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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Oct. 28, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
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		13,076,981
Trading Symbol	ORC

Consolidated Balance Sheets - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 1,073,815,699	$ 335,774,980
Unpledged	101,716,731	15,447,532
Total mortgage-backed securities	1,175,532,430	351,222,512
Cash and cash equivalents	55,026,519	8,169,402
Restricted cash	7,781,000	2,445,625
Accrued interest receivable	5,655,306	1,559,437
Derivative asset, at fair value	3,906,100	0
Receivable for securities sold, pledged to counterparties	249,410,368	0
Other assets	3,344,623	179,071
Total Assets	1,500,656,346	363,576,047
Liabilities
Repurchase agreements	1,255,977,886	318,557,054
Accrued interest payable	387,919	91,461
Due to affiliates	303,358	81,925
Payable for unsettled securities purchased	66,812,482	0
Other Liabilities	4,388,200	80,260
Total Liabilities	1,327,869,845	318,810,700
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	130,244	33,417
Additional paid in capital	167,585,817	46,115,961
Accumulated deficit	5,070,440	(1,384,031)
Total Stockholders Equity	172,786,501	44,765,347
Total Liabilities and Stockholders Equity	$ 1,500,656,346	$ 363,576,047

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Shares Authorized	100,000,000	100,000,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock Shares Authorized	500,000,000	500,000,000
Common Shares Issued	13,024,449	3,341,665
Common Shares Outstanding	13,024,449	3,341,665

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Portfolio Income
Interest income	$ 9,285,729	$ 2,551,199	$ 19,657,656	$ 6,393,156
Interest expense	818,383	293,913	1,904,894	817,219
Net interest income	8,467,346	2,257,286	17,752,762	5,575,937
Realized gains (losses) on mortgage-backed securities	(1,959,822)	(667,182)	1,931,617	(1,490,712)
Unrealized gains (losses) on mortgage-backed securities	(1,404,122)	86,070	8,719,844	(9,072,712)
(Losses) gains on derivative instruments	3,057,651	(2,271,875)	(4,363,837)	4,095,788
Net portfolio income	8,161,053	(595,701)	24,040,386	(891,699)
Expenses
Management Fees	543,000	179,500	1,275,500	489,700
Compensation and related benefits	225,000	0	450,000	0
Directors fees and liability insurance	164,641	82,924	404,927	207,309
Audit, legal and other professional fees	160,260	70,949	405,697	321,436
Direct REIT operating expenses	35,973	36,550	124,358	133,399
Other administrative	263,693	31,483	381,213	99,358
Total expenses	1,392,567	401,406	3,041,695	1,251,202
Net income (loss)	$ 6,768,486	$ (997,107)	$ 20,998,691	$ (2,142,901)
Basic and diluted net income (loss) per share
Basic	$ 0.63	$ (0.3)	$ 2.53	$ (0.74)
Diluted	$ 0.63	$ (0.3)	$ 2.53	$ (0.74)
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	10,710,153	3,341,665	8,314,512	2,900,786
Weighted Average Number Of Diluted Shares Outstanding	10,710,153	3,341,665	8,314,512	2,900,786
Dividends Declared Per Common Share	$ 0.54	$ 0.405	$ 1.62	$ 0.945

Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2014 - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2013	$ 44,765,347	$ 33,417	$ 46,115,961	$ (1,384,031)
Increase (Decrease) in Stockholders' Equity
Net loss	20,998,691	0	0	20,998,691
Cash dividend declared	(14,544,220)	0	0	(14,544,220)
Issuance of common shares pursuant to equity compensation plan	76,932	58	76,874	0
Amortization of equity plan compensation	40,767	0	40,767	0
Issuance of common stock	121,448,984	96,769	121,352,215	0
Balances at Sep. 30, 2014	$ 172,786,501	$ 130,244	$ 167,585,817	$ 5,070,440

Statement of Stockholders' Equity (Parentheticals) - $ / shares	1 Months Ended																				3 Months Ended		9 Months Ended
	Oct. 31, 2014	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014	Jun. 30, 2014	May 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	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, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement Of Stockholders Equity [Abstract]
Dividends Declared Per Common Share	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.54	$ 0.405	$ 1.62	$ 0.945

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 20,998,691	$ (2,142,901)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	117,699	0
Realized and unrealized (gains) losses on mortgage-backed securities	(10,651,461)	10,563,424
Realized and unrealized loss on interest rate swaption	(1,119,525)	0
Changes in operating assets and liabilities
Accrued interest receivable	(4,005,742)	(907,884)
Prepaid expenses and other assets	(253,038)	(118,425)
Accrued interest payable	296,458	23,613
Accounts payable, accrued expenses and other	531,940	(19,540)
Due to affiliates	221,433	125,004
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	8,375,505	7,523,291
From mortgage-backed securities investments
Purchases	(1,521,605,989)	(489,923,917)
Sales	470,012,125	237,375,025
Principal repayments	52,334,880	22,563,699
Increase in restricted cash	(5,335,375)	(2,131,875)
Purchase of interest rate swaptions, net of margin cash received	1,249,625	0
NET CASH USED IN INVESTING ACTIVITIES	(1,005,843,984)	(232,117,068)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	5,306,415,537	2,423,975,175
Principal payments on repurchase agreements	(4,368,994,705)	(2,226,259,826)
Cash dividends	(14,544,220)	(3,157,873)
Proceeds from issuance of common stock		35,400,000
Proceeds From Secondary Offering	121,448,984
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,044,325,596	229,957,476
NET INCREASE IN CASH AND CASH EQUIVALENTS	46,857,117	5,363,699
CASH AND CASH EQUIVALENTS, beginning of the period	8,169,402	2,537,257
CASH AND CASH EQUIVALENTS, end of the period	55,026,519	7,900,956
Cash paid during the period for:
Interest	1,608,436	793,606
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Securities acquired settled in later period	66,812,482	38,720,351
Dividends paid in shares of Class A Common Stock		8,276
Securities sold settled in later period	$ 249,410,368	$ 40,955,374

Organization and Significant Accounting Policies	9 Months Ended
Organization and Significant Accounting Policies	Sep. 30, 2014
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization and Business Description Orchid Island Capital, Inc., (“Orchid” or the “Company”), was incorporated in Maryland on August 17, 2010 for the purpose of creating and managing a leveraged investment portfolio consisting of residential mortgage-backed securities (“RMBS”). From incorporation to February 20, 2013 Orchid was a wholly owned subsidiary of Bimini Capital Management, Inc. (“Bimini”). Orchid began operations on November 24, 2010 (the date of commencement of operations). From incorporation through November 24, 2010, Orchid’s only activity was the issuance of common stock to Bimini. On 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 gross proceeds of $35.4 million. Orchid is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Orchid completed a secondary offering of 1,800,000 common shares on January 23, 2014. The underwriters exercised their overallotment option in full for an additional 270,000 shares on January 29, 2014. The aggregate net proceeds to Orchid were approximately $24.2 million which were invested in Agency RMBS securities on a leveraged basis. Orchid completed a secondary offering of 3,200,000 common shares on March 24, 2014. The underwriters exercised their overallotment option in full for an additional 480,000 shares on April 11, 2014. The aggregate net proceeds to Orchid were approximately $44.0 million which were invested in Agency RMBS securities on a leveraged basis. On June 17, 2014, Orchid entered into an equity distribution agreement (the “June 2014 Equity Distribution Agreement”) with two sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $35,000,000 of shares of the Company’s common stock in transactions that are deemed to be “at-the-market” offerings and privately negotiated transactions. Through September 2, 2014, with final settlement on September 5, 2014, the Company issued a total of 2,528,416 shares under the June 2014 Equity Distribution Agreement for aggregate proceeds of approximately $34.2 million, net of commissions and fees. On September 3, 2014, Orchid entered into a second equity distribution agreement (the “September 2014 Equity Distribution Agreement”) with two sales agents pursuant to which the Company may offer and sell, from time to time, up to an aggregate amount of $75,000,000 of shares of the Company’s common stock in transactions that are deemed to be “at-the-market” offerings and privately negotiated transactions. The September 2014 Equity Distribution Agreement replaced the June 2014 Equity Distribution Agreement. Through September 30, 2014, the Company issued a total of 1,398,524 shares under the September 2014 Equity Distribution Agreement for aggregate proceeds of approximately $19.1 million, net of commissions and fees. After September 30, 2014, the Company issued an additional 52,532 shares under the September 2014 Equity Distribution Agreement for aggregate proceeds of approximately $0.7 million, net of commissions and fees. Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and three month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS, Eurodollar futures contracts and the interest rate swaptions. 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 is the same as net income 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. At September 30, 2014 restricted cash consisted of $3,000,000 of cash held by a broker as margin on Eurodollar futures contracts and $4,781,000 of cash held on deposit as collateral with repurchase agreement counterparties. At December 31, 2013 restricted cash consisted of approximately $2,446,000 of cash held by a broker as margin on Eurodollar futures contracts. The Company maintains cash balances at four banks, and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At September 30, 2014, the Company’s cash deposits exceeded federally insured limits by approximately $54.1 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 uses only large, well-known bank and derivative counterparties and 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, “RMBS”). 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 RMBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records RMBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the RMBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the RMBS balance with an offsetting receivable recorded. The fair value of the Company’s investments in RMBS 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 RMBS are based on independent pricing sources and/or third party broker quotes, when available. Income on PT RMBS 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 RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations. Derivative Financial Instruments The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are T-Note and Eurodollar futures contracts and options to enter in interest rate swaps (“interest rate swaptions”), but may enter into other transactions 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. Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties to honor their commitments. In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. To mitigate this risk, the Company uses only well-established commercial banks as counterparties. 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. RMBS, Eurodollar and T-Note futures contracts and interest rate swaptions are accounted for at fair value in the balance sheet. 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, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as of September 30, 2014 and December 31, 2013 due to the short-term nature of these financial instruments. Repurchase Agreements The Company finances the acquisition of the majority of its PT RMBS 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 (“the Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for 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 or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding or subscribed during the period. Diluted EPS is calculated using the “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 ended December 31, 2013, Orchid has qualified and elected to be taxed as a REIT, and filed a REIT tax return separate from Bimini. 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 June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that performance targets that affect vesting and that could be achieved after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU is not expected to materially impact the Company’s financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 15, 2014 and for interim periods beginning after March 15, 2015. We currently record our repurchase arrangements as secured borrowings and do not anticipate that ASU 2014-11 will have a material impact on the Company’s financial statements. In July 2013, the FASB issued 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 became effective beginning January 1, 2014 on either a prospective or retrospective basis. The guidance represents a change in financial statement presentation only and the adoption of this ASU did not have a material impact on the Company’s financial results. 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 became effective beginning January 1, 2014. The adoption of this ASU did not have a material impact on the Company’s 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 became 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. The adoption of this ASU did not have a material impact on the Company’s financial statements.

Mortgage Backed Securities

9 Months Ended

Sep. 30, 2014

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of September 30, 2014 and December 31, 2013:

(in thousands)
		September 30, 2014		December 31, 2013
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	71,442	$	76,118
	Adjustable-rate Mortgages		3,847		5,334
	Fixed-rate Mortgages		1,035,857		245,523
	Total Pass-Through Certificates		1,111,146		326,975
Structured RMBS Certificates:
	Interest-Only Securities		45,947		19,206
	Inverse Interest-Only Securities		18,439		5,042
	Total Structured RMBS Certificates		64,386		24,248
Total		$	1,175,532	$	351,223

The following table summarizes the Company’s RMBS portfolio as of September 30, 2014 and December 31, 2013, according to the contractual maturities of the securities in the portfolio. Actual maturities of RMBS 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, 2014		December 31, 2013
Greater than five years and less than ten years	$	1,047	$	1,521
Greater than or equal to ten years		1,174,485		349,702
Total	$	1,175,532	$	351,223

The Company generally pledges its RMBS assets as collateral under repurchase agreements. At September 30, 2014 and December 31, 2013, the Company had unpledged securities totaling $101.7 million and $15.4 million, respectively. The unpledged balance at September 30, 2014 includes unsettled security purchases with a fair value of approximately $67.1 million that will be pledged as collateral under repurchase agreements on their settlement dates in October 2014.

Repurchase Agreements

9 Months Ended

Sep. 30, 2014

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

NOTE 3. REPURCHASE AGREEMENTS

As of September 30, 2014, the Company had outstanding repurchase obligations of approximately $1,256.0 million with a net weighted average borrowing rate of 0.34%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $1,325.7 million, (including unsettled securities sold with a fair value of approximately $246.9 million), and cash pledged to counterparties of approximately $4.8 million. As of December 31, 2013, the Company had outstanding repurchase obligations of approximately $318.6 million with a net weighted average borrowing rate of 0.39%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $337.0 million.

As of September 30, 2014 and December 31, 2013, 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, 2014
Fair market value of securities pledged, including
	accrued interest receivable	$	48,439	$	695,152	$	462,617	$	119,449	$	1,325,657
Repurchase agreement liabilities associated with
	these securities	$	47,080	$	660,293	$	436,110	$	112,495	$	1,255,978
Net weighted average borrowing rate			0.32%		0.34%		0.34%		0.38%		0.34%
December 31, 2013
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	326,348	$	10,650	$	-	$	336,998
Repurchase agreement liabilities associated with
	these securities	$	-	$	308,402	$	10,155	$	-	$	318,557
Net weighted average borrowing rate			-		0.39%		0.37%		-		0.39%

If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable and cash posted by the Company as collateral. At September 30, 2014, 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 and cash pledged (if any), including accrued interest on such securities) of approximately $74.1 million. Summary information regarding the Company’s amounts at risk with individual counterparties greater than 10% of the Company’s equity at September 30, 2014 and December 31, 2013 is as follows:

($ in thousands)
			% of	Weighted
			Stockholders'	Average
		Amount	Equity	Maturity
Repurchase Agreement Counterparties		at Risk	at Risk	(in Days)
September 30, 2014
Citigroup Global Markets, Inc.	$	19,074	11.0%	20
December 31, 2013
Citigroup Global Markets, Inc.	$	5,487	12.3%	11

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2014

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 the cost of its repurchase agreement funding by entering into derivatives, such as Eurodollar and T-Note futures contracts and interest rate swaptions. The Company has not elected hedging treatment under GAAP, and as such all gains or losses (realized and unrealized) on these instruments are reflected in earnings for all periods presented.

As of December 31, 2013, such instruments were comprised entirely of Eurodollar futures contracts. During the nine months ended September 30, 2014, the Company entered into, and settled before the end of the quarter, a T-Note futures contract. Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains or losses credited or charged to the Company’s account on a daily basis and reflected in earnings as they occur. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. This margin represents the collateral the Company has posted for its open positions and is recorded on the balance sheet as part of restricted cash. The Company is exposed to the changes in value of the futures by the amount of margin held by the broker.

During the nine months ended September 30, 2014, the Company was a party to interest rate swaption agreements. At September 30, 2014, the Company had outstanding swaption agreements which grant the Company the right but not the obligation to enter into underlying pay fixed interest rate swap (“payer swaption”). The Company may also enter into swaption agreements that provide the Company the option to enter into receive fixed interest rate swap (“receiver swaption”).

Derivative Assets (Liability), at Fair Value

The table below summarizes fair value information about our derivative assets and liability as of September 30, 2014 and December 31, 2013.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	September 30, 2014		December 31, 2013
Assets
Eurodollar futures - Margin posted to counterparty	Restricted cash	$	3,000	$	2,446
Payer swaptions	Derivative assets, at fair value		3,906		-
		$	6,906	$	2,446
Liability
Payer swaptions - Margin posted by counterparty	Other liabilities	$	(3,776)	$	-

The tables below present information related to the Company’s Eurodollar futures positions at September 30, 2014 and December 31, 2013.

($ in thousands)
	September 30, 2014					December 31, 2013
			Average					Average
	Weighted		Contract			Weighted		Contract
	Average		Notional		Open	Average		Notional		Open
Expiration Year	LIBOR Rate		Amount		Equity⁽¹⁾	LIBOR Rate		Amount		Equity⁽¹⁾
2014	-	$	-	$	-	0.40%	$	262,500	$	(189)
2015	0.74%		550,000		(329)	0.80%		275,000		(146)
2016	1.76%		550,000		1,379	1.90%		250,000		1,367
2017	2.68%		400,000		1,067	3.03%		250,000		2,291
2018	3.07%		400,000		(177)	3.77%		250,000		1,575
Total / Weighted Average	1.87%	$	480,000	$	1,940	2.02%	$	257,353	$	4,898

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

The table below presents information related to the Company’s interest rate swaption positions at September 30, 2014.

($ in thousands)

Option

Underlying Swap

Weighted

Average

Fixed

Receive

Average

Fair

Months to

Notional

Pay

Rate

Term

Expiration

Cost

Value

Expiration

Amount

Rate

(LIBOR)

(Years)

≤ 1 year

4,720

3,906

275,000

2.96%

3 Month

8.2

Gain (Loss) From Derivative Instruments, Net

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, 2014 and 2013.

(in thousands)
		Nine Months Ended September 30,				Three Months Ended September 30,
		2014		2013		2014		2013
Eurodollar futures contracts (short positions)	$	(3,316)	$	4,096	$	2,820	$	(2,272)
T-Note futures contract (short position)		72		-		72		-
Payer swaptions		(1,120)		-		166		-
	$	(4,364)	$	4,096	$	3,058	$	(2,272)

Credit Risk-Related Contingent Features

The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We minimize this risk by limiting our counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, we may be required to pledge assets as collateral for our derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, we may not receive payments provided for under the terms of our derivative agreements, and may have difficulty obtaining our assets pledged as collateral for our derivatives. The cash and cash equivalents pledged as collateral for our derivative instruments are included in restricted cash on our balance sheets.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Offsetting Assets and Liabilties

9 Months Ended

Sep. 30, 2014

Offsetting Assets And Liabilities [Abstract]

Offsetting Assets and Liabilities [Text Block]

NOTE 5. OFFSETTING ASSETS AND LIABILITIES

The Company’s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis.

The following table presents information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of September 30, 2014 and December 31, 2013.

(in thousands)
Offsetting of Assets
							Gross Amount Not Offset
							in the Balance Sheet
					Net Amount		Financial
	Gross Amount		Gross Amount		of Assets		Instruments		Cash
	of Recognized		Offset in the		Presented in the		Received as		Received as		Net
	Assets		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
September 30, 2014
Derivative assets - Payer swaptions	$	3,906	$	-	$	3,906	$	-	$	(3,776)	$	130
December 31, 2013
Derivative asset	$	-	$	-	$	-	$	-	$	-	$	-

(in thousands)
Offsetting of Liabilities
							Gross Amount Not Offset
							in the Balance Sheet
					Net Amount		Financial
	Gross Amount		Gross Amount		of Liabilities		Instruments
	of Recognized		Offset in the		Presented in the		Posted as		Cash Posted		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
September 30, 2014
Repurchase Agreements	$	1,255,978	$	-	$	1,255,978	$	(1,251,197)	$	(4,781)	$	-
December 31, 2013
Repurchase Agreements	$	318,557	$	-	$	318,557	$	(318,557)	$	-	$	-

The amounts disclosed for collateral received by or posted to the same counterparty up to and not exceeding the net amount of the asset or liability presented in the balance sheet. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Notes 3 and 4 for a discussion of collateral posted or received against or for repurchase obligations and derivative instruments.

Capital Stock

9 Months Ended

Sep. 30, 2014

Capital Stock [Abstract]

Capital Stock

NOTE 6. 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 2014 and 2013, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2014
Secondary Offering	First Quarter	$	12.50	2,070,000	$	24,174
Secondary Offering⁽³⁾	First Quarter		12.55	3,680,000		43,989
At-the-Market Offering Program⁽⁴⁾	Second Quarter		13.14	537,499		6,914
At-the-Market Offering Program⁽⁴⁾	Third Quarter		13.99	3,389,441		46,372
At-the-Market Offering Program⁽⁴⁾	Fourth Quarter		13.90	52,532		716
				9,729,472	$	122,165

($ in thousands, except per share amounts)
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2013
Initial Public Offering	First Quarter	$	15.00	2,360,000	$	35,400 ⁽⁵⁾
				2,360,000	$	35,400

Price received per share is gross of underwriters’ discount, if applicable, and other offering costs.
Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.
Includes net proceeds received of $5.7 million and 480,000 shares issued to the underwriters in April 2014 pursuant to the exercise of their overallotment option related to the March 2014 offering.
The Company has entered into two Equity Distribution Agreements, one of which was replaced with the current agreement, to publicly offer and sell shares of the Company’s common stock in at-the-market and privately negotiated transactions from time to time. The net proceeds and shares issued in the fourth quarter of 2014 under this program are not reflected in the Company’s financial statements as of September 30, 2014. As of September 30, 2014, shares with a value of $55.5 million remain available for issuance under the September Equity Distribution Agreement.
Bimini Advisors has paid, or has reimbursed the Company for all offering expenses in connection with the Company’s IPO. The Company has no obligation or intent to reimburse Bimini Advisors, either directly or indirectly, for the offering costs; therefore they are not included in the Company's financial statements.

Stock Dividend

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock since its IPO.

Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2014
October 9, 2014⁽¹⁾	October 28, 2014	October 31, 2014	$	0.180	$	2,358,177
September 9, 2014	September 25, 2014	September 30, 2014		0.180		2,348,198
August 12, 2014	August 26, 2014	August 29, 2014		0.180		1,998,506
July 10, 2014	July 28, 2014	July 31, 2014		0.180		1,758,965
June 11, 2014	June 25, 2014	June 30, 2014		0.180		1,711,531
May 8, 2014	May 27, 2014	May 30, 2014		0.180		1,640,820
April 8, 2014	April 25, 2014	April 30, 2014		0.180		1,636,500
March 11, 2014	March 26, 2014	March 31, 2014		0.180		1,550,100
February 11, 2014	February 25, 2014	February 28, 2014		0.180		974,100
January 9, 2014	January 27, 2014	January 31, 2014		0.180		925,500
Totals			$	1.800	$	16,902,397


Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2013
December 11, 2013	December 26, 2013	December 30, 2013	$	0.180	$	601,497
November 12, 2013	November 25, 2013	November 27, 2013		0.135		451,125
October 10, 2013	October 25, 2013	October 31, 2013		0.135		451,125
September 10, 2013	September 25, 2013	September 30, 2013		0.135		451,125
August 12, 2013	August 26, 2013	August 30, 2013		0.135		451,125
July 9, 2013	July 25, 2013	July 31, 2013		0.135		451,125
June 10, 2013	June 25, 2013	June 28, 2013		0.135		451,125
May 9, 2013	May 28, 2013	May 31, 2013		0.135		451,125
April 10, 2013	April 25, 2013	April 30, 2013		0.135		451,125
March 8, 2013	March 25, 2013	March 27, 2013		0.135		451,125
Totals			$	1.395	$	4,661,622

The effect of the dividend declared in October 2014 is not reflected in the Company’s financial statements as of September 30, 2014.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Stock Incentive Plans

9 Months Ended

Sep. 30, 2014

Employee Benefits And Share Based Compensation [Abstract]

Stock incentive Plans

NOTE 7. STOCK INCENTIVE PLAN

In October 2012, the Company’s 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.

A summary of incentive share activity during the nine months ended September 30, 2014 is presented below:

			Weighted-	Weighted-
			Average	Average
			Grant-Date	Remaining
	Shares		Fair Value	Life
Restricted common stock, at January 1, 2014	-	$	-	-
Restricted common stock granted during the period	29,844		12.41	-
Vested during the period	(5,844)		13.16	-
Restricted common stock, at September 30, 2014	24,000	$	12.23	2.6 Years

On April 25, 2014, our Compensation Committee granted each of our non-employee directors 6,000 shares of restricted common stock subject to a three year vesting schedule whereby 2,000 shares of the award vest on the first, second and third anniversaries of the award date. Directors will have all the rights of a stockholder with respect to the awards, including the right to receive dividends and vote the shares. The awards are subject to forfeiture should the director no longer be a member of the Board of Directors of the Company prior to the respective vesting dates.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
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, 2014.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
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.

Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 10. EARNINGS PER SHARE (EPS)

The Company had dividend eligible shares of restricted common stock that were outstanding during the nine and three months ended September 30, 2014. The basic and diluted per share computations include these unvested shares of restricted common stock if there is income available to Common Stock, as they have dividend participation rights. The shares of restricted common stock have no contractual obligation to share in losses. Because there is no such obligation, the shares of restricted common stock are not included in the basic and diluted EPS computations when no income is available to Common Stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2014 and 2013.

(in thousands, except per-share information)
				Nine Months Ended September 30,				Three Months Ended September 30,
				2014		2013		2014		2013
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income (loss) - Basic and diluted		$	20,999	$	(2,143)	$	6,768	$	(997)
Weighted average common shares:
	Common shares outstanding at the balance sheet date			13,024		3,342		13,024		3,342
	Unvested dividend eligible shares of restricted common stock
		outstanding at the balance sheet date		24		-		24		-
	Effect of weighting			(4,733)		(441)		(2,338)		-
Weighted average shares-basic and diluted				8,315		2,901		10,710		3,342
Income (loss) per common share:
	Basic and diluted		$	2.53	$	(0.74)	$	0.63	$	(0.30)

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 as the dividend were issued to Bimini on February 20, 2013, immediately prior to Orchid’s IPO. For the nine months ended September 30, 2013, the 827,555 shares distributed as a stock dividend were treated as if outstanding for the entire period, as Bimini was the sole stockholder during the entire period prior to Orchid’s IPO.

Fair Value

9 Months Ended

Sep. 30, 2014

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.

The Company’s RMBS and interest rate swaptions are valued using Level 2 valuations, and such valuations currently are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. Alternatively, the Company could opt to have the value of all of our positions in RMBS and interest rate swaptions determined by either an independent third-party or do so internally.

RMBS, interest rate swaptions and Eurodollar futures contracts were recorded at fair value on a recurring basis during the nine and three months ended September 30, 2014 and 2013. 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, 2014 and December 31, 2013:

(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, 2014
Mortgage-backed securities	$	1,175,532	$	-	$	1,175,532	$	-
Eurodollar futures contracts		3,000		3,000		-		-
Payer swaptions		3,906		-		3,906		-
December 31, 2013
Mortgage-backed securities	$	351,223	$	-	$	351,223	$	-
Eurodollar futures contracts		2,446		2,446		-		-

During the nine and three months ended September 30, 2014 and 2013, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

- Definition

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

+ References + Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]
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 on February 20, 2013. At the completion of the IPO, the Company entered into a management agreement with Bimini Advisors (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 is responsible for administering the business activities and day-to-day operations of the Company. Bimini Advisors receives 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, Bimini Advisors began allocating to the Company its pro rata portion of certain overhead costs set forth in the management agreement commencing with the calendar quarter beginning July 1, 2014. 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 included, but were 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, 2014 for the management fee and costs incurred were approximately $1,474,000 and $741,000, respectively, compared to $504,000 and $180,000, respectively, for the same time periods in 2013. At September 30, 2014 and December 31, 2013, the net amount due to affiliates was approximately $303,000 and $82,000, respectively. Payment of Certain Offering Expenses Bimini Advisors has paid, or has reimbursed Orchid, for all offering expenses in connection with the Company’s IPO. During the nine months ended September 30, 2013, Bimini Advisors paid expenses related to this offering of approximately $3.0 million. The Company has no obligation or intent to reimburse Bimini Advisors, either directly or indirectly, for the offering costs; therefore, they are not included in the Company's financial statements. Other Relationships with Bimini John B. Van Heuvelen, one of our independent director nominees, owns shares of common stock of Bimini. Robert Cauley, our Chief Executive Officer and Chairman of our Board of Directors, also serves as Chief Executive Officer and Chairman of the Board of Directors of Bimini and owns shares of common stock of Bimini. Hunter Haas, our Chief Financial Officer, Chief Investment Officer, Secretary and a member of our Board of Directors, also serves as the Chief Financial Officer, Chief Investment Officer and Treasurer of Bimini and owns shares of common stock of Bimini.

- 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 + Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and three month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS, Eurodollar futures contracts and the interest rate swaptions.
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 is the same as net income 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. At September 30, 2014 restricted cash consisted of $3,000,000 of cash held by a broker as margin on Eurodollar futures contracts and $4,781,000 of cash held on deposit as collateral with repurchase agreement counterparties. At December 31, 2013 restricted cash consisted of approximately $2,446,000 of cash held by a broker as margin on Eurodollar futures contracts. The Company maintains cash balances at four banks, and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At September 30, 2014, the Company’s cash deposits exceeded federally insured limits by approximately $54.1 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 uses only large, well-known bank and derivative counterparties and believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances.
Mortgage-Backed Securities	Mortgage-Backed Securities 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, “RMBS”). 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 RMBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records RMBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the RMBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the RMBS balance with an offsetting receivable recorded. The fair value of the Company’s investments in RMBS 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 RMBS are based on independent pricing sources and/or third party broker quotes, when available. Income on PT RMBS 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 RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are T-Note and Eurodollar futures contracts and options to enter in interest rate swaps (“interest rate swaptions”), but may enter into other transactions 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. Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties to honor their commitments. In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. To mitigate this risk, the Company uses only well-established commercial banks as counterparties.
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. RMBS, Eurodollar and T-Note futures contracts and interest rate swaptions are accounted for at fair value in the balance sheet. 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, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as of September 30, 2014 and December 31, 2013 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 RMBS 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 (“the Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for 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 or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding or subscribed during the period. Diluted EPS is calculated using the “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 ended December 31, 2013, Orchid has qualified and elected to be taxed as a REIT, and filed a REIT tax return separate from Bimini. 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 June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires that performance targets that affect vesting and that could be achieved after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU is not expected to materially impact the Company’s financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 15, 2014 and for interim periods beginning after March 15, 2015. We currently record our repurchase arrangements as secured borrowings and do not anticipate that ASU 2014-11 will have a material impact on the Company’s financial statements. In July 2013, the FASB issued 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 became effective beginning January 1, 2014 on either a prospective or retrospective basis. The guidance represents a change in financial statement presentation only and the adoption of this ASU did not have a material impact on the Company’s financial results. 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 became effective beginning January 1, 2014. The adoption of this ASU did not have a material impact on the Company’s 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 became 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. The adoption of this ASU did not have a material impact on the Company’s financial statements.

Mortgage-Backed Securities (Tables)

9 Months Ended

Sep. 30, 2014

Mortgage Backed Securities [Abstract]

Schedule of Mortgage-Backed Securities Reconciliation

The following table presents the Company’s RMBS portfolio as of September 30, 2014 and December 31, 2013:

(in thousands)
		September 30, 2014		December 31, 2013
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	71,442	$	76,118
	Adjustable-rate Mortgages		3,847		5,334
	Fixed-rate Mortgages		1,035,857		245,523
	Total Pass-Through Certificates		1,111,146		326,975
Structured RMBS Certificates:
	Interest-Only Securities		45,947		19,206
	Inverse Interest-Only Securities		18,439		5,042
	Total Structured RMBS Certificates		64,386		24,248
Total		$	1,175,532	$	351,223

Schedule Of Mortgage-Backed Securities by Contractual Maturity

(in thousands)
	September 30, 2014		December 31, 2013
Greater than five years and less than ten years	$	1,047	$	1,521
Greater than or equal to ten years		1,174,485		349,702
Total	$	1,175,532	$	351,223

Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements

As of September 30, 2014 and December 31, 2013, 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, 2014
Fair market value of securities pledged, including
	accrued interest receivable	$	48,439	$	695,152	$	462,617	$	119,449	$	1,325,657
Repurchase agreement liabilities associated with
	these securities	$	47,080	$	660,293	$	436,110	$	112,495	$	1,255,978
Net weighted average borrowing rate			0.32%		0.34%		0.34%		0.38%		0.34%
December 31, 2013
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	326,348	$	10,650	$	-	$	336,998
Repurchase agreement liabilities associated with
	these securities	$	-	$	308,402	$	10,155	$	-	$	318,557
Net weighted average borrowing rate			-		0.39%		0.37%		-		0.39%

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

Summary information regarding the Company’s amounts at risk with individual counterparties greater than 10% of the Company’s equity at September 30, 2014 and December 31, 2013 is as follows:

($ in thousands)
			% of	Weighted
			Stockholders'	Average
		Amount	Equity	Maturity
Repurchase Agreement Counterparties		at Risk	at Risk	(in Days)
September 30, 2014
Citigroup Global Markets, Inc.	$	19,074	11.0%	20
December 31, 2013
Citigroup Global Markets, Inc.	$	5,487	12.3%	11

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Financial Instruments [Abstract]

Schedule of Derivative Instruments

Derivative Assets (Liability), at Fair Value

The table below summarizes fair value information about our derivative assets and liability as of September 30, 2014 and December 31, 2013.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	September 30, 2014		December 31, 2013
Assets
Eurodollar futures - Margin posted to counterparty	Restricted cash	$	3,000	$	2,446
Payer swaptions	Derivative assets, at fair value		3,906		-
		$	6,906	$	2,446
Liability
Payer swaptions - Margin posted by counterparty	Other liabilities	$	(3,776)	$	-

Schedule of Eurodollar Positions

The tables below present information related to the Company’s Eurodollar futures positions at September 30, 2014 and December 31, 2013.

($ in thousands)
	September 30, 2014					December 31, 2013
			Average					Average
	Weighted		Contract			Weighted		Contract
	Average		Notional		Open	Average		Notional		Open
Expiration Year	LIBOR Rate		Amount		Equity⁽¹⁾	LIBOR Rate		Amount		Equity⁽¹⁾
2014	-	$	-	$	-	0.40%	$	262,500	$	(189)
2015	0.74%		550,000		(329)	0.80%		275,000		(146)
2016	1.76%		550,000		1,379	1.90%		250,000		1,367
2017	2.68%		400,000		1,067	3.03%		250,000		2,291
2018	3.07%		400,000		(177)	3.77%		250,000		1,575
Total / Weighted Average	1.87%	$	480,000	$	1,940	2.02%	$	257,353	$	4,898

Schedule Of Interest Rate Swaption Agreements Outstanding [Table Text Block]

The table below presents information related to the Company’s interest rate swaption positions at September 30, 2014.

($ in thousands)

Option

Underlying Swap

Weighted

Average

Fixed

Receive

Average

Fair

Months to

Notional

Pay

Rate

Term

Expiration

Cost

Value

Expiration

Amount

Rate

(LIBOR)

(Years)

≤ 1 year

4,720

3,906

275,000

2.96%

3 Month

8.2

Income Statement Effect of Derivatives [Table Text Block]

Gain (Loss) From Derivative Instruments, Net

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, 2014 and 2013.

(in thousands)
		Nine Months Ended September 30,				Three Months Ended September 30,
		2014		2013		2014		2013
Eurodollar futures contracts (short positions)	$	(3,316)	$	4,096	$	2,820	$	(2,272)
T-Note futures contract (short position)		72		-		72		-
Payer swaptions		(1,120)		-		166		-
	$	(4,364)	$	4,096	$	3,058	$	(2,272)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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+ Details

Offsetting Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

Offsetting Assets And Liabilities [Abstract]

Offsetting of Assets [Table Text Block]

(in thousands)
Offsetting of Assets
							Gross Amount Not Offset
							in the Balance Sheet
					Net Amount		Financial
	Gross Amount		Gross Amount		of Assets		Instruments		Cash
	of Recognized		Offset in the		Presented in the		Received as		Received as		Net
	Assets		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
September 30, 2014
Derivative assets - Payer swaptions	$	3,906	$	-	$	3,906	$	-	$	(3,776)	$	130
December 31, 2013
Derivative asset	$	-	$	-	$	-	$	-	$	-	$	-

Offsetting of Liabilties [Table Text Block]

(in thousands)
Offsetting of Liabilities
							Gross Amount Not Offset
							in the Balance Sheet
					Net Amount		Financial
	Gross Amount		Gross Amount		of Liabilities		Instruments
	of Recognized		Offset in the		Presented in the		Posted as		Cash Posted		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
September 30, 2014
Repurchase Agreements	$	1,255,978	$	-	$	1,255,978	$	(1,251,197)	$	(4,781)	$	-
December 31, 2013
Repurchase Agreements	$	318,557	$	-	$	318,557	$	(318,557)	$	-	$	-

Capital Stock (Tables)

9 Months Ended

Sep. 30, 2014

Capital Stock [Abstract]

Issuances of Common Stock

Common Stock Issuances

During 2014 and 2013, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2014
Secondary Offering	First Quarter	$	12.50	2,070,000	$	24,174
Secondary Offering⁽³⁾	First Quarter		12.55	3,680,000		43,989
At-the-Market Offering Program⁽⁴⁾	Second Quarter		13.14	537,499		6,914
At-the-Market Offering Program⁽⁴⁾	Third Quarter		13.99	3,389,441		46,372
At-the-Market Offering Program⁽⁴⁾	Fourth Quarter		13.90	52,532		716
				9,729,472	$	122,165

($ in thousands, except per share amounts)
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2013
Initial Public Offering	First Quarter	$	15.00	2,360,000	$	35,400 ⁽⁵⁾
				2,360,000	$	35,400

Price received per share is gross of underwriters’ discount, if applicable, and other offering costs.
Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.
Includes net proceeds received of $5.7 million and 480,000 shares issued to the underwriters in April 2014 pursuant to the exercise of their overallotment option related to the March 2014 offering.
The Company has entered into two Equity Distribution Agreements, one of which was replaced with the current agreement, to publicly offer and sell shares of the Company’s common stock in at-the-market and privately negotiated transactions from time to time. The net proceeds and shares issued in the fourth quarter of 2014 under this program are not reflected in the Company’s financial statements as of September 30, 2014. As of September 30, 2014, shares with a value of $55.5 million remain available for issuance under the September Equity Distribution Agreement.
Bimini Advisors has paid, or has reimbursed the Company for all offering expenses in connection with the Company’s IPO. The Company has no obligation or intent to reimburse Bimini Advisors, either directly or indirectly, for the offering costs; therefore they are not included in the Company's financial statements.

Dividends

Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2014
October 9, 2014⁽¹⁾	October 28, 2014	October 31, 2014	$	0.180	$	2,358,177
September 9, 2014	September 25, 2014	September 30, 2014		0.180		2,348,198
August 12, 2014	August 26, 2014	August 29, 2014		0.180		1,998,506
July 10, 2014	July 28, 2014	July 31, 2014		0.180		1,758,965
June 11, 2014	June 25, 2014	June 30, 2014		0.180		1,711,531
May 8, 2014	May 27, 2014	May 30, 2014		0.180		1,640,820
April 8, 2014	April 25, 2014	April 30, 2014		0.180		1,636,500
March 11, 2014	March 26, 2014	March 31, 2014		0.180		1,550,100
February 11, 2014	February 25, 2014	February 28, 2014		0.180		974,100
January 9, 2014	January 27, 2014	January 31, 2014		0.180		925,500
Totals			$	1.800	$	16,902,397


Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2013
December 11, 2013	December 26, 2013	December 30, 2013	$	0.180	$	601,497
November 12, 2013	November 25, 2013	November 27, 2013		0.135		451,125
October 10, 2013	October 25, 2013	October 31, 2013		0.135		451,125
September 10, 2013	September 25, 2013	September 30, 2013		0.135		451,125
August 12, 2013	August 26, 2013	August 30, 2013		0.135		451,125
July 9, 2013	July 25, 2013	July 31, 2013		0.135		451,125
June 10, 2013	June 25, 2013	June 28, 2013		0.135		451,125
May 9, 2013	May 28, 2013	May 31, 2013		0.135		451,125
April 10, 2013	April 25, 2013	April 30, 2013		0.135		451,125
March 8, 2013	March 25, 2013	March 27, 2013		0.135		451,125
Totals			$	1.395	$	4,661,622

Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2014

Employee Benefits And Share Based Compensation [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

A summary of incentive share activity during the nine months ended September 30, 2014 is presented below:

			Weighted-	Weighted-
			Average	Average
			Grant-Date	Remaining
	Shares		Fair Value	Life
Restricted common stock, at January 1, 2014	-	$	-	-
Restricted common stock granted during the period	29,844		12.41	-
Vested during the period	(5,844)		13.16	-
Restricted common stock, at September 30, 2014	24,000	$	12.23	2.6 Years

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2014 and 2013.

(in thousands, except per-share information)
				Nine Months Ended September 30,				Three Months Ended September 30,
				2014		2013		2014		2013
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income (loss) - Basic and diluted		$	20,999	$	(2,143)	$	6,768	$	(997)
Weighted average common shares:
	Common shares outstanding at the balance sheet date			13,024		3,342		13,024		3,342
	Unvested dividend eligible shares of restricted common stock
		outstanding at the balance sheet date		24		-		24		-
	Effect of weighting			(4,733)		(441)		(2,338)		-
Weighted average shares-basic and diluted				8,315		2,901		10,710		3,342
Income (loss) per common share:
	Basic and diluted		$	2.53	$	(0.74)	$	0.63	$	(0.30)

Fair Value (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

(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, 2014
Mortgage-backed securities	$	1,175,532	$	-	$	1,175,532	$	-
Eurodollar futures contracts		3,000		3,000		-		-
Payer swaptions		3,906		-		3,906		-
December 31, 2013
Mortgage-backed securities	$	351,223	$	-	$	351,223	$	-
Eurodollar futures contracts		2,446		2,446		-		-

Significant Accounting Policies (Organization) (Details)	9 Months Ended
	Sep. 30, 2014
Entity Incorporation, Date of Incorporation	Aug. 17, 2010
Entity Incorporation, State Country Name	MD
Operations Commenced Date	Nov. 24, 2010

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Cash Held by Broker as Margin on Eurodollar Futures Contracts	$ 3,000,000	$ 2,446,000
Cash Held on Deposit with Repurchase Agreement Counterparties	4,781,000	$ 0
Uninsured Cash Balances	54,100,000
Insurance per depositor at each financial institution	$ 250,000

Significant Accounting Polies - Income Taxes (Details)	9 Months Ended
Significant Accounting Polies - Income Taxes (Details)	Sep. 30, 2014
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 ended December 31, 2013, Orchid has qualified and elected to be taxed as a REIT, and filed a REIT tax return separate from Bimini. 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)	9 Months Ended
Significant Accounting Policies - IPO (Details)	Sep. 30, 2013 USD ($) shares
Initial Offering Period	February 20, 2013
Stock Issued During Period Shares New Issues \| shares	2,360,000
Proceeds From Issuance Initial Public Offering \| $	$ 35,400,000

Significant Accounting Policies - Secondary Offering (Details)	9 Months Ended
	Sep. 30, 2014 USD ($) shares
Proceeds From Secondary Offering \| $	$ 121,448,984
January 2014 [Member]
Secondary Offering Period	January 23, 2014
Stock Issued During Secondary Offering	1,800,000
Underwriters Overallotment Period	January 29, 2014
Underwriters Overallotment Shares	270,000
Proceeds From Secondary Offering \| $	$ 24,200,000
March 2014 [Member]
Secondary Offering Period	March 24, 2014
Stock Issued During Secondary Offering	3,200,000
Underwriters Overallotment Period	April 11, 2014
Underwriters Overallotment Shares	480,000
Proceeds From Secondary Offering \| $	$ 44,000,000

Significant Accounting Policies - At The Market Program - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2014	Sep. 30, 2014
June 2014 Equity Distribution Agreement [Member]
Stock Issued Under At the Market Program		2,528,416
Net Proceeds Received From Share Issuances Under At The Market Program		$ 34,200,000
Total value of Common Stock to be issued under Equity Distribution Agreement		$ 35,000,000
Equity Distribution Agreement Date		June 17, 2014
September 2014 Equity Dsitribution Agreement [Member]
Stock Issued Under At the Market Program	52,532	1,398,524
Net Proceeds Received From Share Issuances Under At The Market Program	$ 700,000	$ 19,100,000
Total value of Common Stock to be issued under Equity Distribution Agreement		$ 75,000,000
Equity Distribution Agreement Date		September 3, 2014

Mortgage-Backed Securities - By Type (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 1,175,532,430	$ 351,222,512
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	1,111,146,000	326,975,000
Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	64,386,000	24,248,000
Hybrid Adjustable Rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	71,442,000	76,118,000
Adjustable-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,847,000	5,334,000
Fixed-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	1,035,857,000	245,523,000
Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	45,947,000	19,206,000
Inverse Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 18,439,000	$ 5,042,000

Mortgage-Backed Securities - By Maturity (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Mortgage Backed Securities [Abstract]
Greater than five years and less than ten years	$ 1,047,000	$ 1,521,000
Greater than or equal to ten years	1,174,485,000	349,702,000
Total mortgage-backed securities	$ 1,175,532,430	$ 351,222,512

Mortgage-Backed Securities - Narrative (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Mortgage Backed Securities [Abstract]
Unpledged Mortgage Backed Securities	$ 101,716,731	$ 15,447,532
Unsettled Securities Purchases Included in Unpledged Securities	$ 67,100,000	$ 0

Repurchase Agreements - Narrative (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 1,255,977,886	$ 318,557,054
Fair Value of securities pledged, including accrued interest receivable	1,325,657,000	336,998,000
Unsettled Sales	249,410,368	0
Cash Held on Deposit with Repurchase Agreement Counterparties	$ 4,781,000	$ 0
Weighted Average Borrowing Rate	0.34%	0.39%
Maximum Amount at Risk	$ 74,100,000
Pledged Unsettled Securities Sold	$ 246,900,000

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References + Details

Repurchase Agreements - Maturities (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,325,657,000	$ 336,998,000
Repurchase agreements	$ 1,255,977,886	$ 318,557,054
Weighted Average Borrowing Rate	0.34%	0.39%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 48,439,000
Repurchase agreements	$ 47,080,000
Weighted Average Borrowing Rate	0.32%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 695,152,000	$ 326,348,000
Repurchase agreements	$ 660,293,000	$ 308,402,000
Weighted Average Borrowing Rate	0.34%	0.39%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 462,617,000	$ 10,650,000
Repurchase agreements	$ 436,110,000	$ 10,155,000
Weighted Average Borrowing Rate	0.34%	0.37%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 119,449,000
Repurchase agreements	$ 112,495,000
Weighted Average Borrowing Rate	0.38%

- Definition

+ References + Details

Repurchase Agreements - Amounts At Risk (Details) - Citigroup Global Markets, Inc. - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Repurchase Agreement Counterparties With Whom Amount At Risk Exceeds Ten Percent of Stockholders Equity [Line Items]
Amount At Risk	$ 19,074,000	$ 5,487,000
Weighted Average Maturity of Repurchase Agreement in Days	20 days	11 days
Percentage of Stockholders' Equity at Risk	11.00%	12.30%

Derivative Financial Instruments - Narrative (Details)	9 Months Ended
Derivative Financial Instruments - Narrative (Details)	Sep. 30, 2014
Eurodollar Future [Member]
Type Of Derivative Instrument [Line Items]
Underlying Risk	Interest Rate Risk
Description of Objective	Economically hedge a portion of interest rate risk in up-rate environment
InterestRateSwaptionMember
Type Of Derivative Instrument [Line Items]
Underlying Risk	Interest Rate Risk
Description of Objective	Economically hedge a portion of interest rate risk in up-rate environment
Treasury Note Future [Member]
Type Of Derivative Instrument [Line Items]
Underlying Risk	Interest Rate Risk
Description of Objective	Economically hedge a portion of interest rate risk in up-rate environment

Derivative Financial Instruments - Schedule of Derivative Assets and Liabilties (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Assets, at Fair Value	$ 6,906,000	$ 2,446,000
Liabilities, at Fair Value	(3,776,000)	0
Eurodollar Future Margin [Member]
Assets, at Fair Value	3,000,000	2,446,000
Interest Rate Swaption [Member]
Assets, at Fair Value	3,906,000	0
Interest Rate Swaption Margin [Member]
Liabilities, at Fair Value	$ (3,776,000)	$ 0

Derivative Financial Instruments - Summary of Eurodollar Futures Positions (Details) - Eurodollar Future [Member] - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	1.87%	2.02%
Notional Amount	$ 480,000,000	$ 257,353,000
Open Equity	$ 1,940,000	$ 4,898,000
Year 2014 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate		0.40%
Notional Amount		$ 262,500,000
Open Equity		$ (189,000)
Year 2015 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	0.74%	0.80%
Notional Amount	$ 550,000,000	$ 275,000,000
Open Equity	$ (329,000)	$ (146,000)
Year 2016 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	1.76%	1.90%
Notional Amount	$ 550,000,000	$ 250,000,000
Open Equity	$ 1,379,000	$ 1,367,000
Year 2017 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	2.68%	3.03%
Notional Amount	$ 400,000,000	$ 250,000,000
Open Equity	$ 1,067,000	$ 2,291,000
Year 2018 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	3.07%	3.77%
Notional Amount	$ 400,000,000	$ 250,000,000
Open Equity	$ (177,000)	$ 1,575,000

Derivative Financial Instruments - Summary of Outstanding Swaptions (Details)	9 Months Ended
	Sep. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	$ 6,906,000	$ 2,446,000
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	4,720,000
Assets, at Fair Value	$ 3,906,000	$ 0
Derivative Instruments Average Months To Expiration	10
Notional Amount	$ 275,000,000
Derivative Average Fixed Interest Rate	2.96%
Derivative Avergage Receive Rate	3 Month
Term (Years)	8 years 2 months 5 days
Interest Rate Swaption [Member] \| Less Than Or Equal To One Year [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 4,720,000
Assets, at Fair Value	$ 3,906,000
Derivative Instruments Average Months To Expiration	10
Notional Amount	$ 275,000,000
Derivative Average Fixed Interest Rate	2.96%
Derivative Avergage Receive Rate	3 Month
Term (Years)	8 years 2 months 5 days

Derivative Financial Instruments - Income Statement Effect (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 3,057,651	$ (2,271,875)	$ (4,363,837)	$ 4,095,788
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	2,820,000	(2,272,000)	(3,316,000)	4,096,000
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	166,000	0	(1,120,000)	0
Treasury Note Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 72,000	$ 0	$ 72,000	$ 0

Offsetting Assets and Liabilities - Offsetting of Assets (Details)	Sep. 30, 2014 USD ($)
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets	$ 3,906,000
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	3,906,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	3,776,000
Net Amount Of Assets	130,000
Swaption [Member}
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets	3,906,000
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	3,906,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	3,776,000
Net Amount Of Assets	$ 130,000

Offsetting Assets and Liabilties - Offsetting of Liabilties (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 1,255,978,000	$ 318,557,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	1,255,978,000	318,557,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	1,251,197,000	318,557,000
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(4,781,000)	0
Net Amount Of Liabilities	0	0
Repurchase Agreement [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	1,255,978,000	318,557,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	1,255,978,000	318,557,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	1,251,197,000	318,557,000
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(4,781,000)	0
Net Amount Of Liabilities	$ 0	$ 0

Capital Stock - Narrative - (Details) - $ / shares	Sep. 30, 2014	Dec. 31, 2013
Common Stock [Abstract]
Common Stock Shares Authorized	500,000,000	500,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock [Abstract]
Preferred Shares Authorized	100,000,000	100,000,000
Preferred Stock Par Or Stated Value Per Share	$ 0.01	$ 0.01

Capital Stock - Issuances of Common Stock (Details) - USD ($)	1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Oct. 28, 2014
Stock Issued During Period Shares New Issues							2,360,000
Stock Issued During Period, Value, New Issues						$ 121,448,984
Initial Public Offering [Member]
Share Price					$ 15
Stock Issued During Period Shares New Issues					2,360,000
Stock Issued During Period, Value, New Issues					$ 35,400,000
January 2014 Follow On Offering [Member]
Share Price				$ 12.5
Stock Issued During Period Shares New Issues				2,070,000
Stock Issued During Period, Value, New Issues				$ 24,174,000
March 2014 Follow On Offering [Member]
Share Price				$ 12.55
Stock Issued During Period Shares New Issues				3,680,000
Stock Issued During Period, Value, New Issues				$ 43,989,000
At the Market Offering Program [Member]
Share Price		$ 13.99	$ 13.14			$ 13.99		$ 13.9
Stock Issued During Period Shares New Issues	52,532	3,389,441	537,499
Stock Issued During Period, Value, New Issues	$ 716,000	$ 46,372,000	$ 6,914,000
Value of Common Stock Available to be issued under At The Money Program		$ 55,500,000				$ 55,500,000

Capital Stock - Dividends (Details)	1 Months Ended																					3 Months Ended		9 Months Ended
Capital Stock - Dividends (Details)	Oct. 31, 2014 USD ($) $ / shares	Sep. 30, 2014 USD ($) $ / shares	Aug. 31, 2014 USD ($) $ / shares	Jul. 31, 2014 USD ($) $ / shares	Jun. 30, 2014 USD ($) $ / shares	May 31, 2014 USD ($) $ / shares	Apr. 30, 2014 USD ($) $ / shares	Mar. 31, 2014 USD ($) $ / shares	Feb. 28, 2014 USD ($) $ / shares	Jan. 31, 2014 USD ($) $ / shares	Dec. 31, 2013 USD ($) $ / shares	Nov. 30, 2013 USD ($) $ / shares	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	Feb. 28, 2013 shares	Sep. 30, 2014 $ / shares	Sep. 30, 2013 $ / shares	Sep. 30, 2014 $ / shares	Sep. 30, 2013 $ / shares
Cash Dividends [Abstract]
Declaration Date	October 9, 2014	September 9, 2014	August 12, 2014	July 10, 2014	June 11, 2014	May 8, 2014	April 8, 2014	March 11, 2014	February 11, 2014	January 9, 2014	December 11, 2013	November 12, 2013	October 10, 2013	September 10, 2013	August 12, 2013	July 9, 2013	June 10, 2013	May 9, 2013	April 10, 2013	March 8, 2013
Record Date	October 28, 2014	September 25, 2014	August 26, 2014	July 28, 2014	June 25, 2014	May 27, 2014	April 25, 2014	March 26, 2014	February 25, 2014	January 27, 2014	December 26, 2013	November 25, 2013	October 25, 2013	September 25, 2013	August 26, 2013	July 25, 2013	June 25, 2013	May 28, 2013	April 25, 2013	March 25, 2013
Payment Date	October 31, 2014	September 30, 2014	August 29, 2014	July 31, 2014	June 30, 2014	May 30, 2014	April 30, 2014	March 31, 2014	February 28, 2014	January 31, 2014	December 30, 2013	November 27, 2013	October 31, 2013	September 30, 2013	August 30, 2013	July 31, 2013	June 28, 2013	May 31, 2013	April 30, 2013	March 27, 2013
Per Share Amount \| $ / shares	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135		$ 0.54	$ 0.405	$ 1.62	$ 0.945
Total \| $	$ 2,358,177	$ 2,348,198	$ 1,998,506	$ 1,758,965	$ 1,711,531	$ 1,640,820	$ 1,636,500	$ 1,550,100	$ 974,100	$ 925,500	$ 601,497	$ 451,125	$ 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
Shares Issued For Each Share Outstanding																					5.37
Total Shares Issued Pursuant To Stock Dividend \| shares																					827,555
Stock Dividend Issue Date																					Feb. 20, 2013

Stock Incentive Plans - Descriptions of Plans (Details)	9 Months Ended
Stock Incentive Plans - Descriptions of Plans (Details)	Sep. 30, 2014 shares
Employee Benefits And Share Based Compensation [Abstract]
Maximum Number of Shares to Be Issued the Plan	4,000,000
Percentage of Outstanding Stock Limitation	10.00%

Stock Incentive Plans - Phantom Share Activity (Details)	9 Months Ended
	Sep. 30, 2014 $ / shares shares
Incentive Share Activity, Shares
Nonvested - Beginning Balance \| shares	0
Granted \| shares	29,844
Vested \| shares	(5,844)
Nonvested - Ending Balance \| shares	24,000
Incentive Share Activity Weighted Average Grant Date Fair Value
Nonvested - Beginning Balance \| $ / shares	$ 0
Granted \| $ / shares	12.41
Vested \| $ / shares	13.16
Nonvested - Ending Balance \| $ / shares	$ 12.23
Remaining Weighted Average Vesting Period	2 years 7 months
Restricted Stock
Incentive Share Activity, Shares
Nonvested - Beginning Balance \| shares	0
Granted \| shares	29,844
Vested \| shares	(5,844)
Nonvested - Ending Balance \| shares	24,000
Incentive Share Activity Weighted Average Grant Date Fair Value
Nonvested - Beginning Balance \| $ / shares	$ 0
Granted \| $ / shares	12.41
Vested \| $ / shares	13.16
Nonvested - Ending Balance \| $ / shares	$ 12.23
Remaining Weighted Average Vesting Period	2 years 7 months

Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
Earnings Per Share (Details) - USD ($)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Jun. 30, 2013
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ 6,768,000	$ (997,000)	$ 20,999,000	$ (2,143,000)
Net Income (Loss) Available to Common Stockholders, Diluted	$ 6,768,000	$ (997,000)	$ 20,999,000	$ (2,143,000)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	13,024,449	3,342,000	13,024,449	3,342,000	3,341,665	3,342,000
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	24,000		24,000		0	0
Effect of Weighting	(2,338,000)	0	(4,733,000)	(441,000)
Weighted Average Shares - Basic	10,710,153	3,341,665	8,314,512	2,900,786
Weighted Average Shares - Diluted	10,710,153	3,341,665	8,314,512	2,900,786
Income (Loss) Per Share - Basic	$ 0.63	$ (0.3)	$ 2.53	$ (0.74)
Income (Loss) Pe Share - Diluted	$ 0.63	$ (0.3)	$ 2.53	$ (0.74)

Earnings Per Share - Narrative (Details)	1 Months Ended
Earnings Per Share - Narrative (Details)	Feb. 28, 2013 shares
Earnings Per Share [Abstract]
Stock Dividend Declaration Date	2/14/2013
Shares Issued For Each Share Outstanding	5.37
Total Shares Issued Pursuant To Stock Dividend	827,555
Stock Dividend Issue Date	Feb. 20, 2013

Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 1,175,532,430	$ 351,222,512
Eurodollar Futures Contracts	3,000,000	2,446,000
Interest Rate Swaption	3,906,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	1,175,532,000	351,223,000
Eurodollar Futures Contracts	3,000,000	2,446,000
Interest Rate Swaption	3,906,000
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	3,000,000	2,446,000
Interest Rate Swaption	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	1,175,532,000	351,223,000
Eurodollar Futures Contracts	0	0
Interest Rate Swaption	3,906,000
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
Interest Rate Swaption	$ 0

Related Party Transactions (Management Agreement) (Details)	9 Months Ended
	Sep. 30, 2014 USD ($)
First $250 million of Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.50%
Greater than $250 million but less than or equal to $500 million Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.25%
Equity threshold required to trigger allocation of overheads	$ 250,000,000
Greater than $500 million of Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.00%
Equity threshold required to trigger allocation of overheads	$ 500,000,000

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]
Management Fees And Allocated Expenses	$ 741,000	$ 180,000	$ 1,474,000	$ 504,000
Due to affiliates	303,358		$ 303,358		$ 81,925
Offering Expenses Paid				3,000,000
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
Termination Date			2/20/2013
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Initial Term Of Management Agreement			3 years
Automatic Renewal Period Of Management Agreement			1 year
Management Fees And Allocated Expenses	$ 741,000	$ 180,000	$ 1,474,000
Offering Expenses Paid				$ 3,000,000
Overhead Sharing Date			7/1/2014

Label	Element	Value
Retained Earnings [Member]
Stockholders Equity	us-gaap_StockholdersEquity	$ (1,384,031)
Common Stock [Member]
Stockholders Equity	us-gaap_StockholdersEquity	33,417
Additional Paid In Capital [Member]
Stockholders Equity	us-gaap_StockholdersEquity	$ 46,115,961