0001518621-22-000023 | 10-K | XBRL Viewer | Orchid Island Capital INC

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization and Business Description Orchid Island Capital, Inc. (“Orchid” or the “Company”), was incorporated in Maryland on August 17, 2010 for the purpose of creating and managing a leveraged investment portfolio consisting of residential mortgage-backed securities (“RMBS”). From incorporation to February 20, 2013 Orchid was a wholly owned subsidiary of Bimini Capital Management, Inc. (“Bimini”). Orchid began operations on November 24, 2010 (the date of commencement of operations). From incorporation through November 24, 2010, Orchid’s only activity was the issuance of common stock to Bimini. On August 2, 2017, Orchid entered into an equity distribution agreement (the “August 2017 Equity Distribution Agreement”) with two sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $ 125,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 15,123,178 shares under the August 2017 Equity Distribution Agreement for aggregate gross proceeds of approximately $ 125.0 million, and net proceeds of approximately $ 123.1 million, net of commissions and fees, prior to its termination in July 2019. On July 30, 2019, Orchid entered into an underwriting agreement (the “2019 Underwriting Agreement”) with Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the underwriters named therein, relating to the offer and sale of 7,000,000 shares of the Company’s common stock at a price to the public of $ 6.55 per share. The underwriters purchased the shares pursuant to the 2019 Underwriting Agreement at a price of $ 6.3535 per share. The closing of the offering of 7,000,000 shares of common stock occurred on August 2, 2019, with net proceeds to the Company of approximately $ 44.2 million after deduction of underwriting discounts and commissions and other estimated offering expenses. On January 23, 2020, Orchid entered into an equity distribution agreement (the “January 2020 Equity Distribution Agreement”) with three sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $ 200,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 3,170,727 shares under the January 2020 Equity Distribution Agreement for aggregate gross proceeds of $ 19.8 million, and net proceeds of approximately $ 19.4 million, after commissions and fees, prior to its termination in August 2020. On August 4, 2020, Orchid entered into an equity distribution agreement (the “August 2020 Equity Distribution Agreement”) with four sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $ 150,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 27,493,650 shares under the August 2020 Equity Distribution Agreement for aggregate gross proceeds of approximately $ 150.0 million, and net proceeds of approximately $ 147.4 million, after commissions and fees, prior to its termination in June 2021. On January 20, 2021, Orchid entered into an underwriting agreement (the “January 2021 Underwriting Agreement”) with J.P. Morgan Securities LLC (“J.P. Morgan”), relating to the offer and sale of 7,600,000 shares of the Company’s common stock. J.P. Morgan purchased the shares of the Company’s common stock from the Company pursuant to the January 2021 Underwriting Agreement at $ 5.20 per share. In addition, the Company granted J.P. Morgan a 30-day option to purchase up to an additional 1,140,000 shares of the Company’s common stock on the same terms and conditions, which J.P. Morgan exercised in full on January 21, 2021. The closing of the offering of 8,740,000 shares of the Company’s common stock occurred on January 25, 2021, with proceeds to the Company of approximately $ 45.2 million, after deduction of underwriting discounts and commissions and other estimated offering expenses. On March 2, 2021, Orchid entered into an underwriting agreement (the “March 2021 Underwriting Agreement”) with J.P. Morgan, relating to the offer and sale of 8,000,000 shares of the Company’s common stock. J.P. Morgan purchased the shares of the Company’s common stock from the Company pursuant to the March 2021 Underwriting Agreement at $ 5.45 per share. In addition, the Company granted J.P. Morgan a 30-day option to purchase up to an additional 1,200,000 shares of the Company’s common stock on the same terms and conditions, which J.P. Morgan exercised in full on March 3, 2021. The closing of the offering of 9,200,000 shares of the Company’s common stock occurred on March 5, 2021, with proceeds to the Company of approximately $ 50.0 million, after deduction of underwriting discounts and commissions and other estimated offering expenses. On June 22, 2021, Orchid entered into an equity distribution agreement (the “June 2021 Equity Distribution Agreement”) with four sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $ 250,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 49,407,336 shares under the June 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $ 250.0 million, and net proceeds of approximately $ 246.0 million, after commissions and fees, prior to its termination in October 2021. On October 29, 2021, Orchid entered into an equity distribution agreement (the “October 2021 Equity Distribution Agreement”) with four sales agents pursuant to which the Company may offer and sell, from time to time, up to an aggregate amount of $ 250,000,000 of shares of the Company’s common stock in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. Through December 31, 2021, the Company issued a total of 15,835,700 shares under the October 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $ 78.3 million, and net proceeds of approximately $ 77.0 million, after commissions and fees. Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on the information available as of December 31, 2021. Variable Interest Entities (VIEs) We obtain interests in VIEs through our investments in mortgage-backed securities. Our interests in these VIEs are passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interest in these VIEs as mortgage-backed securities. See Note 2 for additional information regarding our investments in mortgage-backed securities. Our maximum exposure to loss for these VIEs is the carrying value of the mortgage-backed securities. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and other borrowings, and interest rate swaps and other derivative instruments. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 385,143 $ 220,143 Restricted cash 65,299 79,363 Total cash, cash equivalents and restricted cash $ 450,442 $ 299,506 The Company maintains cash balances at three banks and excess margin on account with two exchange clearing members. At times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and exchange clearing members and believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances. Mortgage-Backed Securities and U.S. Treasury Notes The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed (“RMBS”) and collateralized mortgage obligations (“CMOs”) certificates issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. We refer to RMBS and CMOs as PT RMBS. We refer to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury Notes under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records securities transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the portfolio balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the portfolio balance with an offsetting receivable recorded. Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for RMBS are based on independent pricing sources and/or third party broker quotes, when available. Estimated fair values for U.S. Treasury Notes are based on quoted prices for identical assets in active markets. Income on PT RMBS securities and U.S. Treasury Notes is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains (losses) on RMBS in the statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations. Derivative Financial Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T-Note”), Fed Funds and Eurodollar futures contracts, short positions in U.S. Treasury securities, interest rate swaps, options to enter in interest rate swaps (“interest rate swaptions”) and TBA securities transactions, but the Company may enter into other derivative and other hedging instruments in the future. The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations. Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in earnings for each period. The Company’s derivative financial instruments are not designated as hedge accounting relationships, but rather are used as economic hedges of its portfolio assets and liabilities. Gains and losses on derivatives, except those that result in cash receipts or payments, are included in operating activities on the statement of cash flows. Cash payments and cash receipts from settlements of derivatives, including current period net cash settlements on interest rate swaps, is classified as an investing activity on the statements of cash flows. Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties and exchanges to honor their commitments. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. The Company’s derivative agreements require it to post or receive collateral to mitigate such risk. In addition, the Company uses only registered central clearing exchanges and well-established commercial banks as counterparties, monitors positions with individual counterparties and adjusts posted collateral as required. Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed, either in the body of the financial statements or in the accompanying notes. RMBS, Eurodollar, Fed Funds and T-Note futures contracts, interest rate swaps, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as of December 31, 2021 and December 31, 2020 due to the short-term nature of these financial instruments. Repurchase Agreements The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Reverse Repurchase Agreements and Obligations to Return Securities Borrowed under Reverse Repurchase Agreements The Company borrows securities to cover short sales of U.S. Treasury securities through reverse repurchase transactions under our master repurchase agreements. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. The securities received as collateral in connection with our reverse repurchase agreements mitigate our credit risk exposure to counterparties. Our reverse repurchase agreements typically have maturities of 30 days or less. Manager Compensation The Company is externally managed by Bimini Advisors, LLC (the “Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 13 for the terms of the management agreement. Earnings Per Share Basic earnings per share (“EPS”) is calculated as net income or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding or subscribed during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive. Stock-Based Compensation The Company may grant equity-based compensation to non-employee members of its board of directors and to the executive officers and employees of the Manager. Stock-based awards issued include Performance Units, Deferred Stock Units and immediately vested common stock awards. Compensation expense is measured and recognized for all stock-based payment awards made to employees and non-employee directors based on the fair value of our common stock on the date of grant. Compensation expense is recognized over each award’s respective service period using the graded vesting attribution method. We do not estimate forfeiture rates; rather, we adjust for forfeitures in the periods in which they occur. Income Taxes Orchid elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders all of their REIT taxable income on an annual basis. A REIT must distribute at least 90% of its REIT taxable income, determined without regard to the deductions for dividends paid and excluding net capital gain, and meet other requirements of the Code to retain its tax status. Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no accrual for any tax, interest or penalties related to Orchid’s tax position assessment. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 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 the London Interbank Offered Rate (“LIBOR”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. In addition, ASU 2021-01 adds implementation guidance to permit a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives and extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting when certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. The guidance in ASU 2021-01 is effective immediately and available generally through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.

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

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
OFFSETTING ASSETS AND LIABILITIES (Tables)	Dec. 31, 2021
Offsetting Assets And Liabilities [Abstract]
Offsetting of Assets [Table Text Block]	The following table presents information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of December 31, 2021 and 2020. (in thousands) Offsetting of Assets Gross Amount Not Net Amount Offset in the Balance Sheet of Assets Financial Gross Amount Gross Amount Presented Instruments Cash of Recognized Offset in the in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount December 31, 2021 Interest rate swaps $ 29,293 $ - $ 29,293 $ - $ - $ 29,293 Interest rate swaptions 21,493 - 21,493 - (6,350) 15,143 $ 50,786 $ - $ 50,786 $ - $ (6,350) $ 44,436 December 31, 2020 Interest rate swaps $ 7 $ - $ 7 $ - $ - $ 7 Interest rate swaptions 17,433 - 17,433 - (3,563) 13,870 TBA securities 3,559 - 3,559 - (2,520) 1,039 $ 20,999 $ - $ 20,999 $ - $ (6,083) $ 14,916
Offsetting of Liabilties [Table Text Block]	(in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral Collateral Amount December 31, 2021 Repurchase Agreements $ 6,244,106 $ - $ 6,244,106 $ (6,186,842) $ (57,264) $ - Interest rate swaps 2,862 - 2,862 (2,862) - - Interest rate swaptions 4,423 - 4,423 - - 4,423 TBA securities 304 - 304 - - 304 $ 6,251,695 $ - $ 6,251,695 $ (6,189,704) $ (57,264) $ 4,727 December 31, 2020 Repurchase Agreements $ 3,595,586 $ - $ 3,595,586 $ (3,536,757) $ (58,829) $ - Interest rate swaps 24,711 - 24,711 - (19,761) 4,950 Interest rate swaptions 7,730 - 7,730 - - 7,730 TBA securities 786 - 786 - (284) 502 $ 3,628,813 $ - $ 3,628,813 $ (3,536,757) $ (78,874) $ 13,182

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

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciling the numerator and denominator of EPS	The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2021, 2020 and 2019. (in thousands, except per-share information) 2021 2020 2019 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net (loss) income - Basic and diluted $ (64,760) $ 2,128 $ 24,265 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 176,993 76,073 63,062 Unvested dividend eligible share based compensation outstanding at the balance sheet date - 96 63 Effect of weighting (55,849) (8,958) (6,797) Weighted average shares-basic and diluted 121,144 67,211 56,328 Net (loss) income per common share: Basic and diluted $ (0.54) $ 0.03 $ 0.43 Anti-dilutive incentive shares not included in calculation. 281 - -

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

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Dec. 31, 2021
Derivative Financial Instruments [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table below summarizes fair value information about our derivative and other hedging instruments assets and liabilities as of December 31, 2021 and 2020. (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location December 31, 2021 December 31, 2020 Assets Interest rate swaps Derivative assets, at fair value $ 29,293 $ 7 Payer swaptions (long positions) Derivative assets, at fair value 21,493 17,433 TBA securities Derivative assets, at fair value - 3,559 Total derivative assets, at fair value $ 50,786 $ 20,999 Liabilities Interest rate swaps Derivative liabilities, at fair value $ 2,862 $ 24,711 Payer swaptions (short positions) Derivative liabilities, at fair value 4,423 7,730 TBA securities Derivative liabilities, at fair value 304 786 Total derivative liabilities, at fair value $ 7,589 $ 33,227 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 8,035 $ 489 TBA securities Restricted cash - 284 TBA securities Other liabilities (856) (2,520) Interest rate swaption contracts Other liabilities (6,350) (3,563) Interest rate swap contracts Restricted cash - 19,761 Total margin balances on derivative contracts $ 829 $ 14,451
Schedule of Eurodollar and T-Note futures positions	Eurodollar, Fed Funds and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar and T-Note futures positions at December 31, 2021 and 2020. ($ in thousands) December 31, 2021 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) U.S. Treasury Note Futures Contracts (Short Positions) (2) March 2022 5-year T-Note futures (Mar 2022 - Mar 2027 Hedge Period) $ 369,000 1.56% 1.62% $ 1,013 March 2022 10-year Ultra futures (Mar 2022 - Mar 2032 Hedge Period) $ 220,000 1.22% 1.09% $ (3,861) ($ in thousands) December 31, 2020 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2021 $ 50,000 1.03% 0.18% $ (424) U.S. Treasury Note Futures Contracts (Short Position) (2) March 2021 5 year T-Note futures (Mar 2021 - Mar 2026 Hedge Period) $ 69,000 0.72% 0.67% $ (186) Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. (2) 5-Year T-Note futures contracts were valued at a price of $ 120.98 at December 31, 2021 and $ 126.16 at December 31, 2020. The contract values of the short positions were $ 446.4 million and $ 87.1 million at December 31, 2021 and December 31, 2020, respectively. 10-Year Ultra futures contracts were valued at price of $ 146.44 at December 31, 2021. The contract value of the short position was $ 322.2 million at December 31, 2021.
Schedule of Interest Rate Swap Agreements [Table Text Block]	Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on LIBOR ("payer swaps"). The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics of our repurchase agreements and cash flows on such liabilities. We are typically required to post collateral on our interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at December 31, 2021 and 2020. ($ in thousands) Average Net Fixed Average Estimated Average Notional Pay Receive Fair Maturity Amount Rate Rate Value (Years) December 31, 2021 Expiration > 3 to ≤ 5 years $ 955,000 0.64% 0.16% $ 21,788 4.0 Expiration > 5 years $ 400,000 1.16% 0.21% $ 4,643 7.3 $ 1,355,000 0.79% 0.18% $ 26,431 5.0 December 31, 2020 Expiration > 1 to ≤ 3 years $ 620,000 1.29% 0.22% $ (23,760) 3.6 Expiration > 3 to ≤ 5 years 200,000 0.67% 0.23% (944) 6.4 $ 820,000 1.14% 0.23% $ (24,704) 4.3
Schedule Of Interest Rate Swaption Agreements [Table Text Block]	The table below presents information related to the Company’s interest rate swaption positions at December 31, 2021 and 2020. ($ in thousands) Option Underlying Swap Weighted Average Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) December 31, 2021 Payer Swaptions (long positions) ≤ 1 year $ 4,000 $ 1,575 3.2 400,000 1.66% 3 Month 5.0 > 1 year ≤ 2 years 32,690 19,918 18.4 1,258,500 2.46% 3 Month 14.1 $ 36,690 $ 21,493 14.7 $ 1,658,500 2.27% 3 Month 11.9 Payer Swaptions (short positions) ≤ 1 year $ (16,185) $ (4,423) 5.3 $ (1,331,500) 2.29% 3 Month 11.4 December 31, 2020 Payer Swaptions (long positions) ≤ 1 year $ 3,450 $ 5 2.5 500,000 0.95% 3 Month 4.0 > 1 year ≤ 2 years 13,410 17,428 17.4 675,000 1.49% 3 Month 12.8 $ 16,860 $ 17,433 11.0 $ 1,175,000 1.26% 3 Month 9.0 Payer Swaptions (short positions) ≤ 1 year $ (4,660) $ (7,730) 5.4 $ (507,700) 1.49% 3 Month 12.8
Schedule of To Be Announced Securities [TableTextBlock]	The following table summarizes our contracts to purchase and sell TBA securities as of December 31, 2021 and 2020. ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short) (1) Basis (2) Value (3) Value (4) December 31, 2021 30-Year TBA securities: 3.0% $ (575,000) $ (595,630) $ (595,934) $ (304) Total $ (575,000) $ (595,630) $ (595,934) $ (304) December 31, 2020 30-Year TBA securities: 2.0% $ 465,000 $ 479,531 $ 483,090 $ 3,559 3.0% (328,000) (342,896) (343,682) (786) Total $ 137,000 $ 136,635 $ 139,408 $ 2,773
Schedule of the effect of the Company's deriviative financial instruments on the consolidated statement of operations	Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative and other hedging instruments on the statements of operations for the years ended December 31, 2021, 2020 and 2019. (in thousands) 2021 2020 2019 Eurodollar futures contracts (short positions) $ (10) $ (8,337) $ (13,860) U.S. Treasury Note futures contracts (short position) (846) (4,707) (5,175) Fed Funds futures contracts (short positions) - - 177 Interest rate swaps 23,613 (66,212) (26,582) Payer swaptions (long positions) (2,580) 98 (1,379) Payer swaptions (short positions) 9,062 (3,070) - Interest rate floors 2,765 - - TBA securities (short positions) 3,432 (6,719) (6,264) TBA securities (long positions) (8,559) 9,950 1,907 U.S. Treasury securities (short positions) - (95) - Total $ 26,877 $ (79,092) $ (51,176)

DERIVATIVE FINANCIAL INSTRUMENTS - Eurodollar and T-Note futures positions (Details) - Short [Member] - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Year 2021 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 50,000,000
Derivative Entry Rate		1.03%
Locked-In LIBOR Rate		0.18%
Open Equity		$ (424,000)
Year 2021 Expiration [Member] \| 5-Year Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 69,000,000
Derivative Entry Rate		0.72%
Locked-In LIBOR Rate		0.67%
Open Equity		$ (186,000)
Dollar Price		126.16
Contract Value		$ 87,100,000
Year 2022 Expiration [Member] \| 5-Year Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 369,000,000
Derivative Entry Rate	1.56%
Locked-In LIBOR Rate	1.62%
Open Equity	$ 1,013,000
Dollar Price	120.98
Contract Value	$ 446,400,000
Year 2022 Expiration [Member] \| Ten Year Ultra Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 220,000,000
Derivative Entry Rate	1.22%
Locked-In LIBOR Rate	1.09%
Open Equity	$ (3,861,000)
Dollar Price	146.44
Contract Value	$ 322,200,000

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

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Dec. 31, 2021
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	NOTE 4. DERIVATIVE AND OTHER HEDGING INSTRUMENTS The table below summarizes fair value information about our derivative and other hedging instruments assets and liabilities as of December 31, 2021 and 2020. (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location December 31, 2021 December 31, 2020 Assets Interest rate swaps Derivative assets, at fair value $ 29,293 $ 7 Payer swaptions (long positions) Derivative assets, at fair value 21,493 17,433 TBA securities Derivative assets, at fair value - 3,559 Total derivative assets, at fair value $ 50,786 $ 20,999 Liabilities Interest rate swaps Derivative liabilities, at fair value $ 2,862 $ 24,711 Payer swaptions (short positions) Derivative liabilities, at fair value 4,423 7,730 TBA securities Derivative liabilities, at fair value 304 786 Total derivative liabilities, at fair value $ 7,589 $ 33,227 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 8,035 $ 489 TBA securities Restricted cash - 284 TBA securities Other liabilities (856) (2,520) Interest rate swaption contracts Other liabilities (6,350) (3,563) Interest rate swap contracts Restricted cash - 19,761 Total margin balances on derivative contracts $ 829 $ 14,451 Eurodollar, Fed Funds and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar and T-Note futures positions at December 31, 2021 and 2020. ($ in thousands) December 31, 2021 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) U.S. Treasury Note Futures Contracts (Short Positions) (2) March 2022 5-year T-Note futures (Mar 2022 - Mar 2027 Hedge Period) $ 369,000 1.56% 1.62% $ 1,013 March 2022 10-year Ultra futures (Mar 2022 - Mar 2032 Hedge Period) $ 220,000 1.22% 1.09% $ (3,861) ($ in thousands) December 31, 2020 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2021 $ 50,000 1.03% 0.18% $ (424) U.S. Treasury Note Futures Contracts (Short Position) (2) March 2021 5 year T-Note futures (Mar 2021 - Mar 2026 Hedge Period) $ 69,000 0.72% 0.67% $ (186) Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. (2) 5-Year T-Note futures contracts were valued at a price of $ 120.98 at December 31, 2021 and $ 126.16 at December 31, 2020. The contract values of the short positions were $ 446.4 million and $ 87.1 million at December 31, 2021 and December 31, 2020, respectively. 10-Year Ultra futures contracts were valued at price of $ 146.44 at December 31, 2021. The contract value of the short position was $ 322.2 million at December 31, 2021. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on LIBOR ("payer swaps"). The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics of our repurchase agreements and cash flows on such liabilities. We are typically required to post collateral on our interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at December 31, 2021 and 2020. ($ in thousands) Average Net Fixed Average Estimated Average Notional Pay Receive Fair Maturity Amount Rate Rate Value (Years) December 31, 2021 Expiration > 3 to ≤ 5 years $ 955,000 0.64% 0.16% $ 21,788 4.0 Expiration > 5 years $ 400,000 1.16% 0.21% $ 4,643 7.3 $ 1,355,000 0.79% 0.18% $ 26,431 5.0 December 31, 2020 Expiration > 1 to ≤ 3 years $ 620,000 1.29% 0.22% $ (23,760) 3.6 Expiration > 3 to ≤ 5 years 200,000 0.67% 0.23% (944) 6.4 $ 820,000 1.14% 0.23% $ (24,704) 4.3 The table below presents information related to the Company’s interest rate swaption positions at December 31, 2021 and 2020. ($ in thousands) Option Underlying Swap Weighted Average Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) December 31, 2021 Payer Swaptions (long positions) ≤ 1 year $ 4,000 $ 1,575 3.2 400,000 1.66% 3 Month 5.0 > 1 year ≤ 2 years 32,690 19,918 18.4 1,258,500 2.46% 3 Month 14.1 $ 36,690 $ 21,493 14.7 $ 1,658,500 2.27% 3 Month 11.9 Payer Swaptions (short positions) ≤ 1 year $ (16,185) $ (4,423) 5.3 $ (1,331,500) 2.29% 3 Month 11.4 December 31, 2020 Payer Swaptions (long positions) ≤ 1 year $ 3,450 $ 5 2.5 500,000 0.95% 3 Month 4.0 > 1 year ≤ 2 years 13,410 17,428 17.4 675,000 1.49% 3 Month 12.8 $ 16,860 $ 17,433 11.0 $ 1,175,000 1.26% 3 Month 9.0 Payer Swaptions (short positions) ≤ 1 year $ (4,660) $ (7,730) 5.4 $ (507,700) 1.49% 3 Month 12.8 The following table summarizes our contracts to purchase and sell TBA securities as of December 31, 2021 and 2020. ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short) (1) Basis (2) Value (3) Value (4) December 31, 2021 30-Year TBA securities: 3.0% $ (575,000) $ (595,630) $ (595,934) $ (304) Total $ (575,000) $ (595,630) $ (595,934) $ (304) December 31, 2020 30-Year TBA securities: 2.0% $ 465,000 $ 479,531 $ 483,090 $ 3,559 3.0% (328,000) (342,896) (343,682) (786) Total $ 137,000 $ 136,635 $ 139,408 $ 2,773 Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative and other hedging instruments on the statements of operations for the years ended December 31, 2021, 2020 and 2019. (in thousands) 2021 2020 2019 Eurodollar futures contracts (short positions) $ (10) $ (8,337) $ (13,860) U.S. Treasury Note futures contracts (short position) (846) (4,707) (5,175) Fed Funds futures contracts (short positions) - - 177 Interest rate swaps 23,613 (66,212) (26,582) Payer swaptions (long positions) (2,580) 98 (1,379) Payer swaptions (short positions) 9,062 (3,070) - Interest rate floors 2,765 - - TBA securities (short positions) 3,432 (6,719) (6,264) TBA securities (long positions) (8,559) 9,950 1,907 U.S. Treasury securities (short positions) - (95) - Total $ 26,877 $ (79,092) $ (51,176) Credit Risk-Related Contingent Features The use of derivatives and other hedging instruments creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We attempt to minimize this risk by limiting our counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, we may be required to pledge assets as collateral for our derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, we may not receive payments provided for under the terms of our derivative agreements, and may have difficulty obtaining our assets pledged as collateral for our derivatives. The cash and cash equivalents pledged as collateral for our derivative instruments are included in restricted cash on our balance sheets. It is the Company's policy not to offset assets and liabilities associated with open derivative contracts. However, the Chicago Mercantile Exchange (“CME”) rules characterize variation margin transfers as settlement payments, as opposed to adjustments to collateral. As a result, derivative assets and liabilities associated with centrally cleared derivatives for which the CME serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date.

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

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

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

FAIR VALUE - Assets - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 6,511,095	$ 3,726,895
Derivative, Fair Value, Net	50,786	20,999
U.S. Treasury Notes	37,175	0
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
U.S. Treasury Notes	37,175
Fair Value, Inputs, Level 1 [Member] \| Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 1 [Member] \| TBA Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	6,511,095	3,726,895
U.S. Treasury Notes	0
Fair Value, Inputs, Level 2 [Member] \| Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	26,431	(24,704)
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	17,070	9,703
Fair Value, Inputs, Level 2 [Member] \| TBA Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	(304)	2,773
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
U.S. Treasury Notes	0
Fair Value, Inputs, Level 3 [Member] \| Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 3 [Member] \| TBA Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	$ 0	$ 0

CAPITAL STOCK (Tables)	12 Months Ended
CAPITAL STOCK (Tables)	Dec. 31, 2021
Capital Stock [Abstract]
Schedule of completed public offerings of shares of common stock	Common Stock Issuances During 2021 and 2020, the Company completed the following public offerings of shares of its common stock. ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2021 At the Market Offering Program (3) First Quarter $ 5.10 308,048 $ 1,572 Follow-on Offerings First Quarter 5.31 17,940,000 95,336 At the Market Offering Program (3) Second Quarter 5.40 23,087,089 124,746 At the Market Offering Program (3) Third Quarter 4.94 35,818,338 177,007 At the Market Offering Program (3) Fourth Quarter 4.87 23,674,698 115,398 100,828,173 $ 514,059 2020 At the Market Offering Program (3) First Quarter $ 6.23 3,170,727 $ 19,447 At the Market Offering Program (3) Second Quarter - - - At the Market Offering Program (3) Third Quarter 5.15 3,073,326 15,566 At the Market Offering Program (3) Fourth Quarter 5.41 6,775,187 36,037 13,019,240 $ 71,050 Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs. (2) Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs. (3) As of December 31, 2021, the Company had entered into ten equity distribution agreements, nine of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.
Schedul of cash dividends declared on the Company's common stock	Cash Dividends The table below presents the cash dividends declared on the Company’s common stock. (in thousands, except per share amounts) Year Per Share Amount Total 2013 $ 1.395 $ 4,662 2014 2.160 22,643 2015 1.920 38,748 2016 1.680 41,388 2017 1.680 70,717 2018 1.070 55,814 2019 0.960 54,421 2020 0.790 53,570 2021 0.780 97,601 2022 - YTD (1) 0.110 19,502 Totals $ 12.545 $ 459,066 On January 13, 2022, the Company declared a dividend of $0.055 per share to be paid on February 24, 2022. On February 16, 2022, the Company declared a dividend of $0.055 per share to be paid on March 29, 2022. The dollar amount of the dividend declared in February 2022 is estimated based on the number of shares outstanding at February 25, 2022. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2021.

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

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

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

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13. RELATED PARTY TRANSACTIONS Management Agreement The Company is externally managed and advised by the “Manager” pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 2023 and provides for automatic one-year extension options thereafter and is subject to certain termination rights. Under the terms of the management agreement, the Manager is responsible for administering the business activities and day-to-day operations of the Company. The Manager receives a monthly management fee in the amount of: ● One-twelfth of 1.5% of the first $250 million of the Company’s month-end equity, as defined in the management agreement, ● One-twelfth of 1.25% of the Company’s month-end equity that is greater than $250 million and less than or equal to $500 million, and ● One-twelfth of 1.00% of the Company’s month-end equity that is greater than $500 million. The Company is obligated to reimburse the Manager for any direct expenses incurred on its behalf and to pay the Manager the Company’s pro rata portion of certain overhead costs set forth in the management agreement. Should the Company terminate the management agreement without cause, it will pay the Manager a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the term of the agreement. Total expenses recorded for the management fee and allocated overhead incurred were approximately $ 9.8 million, $ 6.8 million and $ 6.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. Other Relationships with Bimini Robert Cauley, our Chief Executive Officer and Chairman of our Board of Directors, also serves as Chief Executive Officer and Chairman of the Board of Directors of Bimini and owns shares of common stock of Bimini. George H. Haas, our Chief Financial Officer, Chief Investment Officer, Secretary and a member of our Board of Directors, also serves as the Chief Financial Officer, Chief Investment Officer and Treasurer of Bimini and owns shares of common stock of Bimini. In addition, as of December 31, 2021, Bimini owned 2,595,357 shares, or 1.5 %, of the Company’s common stock.

REPURCHASE AGREEMENTS AND OTHER BORROWINGS	12 Months Ended
REPURCHASE AGREEMENTS AND OTHER BORROWINGS	Dec. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Other Borrowings	NOTE 3. REPURCHASE AGREEMENTS The Company pledges certain of its RMBS as collateral under repurchase agreements with financial institutions. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may release collateral back to the Company. As of December 31, 2021, the Company had met all margin call requirements. As of December 31, 2021 and 2020, the Company’s repurchase agreements had remaining maturities as summarized below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL December 31, 2021 Fair market value of securities pledged, including accrued interest receivable $ - $ 4,624,396 $ 1,848,080 $ 52,699 $ 6,525,175 Repurchase agreement liabilities associated with these securities $ - $ 4,403,182 $ 1,789,327 $ 51,597 $ 6,244,106 Net weighted average borrowing rate - 0.15% 0.13% 0.15% 0.15% December 31, 2020 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,112,969 $ 1,560,798 $ 55,776 $ 3,729,543 Repurchase agreement liabilities associated with these securities $ - $ 2,047,897 $ 1,494,500 $ 53,189 $ 3,595,586 Net weighted average borrowing rate - 0.23% 0.22% 0.30% 0.23% In addition, cash pledged to counterparties as collateral for repurchase agreements was approximately $ 57.3 million and $ 58.8 million as of December 31, 2021 and 2020, respectively. If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable and cash posted by the Company as collateral. At December 31, 2021, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable and securities posted by the counterparty (if any), and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $ 338.3 million. The Company did not have an amount at risk with any individual counterparty that was greater than 10% of the Company’s equity at December 31, 2021 and 2020

PLEDGED ASSETS (Tables)	12 Months Ended
PLEDGED ASSETS (Tables)	Dec. 31, 2021
Financial Instruments Pledged as Collateral [Abstract]
Schedule of assets pledged as collateral under our repurchase agreements, prime brokerage clearing accounts, derivative agreements and insurance capital by type, including securities pledged related to securities sold but not yet settled	Assets Pledged to Counterparties The table below summarizes our assets pledged as collateral under our repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not yet settled, as of December 31, 2021 and 2020. (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 6,294,102 $ - $ 6,294,102 $ 3,692,811 $ - $ 3,692,811 Structured RMBS - fair value 212,270 - 212,270 27,095 - 27,095 U.S. Treasury Notes - 29,740 29,740 - - - Accrued interest on pledged securities 18,804 13 18,817 9,636 - 9,636 Restricted cash 57,264 8,035 65,299 58,829 20,534 79,363 Total $ 6,582,440 $ 37,788 $ 6,620,228 $ 3,788,371 $ 20,534 $ 3,808,905
Schedule of assets pledged to us from counterparties under our repurchase agreements.	Assets Pledged from Counterparties The table below summarizes assets pledged to us from counterparties under our repurchase agreements and derivative agreements as of December 31, 2021 and 2020. (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,339 $ 7,206 $ 11,545 $ 120 $ 6,083 $ 6,203 U.S. Treasury securities - fair value - - - 253 - 253 Total $ 4,339 $ 7,206 $ 11,545 $ 373 $ 6,083 $ 6,456

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

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Capital Raising Activities (Narrative) (Details) - USD ($)				2 Months Ended	4 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended			24 Months Ended
	Mar. 05, 2021	Jan. 25, 2021	Aug. 02, 2019	Dec. 31, 2021	Oct. 28, 2021	Aug. 03, 2020	Jun. 21, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 11, 2019
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs								$ 514,059,000	$ 71,050,000	$ 92,314,000
Stock Issued During Period, Value, New Issues								$ 514,059,000	$ 71,050,000	$ 92,314,000
Total shares issued under distribution agreement								100,828,173	13,019,240	14,377,000
At the Market Offering Program [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs				$ 77,000,000.0	$ 246,000,000.0	$ 19,400,000	$ 147,400,000				$ 123,100,000
Stock Issued During Period, Value, New Issues				$ 78,300,000	$ 250,000,000.0	$ 19,800,000	$ 150,000,000.0				$ 125,000,000.0
Total shares issued under distribution agreement				15,835,700	49,407,336	3,170,727	27,493,650				15,123,178
At the Market Offering Program [Member] \| Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Value, New Issues				$ 250,000,000	$ 250,000,000	$ 200,000,000	$ 150,000,000				$ 125,000,000
Follow-on Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs	$ 50,000,000.0	$ 45,200,000	$ 44,200,000
Total shares issued under distribution agreement	9,200,000	8,740,000,000	7,000,000
Share Price	$ 5.45	$ 5.20	$ 6.3535
Follow-on Offering [Member] \| Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Share Price			$ 6.55
Firm Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Total shares issued under distribution agreement	8,000,000	7,600,000
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Total shares issued under distribution agreement	1,200,000	1,140,000,000

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

STOCK INCENTIVE PLAN	12 Months Ended
STOCK INCENTIVE PLAN	Dec. 31, 2021
Employee Benefits And Share Based Compensation [Abstract]
Stock incentive Plan	NOTE 8. STOCK INCENTIVE PLAN In 2021, the Company’s Board of Directors adopted, and the stockholders approved, the Orchid Island Capital, Inc. 2021 Equity Incentive Plan (the “2021 Incentive Plan”) to replace the Orchid Island Capital, Inc. 2012 Equity Incentive Plan (the “2012 Incentive Plan” and together with the 2021 Incentive Plan, the “Incentive Plans”). The 2021 Incentive Plan provides for the award of stock options, stock appreciation rights, stock award, performance units, other equity-based awards (and dividend equivalents with respect to awards of performance units and other equity-based awards) and incentive awards. The 2021 Incentive Plan is administered by the Compensation Committee of the Company’s Board of Directors except that the Company’s full Board of Directors will administer awards made to directors who are not employees of the Company or its affiliates. The 2021 Incentive Plan provides for awards of up to an aggregate of 10 % of the issued and outstanding shares of our common stock (on a fully diluted basis) at the time of the awards, subject to a maximum aggregate 7,366,623 shares of the Company’s common stock that may be issued under the 2021 Incentive Plan. The 2021 Incentive Plan replaces the 2012 Incentive Plan, and no further grants will be made under the 2012 Incentive Plan. However, any outstanding awards under the 2012 Incentive Plan will continue in accordance with the terms of the 2012 Incentive Plan and any award agreement executed in connection with such outstanding awards. Performance Units The Company has issued, and may in the future issue additional performance units under the Incentive Plan to certain executive officers and employees of its Manager. “Performance Units” vest after the end of a defined performance period, based on satisfaction of the performance conditions set forth in the performance unit agreement. When earned, each Performance Unit will be settled by the issuance of one share of the Company’s common stock, at which time the Performance Unit will be cancelled. The Performance Units contain dividend equivalent rights, which entitle the Participants to receive distributions declared by the Company on common stock, but do not include the right to vote the underlying shares of common stock. Performance Units are subject to forfeiture should the participant no longer serve as an executive officer or employee of the Company. Compensation expense for the Performance Units, included in incentive compensation on the statements of operations, is recognized over the remaining vesting period once it becomes probable that the performance conditions will be achieved. The following table presents information related to Performance Units outstanding during the years ended December 31, 2021 and 2020. ($ in thousands, except per share data) 2021 2020 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 4,554 $ 7.45 19,021 $ 7.78 Granted 137,897 5.88 - - Forfeited (4,674) 5.88 (1,607) 7.45 Vested and issued (4,554) 7.45 (12,860) 7.93 Unvested, end of period 133,223 $ 5.88 4,554 $ 7.45 Compensation expense during period $ 321 $ 38 Unrecognized compensation expense, end of period $ 467 $ 4 Intrinsic value, end of period $ 599 $ 24 Weighted-average remaining vesting term (in years) 1.4 0.8 The number of shares of common stock issuable upon the vesting of the remaining outstanding Performance Units was reduced in 2020 as a result of the book value impairment event that occurred pursuant to the Company's Long Term Incentive Compensation Plans (the "Plans"). The book value impairment event occurred when the Company's book value per share declined by more than 15% during the quarter ended March 31, 2020 and the Company's book value per share decline from January 1, 2020 to June 30, 2020 was more than 10%. The Plans provide that if such a book value impairment event occurs, then the number of outstanding Performance Units that are outstanding as of the last day of such two-quarter period shall be reduced by 15%. Stock Awards The Company has issued, and may in the future issue additional, immediately vested common stock under the Incentive Plans to certain executive officers and employees of its Manager. Compensation expense for the stock awards is based on the fair value of the Company’s common stock on the grant date and is included in incentive compensation in the statements of operations. The following table presents information related to fully vested common stock issued during the years ended December 31, 2021 and 2020. All of the fully vested shares of common stock issued during the year ended December 31, 2021, and the related compensation expense, were granted with respect to service performed during the previous fiscal year. The awards issued during the year ended December 31, 2021 were granted with respect to service performed in 2020. Approximately $600,000 of compensation expense related to the 2021 awards was accrued and recognized in 2020. Deferred Stock Units Non-employee directors receive a portion of their compensation in the form of deferred stock unit awards (“DSUs”) pursuant to the Incentive Plans. Each DSU represents a right to receive one share of the Company’s common stock. The DSUs are immediately vested and are settled at a future date based on the election of the individual participant. Compensation expense for the DSUs is included in directors’ fees and liability insurance in the statements of operations. The DSUs contain dividend equivalent rights, which entitle the participant to receive distributions declared by the Company on common stock. These distributions will be made in the form of cash or additional DSUs at the participant’s election. The DSUs do not include the right to vote the underlying shares of common stock. The following table presents information related to the DSUs outstanding during the years ended December 31, 2021 and 2020. ($ in thousands, except per share data) 2021 2020 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 90,946 $ 5.44 43,570 $ 6.56 Granted and vested 52,030 5.29 47,376 4.41 Outstanding, end of period 142,976 $ 5.38 90,946 $ 5.44 Compensation expense during period $ 240 $ 180 Intrinsic value, end of period $ 643 $ 473

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	NOTE 11. EARNINGS PER SHARE (EPS) The Company had dividend eligible Performance Units and Deferred Stock Units that were outstanding during the years ended December 31, 2021, 2020 and 2019. The basic and diluted per share computations include these unvested Performance Units and Deferred Stock Units if there is income available to common stock, as they have dividend participation rights. The unvested Performance Units and Deferred Stock Units have no contractual obligation to share in losses. Because there is no such obligation, the unvested Performance Units and Deferred Stock Units are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities. The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2021, 2020 and 2019. (in thousands, except per-share information) 2021 2020 2019 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net (loss) income - Basic and diluted $ (64,760) $ 2,128 $ 24,265 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 176,993 76,073 63,062 Unvested dividend eligible share based compensation outstanding at the balance sheet date - 96 63 Effect of weighting (55,849) (8,958) (6,797) Weighted average shares-basic and diluted 121,144 67,211 56,328 Net (loss) income per common share: Basic and diluted $ (0.54) $ 0.03 $ 0.43 Anti-dilutive incentive shares not included in calculation. 281 - -

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

OFFSETTING ASSETS AND LIABILITIES	12 Months Ended
OFFSETTING ASSETS AND LIABILITIES	Dec. 31, 2021
Offsetting Assets And Liabilities [Abstract]
Offsetting Assets and Liabilities [Text Block]	NOTE 6. OFFSETTING ASSETS AND LIABILITIES The Company’s derivative agreements and 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 assets and liabilities subject to these arrangements on a gross basis. The following table presents information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of December 31, 2021 and 2020. (in thousands) Offsetting of Assets Gross Amount Not Net Amount Offset in the Balance Sheet of Assets Financial Gross Amount Gross Amount Presented Instruments Cash of Recognized Offset in the in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount December 31, 2021 Interest rate swaps $ 29,293 $ - $ 29,293 $ - $ - $ 29,293 Interest rate swaptions 21,493 - 21,493 - (6,350) 15,143 $ 50,786 $ - $ 50,786 $ - $ (6,350) $ 44,436 December 31, 2020 Interest rate swaps $ 7 $ - $ 7 $ - $ - $ 7 Interest rate swaptions 17,433 - 17,433 - (3,563) 13,870 TBA securities 3,559 - 3,559 - (2,520) 1,039 $ 20,999 $ - $ 20,999 $ - $ (6,083) $ 14,916 (in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral Collateral Amount December 31, 2021 Repurchase Agreements $ 6,244,106 $ - $ 6,244,106 $ (6,186,842) $ (57,264) $ - Interest rate swaps 2,862 - 2,862 (2,862) - - Interest rate swaptions 4,423 - 4,423 - - 4,423 TBA securities 304 - 304 - - 304 $ 6,251,695 $ - $ 6,251,695 $ (6,189,704) $ (57,264) $ 4,727 December 31, 2020 Repurchase Agreements $ 3,595,586 $ - $ 3,595,586 $ (3,536,757) $ (58,829) $ - Interest rate swaps 24,711 - 24,711 - (19,761) 4,950 Interest rate swaptions 7,730 - 7,730 - - 7,730 TBA securities 786 - 786 - (284) 502 $ 3,628,813 $ - $ 3,628,813 $ (3,536,757) $ (78,874) $ 13,182 The amounts disclosed for collateral received by or posted to the same counterparty up to and not exceeding the net amount of the asset or liability presented in the balance sheets. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note 5 for a discussion of collateral posted or received against or for repurchase obligations and derivative and other hedging instruments.

CAPITAL STOCK	12 Months Ended
CAPITAL STOCK	Dec. 31, 2021
Capital Stock [Abstract]
Capital Stock	NOTE 7. CAPITAL STOCK Common Stock Issuances During 2021 and 2020, the Company completed the following public offerings of shares of its common stock. ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2021 At the Market Offering Program (3) First Quarter $ 5.10 308,048 $ 1,572 Follow-on Offerings First Quarter 5.31 17,940,000 95,336 At the Market Offering Program (3) Second Quarter 5.40 23,087,089 124,746 At the Market Offering Program (3) Third Quarter 4.94 35,818,338 177,007 At the Market Offering Program (3) Fourth Quarter 4.87 23,674,698 115,398 100,828,173 $ 514,059 2020 At the Market Offering Program (3) First Quarter $ 6.23 3,170,727 $ 19,447 At the Market Offering Program (3) Second Quarter - - - At the Market Offering Program (3) Third Quarter 5.15 3,073,326 15,566 At the Market Offering Program (3) Fourth Quarter 5.41 6,775,187 36,037 13,019,240 $ 71,050 Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs. (2) Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs. (3) As of December 31, 2021, the Company had entered into ten equity distribution agreements, nine of which have either been terminated because all shares were sold or were replaced with a subsequent agreement. Stock Repurchase Program On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company’s common stock. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 4,522,822 shares of the Company's common stock. Coupled with the 783,757 shares remaining from the original 2,0000,000 share authorization, the increased authorization brought the total authorization to 5,306,579 shares, representing 10% of the then outstanding share count. On December 9, 2021, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 16,861,994 shares, bringing the remaining authorization under the stock repurchase program to 17,699,305 shares, representing approximately 10% of the Company’s then outstanding shares of common stock. As part of the stock repurchase program, shares may be purchased in open market transactions, block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice. From the inception of the stock repurchase program through December 31, 2021, the Company repurchased a total of 5,685,511 shares at an aggregate cost of approximately $ 40.4 million, including commissions and fees, for a weighted average price of $ 7.10 per share. The Company did not repurchase any of its common stock during the year ended December 31, 2021. During the year ended December 31, 2020, the Company repurchased a total of 19,891 shares at an aggregate cost of approximately $ 0.1 million, including commissions and fees, for a weighted average price of $ 3.42 per share. During the year ended December 31, 2019, the Company repurchased a total of 469,975 shares at an aggregate cost of approximately $ 3.0 million, including commissions and fees, for a weighted average price of $ 6.43 per share. The remaining authorization under the stock repurchase program as of December 31, 2021 is 17,699,305 shares. Cash Dividends The table below presents the cash dividends declared on the Company’s common stock. (in thousands, except per share amounts) Year Per Share Amount Total 2013 $ 1.395 $ 4,662 2014 2.160 22,643 2015 1.920 38,748 2016 1.680 41,388 2017 1.680 70,717 2018 1.070 55,814 2019 0.960 54,421 2020 0.790 53,570 2021 0.780 97,601 2022 - YTD (1) 0.110 19,502 Totals $ 12.545 $ 459,066 On January 13, 2022, the Company declared a dividend of $0.055 per share to be paid on February 24, 2022. On February 16, 2022, the Company declared a dividend of $0.055 per share to be paid on March 29, 2022. The dollar amount of the dividend declared in February 2022 is estimated based on the number of shares outstanding at February 25, 2022. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

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

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

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

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

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

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

FAIR VALUE	12 Months Ended
FAIR VALUE	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	NOTE 12. FAIR VALUE The framework for using fair value to measure assets and liabilities defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are: ● Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume), ● Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and ● Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. The Company's RMBS and TBA securities are Level 2 valuations, and such valuations are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. The Company and the independent pricing sources use various valuation techniques to determine the price of the Company’s securities. These techniques include observing the most recent market for like or identical assets (including security coupon, maturity, yield, and prepayment speeds), spread pricing techniques to determine market credit spreads (option adjusted spread, zero volatility spread, spread to the U.S. Treasury curve or spread to a benchmark such as a TBA), and model driven approaches (the discounted cash flow method, Black Scholes and SABR models which rely upon observable market rates such as the term structure of interest rates and volatility). The appropriate spread pricing method used is based on market convention. The pricing source determines the spread of recently observed trade activity or observable markets for assets similar to those being priced. The spread is then adjusted based on variances in certain characteristics between the market observation and the asset being priced. Those characteristics include: type of asset, the expected life of the asset, the stability and predictability of the expected future cash flows of the asset, whether the coupon of the asset is fixed or adjustable, the guarantor of the security if applicable, the coupon, the maturity, the issuer, size of the underlying loans, year in which the underlying loans were originated, loan to value ratio, state in which the underlying loans reside, credit score of the underlying borrowers and other variables if appropriate. The fair value of the security is determined by using the adjusted spread. The Company’s U.S. Treasury Notes are based on quoted prices for identical instruments in active markets and are classified as Level 1 assets. The Company’s futures contracts are Level 1 valuations, as they are exchange-traded instruments and quoted market prices are readily available. Futures contracts are settled daily. The Company’s interest rate swaps and interest rate swaptions are Level 2 valuations. The fair value of interest rate swaps is determined using a discounted cash flow approach using forward market interest rates and discount rates, which are observable inputs. The fair value of interest rate swaptions is determined using an option pricing model. RMBS (based on the fair value option), derivatives and TBA securities were recorded at fair value on a recurring basis during the years ended December 31, 2021, 2020 and 2019. When determining fair value measurements, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets. The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2021 and 2020. Derivative contracts are reported as a net position by contract type, and not based on master netting arrangements. (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) December 31, 2021 Mortgage-backed securities $ - $ 6,511,095 $ - U.S. Treasury Notes 37,175 - - Interest rate swaps - 26,431 - Interest rate swaptions - 17,070 - TBA securities - (304) - December 31, 2020 Mortgage-backed securities $ - $ 3,726,895 $ - Interest rate swaps - (24,704) - Interest rate swaptions - 9,703 - TBA securities - 2,773 - During the years ended December 31, 2021 and 2020, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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

BASIS OF PRESENTATION (Policies)	12 Months Ended
BASIS OF PRESENTATION (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on the information available as of December 31, 2021.
Variable Interest Entity [Policy Text Block]	Variable Interest Entities (VIEs) We obtain interests in VIEs through our investments in mortgage-backed securities. Our interests in these VIEs are passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interest in these VIEs as mortgage-backed securities. See Note 2 for additional information regarding our investments in mortgage-backed securities. Our maximum exposure to loss for these VIEs is the carrying value of the mortgage-backed securities.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and other borrowings, and interest rate swaps and other derivative instruments. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 385,143 $ 220,143 Restricted cash 65,299 79,363 Total cash, cash equivalents and restricted cash $ 450,442 $ 299,506 The Company maintains cash balances at three banks and excess margin on account with two exchange clearing members. At times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and exchange clearing members and believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances.
Mortgage-Backed Securities	Mortgage-Backed Securities and U.S. Treasury Notes The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed (“RMBS”) and collateralized mortgage obligations (“CMOs”) certificates issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. We refer to RMBS and CMOs as PT RMBS. We refer to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury Notes under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records securities transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the portfolio balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the portfolio balance with an offsetting receivable recorded. Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for RMBS are based on independent pricing sources and/or third party broker quotes, when available. Estimated fair values for U.S. Treasury Notes are based on quoted prices for identical assets in active markets. Income on PT RMBS securities and U.S. Treasury Notes is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains (losses) on RMBS in the statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T-Note”), Fed Funds and Eurodollar futures contracts, short positions in U.S. Treasury securities, interest rate swaps, options to enter in interest rate swaps (“interest rate swaptions”) and TBA securities transactions, but the Company may enter into other derivative and other hedging instruments in the future. The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations. Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in earnings for each period. The Company’s derivative financial instruments are not designated as hedge accounting relationships, but rather are used as economic hedges of its portfolio assets and liabilities. Gains and losses on derivatives, except those that result in cash receipts or payments, are included in operating activities on the statement of cash flows. Cash payments and cash receipts from settlements of derivatives, including current period net cash settlements on interest rate swaps, is classified as an investing activity on the statements of cash flows. Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties and exchanges to honor their commitments. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. The Company’s derivative agreements require it to post or receive collateral to mitigate such risk. In addition, the Company uses only registered central clearing exchanges and well-established commercial banks as counterparties, monitors positions with individual counterparties and adjusts posted collateral as required.
Financial Instruments	Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed, either in the body of the financial statements or in the accompanying notes. RMBS, Eurodollar, Fed Funds and T-Note futures contracts, interest rate swaps, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as of December 31, 2021 and December 31, 2020 due to the short-term nature of these financial instruments.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.
Reverse Repurchase Agreements	Reverse Repurchase Agreements and Obligations to Return Securities Borrowed under Reverse Repurchase Agreements The Company borrows securities to cover short sales of U.S. Treasury securities through reverse repurchase transactions under our master repurchase agreements. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. The securities received as collateral in connection with our reverse repurchase agreements mitigate our credit risk exposure to counterparties. Our reverse repurchase agreements typically have maturities of 30 days or less.
Management Fees	Manager Compensation The Company is externally managed by Bimini Advisors, LLC (the “Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 13 for the terms of the management agreement.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is calculated as net income or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding or subscribed during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.
Income Taxes	Income Taxes Orchid elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders all of their REIT taxable income on an annual basis. A REIT must distribute at least 90% of its REIT taxable income, determined without regard to the deductions for dividends paid and excluding net capital gain, and meet other requirements of the Code to retain its tax status. Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no accrual for any tax, interest or penalties related to Orchid’s tax position assessment. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 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 the London Interbank Offered Rate (“LIBOR”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. In addition, ASU 2021-01 adds implementation guidance to permit a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives and extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting when certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. The guidance in ASU 2021-01 is effective immediately and available generally through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.
Compensation Related Costs [Policy Text Block]	Stock-Based Compensation The Company may grant equity-based compensation to non-employee members of its board of directors and to the executive officers and employees of the Manager. Stock-based awards issued include Performance Units, Deferred Stock Units and immediately vested common stock awards. Compensation expense is measured and recognized for all stock-based payment awards made to employees and non-employee directors based on the fair value of our common stock on the date of grant. Compensation expense is recognized over each award’s respective service period using the graded vesting attribution method. We do not estimate forfeiture rates; rather, we adjust for forfeitures in the periods in which they occur.

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

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

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

CAPITAL STOCK - Share Repurchase Progam (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended		77 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Oct. 29, 2021	Feb. 08, 2018	Jul. 29, 2015
Share Repurchase Program [Line Items]
Stock Repurchased and Retired During Period, Shares	20,000	470,000
Stock Repurchased and Retired During Period, Value	$ (68)	$ (3,024)
Share Repurchase Program [Member] \| Common Stock [Member]
Share Repurchase Program [Line Items]
Stock Repurchased and Retired During Period, Shares	19,891	469,975	5,685,511
Stock Repurchased and Retired During Period, Value	$ 100	$ 3,000	$ 40,400
Weighted Average Share Repurchase Price	$ 3.42	$ 6.43	$ 7.10
Share Repurchase Program [Member] \| Maximum [Member] \| Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase						2,000,000
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased			17,699,305			783,757
2021 Program Increase [Member] \| Maximum [Member] \| Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase				16,861,994
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased				17,699,305
2018 Program Increase [Member] \| Maximum [Member] \| Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase					4,522,822
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased					5,306,579

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	12 Months Ended
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 385,143 $ 220,143 Restricted cash 65,299 79,363 Total cash, cash equivalents and restricted cash $ 450,442 $ 299,506

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

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

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

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

COMMITTMENTS AND CONTINGENCIES	12 Months Ended
COMMITTMENTS AND CONTINGENCIES	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 9. COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any reported or unreported contingencies at December 31, 2021.

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

FAIR VALUE (Tables)	12 Months Ended
FAIR VALUE (Tables)	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets (liabilities) measured at fair value on a recurring basis	The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2021 and 2020. Derivative contracts are reported as a net position by contract type, and not based on master netting arrangements. (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) December 31, 2021 Mortgage-backed securities $ - $ 6,511,095 $ - U.S. Treasury Notes 37,175 - - Interest rate swaps - 26,431 - Interest rate swaptions - 17,070 - TBA securities - (304) - December 31, 2020 Mortgage-backed securities $ - $ 3,726,895 $ - Interest rate swaps - (24,704) - Interest rate swaptions - 9,703 - TBA securities - 2,773 -

REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS - Remaining Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 6,525,175	$ 3,729,543
Repurchase agreement liabilities associated with these liabilities	$ 6,244,106	$ 3,595,586
Net weighted average borrowing rate	0.15%	0.23%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreement liabilities associated with these liabilities	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 4,624,396	$ 2,112,969
Repurchase agreement liabilities associated with these liabilities	$ 4,403,182	$ 2,047,897
Net weighted average borrowing rate	0.15%	0.23%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,848,080	$ 1,560,798
Repurchase agreement liabilities associated with these liabilities	$ 1,789,327	$ 1,494,500
Net weighted average borrowing rate	0.13%	0.22%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 52,699	$ 55,776
Repurchase agreement liabilities associated with these liabilities	$ 51,597	$ 53,189
Net weighted average borrowing rate	0.15%	0.30%

PLEDGED ASSETS	12 Months Ended
PLEDGED ASSETS	Dec. 31, 2021
Financial Instruments Pledged as Collateral [Abstract]
Pledged Assets [Text Block]	NOTE 5. PLEDGED ASSETS Assets Pledged to Counterparties The table below summarizes our assets pledged as collateral under our repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not yet settled, as of December 31, 2021 and 2020. (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 6,294,102 $ - $ 6,294,102 $ 3,692,811 $ - $ 3,692,811 Structured RMBS - fair value 212,270 - 212,270 27,095 - 27,095 U.S. Treasury Notes - 29,740 29,740 - - - Accrued interest on pledged securities 18,804 13 18,817 9,636 - 9,636 Restricted cash 57,264 8,035 65,299 58,829 20,534 79,363 Total $ 6,582,440 $ 37,788 $ 6,620,228 $ 3,788,371 $ 20,534 $ 3,808,905 Assets Pledged from Counterparties The table below summarizes assets pledged to us from counterparties under our repurchase agreements and derivative agreements as of December 31, 2021 and 2020. (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,339 $ 7,206 $ 11,545 $ 120 $ 6,083 $ 6,203 U.S. Treasury securities - fair value - - - 253 - 253 Total $ 4,339 $ 7,206 $ 11,545 $ 373 $ 6,083 $ 6,456 PT RMBS and U.S. Treasury securities received as margin under our repurchase agreements are not recorded in the balance sheets because the counterparty retains ownership of the security. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the balance sheets.

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

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

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

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

MORTGAGE-BACKED SECURITIES	12 Months Ended
MORTGAGE-BACKED SECURITIES	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities	NOTE 2. MORTGAGE-BACKED SECURITIES AND U.S. TREASURY NOTES The following table presents the Company’s RMBS portfolio as of December 31, 2021 and December 31, 2020: (in thousands) December 31, 2021 December 31, 2020 Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 6,298,189 $ 3,560,746 Fixed-rate CMOs - 137,453 Total Pass-Through Certificates 6,298,189 3,698,199 Structured RMBS Certificates: Interest-Only Securities 210,382 28,696 Inverse Interest-Only Securities 2,524 - Total Structured RMBS Certificates 212,906 28,696 Total $ 6,511,095 $ 3,726,895 As of December 31, 2021, the Company held U.S. Treasury Notes with a fair value of approximately $37.2 million, primarily to satisfy collateral requirements of one of its derivative counterparties. The Company did not hold any U.S. Treasury Notes as of December 31, 2020. The following table is a summary of our net gain (loss) from the sale of mortgage-backed securities for the years ended December 31, 2021, 2020 and 2019. (in thousands) 2021 2020 2019 Total Total Total Carrying value of RMBS sold $ 2,857,250 $ 4,225,522 $ 3,332,083 Proceeds from sales of RMBS 2,851,708 4,200,536 3,321,206 Net (loss) gain on sales of RMBS $ (5,542) $ (24,986) $ (10,877) Gross gain on sales of RMBS $ 7,930 $ 8,678 $ 2,177 Gross loss on sales of RMBS (13,472) (33,664) (13,054) Net gain (loss) on sales of RMBS $ (5,542) $ (24,986) $ (10,877)

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES The Company will generally not be subject to U.S. federal income tax on its REIT taxable income to the extent that it distributes its REIT taxable income to its stockholders and satisfies the ongoing REIT requirements, including meeting certain asset, income and stock ownership tests. A REIT must generally distribute at least 90% of its REIT taxable income, determined without regard to the deductions for dividends paid and excluding net capital gain, to its stockholders, annually to maintain REIT status. An amount equal to the sum of 85% of its REIT ordinary income and 95% of its REIT capital gain net income, plus certain undistributed income from prior taxable years, must be distributed within the taxable year in order to avoid the imposition of an excise tax. The remaining balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution and meets certain other requirements. REIT taxable income (loss) is computed in accordance with the Code, which is different than the Company’s financial statement net income (loss) computed in accordance with GAAP. Book to tax differences primarily relate to the recognition of interest income on RMBS, unrealized gains and losses on RMBS, and the amortization of losses on derivative instruments that are treated as hedges for tax purposes. As of December 31, 2021, we had distributed all of our estimated REIT taxable income through fiscal year 2021. Accordingly, no income tax provision was recorded for 2021, 2020 and 2019.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details