fair value. Subsequent changes in credit loss estimates are recognized in earnings in the period in which they occur. Because the majority of the Company’s investments are higher credit quality and most are guaranteed by a GSE, the Company is not likely to have an allowance for credit losses related to its MBS recorded on its consolidated balance sheet.
Repurchase Agreements [Policy Text Block]	Repurchase Agreements The Company’s repurchase agreements, which are used to finance its purchases of MBS, are accounted for as secured borrowings under which the Company pledges its securities as collateral to secure a loan, which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender or, with the consent of the lender, the Company may renew the agreement at the then prevailing financing rate. A repurchase agreement lender may require the Company to pledge additional collateral in the event of a decline in the fair value of the collateral pledged. Repurchase agreement financing is recourse to the Company and the assets pledged. Most of the Company’s repurchase agreements are based on the September 1996 version of the Bond Market Association Master Repurchase Agreement, which generally provides that the lender, as buyer, is responsible for obtaining collateral valuations from a generally recognized source agreed to by both the Company and the lender, or, in an instance when such source is not available, the value determination is made by the lender.
Derivative Instruments [Policy Text Block]	Derivative Instruments The Company’s derivative instruments generally include interest rate swaps, futures, options, and forward contracts for the purchase or sale of Agency RMBS on a non-specified pool basis, commonly referred to as to-be-announced (“TBA”) securities. Derivative instruments are reported at their fair value on the Company’s consolidated balance sheet as derivative assets if in a gain position or as derivative liabilities if in a loss position, at the end of the period reported. All periodic interest benefits/costs and changes in fair value of derivative instruments, including gains and losses realized upon termination, maturity, or settlement are recorded in “gain (loss) on derivative instruments, net” on the Company’s consolidated statement of comprehensive income (loss). Cash receipts and payments related to derivative instruments are classified in the investing activities section of the consolidated statements of cash flows in accordance with the underlying nature or purpose of the derivative transactions. The Company enters into long and short positions in U.S. Treasury futures contracts, which are valued based on exchange pricing with daily margin settlements. The Company realizes gains or losses on these contracts upon expiration at an amount equal to the difference between the current fair value of the underlying asset and the contractual price of the futures contract. Daily margin exchanges for the Company’s U.S. Treasury futures are not considered legal settlement of the instrument. The Company’s put options on U.S. Treasury futures provide the Company the right, but not an obligation, to buy U.S. Treasury futures at a predetermined notional amount and stated term in the future. Put options on U.S. Treasury futures are valued based on exchange pricing without daily exchanges of margin amounts. The Company records the premium paid for the option contract as a derivative asset on its consolidated balance sheet and adjusts the balance for changes in fair value through “gain (loss) on derivative instruments” until the option is exercised or the contract expires. The Company may also purchase options for interest rate swaps (“interest rate swaptions”) and defer the premium payment until the effective date. The premium payable and underlying swaption are accounted for as a single unit of account. As of December 31, 2020, the Company does not have any interest rate swap agreements outstanding due to management’s expectations of low financing costs for the near term and the increase in margin requirements from counterparties since the onset of the pandemic. All of the Company’s interest rate swap agreements held as of December 31, 2019 were centrally cleared through the Chicago Mercantile Exchange (“CME”), which required the Company to post initial margin as collateral as well as variation margin for changes in the fair value of the CME cleared swaps. The exchange of variation margin for CME cleared swaps is legally considered to be the settlement of the derivative itself as opposed to a pledge of collateral. Accordingly, the Company accounts for the daily exchange of variation margin associated with CME cleared interest rate swaps as a direct increase or decrease to the carrying value of the related derivative asset or liability. A TBA security is a forward contract (“TBA contract”) for the purchase (“long position”) or sale (“short position”) of a non-specified Agency MBS at a predetermined price with certain principal and interest terms and certain types of collateral, but the particular Agency securities to be delivered are not identified until shortly before the settlement date. The Company accounts for long and short positions in TBAs as derivative instruments because the Company cannot assert that it is probable at inception and throughout the term of an individual TBA transaction that its settlement will result in physical delivery of the underlying Agency RMBS or that the individual TBA transaction will not settle in the shortest time period possible. Please refer to Note 5 for additional information regarding the Company’s derivative instruments as well as Note 6 for information on how the fair value of these instruments are calculated.
Share-based Compensation [Policy Text Block]	Share-Based CompensationPursuant to the Company’s 2020 Stock and Incentive Plan (the “2020 Plan”), the Company may grant share-based compensation to eligible employees, non-employee directors or consultants or advisors to the Company, including restricted stock awards, stock options, stock appreciation rights, performance units, restricted stock units, and performance cash awards. The Company’s restricted stock currently issued and outstanding may be settled only in shares of its common stock, and therefore are treated as equity awards with their fair value measured by the closing stock price on the grant date and recognized as compensation cost over the requisite service period with a corresponding credit to shareholders’ equity. The Company does not estimate forfeiture rates, but adjusts for actual forfeitures in the periods in which they occur. The requisite service period is the period during which a participant is required to provide service in exchange for an award, which is equivalent to the vesting period specified in the terms of the time-based restricted stock award. None of the Company’s restricted stock awards have performance-based conditions. The Company does not currently have any share-based compensation issued or outstanding other than restricted stock issued to its employees, officers, and directors.
Contingencies [Policy Text Block]	ContingenciesIn the normal course of business, there may be various lawsuits, claims, and other contingencies pending against the Company. On a quarterly basis, the Company evaluates whether to establish provisions for estimated losses from those matters. The Company recognizes a liability for a contingent loss when: (a) the underlying causal event has occurred prior to the balance sheet date; (b) it is probable that a loss has been incurred; and (c) there is a reasonable basis for estimating that loss. A liability is not recognized for a contingent loss when it is only possible or remotely possible that a loss has been incurred, however, possible contingent losses shall be disclosed. If the contingent loss (or an additional loss in excess of any accrual) is at least a reasonable possibility and material, then the Company discloses a reasonable estimate of the possible loss or range of loss, if such reasonable estimate can be made. If the Company cannot make a reasonable estimate of the possible material loss, or range of loss, then that fact is disclosed.
Recent Issued and Adopted Accounting Pronouncements [Text Block]	Recently Issued Accounting Pronouncements The Company evaluates Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) on at least a quarterly basis to evaluate applicability and significance of any impact on its financial condition and results of operations. There were no accounting pronouncements issued during the year ended December 31, 2020 that are expected to have a material impact on the Company’s financial condition or results of operations. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. ASU 2021-01, Reference Rate Reform (Topic 848): Scope, was issued to clarify the scope of ASU 2020-04 includes any derivative instrument that uses an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Based on the terms of its derivative instruments held as of December 31, 2020 and its current expected hedging strategy, the Company does not believe either of these pronouncements will have a material impact on its consolidated financial statements.

Investments in Debt Securitie_2

Investments in Debt Securities Investments in Debt Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale [Table Text Block]	The majority of the Company’s MBS are pledged as collateral for the Company’s repurchase agreements. The following tables present the Company’s MBS by investment type (including securities pending settlement) as of the dates indicated: December 31, 2020 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS $ 1,839,046 $ 57,997 $ 1,897,043 $ 49,348 $ — $ 1,946,391 Agency CMBS 235,801 3,152 238,953 19,597 — 258,550 CMBS IO (1) — 378,940 378,940 12,081 (982) 390,039 Non-Agency other 1,499 (440) 1,059 267 (51) 1,275 Total MBS: $ 2,076,346 $ 439,649 $ 2,515,995 $ 81,293 $ (1,033) $ 2,596,255 (1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $11,277,908 and $9,319,520 respectively, as of December 31, 2020. December 31, 2019 Par Net Premium (Discount) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Agency RMBS $ 2,563,684 $ 55,770 $ 2,619,454 $ 69,082 $ (462) $ 2,688,074 Agency CMBS 1,890,186 15,414 1,905,600 93,763 (6) 1,999,357 CMBS IO (1) — 488,145 488,145 11,760 (863) 499,042 Non-Agency other 1,938 (780) 1,158 552 (20) 1,690 Total MBS: $ 4,455,808 $ 558,549 $ 5,014,357 $ 175,157 $ (1,351) $ 5,188,163 (1) The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $13,404,824 and $9,799,629, respectively, as of December 31, 2019.
Schedule of Realized Gain (Loss) [Table Text Block]	The following table presents information regarding the "gain (loss) on sale of investments, net" on the Company’s consolidated statements of comprehensive income (loss) for the periods indicated: Year Ended December 31, 2020 2019 2018 Proceeds Received Realized Gain (Loss) Proceeds Received Realized Gain (Loss) Proceeds Received Realized Gain (Loss) Agency RMBS $ 2,395,032 $ 82,689 $ 796,699 $ 506 $ 217,837 $ (7,785) Agency CMBS 2,247,273 225,395 213,199 (6,493) 242,029 (9,218) Agency CMBS IO — — 23,168 232 15,700 146 Non-Agency CMBS IO — — — — 8,695 51 U.S. Treasuries — — — — 248,803 (6,567) $ 4,642,305 $ 308,084 $ 1,033,066 $ (5,755) $ 733,064 $ (23,373)
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]	The following table presents certain information for the AFS securities in an unrealized loss position as of the dates indicated: December 31, 2020 December 31, 2019 Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Continuous unrealized loss position for less than 12 months: Agency MBS $ 19,266 $ (399) 19 $ 215,792 $ (1,139) 27 Non-Agency MBS 33,417 (408) 23 13,607 (146) 7 Continuous unrealized loss position for 12 months or longer: Agency MBS $ 749 $ (133) 2 $ 75,745 $ (35) 2 Non-Agency MBS 2,156 (93) 5 1,099 (31) 5

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of Repurchase Agreements [Abstract]
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]	The Company’s repurchase agreements outstanding as of December 31, 2020 and December 31, 2019 are summarized in the following tables: December 31, 2020 December 31, 2019 Collateral Type Balance (1) Weighted Fair Value of Balance Weighted Fair Value of Agency RMBS $ 1,874,176 0.23 % $ 1,973,608 $ 2,594,645 1.96 % $ 2,647,638 Agency CMBS 237,649 0.23 % 255,741 1,735,848 1.98 % 1,901,452 Agency CMBS IO 209,393 0.90 % 243,042 255,912 2.30 % 282,522 Non-Agency CMBS IO 115,945 1.28 % 136,684 165,943 2.67 % 193,013 Total repurchase agreements $ 2,437,163 0.34 % $ 2,609,075 $ 4,752,348 2.01 % $ 5,024,625
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table Text Block]	The following table provides information on the remaining term to maturity and original term to maturity for the Company’s repurchase agreements as of the dates indicated: December 31, 2020 December 31, 2019 Remaining Term to Maturity Balance Weighted WAVG Original Term to Maturity Balance Weighted WAVG Original Term to Maturity Less than 30 days $ 1,416,608 0.37 % 53 $ 2,078,185 2.12 % 34 30 to 90 days 845,394 0.31 % 35 2,674,163 1.93 % 52 91 to 180 days 175,161 0.22 % 13 — — % — Total $ 2,437,163 0.34 % 44 $ 4,752,348 2.01 % 45

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative [Line Items]
Derivative Instruments, Gain (Loss)	The table below provides detail of the Company’s “(loss) gain on derivative instruments, net” by type of derivative for the periods indicated: Year Ended December 31, Type of Derivative Instrument 2020 2019 2018 Interest rate swaps $ (182,942) $ (202,450) $ 10,363 Interest rate swaptions 680 (5,607) — Futures (15,046) 2,250 (2,722) Options on U.S. Treasury futures (26,186) (1,422) (658) TBA securities - long positions 61,245 20,020 (10,737) TBA securities - short positions (10,041) 260 293 Loss on derivative instruments, net $ (172,290) $ (186,949) $ (3,461)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below summarizes information about the carrying value by type of derivative instrument on the Company’s consolidated balance sheets as of the dates indicated: Type of Derivative Instrument Balance Sheet Location Purpose December 31, 2020 December 31, 2019 Options on U.S. Treasury futures Derivative assets Economic hedging $ 1,094 $ 2,883 Interest rate swaptions Derivative assets Economic hedging 1,360 573 TBA securities - long positions Derivative assets Investing 8,888 834 Total derivatives assets $ 11,342 $ 4,290 Interest rate swaptions Derivative liabilities Economic hedging $ (107) $ — U.S. Treasury futures Derivative liabilities Economic hedging (1,527) — TBA securities - short positions Derivative liabilities Economic hedging — (974) Total derivatives liabilities $ (1,634) $ (974)
Schedule of Notional Amounts of Outstanding Derivative Positions	The tables below summarize changes in the Company’s derivative instruments for the period indicated: Type of Derivative Instrument Notional Amount as of December 31, 2019 Additions Settlements, Notional Amount as of December 31, 2020 Interest rate swaps $ 4,225,000 $ 2,915,000 $ (7,140,000) $ — Interest rate swaptions 750,000 1,250,000 (750,000) 1,250,000 U.S. Treasury futures - short positions — 5,737,600 (4,912,600) 825,000 Options on U.S. Treasury futures 1,350,000 5,650,000 (6,500,000) 500,000 TBA - long positions 435,000 15,516,000 (14,436,000) 1,515,000 TBA - short positions 500,000 3,017,000 (3,517,000) —
Offsetting Assets	Offsetting of Assets Gross Amount of Recognized Assets Gross Amount Offset in the Balance Sheet Net Amount of Assets Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Received as Collateral Cash Received as Collateral December 31, 2020 Interest rate swaptions $ 1,360 $ — $ 1,360 $ (107) $ — $ 1,253 Options on U.S. Treasury futures 1,094 — 1,094 — — 1,094 TBA - long positions 8,888 — 8,888 — (7,681) 1,207 Derivative assets $ 11,342 $ — $ 11,342 $ (107) $ (7,681) $ 3,554 December 31, 2019 Interest rate swaptions $ 573 $ — $ 573 $ — $ — $ 573 Options on U.S. Treasury futures 2,883 — 2,883 — — 2,883 TBA - long positions 834 — 834 (380) — 454 Derivative assets $ 4,290 $ — $ 4,290 $ (380) $ — $ 3,910
Offsetting Liabilities	Offsetting of Liabilities Gross Amount of Recognized Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (1) Net Amount Financial Instruments Posted as Collateral Cash Posted as Collateral December 31, 2020 U.S. Treasury futures-short positions $ (1,527) — $ (1,527) $ — $ 1,527 $ — Interest rate swaptions (107) — (107) 107 — — Derivative liabilities $ (1,634) $ — $ (1,634) $ 107 $ 1,527 $ — December 31, 2019 TBA - short positions $ (974) — $ (974) $ 380 — $ (594) Derivative liabilities $ (974) $ — $ (974) $ 380 $ — $ (594) (1) Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash," and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions market participants would use when pricing an asset or liability and also considers all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. ASC Topic 820 established a valuation hierarchy of three levels as follows: • Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 – Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs either directly observable or indirectly observable through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level 3 – Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best estimate of how market participants would price the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the Company’s financial instruments that are measured at fair value on the Company’s consolidated balance sheet by their valuation hierarchy levels as of the dates indicated: December 31, 2020 December 31, 2019 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets carried at fair value: MBS $ 2,596,255 $ — $ 2,594,980 $ 1,275 $ 5,188,163 $ — $ 5,186,473 $ 1,690 Mortgage loans held for investment (1) 6,264 — — 6,264 8,857 — — 8,857 Derivative assets: Options on U.S. Treasury futures 1,094 1,094 — — 2,883 2,883 — — Interest rate swaptions 1,360 — 1,360 — 573 — 573 — TBA securities-long positions 8,888 — 8,888 — 834 — 834 — Total assets carried at fair value $ 2,613,861 $ 1,094 $ 2,605,228 $ 7,539 $ 5,201,310 $ 2,883 $ 5,187,880 $ 10,547 Liabilities carried at fair value: U.S. Treasury futures $ 1,527 $ 1,527 $ — $ — $ — $ — $ — $ — Interest rate swaptions 107 — 107 — — — — — TBA securities-short positions — — — — 974 — 974 — Total liabilities carried at fair value $ 1,634 $ 1,527 $ 107 $ — $ 974 $ — $ 974 $ — (1) Mortgage loans held for investment were carried at amortized cost of $9,405 on the Company’s consolidated balance sheet as of December 31, 2019. The fair value measurements for the Company's MBS are considered Level 2 when there are substantially similar securities actively trading or for which there has been recent trading activity in their respective markets and are based on prices received from pricing services and quotes from brokers. In valuing a security, the pricing service uses either a market approach, which uses observable prices and other relevant information that is generated by market transactions of identical or similar securities, or an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount. The Company reviews the prices it receives from its pricing sources as well as the assumptions and inputs utilized by its pricing sources for reasonableness. Examples of these observable inputs and assumptions include market interest rates, credit spreads, and projected prepayment speeds, among other things. The Company owns other non-Agency MBS and mortgage loans that are considered Level 3 assets because there has been no recent trading activity of similar instruments upon which their fair value can be measured. The fair value for these Level 3 assets is measured by discounting the estimated future cash flows derived from cash flow models using significant inputs which are determined by the Company when market observable inputs are not available. Information utilized in those pricing models include the security’s credit rating, coupon rate, estimated prepayment speeds, expected weighted average life, collateral composition, estimated future interest rates, expected credit losses, and credit enhancement as well as certain other relevant information. The Company used a constant prepayment rate assumption of 10%, default rate of 2%, loss severity of 20%, and a discount rate of 7.0% in measuring the fair value of its Level 3 assets as of December 31, 2020. Significant changes in any of these inputs in isolation may result in a significantly different fair value measurement. Level 3 assets are generally most sensitive to the default rate and severity assumptions. The activity of the Company’s Level 3 assets during the year ended December 31, 2020 is presented in the following table: Year Ended December 31, 2020 Other Non-Agency MBS Mortgage Loans Balance as of beginning of period $ 1,690 $ 9,405 Change in fair value (1) (316) (253) Principal payments (439) (2,854) Accretion (amortization) 340 (34) Balance as of end of period $ 1,275 $ 6,264 (1) Change in fair value for other non-Agency MBS is recorded as unrealized gain (loss) in “other comprehensive income”. Change in fair value for mortgage loans is recorded as unrealized gain (loss) in “gain(loss) on investments, net“ and the amount shown for the year ended December 31, 2020 is net of a cumulative adjustment of $(548) made to the amortized cost as of December 31, 2019 as a result of the Company’s election of the fair value option for its mortgage loans effective January 1, 2020. U.S. Treasury futures and options on U.S. Treasury futures are valued based on closing exchange prices on these contracts and are classified accordingly as Level 1 measurements. The fair value of interest rate swaptions is based on the fair value of the underlying interest rate swap and time remaining until its expiration and is carried on the balance sheet net of any deferred premium to be paid upon expiration. The fair value of TBA securities is estimated using methods similar those used to fair value the Company’s Level 2 MBS. The Company also had interest rate swap agreements outstanding as of December 31, 2019. The fair value of interest rate swaps is measured using the income approach with the forward interest rate swap curve as its primary input, which is considered an observable input, and thus their fair values are considered Level 2 measurements. The carrying value on the Company’s consolidated balance sheet as of December 31, 2019 nets to $0 because the daily exchange of variation margin is legally considered as settlement of the derivative as opposed to a pledge of collateral. The Company did not have any interest rate swap agreements outstanding as of December 31, 2020.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company’s financial instruments that are measured at fair value on the Company’s consolidated balance sheet by their valuation hierarchy levels as of the dates indicated: December 31, 2020 December 31, 2019 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets carried at fair value: MBS $ 2,596,255 $ — $ 2,594,980 $ 1,275 $ 5,188,163 $ — $ 5,186,473 $ 1,690 Mortgage loans held for investment (1) 6,264 — — 6,264 8,857 — — 8,857 Derivative assets: Options on U.S. Treasury futures 1,094 1,094 — — 2,883 2,883 — — Interest rate swaptions 1,360 — 1,360 — 573 — 573 — TBA securities-long positions 8,888 — 8,888 — 834 — 834 — Total assets carried at fair value $ 2,613,861 $ 1,094 $ 2,605,228 $ 7,539 $ 5,201,310 $ 2,883 $ 5,187,880 $ 10,547 Liabilities carried at fair value: U.S. Treasury futures $ 1,527 $ 1,527 $ — $ — $ — $ — $ — $ — Interest rate swaptions 107 — 107 — — — — — TBA securities-short positions — — — — 974 — 974 — Total liabilities carried at fair value $ 1,634 $ 1,527 $ 107 $ — $ 974 $ — $ 974 $ —
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The activity of the Company’s Level 3 assets during the year ended December 31, 2020 is presented in the following table: Year Ended December 31, 2020 Other Non-Agency MBS Mortgage Loans Balance as of beginning of period $ 1,690 $ 9,405 Change in fair value (1) (316) (253) Principal payments (439) (2,854) Accretion (amortization) 340 (34) Balance as of end of period $ 1,275 $ 6,264

Shareholders' Equity and Shar_2

Shareholders' Equity and Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Dividends Declared	Common Stock. The following table summarizes information regarding monthly dividend declarations on the Company’s common stock during the year ended December 31, 2020: Year Ended December 31, 2020 Declaration Date Amount Declared Record Date Payment Date January 13, 2020 $ 0.15 January 24, 2020 February 3, 2020 February 14, 2020 0.15 February 24, 2020 March 2, 2020 March 10, 2020 0.15 March 23, 2020 April 1, 2020 April 8, 2020 0.15 April 22, 2020 May 1, 2020 May 12, 2020 0.15 May 22, 2020 June 1, 2020 June 10. 2020 0.13 June 22, 2020 July 1, 2020 July 13, 2020 0.13 July 23, 2020 August 4, 2020 August 10, 2020 0.13 August 21, 2020 September 1, 2020 September 14, 2020 0.13 September 24, 2020 October 1, 2020 October 13, 2020 0.13 October 23, 2020 November 2, 2020 November 10, 2020 0.13 November 20, 2020 December 1, 2020 December 10, 2020 0.13 December 21, 2020 January 4, 2021
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table presents a rollforward of the restricted stock activity for the periods indicated: Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Restricted stock outstanding as of beginning of period 119,213 $ 18.56 113,904 $ 19.19 117,701 $ 21.02 Granted 240,293 13.88 68,004 18.09 71,053 18.95 Vested (77,113) 17.94 (62,695) 19.20 (74,850) 21.85 Forfeited (632) 17.10 — — — — Restricted stock outstanding as of end of period 281,761 $ 14.74 119,213 $ 18.56 113,904 $ 19.19

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 295,602	$ 62,582
Restricted cash	7,077	71,648
Total cash, cash equivalents, and restricted cash shown on consolidated statement of cash flows	$ 302,679	$ 134,230	$ 88,704	$ 87,200

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Damages Sought, Value	$ 12,600
Loss Contingency, Inestimable Loss	After consultation with litigation counsel, the Company believes, based upon information currently available and its evaluation of Virginia law, that the likelihood of loss is not probable, and given the range of potential claims for damages by the Company to offset the Receiver's claims, the amount of possible loss cannot be reasonably estimated, and therefore, no contingent liability has been recorded.

Investments in Debt Securitie_3

Investments in Debt Securities Investments in Debt Securities (Details)	12 Months Ended
	Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)		Dec. 31, 2018USD ($)
Investments [Line Items]
Par value of available for sale debt security	$ 2,076,346,000		$ 4,455,808,000
Investments, Unamortized Premium (Discount)	439,649,000		558,549,000
Debt Securities, Available-for-sale, Amortized Cost	2,515,995,000		5,014,357,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	81,293,000		175,157,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(1,033,000)		(1,351,000)
Debt Securities, Available-for-sale	2,596,255,000		5,188,163,000
Proceeds from Sale of Available-for-sale Securities	4,642,305,000		1,033,066,000		$ 733,064,000
Debt Securities, Available-for-sale, Realized Gain (Loss)	308,084,000		(5,755,000)		(23,373,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
Agency MBS
Investments [Line Items]
Notional balance for interest only securities	11,277,908,000		13,404,824,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	19,266,000		215,792,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 399,000		$ 1,139,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	19		27
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	$ 749,000		$ 75,745,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 133,000		$ 35,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	2		2
Interest-Only-Strip
Investments [Line Items]
Par value of available for sale debt security	$ 0	[1]	$ 0	[2]
Investments, Unamortized Premium (Discount)	378,940,000		488,145,000
Debt Securities, Available-for-sale, Amortized Cost	378,940,000		488,145,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	12,081,000		11,760,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(982,000)		(863,000)
Debt Securities, Available-for-sale	390,039,000		499,042,000
Non-Agency MBS
Investments [Line Items]
Par value of available for sale debt security	1,499,000		1,938,000
Investments, Unamortized Premium (Discount)	(440,000)		(780,000)
Notional balance for interest only securities	9,319,520,000		9,799,629,000
Debt Securities, Available-for-sale, Amortized Cost	1,059,000		1,158,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	267,000		552,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(51,000)		(20,000)
Debt Securities, Available-for-sale	1,275,000		1,690,000
Proceeds from Sale of Available-for-sale Securities					8,695,000
Debt Securities, Available-for-sale, Realized Loss					51,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	33,417,000		13,607,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 408,000		$ 146,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year	23		7
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	$ 2,156,000		$ 1,099,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 93,000		$ 31,000
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year	5		5
U.S. Treasuries
Investments [Line Items]
Proceeds from Sale of Available-for-sale Securities					248,803,000
Debt Securities, Available-for-sale, Realized Loss					(6,567,000)
Agency | Commercial Mortgage Backed Securities
Investments [Line Items]
Par value of available for sale debt security	$ 235,801,000		$ 1,890,186,000
Investments, Unamortized Premium (Discount)	3,152,000		15,414,000
Debt Securities, Available-for-sale, Amortized Cost	238,953,000		1,905,600,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	19,597,000		93,763,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0		(6,000)
Debt Securities, Available-for-sale	258,550,000		1,999,357,000
Proceeds from Sale of Available-for-sale Securities	2,247,273,000		213,199,000		242,029,000
Debt Securities, Available-for-sale, Realized Loss	225,395,000		(6,493,000)		(9,218,000)
Agency | Residential Mortgage Backed Securities
Investments [Line Items]
Par value of available for sale debt security	1,839,046,000		2,563,684,000
Investments, Unamortized Premium (Discount)	57,997,000		55,770,000
Debt Securities, Available-for-sale, Amortized Cost	1,897,043,000		2,619,454,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	49,348,000		69,082,000
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0		(462,000)
Debt Securities, Available-for-sale	1,946,391,000		2,688,074,000
Proceeds from Sale of Available-for-sale Securities	2,395,032,000		796,699,000		217,837,000
Debt Securities, Available-for-sale, Realized Gain	$ 82,689,000
Debt Securities, Available-for-sale, Realized Loss			506,000		(7,785,000)
Agency | Interest-Only-Strip
Investments [Line Items]
Proceeds from Sale of Available-for-sale Securities			23,168,000		15,700,000
Debt Securities, Available-for-sale, Realized Loss			$ 232,000		$ 146,000
[1]	The notional balance for Agency CMBS IO and non-Agency CMBS IO was $11,277,908 and $9,319,520 respectively, as of December 31, 2020.
[2]	The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $13,404,824 and $9,799,629, respectively, as of December 31, 2019.

Receivables, Loans, Notes Rec_2

Receivables, Loans, Notes Receivable, and Others (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Receivables [Abstract]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ (548)
Mortgage loans held for investment, amortized cost	$ 6,613		$ 9,501
Variable Interest Entity, Consolidated, Liabilities, No Recourse	118		2,764
Variable Interest Entity, Consolidated, Assets, Pledged	$ 2,331		$ 3,452

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 2,437,163	$ 4,752,348
Weighted Average Rate	0.34%	2.01%
Fair Value of Collateral Pledged	$ 2,609,075	$ 5,024,625
Payable for unsettled securities	5	6,180
Receivable for securities sold	150,432	0
Repurchase agreement amount for which securities sold but unsettled as of reporting date are pledged as collateral.	140,612
Amortized cost of securities sold but unsettled	141,215
Agency | Commercial Mortgage Backed Securities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 237,649	$ 1,735,848
Weighted Average Rate	0.23%	1.98%
Fair Value of Collateral Pledged	$ 255,741	$ 1,901,452
Agency | Residential Mortgage Backed Securities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 1,874,176	$ 2,594,645
Weighted Average Rate	0.23%	1.96%
Fair Value of Collateral Pledged	$ 1,973,608	$ 2,647,638
Agency | Interest-Only-Strip
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 209,393	$ 255,912
Weighted Average Rate	0.90%	2.30%
Fair Value of Collateral Pledged	$ 243,042	$ 282,522
Non-Agency | Interest-Only-Strip
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 115,945	$ 165,943
Weighted Average Rate	1.28%	2.67%
Fair Value of Collateral Pledged	$ 136,684	$ 193,013

Repurchase Agreements Remaining

Repurchase Agreements Remaining Term to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 2,437,163	$ 4,752,348
Assets Sold under Agreements to Repurchase, Interest Rate	0.34%	2.01%
WAVG Original Term to Maturity	44	45
Less than 30 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 1,416,608	$ 2,078,185
Assets Sold under Agreements to Repurchase, Interest Rate	0.37%	2.12%
WAVG Original Term to Maturity	53	34
30 to 90 days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 845,394	$ 2,674,163
Assets Sold under Agreements to Repurchase, Interest Rate	0.31%	1.93%
WAVG Original Term to Maturity	35	52
Maturity Greater than 90 Days
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 175,161
Assets Sold under Agreements to Repurchase, Interest Rate	0.22%
WAVG Original Term to Maturity	13

Repurchase Agreements Counterpa

Repurchase Agreements Counterparty Information (Details) $ in Thousands	Dec. 31, 2020USD ($)Agreements
Disclosure of Repurchase Agreements [Abstract]
Number of Counterparties with Borrowings Outstanding | Agreements	20
Available Repurchase Agreement Counterparties | Agreements	37
Line of Credit Facility, Maximum Borrowing Capacity | $	$ 250,000
Long-term Line of Credit | $	$ 121,379
Line of Credit Facility, Interest Rate at Period End	1.01%

Repurchase Agreements Offsettin

Repurchase Agreements Offsetting (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Offsetting Liabilities [Line Items]
Gross Amount of Recognized Liabilities			$ 4,752,348
Gross Amount Offset in the Balance Sheet		$ 0	0
Net Amount of Liabilities Presented in the Balance Sheet		2,437,163	4,752,348
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	[1]	(2,437,163)	(4,752,348)
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash		0	0
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral		$ 0	$ 0
[1]	Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented.

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (172,290)	$ (186,949)	$ (3,461)
Derivative liabilities, fair value	$ (974)	(1,634)	(974)
Derivative Asset, Fair Value, Gross Asset	4,290	11,342	4,290
Derivative Liability, Fair Value, Gross Liability	974	1,634	974
Derivative assets, fair value	4,290	11,342	4,290
Interest rate swaps
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain				10,363
Derivative Instruments Not Designated as Hedging Instruments, Loss		(182,942)	(202,450)
Interest rate swaption
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain		680
Derivative Instruments Not Designated as Hedging Instruments, Loss			(5,607)	0
Derivative instrument, cost basis		13,000
Derivative Asset, Fair Value, Gross Asset	573		573
Derivative Liability, Fair Value, Gross Liability		$ (107)
Derivative, Average Fixed Interest Rate		1.07%
Derivative Asset, Notional Amount		$ 1,250,000
Derivative assets, fair value		1,253
U.S. Treasury futures
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain			2,250
Derivative Instruments Not Designated as Hedging Instruments, Loss		(15,046)		(2,722)
Derivative Liability, Fair Value, Gross Liability		(1,527)
Options on U.S. Treasury futures
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Loss		(26,186)	(1,422)	(658)
Derivative Asset, Fair Value, Gross Asset	2,883		2,883
Long position | TBA securities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain		61,245	20,020
Derivative Instruments Not Designated as Hedging Instruments, Loss				(10,737)
Derivative Asset, Fair Value, Gross Asset	834	8,888	834
Short position | TBA securities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain			260	$ 293
Derivative Instruments Not Designated as Hedging Instruments, Loss		(10,041)
Derivative Liability, Fair Value, Gross Liability	974		974
Not Designated as Hedging Instrument, Economic Hedge | Interest rate swaps
Derivative [Line Items]
Derivative Asset, Notional Amount	4,225,000	0	4,225,000
Not Designated as Hedging Instrument, Economic Hedge | Interest rate swaption
Derivative [Line Items]
Derivative liabilities, fair value		(107)
Derivative Asset, Notional Amount	750,000	1,250,000	750,000
Derivative assets, fair value	573	1,360	573
Not Designated as Hedging Instrument, Economic Hedge | Interest rate swaption | 6 months or less
Derivative [Line Items]
Derivative liabilities, fair value	0		0
Derivative instrument, cost basis	$ 6,180	$ 6,312	$ 6,180
Derivative, Average Fixed Interest Rate	2.07%	1.02%	2.07%
Derivative Asset, Notional Amount	$ 750,000	$ 750,000	$ 750,000
Derivative, Average Remaining Maturity		3 months	1 month
Derivative assets, fair value	573	$ 1,161	$ 573
Not Designated as Hedging Instrument, Economic Hedge | Interest rate swaption | Greater than 6 months
Derivative [Line Items]
Derivative instrument, cost basis		$ 6,688
Derivative, Average Fixed Interest Rate		1.16%
Derivative Asset, Notional Amount		$ 500,000
Derivative, Average Remaining Maturity		8 months
Derivative assets, fair value		$ 92
Not Designated as Hedging Instrument, Economic Hedge | U.S. Treasury futures
Derivative [Line Items]
Derivative liabilities, fair value	0		0
Not Designated as Hedging Instrument, Economic Hedge | Options on U.S. Treasury futures
Derivative [Line Items]
Derivative instrument, cost basis	2,883		2,883
Derivative Asset, Notional Amount	$ 1,350,000	$ 500,000	1,350,000
Derivative, Average Remaining Maturity	2 months	1 month
Derivative assets, fair value	$ 2,883	$ 1,094	2,883
Not Designated as Hedging Instrument, Economic Hedge | Short position | U.S. Treasury futures
Derivative [Line Items]
Derivative liabilities, fair value		$ (1,527)
Derivative, Average Remaining Maturity		2 months
Derivative Liability, Notional Amount	0	$ 825,000	0
Not Designated as Hedging Instrument, Economic Hedge | Short position | TBA securities
Derivative [Line Items]
Derivative liabilities, fair value	(974)	0	(974)
Derivative Liability, Notional Amount	500,000	0	500,000
Not Designated as Hedging Instrument, Trading | Long position | TBA securities
Derivative [Line Items]
Derivative Asset, Notional Amount	435,000	1,515,000	435,000
Derivative assets, fair value	$ 834	$ 8,888	$ 834

Derivatives TBA securities (Det

Derivatives TBA securities (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		$ 11,342	$ 4,290
Long position | Not Designated as Hedging Instrument, Trading | TBA securities
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value		8,888	834
Cost Basis,TBA	[1]	(1,564,061)	(441,327)
Market value, TBA	[2]	(1,572,949)	(442,161)
Net carrying value, TBA	[3]	(8,888)	(834)
Short position | Not Designated as Hedging Instrument, Economic Hedge | TBA securities
Derivative [Line Items]
Cost Basis,TBA	[1]	0	(519,143)
Market value, TBA	[2]	0	(520,117)
Net carrying value, TBA	[3]	$ 0	$ 974
[1]	Implied cost basis represents the forward price to be paid for the underlying Agency MBS as of the date indicated.
[2]	Implied market value represents the estimated fair value of the underlying Agency MBS as of the date indicated
[3]	Net carrying value is the amount included on the consolidated balance sheets within “derivative assets (liabilities)” and represents the difference between the implied market value and the implied cost basis of the TBA security as of the date indicated.

Derivatives Volume of Activity

Derivatives Volume of Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Interest rate swaption
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 1,250,000
Not Designated as Hedging Instrument, Economic Hedge | Interest rate swaps
Derivative [Line Items]
Derivative Asset, Notional Amount	4,225,000
Notional Amount of Derivative Instruments Added	2,915,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(7,140,000)
Derivative Asset, Notional Amount	0
Not Designated as Hedging Instrument, Economic Hedge | Interest rate swaption
Derivative [Line Items]
Derivative Asset, Notional Amount	750,000
Notional Amount of Derivative Instruments Added	1,250,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(750,000)
Derivative Asset, Notional Amount	1,250,000
Not Designated as Hedging Instrument, Economic Hedge | U.S. Treasury futures | Short position
Derivative [Line Items]
Derivative Liability, Notional Amount	0
Notional Amount of Derivative Instruments Added	5,737,600
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(4,912,600)
Derivative Liability, Notional Amount	825,000
Not Designated as Hedging Instrument, Economic Hedge | Options on U.S. Treasury futures
Derivative [Line Items]
Derivative Asset, Notional Amount	1,350,000
Notional Amount of Derivative Instruments Added	5,650,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(6,500,000)
Derivative Asset, Notional Amount	500,000
Not Designated as Hedging Instrument, Economic Hedge | TBA securities | Short position
Derivative [Line Items]
Derivative Liability, Notional Amount	500,000
Notional Amount of Derivative Instruments Added	3,017,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(3,517,000)
Derivative Liability, Notional Amount	0
Not Designated as Hedging Instrument, Trading | TBA securities | Long position
Derivative [Line Items]
Derivative Asset, Notional Amount	435,000
Notional Amount of Derivative Instruments Added	15,516,000
Notional Amount of Derivative Instruments Maturing, Settled, Terminated, or Paired-Off	(14,436,000)
Derivative Asset, Notional Amount	$ 1,515,000

Derivatives Offsetting Assets (

Derivatives Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 11,342	$ 4,290
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	11,342	4,290
Derivative, Collateral, Obligation to Return Securities	(107)	(380)	[1]
Derivative, Collateral, Obligation to Return Cash	7,681	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	3,554	3,910
Interest rate swaption
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset		573
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	1,360	573
Derivative, Collateral, Obligation to Return Securities	(107)	0
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	1,253	573
Options on U.S. Treasury futures
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset		2,883
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	1,094	2,883
Derivative, Collateral, Obligation to Return Securities	0	0
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	1,094	2,883
Long position | TBA securities
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset	8,888	834
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	8,888	834
Derivative, Collateral, Obligation to Return Securities	0	(380)	[1]
Derivative, Collateral, Obligation to Return Cash	(7,681)	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	$ 1,207	$ 454
[1]	Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash," and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically

Derivatives Offsetting Liabilit

Derivatives Offsetting Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2020		Dec. 31, 2019
Offsetting Liabilities [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ (1,634)		$ (974)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		(1,634)		(974)
Derivative, Collateral, Right to Reclaim Securities		107		380	[1]
Derivative, Collateral, Right to Reclaim Cash		1,527	[1]	0
Derivative Liability, Fair Value, Amount Offset Against Collateral		0		(594)
U.S. Treasury futures
Offsetting Liabilities [Line Items]
Derivative Liability, Fair Value, Gross Liability		1,527
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		1,527
Derivative, Collateral, Right to Reclaim Securities		0
Derivative, Collateral, Right to Reclaim Cash	[1]	1,527
Derivative Liability, Fair Value, Amount Offset Against Collateral		0
Interest rate swaption
Offsetting Liabilities [Line Items]
Derivative Liability, Fair Value, Gross Liability		107
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		107
Derivative, Collateral, Right to Reclaim Securities		107
Derivative, Collateral, Right to Reclaim Cash		0
Derivative Liability, Fair Value, Amount Offset Against Collateral		$ 0
Short position | TBA securities
Offsetting Liabilities [Line Items]
Derivative Liability, Fair Value, Gross Liability				(974)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral				(974)
Derivative, Collateral, Right to Reclaim Securities	[1]			380
Derivative, Collateral, Right to Reclaim Cash				0
Derivative Liability, Fair Value, Amount Offset Against Collateral				$ (594)
[1]	Amounts disclosed for collateral received by or posted to the same counterparty include cash and the fair value of MBS up to and not exceeding the net amount of the derivative asset or liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented. Please refer to the consolidated balance sheets for the total cash posted as collateral, which is recorded as "restricted cash," and the total fair value of financial instruments pledged as collateral for derivatives and repurchase agreements, which is shown parenthetically

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 11,342	$ 4,290
Derivative liabilities	1,634	974
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	6,264	8,857
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	2,596,255	5,188,163
Assets, Fair Value Disclosure	2,613,861	5,201,310
Financial Liabilities Fair Value Disclosure	1,634	974
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	6,264	8,857	[1]
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Assets, Fair Value Disclosure	1,094	2,883
Financial Liabilities Fair Value Disclosure	1,527	0
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	2,594,980	5,186,473
Assets, Fair Value Disclosure	2,605,228	5,187,880
Financial Liabilities Fair Value Disclosure	107	974
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	0	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	1,275	1,690
Assets, Fair Value Disclosure	7,539	10,547
Financial Liabilities Fair Value Disclosure	0	0
Mortgage loans held for investment (includes $6,264 and $8,857 at fair value, respectively); see Note 3	6,264	8,857	[1]
Fair Value, Measurements, Recurring | Options on U.S. Treasury futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,094	2,883
Fair Value, Measurements, Recurring | Options on U.S. Treasury futures | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,094	2,883
Fair Value, Measurements, Recurring | Options on U.S. Treasury futures | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | Options on U.S. Treasury futures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | Interest rate swaption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,360	573
Derivative liabilities	107	0
Fair Value, Measurements, Recurring | Interest rate swaption | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Interest rate swaption | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,360	573
Derivative liabilities	107	0
Fair Value, Measurements, Recurring | Interest rate swaption | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | TBA securities | Short position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	974
Fair Value, Measurements, Recurring | TBA securities | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8,888	834
Fair Value, Measurements, Recurring | TBA securities | Level 1 | Short position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | TBA securities | Level 1 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | TBA securities | Level 2 | Short position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	974
Fair Value, Measurements, Recurring | TBA securities | Level 2 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8,888	834
Fair Value, Measurements, Recurring | TBA securities | Level 3 | Short position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | TBA securities | Level 3 | Long position
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Measurements, Recurring | Futures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	1,527	0
Fair Value, Measurements, Recurring | Futures | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	1,527	0
Fair Value, Measurements, Recurring | Futures | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Futures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	$ 0
[1]	Mortgage loans held for investment were carried at amortized cost of $9,405 on the Company’s consolidated balance sheet as of December 31, 2019.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments Level 3 (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2020USD ($)percent	Jan. 01, 2020USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ (548)
Measurement Input, Prepayment Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt Securities, Available-for-sale, Measurement Input | percent		0.10
Loans Held-for-sale, Measurement Input | percent		0.10
Measurement Input, Default Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt Securities, Available-for-sale, Measurement Input | percent		0.02
Loans Held-for-sale, Measurement Input | percent		0.02
Measurement Input, Loss Severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt Securities, Available-for-sale, Measurement Input | percent		0.20
Loans Held-for-sale, Measurement Input | percent		0.20
Measurement Input, Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt Securities, Available-for-sale, Measurement Input | percent		0.070
Loans Held-for-sale, Measurement Input | percent		0.070
Non-Agency MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		$ 1,690
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	[1]	(316)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(439)
Balance at the end of the period		1,275
Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		9,405
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	[1]	253
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,854)
Balance at the end of the period		6,264
Interest Income | Non-Agency MBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion (amortization)		340
Interest Income | Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion (amortization)		$ (34)
[1]	Change in fair value for other non-Agency MBS is recorded as unrealized gain (loss) in “other comprehensive income”. Change in fair value for mortgage loans is recorded as unrealized gain (loss) in “gain(loss) on investments, net“ and the amount shown for the year ended December 31, 2020 is net of a cumulative adjustment of $(548) made to the amortized cost as of December 31, 2019 as a result of the Company’s election of the fair value option for its mortgage loans effective January 1, 2020.

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands

Feb. 02, 2021

Jan. 04, 2021

Dec. 21, 2020

Dec. 10, 2020

Dec. 01, 2020

Nov. 20, 2020

Nov. 10, 2020

Nov. 02, 2020

Oct. 23, 2020

Oct. 13, 2020

Oct. 01, 2020

Sep. 24, 2020

Sep. 14, 2020

Sep. 01, 2020

Aug. 21, 2020

Aug. 10, 2020

Aug. 04, 2020

Jul. 23, 2020

Jul. 13, 2020

Jul. 01, 2020

Jun. 22, 2020

Jun. 10, 2020

Jun. 01, 2020

May 22, 2020

May 12, 2020

May 01, 2020

Apr. 22, 2020

Apr. 08, 2020

Apr. 01, 2020

Mar. 23, 2020

Mar. 14, 2020

Mar. 10, 2020

Mar. 02, 2020

Feb. 24, 2020

Feb. 14, 2020

Feb. 03, 2020

Jan. 24, 2020

Jan. 13, 2020

Dec. 31, 2020

Nov. 30, 2020

Oct. 31, 2020

Sep. 30, 2020

Aug. 31, 2020

Jul. 31, 2020

Jun. 30, 2020

May 31, 2020

Apr. 30, 2020

Mar. 31, 2020

Feb. 29, 2020

Jan. 31, 2020

Dec. 31, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Feb. 15, 2021

Mar. 16, 2020

Class of Stock [Line Items]

Preferred Stock, Shares Authorized

50,000,000

50,000,000

50,000,000

50,000,000

Preferred Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Stock issuance, value

$ 117,818

$ 83,812

$ 43,457

Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs

$ 25

$ 258

$ 95

Preferred Stock, Shares Outstanding

7,248,330

7,248,330

7,248,330

6,788,330

Redemption Premium

$ 3,914

Preferred Stock, Shares Issued

7,248,330

7,248,330

7,248,330

6,788,330

Dividends Payable, Date Declared, Month and Year

Dec. 10, 2020

Nov. 10, 2020

Oct. 13, 2020

Sep. 14, 2020

Aug. 10, 2020

Jul. 13, 2020

Jun. 10, 2020

May 12, 2020

Apr. 8, 2020

Mar. 10, 2020

Feb. 14, 2020

Jan. 13, 2020

Common Stock, Dividends, Per Share, Declared

$ 0.13

$ 0.13

$ 0.13

$ 0.13

$ 0.13

$ 0.13

$ 0.13

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

Subsequent Event [Member]

Class of Stock [Line Items]

Stock issuance, shares

3,162,500

Stock issuance, value

$ 55,510

Preferred Stock, Redemption Price Per Share

$ 25.15

Series A Preferred Stock

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

8.50%

Preferred Stock, Shares Outstanding

2,300,000

Preferred Stock, Redemption Price Per Share

$ 25.35

Preferred Stock, Liquidation Preference Per Share

$ 25

Series B Preferred Stock

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

762.50%

Preferred Stock, Shares Outstanding

1,700,000

Preferred Stock, Redemption Price Per Share

$ 25.32

Preferred Stock, Shares Issued

2,788,330

2,788,330

2,788,330

Preferred Stock, Liquidation Preference Per Share

$ 25

$ 25

$ 25

$ 25

Preferred Stock, Dividend Payment Terms

The Series B Preferred Stock paid a cumulative cash dividend equivalent to 7.625% of the $25.00 liquidation preference per share each year.

Preferred Stock, Dividends Per Share, Declared

$ 0.4765625

Series C Preferred Stock

Class of Stock [Line Items]

Preferred Stock, Shares Authorized

6,600,000

6,600,000

6,600,000

Stock issuance, shares

4,460,000

Stock issuance, value

$ 107,843

Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs

$ 3,657

Preferred Stock, Dividend Rate, Percentage

690.00%

Preferred Stock, Liquidation Preference Per Share

$ 25

$ 25

$ 25

Preferred Stock, Dividend Payment Terms

The Series C Preferred stock pays a cumulative cash dividend equivalent to 6.900% of the $25.00 liquidation preference per share each year until April 15, 2025 upon which date and thereafter, the Company will pay cumulative cash dividends at a percentage of the $25.00 liquidation value per share equal to an annual floating rate of three-month LIBOR plus a spread of 5.461%.

Preferred Stock, Dividends Per Share, Declared

$ 0.43125

Common Stock

Class of Stock [Line Items]

Dividends Payable, Date of Record

Dec. 21, 2020

Nov. 20, 2020

Oct. 23, 2020

Sep. 24, 2020

Aug. 21, 2020

Jul. 23, 2020

Jun. 22, 2020

May 22, 2020

Apr. 22, 2020

Mar. 23, 2020

Feb. 24, 2020

Jan. 24, 2020

Dividends Payable, Date to be Paid

Dec. 1, 2020

Nov. 2, 2020

Oct. 1, 2020

Sep. 1, 2020

Aug. 4, 2020

Jul. 1, 2020

Jun. 1, 2020

May 1, 2020

Apr. 1, 2020

Mar. 2, 2020

Feb. 3, 2020

Common Stock | Subsequent Event [Member]

Class of Stock [Line Items]

Dividends Payable, Date to be Paid

Jan. 4, 2021

Shareholders' Equity and Shar_3

Shareholders' Equity and Share-Based Compensation Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive plan, number of shares authorized for issuance	2,300,000
Stock-based compensation expense	$ 1,823	$ 1,205	$ 1,231
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Rollforward]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 1 month 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Rollforward]
Restricted stock outstanding as of beginning of period	119,213	113,904	117,701
Granted	240,293	68,004	71,053
Vested	(77,113)	(62,695)	(74,850)
Restricted stock outstanding as of end of period	281,761	119,213	113,904
Restricted stock as of beginning of period of period, nonvested, weighted average grant date fair value per share	$ 18.56	$ 19.19	$ 21.02
Restricted stock granted, weighted average grant date fair value per share	13.88	18.09	18.95
Restricted stock vested, weighted average grant date fair value per share	17.94	19.20	21.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 17.10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	632
Restricted stock as of end of period, nonvested, weighted average grant date fair value per share	$ 14.74	$ 18.56	$ 19.19
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 2,760

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
REIT taxable income	$ 77,492	$ 23,334	$ 21,085
Operating Loss Carryforwards	$ 17,353

Related Party Disclosures (Deta

Related Party Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transaction, Amounts of Transaction	$ 0	$ 63	$ 307
Due from Officers or Stockholders	$ 15,961

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 15, 2021	Feb. 02, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Stock issuance, value			$ 117,818	$ 83,812	$ 43,457
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock issuance, shares		3,162,500
Stock issuance, value		$ 55,510
Stock Redeemed or Called During Period, Shares	2,788,330
Preferred Stock, Redemption Price Per Share	$ 25.15