View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2013	Nov. 04, 2013
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Entity Registrant Name	Orchid Island Capital, Inc.
Entity Central Index Key	0001518621
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding		3,341,665
Trading Symbol	ORC

Consolidated Balance Sheets - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 277,982,323	$ 109,604,559
Unpledged	53,804,610	5,775,015
Total mortgage-backed securities	331,786,933	115,379,574
Cash and cash equivalents	7,900,956	2,537,257
Restricted cash	2,580,875	449,000
Accrued interest receivable	1,388,496	440,877
Due from affiliates	0	45,126
Receivable for securities sold, pledged to counterparties	41,150,840	0
Prepaid expenses and other assets	671,733	9,122
Total Assets	385,479,833	118,860,956
Liabilities
Repurchase agreements	301,656,523	103,941,174
Accrued interest payable	77,697	54,084
Due to affiliates	79,878	0
Payable for unsettled securities purchased	38,720,351	0
Accounts payable, accrued expenses and other	121,183	140,723
Total Liabilities	340,655,632	104,135,981
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	33,417	1,541
Additional paid in capital	47,619,710	15,409,459
Accumulated deficit	(2,828,926)	(686,025)
Total Stockholders Equity	44,824,201	14,724,975
Total Liabilities and Stockholders Equity	$ 385,479,833	$ 118,860,956

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01
Preferred Shares Authorized	100,000,000	0
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock Shares Authorized	500,000,000	1,000,000
Common Shares Issued	3,341,665	154,110
Common Shares Outstanding	3,341,665	154,110

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Portfolio Income
Interest income	$ 2,551,199	$ 696,905	$ 6,393,156	$ 2,224,749
Interest expense	293,913	58,381	817,219	182,815
Net interest income	2,257,286	638,524	5,575,937	2,041,934
Realized (losses) gains on mortgage-backed securities	(667,182)	(336)	(1,490,712)	115,871
Unrealized (losses) gains on mortgage-backed securities	86,070	156,014	(9,072,712)	(758,405)
Gains (losses) on Eurodollar futures contracts	(2,271,875)	(14,250)	4,095,788	(39,500)
Net portfolio (loss) income	(595,701)	779,952	(891,699)	1,359,900
Expenses
Management Fees	179,500	64,600	489,700	185,000
Directors fees and liability insurance	82,924	0	207,309	0
Audit, legal and other professional fees	70,949	72,301	321,436	133,237
Other direct REIT operating expenses	36,550	49,781	137,177	149,923
Other administrative expenses	31,483	47,862	95,580	90,184
Total expenses	401,406	234,544	1,251,202	558,344
Net (loss) income	$ (997,107)	$ 545,408	$ (2,142,901)	$ 801,556
Basic and diluted net (loss) income per share
Basic	$ (0.30)	$ 0.56	$ (0.74)	$ 0.82
Diluted	$ (0.30)	$ 0.56	$ (0.74)	$ 0.82
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	3,341,665	981,665	2,900,786	981,665
Weighted Average Number Of Diluted Shares Outstanding	3,341,665	981,665	2,900,786	981,665
Dividend Declared Per Common Share
Dividends Declared Per Common Share	$ 0.405	$ 0	$ 0.945	$ 0

Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2013 - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2012	$ 14,724,975	$ 1,541	$ 15,409,459	$ (686,025)
Increase (Decrease) in Stockholders' Equity
Net loss	(2,142,901)			(2,142,901)
Cash dividend declared	(3,157,873)		(3,157,873)
Issuance of common stock pursuant to public offering	35,400,000	23,600	35,376,400
Issuance of common stock pursuant to stock dividend	0	8,276	(8,276)
Balances at Sep. 30, 2013	$ 44,824,201	$ 33,417	$ 47,619,710	$ (2,828,926)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591551-111686

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Statement of Stockholders' Equity (Parentheticals) - $ / shares	1 Months Ended								3 Months Ended		9 Months Ended
	Oct. 31, 2013	Sep. 30, 2013	Aug. 31, 2013	Jul. 31, 2013	Jun. 30, 2013	May 31, 2013	Apr. 30, 2013	Mar. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement Of Stockholders Equity [Abstract]
Dividends Declared Per Common Share	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.405	$ 0	$ 0.945	$ 0

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (2,142,901)	$ 801,556
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Realized and unrealized losses on mortgage-backed securities	10,563,424	642,534
Changes in operating assets and liabilities
Accrued interest receivable	(907,884)	36,708
Prepaid expenses and other assets	(118,425)	(31,346)
Accrued interest payable	23,613	19,961
Accounts payable, accrued expenses and other	(19,540)	241
Due to affiliates	125,004	213,759
NET CASH PROVIDED BY OPERATING ACTIVITIES	7,523,291	1,683,413
From mortgage-backed securities investments
Purchases	(489,923,917)	(109,739,149)
Sales	237,375,025	91,041,151
Principal repayments	22,563,699	7,248,554
(Increase) decrease in restricted cash	(2,131,875)	82,625
NET CASH USED IN INVESTING ACTIVITIES	(232,117,068)	(11,366,819)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	2,423,975,175	389,050,234
Principal payments on repurchase agreements	(2,226,259,826)	(376,803,831)
Cash dividends	(3,157,873)	0
Proceeds from issuance of common stock	35,400,000	0
NET CASH PROVIDED BY FINANCING ACTIVITIES	229,957,476	12,246,403
NET INCREASE IN CASH AND CASH EQUIVALENTS	5,363,699	2,562,997
CASH AND CASH EQUIVALENTS, beginning of the period	2,537,257	1,891,914
CASH AND CASH EQUIVALENTS, end of the period	7,900,956	4,454,911
Cash paid during the period for:
Interest	793,606	162,854
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Securities acquired settled in later period	38,720,351	0
Securities sold settled in later period	$ 40,955,374	$ 0

Organization and Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [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 through February 20, 2013 Orchid was a wholly owned subsidiary of Bimini Capital Management, Inc. (“Bimini”). Orchid began operations on November 24, 2010. From incorporation through November 24, 2010, Orchid's only activity was the issuance of common stock to Bimini. On February 20, 2013, Orchid completed the initial public offering (“IPO”) of its Common Stock in which it sold approximately 2.4 million shares of its common stock and raised proceeds of $35.4 million. Following the IPO, Bimini owns approximately 29.38% of Orchid's outstanding common stock.

Basis of Presentation and Use of Estimates

The accompanying financial statements are prepared on the accrual basis of accounting 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 MBS and Eurodollar futures contracts.

Statement of Comprehensive Income (Loss)

In accordance with the Financial Accounting Standards Board's Accounting Standards Codification (“FASB ASC”) Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income. Comprehensive income (loss) is the same as net income (loss) for the periods presented.

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. Restricted cash, of approximately $2,581,000 at September 30, 2013, represents cash held by a broker as margin on Eurodollar futures contracts. Restricted cash, totaling approximately $449,000 at December 31, 2012, represents cash held on deposit as collateral with repurchase agreement counterparties.

The Company maintains cash balances at three banks, and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. All non-interest bearing cash balances were fully insured at December 31, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there was no limit to the amount of insurance for eligible accounts. Beginning January 1, 2013, insurance reverted to $250,000 per depositor at each financial institution. At September 30, 2013, the Company's cash deposits exceeded federally insured limits by approximately $7.4 million. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances.

Mortgage-Backed Securities

The Company invests primarily in mortgage pass-through (“PT”) certificates, collateralized mortgage obligations, and interest only (“IO”) securities and inverse interest only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans (collectively, “MBS”). These investments meet the requirements to be classified as available for sale under ASC 320-10-25, Debt and Equity Securities (which requires the securities to be carried at fair value on the balance sheet with changes in fair value charged to other comprehensive income, a component of stockholders' equity). However, the Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option allows 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 MBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded.

The fair value of the Company's investments in MBS is governed by FASB ASC 820, Fair Value Measurement. The definition of fair value in FASB ASC 820 focuses on 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 MBS are based on the average of third-party broker quotes received and/or independent pricing sources when available.

Income on PT MBS securities is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. 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 from the reporting period 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 MBS 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 has entered into Eurodollar futures contracts to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The Company has elected to not treat any of its derivative financial instruments as hedges. FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be carried at fair value. Changes in fair value are recorded in earnings for each period.

Financial Instruments

FASB ASC 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. MBS and Eurodollar futures contracts 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 11 of the financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, prepaid expenses and other assets, due from/to affiliates, receivable for securities sold, repurchase agreements, accrued interest payable, payable for unsettled securities purchased, accounts payable, accrued expenses and others generally approximates their carrying values as of September 30, 2013 and December 31, 2012 due to the short-term nature of these financial instruments.

Repurchase Agreements

The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing, the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.

Manager Compensation

The Company is externally managed by Bimini Advisors, LLC, a Maryland limited liability company and wholly-owned subsidiary of Bimini (“the Manager” or “Bimini Advisors”). The Company's management agreement with the Manager provides for the 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 12 for the terms of the management agreement.

Earnings Per Share

The Company follows the provisions of FASB ASC 260, Earnings Per Share. Basic earnings per share (“EPS”) is calculated as net income attributable to common stockholders divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is calculated using the “if converted” method 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

Bimini has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Until the closing of its IPO on February 20, 2013, Orchid was a “qualified REIT subsidiary” of Bimini under the Code. Beginning with its short tax period commencing on February 20, 2013 and ending December 31, 2013, Orchid expects to elect and intends to qualify to be taxed as a REIT. REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders at least 90% of their REIT taxable income on an annual basis. In addition, a REIT must meet other provisions of the Code to retain its tax status.

Orchid measures, recognizes and presents its uncertain tax positions in accordance with FASB ASC 740, Income Taxes. Under that guidance, Orchid assesses the likelihood, based on their technical merit, that 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 July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This new standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The ASU is effective beginning January 1, 2014 on either a prospective or retrospective basis. The guidance represents a change in financial statement presentation only and the Company does not expect that this ASU will have a material impact on its financial results.

In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The standard permits the Fed Funds Effective Swap Rate to be used as a benchmark interest rate for hedge accounting purposes. The new guidance is effective for hedging relationships entered into on or after July 17, 2013. The Company does not expect that this ASU will have a material impact on its financial statements.

In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this Update modify the guidance for determining whether an entity is an investment company, update the measurement requirements for noncontrolling interests in other investment companies and require additional disclosures for investment companies under US GAAP. The amendments in the Update develop a two-tiered approach for the assessment of whether an entity is an investment company which requires an entity to possess certain fundamental characteristics while allowing judgment in assessing other typical characteristics. The amendments in this Update also revise the measurement guidance in Topic 946 such that investment companies must measure noncontrolling ownership interests in other investment companies at fair value, rather than applying the equity method of accounting to such interests. The new guidance is effective for an entity's interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. The Company does not expect that this ASU will have a material impact on its financial statements.

In February 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405) - Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date ("ASU 2013-04"). The objective of the amendments in this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing GAAP. The amendments in ASU 2013-04 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be retrospectively applied to all prior periods presented for those obligations resulting from joint and several liability arrangements within the ASU's scope that exist at the beginning of an entity's fiscal year of adoption. Early adoption is permitted. The Company does not expect that this ASU will have a material impact on its financial statements.

In January 2013, the FASB released ASU 2013-01 Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which served solely to clarify the scope of financial instruments included in ASU 2011-11 as there was concern about diversity in practice. The objectives of ASU 2013-01 and ASU 2011-11 are to support further convergence of US GAAP and IFRS requirements. These updates are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this ASU had no effect on the Company's financial statements.

In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement. This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this ASU. The Company is required to apply the amendments for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods. The disclosures required are to be provided retrospectively for all comparative periods presented. The adoption of this ASU had no effect on the Company's financial statements.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

Mortgage Backed Securities

9 Months Ended

Sep. 30, 2013

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company's MBS portfolio as of September 30, 2013 and December 31, 2012:

(in thousands)
		September 30, 2013		December 31, 2012
Pass-Through Certificates:
	Hybrid Adjustable-rate Mortgages	$	120,205	$	59,485
	Adjustable-rate Mortgages		6,150		6,531
	Fixed-rate Mortgages		184,662		43,589
	Total Pass-Through Certificates		311,017		109,605
Structured MBS Certificates:
	Interest-Only Securities		15,371		2,884
	Inverse Interest-Only Securities		5,399		2,891
	Total Structured MBS Certificates		20,770		5,775
Total		$	331,787	$	115,380

The following table summarizes the Company's MBS portfolio as of September 30, 2013 and December 31, 2012, according to the contractual maturities of the securities in the portfolio. Actual maturities of MBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
	September 30, 2013		December 31, 2012
Greater than five years and less than ten years	$	1,662	$	12,980
Greater than or equal to ten years		330,125		102,400
Total	$	331,787	$	115,380

The Company generally pledges its MBS assets as collateral under repurchase agreements. At September 30, 2013 and December 31, 2012, the Company had unpledged securities totaling $53.8 million and $5.8 million, respectively. The unpledged balance at September 30, 2013 includes unsettled securities purchases with a fair value of approximately $38.8 million that will be pledged as collateral under repurchase agreements on the settlement date in October 2013.

Repurchase Agreements

9 Months Ended

Sep. 30, 2013

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

NOTE 3. REPURCHASE AGREEMENTS

As of September 30, 2013, the Company had outstanding repurchase obligations of approximately $301.7 million with a net weighted average borrowing rate of 0.37%. These agreements were collateralized by MBS with a fair value, including accrued interest and receivable for securities sold, of approximately $320.0 million. As of December 31, 2012, the Company had outstanding repurchase obligations of approximately $103.9 million with a net weighted average borrowing rate of 0.49%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $109.9 million, and cash pledged to counterparties of approximately $0.4 million.

As of September 30, 2013 and December 31, 2012, 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
September 30, 2013
Fair market value of securities pledged, including
	accrued interest receivable and receivable for
	securities sold	$	25,386	$	192,889	$	101,706	$	-	$	319,981
Repurchase agreement liabilities associated with
	these securities	$	25,067	$	181,002	$	95,588	$	-	$	301,657
Net weighted average borrowing rate			0.35%		0.38%		0.34%		-		0.37%
December 31, 2012
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	109,863	$	-	$	-	$	109,863
Repurchase agreement liabilities associated with
	these securities	$	-	$	103,941	$	-	$	-	$	103,941
Net weighted average borrowing rate			-		0.49%		-		-		0.49%

If, during the term of a repurchase agreement, a lender should file 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, receivable for securities sold and cash posted by the Company as collateral. At September 30, 2013, the Company had a maximum amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of securities pledged, including accrued interest on such securities and receivable for securities sold) of approximately $18.2 million. Summary information regarding the Company's amounts at risk with individual counterparties greater than 10% of the Company's equity at September 30, 2013 and December 31, 2012 is as follows:

(in thousands)
			Weighted
			Average
		Amount	Maturity
Repurchase Agreement Counterparties		at Risk⁽¹⁾	(in Days)
September 30, 2013
Citigroup Global Markets, Inc.	$	6,924	26
December 31, 2012
Citigroup Global Markets, Inc.	$	3,714	18
South Street Securities, LLC		1,802	7

(1) Equal to the fair value of securities sold, cash posted as collateral, receivable for securities sold, plus accrued interest receivable, minus the sum of repurchase agreement liabilities and accrued interest payable.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2013

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

NOTE 4. DERIVATIVE FINANCIAL INSTRUMENTS

In connection with its interest rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts. The Company has not elected hedging treatment under GAAP, and as such all gains and losses on these instruments are reflected in earnings for all periods presented.

As of September 30, 2013, such instruments were comprised entirely of Eurodollar futures contracts. Eurodollar futures are cash settled futures contracts on an interest rate, with gains and losses credited and charged to the Company's account on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The Company is exposed to the changes in value of the futures by the amount of margin held by the broker. The table below presents information related to the Company's Eurodollar futures positions at September 30, 2013. As of December 31, 2012, the Company had no outstanding futures positions.

(in thousands)

		Average
	Weighted	Contract
	Average	Notional		Open
Expiration Year	LIBOR Rate	Amount		Equity⁽¹⁾
2014	0.47%	262,500		(96)
2015	0.89%	275,000		95
2016	1.86%	250,000		1,286
2017	2.83%	250,000		1,794
2018	3.51%	250,000		1,088
	1.95%		$	4,167
Cash posted as collateral, included in restricted cash			$	2,581

Open equity represents the cumulative gains (losses) recorded on open futures positions.

The table below presents the effect of the Company's derivative financial instruments on the statements of operations for the nine and three months ended September 30, 2013 and 2012.

(in thousands)
	Nine Months Ended September 30,				Three Months Ended September 30,
		2013		2012		2013		2012
Eurodollar futures contracts (short positions)	$	4,096	$	(40)	$	(2,272)	$	(14)

Capital Stock

9 Months Ended

Sep. 30, 2013

Capital Stock [Abstract]

Capital Stock

NOTE 5. CAPITAL STOCK

At December 31, 2012, the Company had the authority to issue 1,000,000 shares of $0.01 par value common stock. In connection with the Company's IPO in February 2013, the Company's charter was amended to increase the authorized capital stock to 600,000,000 shares of which (i) 500,000,000 shares are designated as common stock and (ii) 100,000,000 shares are designated as preferred stock, each with a par value of $0.01 per share. Holders of shares of the common stock generally have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any securities of the Company. Subject to the provisions of our charter regarding restrictions on ownership and transfer of our stock, all holders of shares of the common stock will have equal liquidation and other rights.

Common Stock Issuances

During July 2012, Bimini acquired 4,110 additional shares of common stock of the Company in satisfaction of an amount due to Bimini at June 30, 2012 of approximately $411,000 for prior management fees, overhead allocations and direct expense reimbursements.

On February 20, 2013, Orchid completed the IPO of its common stock in which it sold 2,360,000 shares of its common stock and raised proceeds of $35,400,000.

Stock Dividend

Cash Dividends

The table below presents the cash dividends declared on the Company's common stock during 2013.

Declaration Date	Record Date	Payment Date		Per Share Amount		Total
March 8, 2013	March 25, 2013	March 27, 2013	$	0.135	$	451,125
April 10, 2013	April 25, 2013	April 30, 2013		0.135		451,125
May 9, 2013	May 28, 2013	May 31, 2013		0.135		451,125
June 10, 2013	June 25, 2013	June 28, 2013		0.135		451,125
July 9, 2013	July 25, 2013	July 31, 2013		0.135		451,125
August 12, 2013	August 26, 2013	August 30, 2013		0.135		451,125
September 10, 2013	September 25, 2013	September 30, 2013		0.135		451,125
October 10, 2013	October 25, 2013	October 31, 2013		0.135		451,125

Expenses

9 Months Ended

Sep. 30, 2013

Operating Expenses [Abstract]

Expenses [Text Block]

NOTE 6. EXPENSES

The table below presents the Company's operating expenses for the nine and three months ended September 30, 2013 and 2012.

		Nine Months Ended				Three Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
Directors fees and liability insurance	$	207,309	$	-	$	82,924	$	-
Legal fees		71,286		-		10,949		-
Other professional fees		250,150		133,237		60,000		72,301
Management fees		489,700		185,000		179,500		64,600
Other direct REIT operating expenses		137,177		149,923		36,550		49,781
Other administrative expenses		95,580		90,184		31,483		47,862
Total expenses	$	1,251,202	$	558,344	$	401,406	$	234,544

Stock Incentive Plans

9 Months Ended

Sep. 30, 2013

Employee Benefits And Share Based Compensation [Abstract]

Stock incentive Plans

NOTE 7. STOCK INCENTIVE PLAN

In October 2012, our Board of Directors adopted and Bimini, then the Company's sole stockholder, approved, the Orchid Island Capital, Inc. 2012 Equity Incentive Plan (the “Incentive Plan”) to recruit and retain employees, directors and other service providers, including employees of the Manager and other affiliates. The 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 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 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 4,000,000 shares of the Company's common stock that may be issued under the Incentive Plan. To date, no awards have been made under the Incentive Plan.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies

NOTE 8. 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 September 30, 2013.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name FASB Interpretation (FIN)
-Number 14
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 9. INCOME TAXES

The Company will generally not be subject to 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 to its stockholders, of which 85% generally 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.

- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 10. EARNINGS PER SHARE (EPS)

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2013 and 2012.

(in thousands, except per-share information)
			Nine Months Ended				Three Months Ended
			September 30,				September 30,
				2013		2012		2013		2012
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net (loss) income - Basic and diluted		$	(2,143)	$	802	$	(997)	$	545
Weighted average common shares:
	Common shares outstanding or to be
		issued at the balance sheet date		3,342		982		3,342		982
	Effect of weighting			(441)		-		-		-
Weighted average shares-basic and diluted				2,901		982		3,342		982
(Loss) income per common share:
	Basic and diluted		$	(0.74)	$	0.82	$	(0.30)	$	0.56

On February 14, 2013, Orchid's Board of Directors declared a stock dividend whereby 5.37 shares of common stock were issued for each share of common stock outstanding. The 827,555 shares distributed pursuant to the dividend were issued to Bimini on February 20, 2013, immediately prior to Orchid's IPO. For the nine and three months ended September 30, 2012, the 981,665 common shares, which includes the 154,110 shares of common stock outstanding at December 31, 2012 and the 827,555 shares distributed as a stock dividend, is used for the EPS computation, as Bimini was the sole stockholder during the entire period.

Fair Value

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value

NOTE 11. FAIR VALUE

Authoritative accounting literature establishes a framework for using fair value to measure assets and liabilities and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) as opposed to the price that would be paid to acquire the asset or received to assume the liability (an entry 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.

Our MBS are valued using Level 2 valuations, and such valuations currently are determined by the Company based on the average of third-party broker quotes and/or by independent pricing sources 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. Alternatively, the Company could opt to have the value of all of our positions in MBS determined by either an independent third-party or do so internally.

MBS and Eurodollar futures contracts were recorded at fair value on a recurring basis during the nine months ended September 30, 2013 and 2012. 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 and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

(in thousands)
				Quoted Prices
				in Active		Significant
				Markets for		Other		Significant
				Identical		Observable		Unobservable
		Fair Value		Assets		Inputs		Inputs
		Measurements		(Level 1)		(Level 2)		(Level 3)
September 30, 2013
Mortgage-backed securities	$	331,787	$	-	$	331,787	$	-
Eurodollar futures contracts		2,581		2,581		-		-
December 31, 2012
Mortgage-backed securities	$	115,380	$	-	$	115,380	$	-

During the nine and three months ended September 30, 2013 and 2012, 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2013

Related Party Transactions

NOTE 12. RELATED PARTY TRANSACTIONS

Management Agreement

The Company entered into a management agreement with Bimini, which provided for an initial term through December 31, 2011 with automatic one-year extension options. The agreement was extended under the option to December 31, 2013, but was terminated at the completion of the Company's IPO. At the completion of the IPO, the Company entered into a management agreement with the Manager, which provides for an initial term through February 20, 2016 with automatic one-year extensions and is subject to certain termination rights. Under the terms of the management agreement, Bimini Advisors will be responsible for administering the business activities and day-to-day operations of the Company. Bimini Advisors will receive a monthly management fee in the amount of:

One-twelfth of 1.5% of the first $250 million of the Company's equity, as defined in the management agreement,
One-twelfth of 1.25% of the Company's 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 equity that is greater than $500 million.

The Company is obligated to reimburse Bimini Advisors for any direct expenses incurred on its behalf. In addition, once the Company's Equity, as defined in the management agreement, equals $100 million, Bimini Advisors will begin allocating to the Company, it's pro rata portion of certain overhead costs as defined in the management agreement. Should the Company terminate the management agreement without cause, it shall pay to Bimini Advisors 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 initial term or automatic renewal term.

The Company was obligated to reimburse Bimini for its costs incurred under the original management agreement. In addition, the Company was required to pay Bimini a monthly fee of $7,200, which represents an allocation of overhead expenses for items that include, but are not limited to, occupancy costs, insurance and administrative expenses. These expenses were allocated based on the ratio of the Company's assets and Bimini's consolidated assets. Total expenses recorded during the nine and three months ended September 30, 2013 for the management fee and costs incurred was approximately $504,000 and $180,000, respectively, compared to $250,000 and $86,000, respectively, for the nine and three months ended September 30, 2012.

Payment of Certain Offering Expenses

Bimini Advisors has paid, or has agreed to reimburse Orchid for all offering expenses in connection with the Company's IPO. During the year ended December 31, 2012, these expenses were approximately $247,000. During the nine months ended September 30, 2013, Bimini Advisors paid additional expenses related to this offering of approximately $3,042,000. In addition, during the year ended December 31, 2012, Bimini Advisors paid certain expenses totaling approximately $833,000 on behalf of the Company associated with a failed merger attempt. The Company has no obligation or intent to reimburse Bimini Advisors, either directly or indirectly, for the offering costs or attempted merger costs, therefore they are not included in the Company's financial statements. At September 30, 2013 and December 31, 2012, the net amount due (to) from affiliates was approximately ($80,000) and $45,000, respectively.

Board Memberships

John B. Van Heuvelen, one of the Company's independent directors, owns shares of common stock of Bimini. Robert Cauley, the Company's Chief Executive Officer and Chairman of the Company's 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. Hunter Haas, the Company's Chief Financial Officer, Chief Investment Officer, Secretary and a member of the Company's 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.

Consulting Agreement

In September 2010, the Company entered into a consulting agreement with W Coleman Bitting, who became one of the Company's independent directors in February 2013. The terms of the consulting agreement provided that Mr. Bitting would advise the Company with respect to financing alternatives, business strategies and related matters as requested during the term of the agreement. In exchange for his services, the consulting agreement provided that the Company pay Mr. Bitting an hourly fee of $150 and reimburse him for all out-of-pocket expenses reasonably incurred in the performance of his services. During the nine months ended September 30, 2013 and 2012, the Company paid Mr. Bitting approximately $3,800 and $12,900, respectively, under this agreement. Mr. Bitting's consulting agreement was terminated upon completion of the Company's IPO. The total compensation Mr. Bitting received under the consulting agreement was approximately $115,000.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2013
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying financial statements are prepared on the accrual basis of accounting 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 MBS and Eurodollar futures contracts.
Statement of Comprehensive Income	Statement of Comprehensive Income (Loss) In accordance with the Financial Accounting Standards Board's Accounting Standards Codification (“FASB ASC”) Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income. Comprehensive income (loss) is the same as net income (loss) for the periods presented.
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. Restricted cash, of approximately $2,581,000 at September 30, 2013, represents cash held by a broker as margin on Eurodollar futures contracts. Restricted cash, totaling approximately $449,000 at December 31, 2012, represents cash held on deposit as collateral with repurchase agreement counterparties. The Company maintains cash balances at three banks, and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. All non-interest bearing cash balances were fully insured at December 31, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there was no limit to the amount of insurance for eligible accounts. Beginning January 1, 2013, insurance reverted to $250,000 per depositor at each financial institution. At September 30, 2013, the Company's cash deposits exceeded federally insured limits by approximately $7.4 million. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company 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 The Company invests primarily in mortgage pass-through (“PT”) certificates, collateralized mortgage obligations, and interest only (“IO”) securities and inverse interest only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans (collectively, “MBS”). These investments meet the requirements to be classified as available for sale under ASC 320-10-25, Debt and Equity Securities (which requires the securities to be carried at fair value on the balance sheet with changes in fair value charged to other comprehensive income, a component of stockholders' equity). However, the Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option allows 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 MBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded. The fair value of the Company's investments in MBS is governed by FASB ASC 820, Fair Value Measurement. The definition of fair value in FASB ASC 820 focuses on 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 MBS are based on the average of third-party broker quotes received and/or independent pricing sources when available. Income on PT MBS securities is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. 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 from the reporting period 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 MBS 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 has entered into Eurodollar futures contracts to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The Company has elected to not treat any of its derivative financial instruments as hedges. FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be carried at fair value. Changes in fair value are recorded in earnings for each period.
Financial Instruments	Financial Instruments FASB ASC 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. MBS and Eurodollar futures contracts 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 11 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, prepaid expenses and other assets, due from/to affiliates, receivable for securities sold, repurchase agreements, accrued interest payable, payable for unsettled securities purchased, accounts payable, accrued expenses and others generally approximates their carrying values as of September 30, 2013 and December 31, 2012 due to the short-term nature of these financial instruments.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing, the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.
Management Fees [Policy Text Block]	Manager Compensation The Company is externally managed by Bimini Advisors, LLC, a Maryland limited liability company and wholly-owned subsidiary of Bimini (“the Manager” or “Bimini Advisors”). The Company's management agreement with the Manager provides for the 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 12 for the terms of the management agreement.
Earnings Per Share	Earnings Per Share The Company follows the provisions of FASB ASC 260, Earnings Per Share. Basic earnings per share (“EPS”) is calculated as net income attributable to common stockholders divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is calculated using the “if converted” method 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 Bimini has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Until the closing of its IPO on February 20, 2013, Orchid was a “qualified REIT subsidiary” of Bimini under the Code. Beginning with its short tax period commencing on February 20, 2013 and ending December 31, 2013, Orchid expects to elect and intends to qualify to be taxed as a REIT. REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders at least 90% of their REIT taxable income on an annual basis. In addition, a REIT must meet other provisions of the Code to retain its tax status. Orchid measures, recognizes and presents its uncertain tax positions in accordance with FASB ASC 740, Income Taxes. Under that guidance, Orchid assesses the likelihood, based on their technical merit, that 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 July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This new standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The ASU is effective beginning January 1, 2014 on either a prospective or retrospective basis. The guidance represents a change in financial statement presentation only and the Company does not expect that this ASU will have a material impact on its financial results. In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The standard permits the Fed Funds Effective Swap Rate to be used as a benchmark interest rate for hedge accounting purposes. The new guidance is effective for hedging relationships entered into on or after July 17, 2013. The Company does not expect that this ASU will have a material impact on its financial statements. In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this Update modify the guidance for determining whether an entity is an investment company, update the measurement requirements for noncontrolling interests in other investment companies and require additional disclosures for investment companies under US GAAP. The amendments in the Update develop a two-tiered approach for the assessment of whether an entity is an investment company which requires an entity to possess certain fundamental characteristics while allowing judgment in assessing other typical characteristics. The amendments in this Update also revise the measurement guidance in Topic 946 such that investment companies must measure noncontrolling ownership interests in other investment companies at fair value, rather than applying the equity method of accounting to such interests. The new guidance is effective for an entity's interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. The Company does not expect that this ASU will have a material impact on its financial statements. In February 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405) - Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date ("ASU 2013-04"). The objective of the amendments in this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing GAAP. The amendments in ASU 2013-04 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be retrospectively applied to all prior periods presented for those obligations resulting from joint and several liability arrangements within the ASU's scope that exist at the beginning of an entity's fiscal year of adoption. Early adoption is permitted. The Company does not expect that this ASU will have a material impact on its financial statements. In January 2013, the FASB released ASU 2013-01 Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which served solely to clarify the scope of financial instruments included in ASU 2011-11 as there was concern about diversity in practice. The objectives of ASU 2013-01 and ASU 2011-11 are to support further convergence of US GAAP and IFRS requirements. These updates are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this ASU had no effect on the Company's financial statements. In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement. This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this ASU. The Company is required to apply the amendments for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods. The disclosures required are to be provided retrospectively for all comparative periods presented. The adoption of this ASU had no effect on the Company's financial statements.

Mortgage-Backed Securities (Tables)

9 Months Ended

Sep. 30, 2013

Mortgage Backed Securities Tables [Abstract]

Schedule of Mortgage-Backed Securities Reconciliation

The following table presents the Company's MBS portfolio as of September 30, 2013 and December 31, 2012:

(in thousands)
		September 30, 2013		December 31, 2012
Pass-Through Certificates:
	Hybrid Adjustable-rate Mortgages	$	120,205	$	59,485
	Adjustable-rate Mortgages		6,150		6,531
	Fixed-rate Mortgages		184,662		43,589
	Total Pass-Through Certificates		311,017		109,605
Structured MBS Certificates:
	Interest-Only Securities		15,371		2,884
	Inverse Interest-Only Securities		5,399		2,891
	Total Structured MBS Certificates		20,770		5,775
Total		$	331,787	$	115,380

Schedule Of Mortgage-Backed Securities by Contractual Maturity

(in thousands)
	September 30, 2013		December 31, 2012
Greater than five years and less than ten years	$	1,662	$	12,980
Greater than or equal to ten years		330,125		102,400
Total	$	331,787	$	115,380

Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements

As of September 30, 2013 and December 31, 2012, 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
September 30, 2013
Fair market value of securities pledged, including
	accrued interest receivable and receivable for
	securities sold	$	25,386	$	192,889	$	101,706	$	-	$	319,981
Repurchase agreement liabilities associated with
	these securities	$	25,067	$	181,002	$	95,588	$	-	$	301,657
Net weighted average borrowing rate			0.35%		0.38%		0.34%		-		0.37%
December 31, 2012
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	109,863	$	-	$	-	$	109,863
Repurchase agreement liabilities associated with
	these securities	$	-	$	103,941	$	-	$	-	$	103,941
Net weighted average borrowing rate			-		0.49%		-		-		0.49%

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets

(in thousands)
			Weighted
			Average
		Amount	Maturity
Repurchase Agreement Counterparties		at Risk⁽¹⁾	(in Days)
September 30, 2013
Citigroup Global Markets, Inc.	$	6,924	26
December 31, 2012
Citigroup Global Markets, Inc.	$	3,714	18
South Street Securities, LLC		1,802	7

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Financial Instruments Tables [Abstract]

Schedule of Eurodollar Positions

The table below presents information related to the Company's Eurodollar futures positions at September 30, 2013. As of December 31, 2012, the Company had no outstanding futures positions.

(in thousands)

		Average
	Weighted	Contract
	Average	Notional		Open
Expiration Year	LIBOR Rate	Amount		Equity⁽¹⁾
2014	0.47%	262,500		(96)
2015	0.89%	275,000		95
2016	1.86%	250,000		1,286
2017	2.83%	250,000		1,794
2018	3.51%	250,000		1,088
	1.95%		$	4,167
Cash posted as collateral, included in restricted cash			$	2,581

Open equity represents the cumulative gains (losses) recorded on open futures positions.

Income Statement Effect of Derivatives [Table Text Block]

The table below presents the effect of the Company's derivative financial instruments on the statements of operations for the nine and three months ended September 30, 2013 and 2012.

(in thousands)
	Nine Months Ended September 30,				Three Months Ended September 30,
		2013		2012		2013		2012
Eurodollar futures contracts (short positions)	$	4,096	$	(40)	$	(2,272)	$	(14)

Capital Stock (Tables)

9 Months Ended

Sep. 30, 2013

Capital Stock Tables [Abstract]

Dividends

Cash Dividends

The table below presents the cash dividends declared on the Company's common stock during 2013.

Declaration Date	Record Date	Payment Date		Per Share Amount		Total
March 8, 2013	March 25, 2013	March 27, 2013	$	0.135	$	451,125
April 10, 2013	April 25, 2013	April 30, 2013		0.135		451,125
May 9, 2013	May 28, 2013	May 31, 2013		0.135		451,125
June 10, 2013	June 25, 2013	June 28, 2013		0.135		451,125
July 9, 2013	July 25, 2013	July 31, 2013		0.135		451,125
August 12, 2013	August 26, 2013	August 30, 2013		0.135		451,125
September 10, 2013	September 25, 2013	September 30, 2013		0.135		451,125
October 10, 2013	October 25, 2013	October 31, 2013		0.135		451,125

Expenses (Tables)

9 Months Ended

Sep. 30, 2013

Operating Expenses [Abstract]

Expenses [Table Text Block]

The table below presents the Company's operating expenses for the nine and three months ended September 30, 2013 and 2012.

		Nine Months Ended				Three Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
Directors fees and liability insurance	$	207,309	$	-	$	82,924	$	-
Legal fees		71,286		-		10,949		-
Other professional fees		250,150		133,237		60,000		72,301
Management fees		489,700		185,000		179,500		64,600
Other direct REIT operating expenses		137,177		149,923		36,550		49,781
Other administrative expenses		95,580		90,184		31,483		47,862
Total expenses	$	1,251,202	$	558,344	$	401,406	$	234,544

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share Discosure Tables [Abstract]

Earnings Per Share

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2013 and 2012.

(in thousands, except per-share information)
			Nine Months Ended				Three Months Ended
			September 30,				September 30,
				2013		2012		2013		2012
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net (loss) income - Basic and diluted		$	(2,143)	$	802	$	(997)	$	545
Weighted average common shares:
	Common shares outstanding or to be
		issued at the balance sheet date		3,342		982		3,342		982
	Effect of weighting			(441)		-		-		-
Weighted average shares-basic and diluted				2,901		982		3,342		982
(Loss) income per common share:
	Basic and diluted		$	(0.74)	$	0.82	$	(0.30)	$	0.56

Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Tables [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

(in thousands)
				Quoted Prices
				in Active		Significant
				Markets for		Other		Significant
				Identical		Observable		Unobservable
		Fair Value		Assets		Inputs		Inputs
		Measurements		(Level 1)		(Level 2)		(Level 3)
September 30, 2013
Mortgage-backed securities	$	331,787	$	-	$	331,787	$	-
Eurodollar futures contracts		2,581		2,581		-		-
December 31, 2012
Mortgage-backed securities	$	115,380	$	-	$	115,380	$	-

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Significant Accounting Policies [Abstract]
Restricted cash	$ 2,580,875	$ 449,000
Cash Held by Broker as Margin on Eurodollar Futures Contracts	2,581,000	0
Cash Held on Deposit with Repurchase Agreement Counterparties	$ 0	$ 449,000
Commentary - Cash and Cash Equivalents Balances That Are Insured by the FDIC	The Company maintains cash balances at three banks, and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. All non-interest bearing cash balances were fully insured at December 31, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there was no limit to the amount of insurance for eligible accounts. Beginning January 1, 2013, insurance reverted to $250,000 per depositor at each financial institution. At September 30, 2013, the Company’s cash deposits exceeded federally insured limits by approximately $7.4 million. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances.
Uninsured Cash Balances	$ 7,400,000

Significant Accounting Polies - Income Taxes (Details)	9 Months Ended
Significant Accounting Polies - Income Taxes (Details)	Sep. 30, 2013
Significant Accounting Policies [Abstract]
Discussion of the distribution requirements for REIT compliance	Bimini has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Until the closing of its IPO on February 20, 2013, Orchid was a “qualified REIT subsidiary” of Bimini under the Code. Beginning with its short tax period commencing on February 20, 2013 and ending December 31, 2013, Orchid expects to elect and intends to qualify to be taxed as a REIT. REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders at least 90% of their REIT taxable income on an annual basis. In addition, a REIT must meet other provisions of the Code to retain its tax status.

Significant Accounting Policies - IPO (Details) - USD ($)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Significant Accounting Policies [Abstract]
Intial Public Offering Date	February 20, 2013
Stock Issued During Period Shares New Issues	2,360,000
Proceeds From Issuance Initial Public Offering	$ 35,400,000	$ 0
Bimini Ownership Percentage	29.38%

Mortgage-Backed Securities - By Type (Details) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Mortgage Backed Securities [Line Items]
Fair Value	$ 331,786,933	$ 115,379,574
Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	311,017,000	109,605,000
Total Strucutured Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	20,770,000	5,775,000
Hybrid Adjustable Rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	120,205,000	59,485,000
Adjustable-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	6,150,000	6,531,000
Fixed-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	184,662,000	43,589,000
Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	15,371,000	2,884,000
Inverse Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	$ 5,399,000	$ 2,891,000

Mortgage-Backed Securities - By Maturity (Details) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Mortgage Backed Securities By Maturity [Abstract]
Greater than five years and less than ten years	$ 1,662,000	$ 12,980,000
Greater than or equal to ten years	330,125,000	102,400,000
Total mortgage-backed securities	$ 331,786,933	$ 115,379,574

Mortage Backed Securities - Pledged Securities - Narrative (Details) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Securities Pledged As Collateral [Abstract]
Unpledged Mortgage Backed Securities	$ 53,804,610	$ 5,775,015
Unsettled Securities Purchases Included in Unpledged Securities	$ 38,800,000	$ 0

Repurchase Agreements - Narrative (Details) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 301,656,523	$ 103,941,174
Fair Value of securities pledged, including accrued interest receivable	319,981,000	109,863,000
Cash Held on Deposit with Repurchase Agreement Counterparties	$ 0	$ 449,000
Weighted Average Borrowing Rate	0.37%	0.49%
Maximum Amount at Risk	$ 18,200,000

- Definition

The carrying value as of the balance sheet date of securities that an institution sells and agrees to repurchase (the identical or substantially the same securities) as a seller-borrower at a specified date for a specified price, also known as a repurchase agreement, or repo. Most repos involve obligations of the federal government or its agencies, but other financial instruments, such as commercial paper, banker's acceptances, and negotiable certificates of deposit, are sometimes used in repos.

+ References + Details

Repurchase Agreements - Maturities (Details) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 319,981,000	$ 109,863,000
Repurchase agreements	$ 301,656,523	$ 103,941,174
Weighted Average Borrowing Rate	0.37%	0.49%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 25,386,000	$ 0
Repurchase agreements	$ 25,067,000	$ 0
Weighted Average Borrowing Rate	0.35%	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	$ 192,889,000	$ 109,863,000
Repurchase agreements	$ 181,002,000	$ 103,941,000
Weighted Average Borrowing Rate	0.38%	0.49%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 101,706,000	$ 0
Repurchase agreements	$ 95,588,000	$ 0
Weighted Average Borrowing Rate	0.34%	0.00%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements	$ 0	$ 0
Weighted Average Borrowing Rate	0.00%	0.00%

- Definition

+ References + Details

Repurchase Agreements - Amounts At Risk (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Citigroup Global Markets, Inc.
Repurchase Agreement Counterparties With Whom Amount At Risk Exceeds Ten Percent of Stockholders Equity [Line Items]
Amount At Risk	$ 6,924	$ 3,714
Weighted Average Maturity of Repurchase Agreement in Days	26 days	18 days
South Street Securities, LLC
Repurchase Agreement Counterparties With Whom Amount At Risk Exceeds Ten Percent of Stockholders Equity [Line Items]
Amount At Risk		$ 1,802
Weighted Average Maturity of Repurchase Agreement in Days		7 days

Derivative Financial Instruments - Narrative (Details)	9 Months Ended
Derivative Financial Instruments - Narrative (Details)	Sep. 30, 2013
Derivitive Financial Instruments [Line Items]
Type of Derivative Instrument	Eurodollar futures contracts
Underlying Risk	interest rate risk

Eurodollar Futures Positions (Details) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Eurodollar Futures [Line Items]
Locked-In LIBOR Rate	1.95%
Open Equity	$ 4,167,000
Cash Held by Broker as Margin on Eurodollar Futures Contracts	$ 2,581,000	$ 0
Year 2014 Expiration [Member]
Eurodollar Futures [Line Items]
Locked-In LIBOR Rate	0.47%
Notional Amount	$ 262,500,000
Open Equity	$ (96,000)
Year 2015 Expiration [Member]
Eurodollar Futures [Line Items]
Locked-In LIBOR Rate	0.89%
Notional Amount	$ 275,000,000
Open Equity	$ 95,000
Year 2016 Expiration [Member]
Eurodollar Futures [Line Items]
Locked-In LIBOR Rate	1.86%
Notional Amount	$ 250,000,000
Open Equity	$ 1,286,000
Year 2017 Expiration [Member]
Eurodollar Futures [Line Items]
Locked-In LIBOR Rate	2.83%
Notional Amount	$ 250,000,000
Open Equity	$ 1,794,000
Year 2018 Expiration [Member]
Eurodollar Futures [Line Items]
Locked-In LIBOR Rate	3.51%
Notional Amount	$ 250,000,000
Open Equity	$ 1,088,000

Derivative Income Statement Effect (Details) - USD ($)	3 Months Ended		9 Months Ended
Derivative Income Statement Effect (Details) - USD ($)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Gains (losses) on Eurodollar futures contracts	$ (2,271,875)	$ (14,250)	$ 4,095,788	$ (39,500)

Capital Stock - Narrative - (Details) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Common Stock [Abstract]
Common Stock Shares Authorized	500,000,000	1,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock [Abstract]
Preferred Shares Authorized	100,000,000	0
Preferred Stock Par Or Stated Value Per Share	$ 0.01

Capital Stock - Issuances of Common Stock (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Initial Public Offering [Abstract]
Intial Public Offering Date	February 20, 2013
Stock Issued During Period Shares New Issues	2,360,000
Proceeds From Issuance Initial Public Offering	$ 35,400,000	$ 0
Issuances of Common Stock [Abstract]
Shares Issued During Period			4,110
Issuance of common shares to repay amount due to Bimini Capital Management, Inc.			$ 411,000
Stock Issuance Date			July 15, 2012

Capital Stock - Dividends (Details)	1 Months Ended								3 Months Ended		9 Months Ended
Capital Stock - Dividends (Details)	Oct. 31, 2013 USD ($) $ / shares	Sep. 30, 2013 USD ($) $ / shares	Aug. 31, 2013 USD ($) $ / shares	Jul. 31, 2013 USD ($) $ / shares	Jun. 30, 2013 USD ($) $ / shares	May 31, 2013 USD ($) $ / shares	Apr. 30, 2013 USD ($) $ / shares	Mar. 31, 2013 USD ($) $ / shares	Sep. 30, 2013 $ / shares	Sep. 30, 2012 $ / shares	Sep. 30, 2013 shares $ / shares	Sep. 30, 2012 $ / shares
Cash Dividends [Abstract]
Declaration Date	October 10, 2013	September 10, 2013	August 12, 2013	July 9, 2013	June 10, 2013	May 9, 2013	April 10, 2013	March 8, 2013	September 10, 2013		September 10, 2013
Record Date	October 25, 2013	September 25, 2013	August 26, 2013	July 25, 2013	June 25, 2013	May 28, 2013	April 25, 2013	March 25, 2013	September 25, 2013		September 25, 2013
Payment Date	October 31, 2013	September 30, 2013	August 30, 2013	July 31, 2013	June 28, 2013	May 31, 2013	April 30, 2013	March 27, 2013	September 30, 2013		September 30, 2013
Per Share Amount \| $ / shares	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.405	$ 0	$ 0.945	$ 0
Total \| $	$ 451,125	$ 451,125	$ 451,125	$ 451,125	$ 451,125	$ 451,125	$ 451,125	$ 451,125
Stock Dividend [Abstract]
Stock Dividend Declaration Date		2/14/2013							2/14/2013		2/14/2013
Shares Issued For Each Share Outstanding											5.37
Total Shares Issued Pursuant To Stock Dividend											827,555
Stock Dividend Issue Date		2/20/2013							2/20/2013		2/20/2013

Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
Expenses (Details) - USD ($)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Expenses Tables [Abstract]
Directors fees and liability insurance	$ 82,924	$ 0	$ 207,309	$ 0
Legal fees	10,949	0	71,286	0
Other professional fees	60,000	72,301	250,150	133,237
Management fees	179,500	64,600	489,700	185,000
Other direct REIT operating expenses	36,550	49,781	137,177	149,923
Other administrative expenses	31,483	47,862	95,580	90,184
Total expenses	$ 401,406	$ 234,544	$ 1,251,202	$ 558,344

Stock Incentive Plans - Descriptions of Plans (Details)	Sep. 30, 2013 shares
Share-based Compensation [Abstract]
Maximum Number of Shares to Be Issued the Plan	4,000,000
Percentage of Outstanding Stock Limitation	10.00%

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (997)	$ 545	$ (2,143)	$ 802
Net Income (Loss) Available to Common Stockholders, Diluted	$ (997)	$ 545	$ (2,143)	$ 802
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Shares Outstanding at the Balance Sheet Date	3,342	982	3,342	982
Effect of Weighting	0	0	(441)	0
Weighted Average Shares - Basic	3,342	982	2,901	982
Weighted Average Shares - Diluted	3,342	982	2,901	982
Income (Loss) Per Share - Basic	$ (0.30)	$ 0.56	$ (0.74)	$ 0.82
Income (Loss) Pe Share - Diluted	$ (0.30)	$ 0.56	$ (0.74)	$ 0.82

Earnings Per Share - Narrative (Details)	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details)	Sep. 30, 2013 shares	Sep. 30, 2012 shares	Sep. 30, 2013 shares	Sep. 30, 2012 shares	Dec. 31, 2012 shares
Stock Dividend [Abstract]
Stock Dividend Declaration Date	2/14/2013		2/14/2013
Shares Issued For Each Share Outstanding			5.37
Total Shares Issued Pursuant To Stock Dividend			827,555
Stock Dividend Issue Date	2/20/2013		2/20/2013
Shares Used in EPS Calculation	3,342,000	982,000	2,901,000	982,000
Common Shares Outstanding	3,341,665		3,341,665		154,110

Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Eurodollar Futures Contracts	$ 2,581,000	$ 0
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	331,787,000	115,380,000
Eurodollar Futures Contracts	2,581,000	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
Eurodollar Futures Contracts	2,581,000	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	331,787,000	115,380,000
Eurodollar Futures Contracts	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Eurodollar Futures Contracts	$ 0	$ 0

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Related Party Transaction [Line Items]
Management Fees And Allocated Expenses	$ 180,000	$ 86,000	$ 504,000	$ 250,000
Due from affiliates	0		0		$ 45,126
Due to affiliates	$ 79,878		$ 79,878		0
Bimini Capital Management Inc [Member]
Related Party Transaction [Line Items]
Initial Term Of Management Agreement			1 year
Automatic Renewal Period Of Management Agreement			1 year
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Initial Term Of Management Agreement			3 years
Automatic Renewal Period Of Management Agreement			1 year
Offering Expenses Paid			$ 3,042,000		247,000
FlatWorld Failed Merger Costs					$ 833,000
W Coleman Bitting [Member]
Related Party Transaction [Line Items]
Consulting Fees			$ 3,800	$ 12,900