View Filing Data

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	Apr. 28, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
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	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding		18,329,179
Trading Symbol	ORC

Consolidated Balance Sheets - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 1,546,952,000	$ 1,517,304,000
Unpledged	129,669,000	31,867,000
Total mortgage-backed securities	1,676,621,000	1,549,171,000
Cash and cash equivalents	78,105,000	93,137,000
Restricted cash	8,263,000	7,790,000
Accrued interest receivable	6,883,000	6,211,000
Derivative asset, at fair value	218,000	1,217,000
Other assets	725,000	282,000
Total Assets	1,770,815,000	1,657,808,000
Liabilities
Repurchase agreements	1,459,490,000	1,436,651,000
Accrued interest payable	368,000	628,000
Due to affiliates	386,000	330,000
Payable for unsettled securities purchased	79,186,000	0
Other Liabilities	639,000	2,121,000
Total Liabilities	1,540,069,000	1,439,730,000
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	179,000	167,000
Additional paid in capital	230,567,000	217,419,000
Accumulated deficit	0	492,000
Total Stockholders Equity	230,746,000	218,078,000
Total Liabilities and Stockholders Equity	$ 1,770,815,000	$ 1,657,808,000

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
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	17,924,383	16,699,656
Common Shares Outstanding	17,924,383	16,699,656

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Portfolio Income
Interest income	$ 14,614,000	$ 3,783,000
Interest expense	1,296,000	411,000
Net interest income	13,318,000	3,372,000
Realized gains (losses) on mortgage-backed securities	(32,000)	911,000
Unrealized gains (losses) on mortgage-backed securities	6,320,000	1,540,000
(Losses) gains on derivative instruments	(12,351,000)	(1,693,000)
Net portfolio income	7,255,000	4,130,000
Expenses
Management Fees	855,000	303,000
Compensation and related benefits	165,000	0
Directors fees and liability insurance	248,000	84,000
Audit, legal and other professional fees	160,000	73,000
Direct REIT operating expenses	42,000	45,000
Other administrative	276,000	30,000
Total expenses	1,746,000	535,000
Net income (loss)	$ 5,509,000	$ 3,595,000
Basic and diluted net income (loss) per share
Basic	$ 0.33	$ 0.71
Diluted	$ 0.33	$ 0.71
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	16,846,950	5,093,554
Weighted Average Number Of Diluted Shares Outstanding	16,846,950	5,093,554
Dividends Declared Per Common Share	$ 0.54	$ 0.54

Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2014	$ 218,078,000	$ 167,000	$ 217,419,000	$ 492,000
Increase (Decrease) in Stockholders' Equity
Net loss	5,509,000	0	0	5,509,000
Cash dividend declared	(9,239,000)	0	(3,238,000)	(6,001,000)
Issuance of common shares pursuant to equity compensation plan	189,000	0	189,000	0
Amortization of equity plan compensation	34,000	0	34,000	0
Stock Issued During Period, Value, New Issues	(16,175,000)	12,000	16,163,000	0
Balances at Mar. 31, 2015	$ 230,746,000	$ 179,000	$ 230,567,000	$ 0

Statement of Stockholders' Equity (Parentheticals) - $ / shares	1 Months Ended																						3 Months Ended
	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	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	Mar. 31, 2015	Mar. 31, 2014
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	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.54	$ 0.54

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 5,509,000	$ 3,595,000
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	223,000	0
Realized and unrealized (gains) losses on mortgage-backed securities	(6,288,000)	(2,451,000)
Realized and unrealized loss on interest rate swaption	(1,091,000)	(156,000)
Gains On TBA Securities	57,000	0
Changes in operating assets and liabilities
Accrued interest receivable	(565,000)	(1,316,000)
Prepaid expenses and other assets	(444,000)	(115,000)
Accrued interest payable	(260,000)	25,000
Accounts payable, accrued expenses and other	(1,690,000)	145,000
Due to affiliates	56,000	50,000
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(2,425,000)	89,000
From mortgage-backed securities investments
Purchases	(125,348,000)	(506,249,000)
Sales	40,255,000	141,297,000
Principal repayments	43,011,000	10,373,000
Increase in restricted cash	(473,000)	(1,650,000)
Proceeds From Net TBA Settlements	(35,000)	0
Purchase of interest rate swaptions, net of margin cash received	(207,000)	200,000
NET CASH USED IN INVESTING ACTIVITIES	(42,383,000)	(356,429,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	3,251,722,000	1,669,242,000
Principal payments on repurchase agreements	(3,228,882,000)	(1,336,553,000)
Cash dividends	(9,239,000)	(3,450,000)
Stock Issued During Period, Value, New Issues	(16,175,000)	(62,499,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	29,776,000	391,738,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	(15,032,000)	35,398,000
CASH AND CASH EQUIVALENTS, beginning of the period	93,137,000	8,169,000
CASH AND CASH EQUIVALENTS, end of the period	78,105,000	43,567,000
Cash paid during the period for:
Interest	1,556,000	386,000
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Securities acquired settled in later period	$ 79,186,000	$ 39,503,000

Organization and Significant Accounting Policies	3 Months Ended
Organization and Significant Accounting Policies	Mar. 31, 2015
Accounting Policies [Abstract]
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 residential mortgage-backed securities (“RMBS”) that are issued and the principal and interest of which are guaranteed by a federally chartered corporation or agency (“Agency RMBS”) 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 were deemed to be “at the market” offerings and privately negotiated transactions. 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, prior to its termination. 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 could 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. The Company issued a total of 5,087,646 shares under the September 2014 Equity Distribution Agreement for aggregate proceeds of approximately $69.1 million, net of commissions and fees, prior to its termination. On March 2, 2015, Orchid entered into a third equity distribution agreement (the “March 2015 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 $100,000,000 of shares of the Company’s common stock in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. The March 2015 Equity Distribution Agreement replaced the September 2014 Equity Distribution Agreement. Through March 31, 2015, the Company issued a total of 1,196,572 shares under the March 2015 Equity Distribution Agreement for aggregate proceeds of approximately $16.0 million, net of commissions and fees. After March 31, 2015, the Company issued an additional 393,892 shares under the March 2015 Equity Distribution Agreement for aggregate proceeds of approximately $5.1 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 three month periods ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The balance sheet at December 31, 2014 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, 2014. 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, to-be-announced (“TBA”) securities, as discussed below, and interest rate swaptions. Statement of Comprehensive Income (Loss) In accordance with the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“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 the time of purchase. At March 31, 2015, restricted cash consisted of $6,078,000 of cash held by a broker as margin on Eurodollar futures contracts and $2,185,000 of cash held on deposit as collateral with repurchase agreement counterparties. At December 31, 2014 restricted cash consisted of approximately $5,174,000 of cash held by a broker as margin on Eurodollar futures contracts and $2,616,000 of cash held on deposit as collateral with repurchase agreement counterparties. 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 March 31, 2015, the Company’s cash deposits exceeded federally insured limits by approximately $78.8 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 limits uninsured balances to 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 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 derivatives in the future. The Company purchases a portion of its Agency RMBS through delayed delivery transactions (forward purchase commitments), including TBA securities. At times when market conditions are conducive, the Company may choose to move the settlement of these TBA securities out to a later date by entering into an offsetting short position, which is then net settled for cash, and simultaneously entering into a substantially similar TBA securities trade for a later settlement date. Such a set of transactions is referred to as a TBA “dollar roll” transaction. The TBA securities purchased at the later settlement date are typically priced at a discount to securities for settlement in the current month. This difference is referred to as the “price drop.” The price drop represents compensation to us for foregoing net interest margin and is referred to as TBA “dollar roll income.” Specified pools of mortgage loans can also be the subject of a dollar roll transaction, when market conditions allow. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA security that it will take physical delivery of the Agency RMBS upon settlement of the trade. The Company accounts for TBA dollar roll transactions as a series of derivative transactions. Gains, losses and dollar roll income associated with TBA securities and dollar roll transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations. The fair value of TBA securities is estimated based on similar methods used to value RMBS securities. The Company has elected to not treat any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election. 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, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 11 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, 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 March 31, 2015 and December 31, 2014 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 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 treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive. Income Taxes Orchid has qualified and elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). 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 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.

Mortgage Backed Securities

3 Months Ended

Mar. 31, 2015

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of March 31, 2015 and December 31, 2014:

(in thousands)
		March 31, 2015		December 31, 2014
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	69,619	$	70,400
	Adjustable-rate Mortgages		3,755		3,794
	Fixed-rate Mortgages		1,522,833		1,412,593
	Total Pass-Through Certificates		1,596,207		1,486,787
Structured RMBS Certificates:
	Interest-Only Securities		65,232		46,611
	Inverse Interest-Only Securities		15,182		15,773
	Total Structured RMBS Certificates		80,414		62,384
Total		$	1,676,621	$	1,549,171

The following table summarizes the Company’s RMBS portfolio as of March 31, 2015 and December 31, 2014, 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)
	March 31, 2015		December 31, 2014
Greater than five years and less than ten years	$	766	$	967
Greater than or equal to ten years		1,675,855		1,548,204
Total	$	1,676,621	$	1,549,171

The Company generally pledges its RMBS assets as collateral under repurchase agreements. At March 31, 2015 and December 31, 2014, the Company had unpledged securities totaling $129.7 million and $31.9 million, respectively. The unpledged balance at March 31, 2015 includes unsettled security purchases with a fair value of approximately $79.3 million that will be pledged as collateral under repurchase agreements on their settlement dates in April 2015.

Repurchase Agreements

3 Months Ended

Mar. 31, 2015

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

NOTE 3. REPURCHASE AGREEMENTS

As of March 31, 2015, the Company had outstanding repurchase obligations of approximately $1,459.5 million with a net weighted average borrowing rate of 0.36%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $1,552.7 million and cash pledged to counterparties of approximately $2.2 million. As of December 31, 2014, the Company had outstanding repurchase obligations of approximately $1,436.7 million with a net weighted average borrowing rate of 0.36%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $1,522.9 million and cash pledged to counterparties of approximately $2.6 million.

As of March 31, 2015 and December 31, 2014, 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
March 31, 2015
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	1,297,828	$	254,907	$	-	$	1,552,735
Repurchase agreement liabilities associated with
	these securities	$	-	$	1,222,961	$	236,529	$	-	$	1,459,490
Net weighted average borrowing rate			-		0.36%		0.38%		-		0.36%
December 31, 2014
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	984,823	$	534,238	$	3,844.00	$	1,522,905
Repurchase agreement liabilities associated with
	these securities	$	-	$	929,831	$	502,947	$	3,873.00	$	1,436,651
Net weighted average borrowing rate			-		0.36%		0.37%		0.38%		0.36%

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 March 31, 2015, 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 $92.7 million. The Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity at March 31, 2015 and December 31, 2014

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2015

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 and other hedging contracts. To date, we have entered into Eurodollar and T-Note futures contracts and interest rate swaptions, but may enter into other contracts in the future. 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.

In addition, the Company utilizes TBA securities as a means of investing in and financing Agency RMBS or as a means of reducing its exposure to Agency RMBS, and not as a hedge. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA securities that it will take physical delivery of the Agency RMBS upon settlement of the trade.

Derivative Assets (Liability), at Fair Value

The table below summarizes fair value information about our derivative assets and liability as of March 31, 2015 and December 31, 2014.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	March 31, 2015		December 31, 2014
Assets
Eurodollar futures - Margin posted to counterparty	Restricted cash	$	6,078	$	5,174
Payer swaptions	Derivative assets, at fair value		126		1,217
TBA securities	Derivative assets, at fair value		92		-
		$	6,296	$	6,391
Liability
Payer swaptions - Margin posted by counterparty	Other liabilities	$	(207)	$	(1,364)

The tables below present information related to the Company’s Eurodollar futures positions at March 31, 2015 and December 31, 2014.

($ in thousands)
	March 31, 2015					December 31, 2014
			Average					Average
	Weighted		Contract			Weighted		Contract
	Average		Notional		Open	Average		Notional		Open
Expiration Year	LIBOR Rate		Amount		Equity⁽¹⁾	LIBOR Rate		Amount		Equity⁽¹⁾
2015	0.51%	$	800,000	$	(1,791)	0.63%	$	650,000	$	(1,039)
2016	1.13%		900,000		(3,435)	1.54%		800,000		139
2017	1.74%		825,000		(4,976)	2.23%		800,000		(1,041)
2018	2.09%		800,000		(5,061)	2.54%		800,000		(2,361)
Total / Weighted Average	1.37%	$	835,714	$	(15,263)	1.73%	$	760,000	$	(4,302)

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 March 31, 2015.

($ 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)

March 31, 2015

≤ 1 year

5,350

126

375,000

2.79%

3 Month

7.3

December 31, 2014

≤ 1 year

5,350

1,217

375,000

2.79%

3 Month

7.3

The following table summarizes our contracts to purchase and sell TBA securities as of March 31, 2015.

($ in thousands)
								Net
		Notional		Cost		Market		Carrying
		Amount⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
Open purchase trade	$	75,000	$	81,722	$	81,730	$	8
Open sale trade		(75,000)		(81,930)		(81,950)		(20)
Unsettled offsetting purchases and sales trades		-		-		104		104
	$	-	$	(208)	$	(116)	$	92

Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.
Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.
Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end.
Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets, at fair value in our consolidated balance sheets.

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 three months ended March 31, 2015 and 2014.

(in thousands)
		Three Months Ended March 31,
		2015		2014
Eurodollar futures contracts (short positions)	$	(11,317)	$	(1,537)
Payer swaptions		(1,091)		(156)
Net TBA securities		57		-
	$	(12,351)	$	(1,693)

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
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Offsetting Assets and Liabilties

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014.

(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
March 31, 2015
Derivative assets - Payer swaptions	$	126	$	-	$	126	$	-	$	(126)	$	-
December 31, 2014
Derivative asset - Payer swaption	$	1,217	$	-	$	1,217	$	-	$	(1,217)	$	-

(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
March 31, 2015
Repurchase Agreements	$	1,459,490	$	-	$	1,459,490	$	(1,457,305)	$	(2,185)	$	-
December 31, 2014
Repurchase Agreements	$	1,436,651	$	-	$	1,436,651	$	(1,434,035)	$	(2,616)	$	-

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

3 Months Ended

Mar. 31, 2015

Capital Stock [Abstract]

Capital Stock

NOTE 6. CAPITAL STOCK

Common Stock Issuances

During 2015 and 2014, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
			Weighted
			Average
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2015
At the Market Offering Program⁽³⁾	First Quarter	$	13.66	1,210,487	$	16,175
At the Market Offering Program⁽³⁾	Second Quarter		13.25	363,892		5,114
				1,574,379	$	21,289
2014
Secondary Offering	First Quarter	$	12.50	2,070,000	$	24,174
Secondary Offering⁽⁴⁾	First Quarter		12.55	3,680,000		43,989
At the Market Offering Program⁽³⁾	Second Quarter		13.14	537,499		6,914
At the Market Offering Program⁽³⁾	Third Quarter		13.99	3,389,441		46,372
At the Market Offering Program⁽³⁾	Fourth Quarter		13.87	3,675,207		49,846
				13,352,147	$	171,295

Weighted average 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.
The Company has entered into three equity distribution agreements, two of which have been cancelled and 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 second quarter of 2015 under this program are not reflected in the Company’s financial statements as of March 31, 2015. As of March 31, 2015, shares with a value of $83.6 million remain available for issuance under the March 2015 Equity Distribution Agreement.
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.

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock during 2015 and 2014.

(in thousands, except per share amount)
Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2015
April 9, 2015⁽¹⁾	April 27, 2015	April 30, 2015	$	0.18	$	3,303
March 10, 2015	March 27, 2015	March 31, 2015		0.18		3,205
February 10, 2015	February 25, 2015	February 27, 2015		0.18		3,017
January 13, 2015	January 26, 2015	January 30, 2015		0.18		3,017
Totals			$	0.72	$	12,542
Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2014
December 9, 2014	December 26, 2014	December 30, 2014	$	0.18	$	3,004
November 12, 2014	November 25, 2014	November 28, 2014		0.18		2,737
October 9, 2014	October 28, 2014	October 31, 2014		0.18		2,358
September 9, 2014	September 25, 2014	September 30, 2014		0.18		2,348
August 12, 2014	August 26, 2014	August 29, 2014		0.18		1,999
July 10, 2014	July 28, 2014	July 31, 2014		0.18		1,759
June 11, 2014	June 25, 2014	June 30, 2014		0.18		1,712
May 8, 2014	May 27, 2014	May 30, 2014		0.18		1,641
April 8, 2014	April 25, 2014	April 30, 2014		0.18		1,636
March 11, 2014	March 26, 2014	March 31, 2014		0.18		1,550
February 11, 2014	February 25, 2014	February 28, 2014		0.18		974
January 9, 2014	January 27, 2014	January 31, 2014		0.18		925
Totals			$	2.16	$	22,643

The effect of the dividend declared in April 2015 is not reflected in the Company’s financial statements as of March 31, 2015.

- 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
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Stock Incentive Plans

3 Months Ended

Mar. 31, 2015

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.

Restricted Stock Awards

On April 25, 2014, the 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.

The table below presents information related to the Company’s restricted common stock at March 31, 2015 and December 31, 2014.




		March 31, 2015		December 31, 2014
Unvested restricted common shares outstanding		24,000		24,000
Weighted average grant date value	$	12.23	$	12.23
Intrinsic value	$	318,000	$	313,000
Unrecognized compensation expense	$	204,000	$	228,000
Weighted-average remaining vesting term (in years)		2.0		2.3

Compensation expense recognized during the three months ended March 31, 2015 related to these restricted shares was $24,000.

Stock Awards

The Company issues immediately vested common stock under the Incentive Plan to certain executive officers and directors. The following table presents information related to fully vested common stock issued during the three months ended March 31, 2015.

Fully vested shares granted		21,715
Weighted average grant date value	$	13.28
Compensation expense related to fully vested common share awards	$	- ⁽¹⁾

The fully vested shares presented in the table above were granted in January 2015 with respect to service performed during 2014. Approximately $250,000 of compensation expense related to these share awards were accrued and recognized in 2014.

Performance Units

The Company issues performance units under the Incentive Plan to certain executive officers. “Performance Units” vest after the end of a defined performance period, based on satisfaction of the performance conditions set forth in the performance unit agreement. When earned, each Performance Unit will be settled by the issuance of one share of the Company’s Common Stock, at which time the Performance Unit will be cancelled. The Performance Units contain dividend equivalent rights which entitle the Participants to receive distributions declared by the Company on Common Stock, but do not include the right to vote the shares. Performance Units are subject to forfeiture should the participant no longer serve as an executive officer for the Company. Compensation expense for the Performance Units are recognized over the remaining vesting period once it becomes probable that the performance conditions will be achieved.

The following table presents information related to Performance Units outstanding during the three months ended March 31, 2015.

Performance units granted during the period		7,508
Weighted average grant date value	$	13.32
Compensation expense related to performance units	$	10,000
Intrinsic value, at period end	$	99,000
Unrecognized compensation expense, at period end	$	90,000
Weighted average remaining vesting term (in years), at period end.		2.1

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
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 March 31, 2015.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
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

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 10. EARNINGS PER SHARE (EPS)

The Company had dividend eligible shares of restricted common stock and Performance Units that were outstanding during the three months ended March 31, 2015. 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 and Performance Units have no contractual obligation to share in losses. Because there is no such obligation, the shares of restricted common stock and Performance Units are not included in the basic and diluted EPS computations when no income is available to Common Stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the three months ended March 31, 2015 and 2014.

(in thousands, except per-share information)
				Three Months Ended March 31,
				2015		2014
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income - Basic and diluted		$	5,509	$	3,595
Weighted average common shares:
	Common shares outstanding at the balance sheet date			17,924		8,612
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		32		-
	Effect of weighting			(1,109)		(3,518)
Weighted average shares-basic and diluted				16,847		5,094
Income per common share:
	Basic and diluted		$	0.33	$	0.71

Fair Value

3 Months Ended

Mar. 31, 2015

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, interest rate swaptions and TBA securities 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, interest rate swaptions and TBA securities determined by either an independent third-party or do so internally.

RMBS, interest rate swaptions, TBA securities and Eurodollar futures contracts were recorded at fair value on a recurring basis during the three months ended March 31, 2015 and 2014. 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 March 31, 2015 and December 31, 2014:

(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)
March 31, 2015
Mortgage-backed securities	$	1,676,621	$	-	$	1,676,621	$	-
Eurodollar futures contracts		6,078		6,078		-		-
Payer swaptions		126		-		126		-
TBA securities		92		-		92		-
December 31, 2014
Mortgage-backed securities	$	1,549,171	$	-	$	1,549,171	$	-
Eurodollar futures contracts		5,174		5,174		-		-
Payer swaptions		1,217		-		1,217		-

During the three months ended March 31, 2015 and 2014, 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	3 Months Ended
Related Party Transactions	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 12. RELATED PARTY TRANSACTIONS Management Agreement At the completion of its 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. Total expenses recorded during the three months ended March 31, 2015 and 2014 for the management fee and costs incurred were approximately $1,095,000 and $303,000, respectively. At March 31, 2015 and December 31, 2014, the net amount due to affiliates was approximately $386,000 and $330,000, respectively. 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)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2015
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 three month periods ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The balance sheet at December 31, 2014 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, 2014. 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, to-be-announced (“TBA”) securities, as discussed below, and interest rate swaptions.
Statement of Comprehensive Income	Statement of Comprehensive Income (Loss) In accordance with the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“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 the time of purchase. At March 31, 2015, restricted cash consisted of $6,078,000 of cash held by a broker as margin on Eurodollar futures contracts and $2,185,000 of cash held on deposit as collateral with repurchase agreement counterparties. At December 31, 2014 restricted cash consisted of approximately $5,174,000 of cash held by a broker as margin on Eurodollar futures contracts and $2,616,000 of cash held on deposit as collateral with repurchase agreement counterparties. 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 March 31, 2015, the Company’s cash deposits exceeded federally insured limits by approximately $78.8 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 limits uninsured balances to 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 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 derivatives in the future. The Company purchases a portion of its Agency RMBS through delayed delivery transactions (forward purchase commitments), including TBA securities. At times when market conditions are conducive, the Company may choose to move the settlement of these TBA securities out to a later date by entering into an offsetting short position, which is then net settled for cash, and simultaneously entering into a substantially similar TBA securities trade for a later settlement date. Such a set of transactions is referred to as a TBA “dollar roll” transaction. The TBA securities purchased at the later settlement date are typically priced at a discount to securities for settlement in the current month. This difference is referred to as the “price drop.” The price drop represents compensation to us for foregoing net interest margin and is referred to as TBA “dollar roll income.” Specified pools of mortgage loans can also be the subject of a dollar roll transaction, when market conditions allow. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA security that it will take physical delivery of the Agency RMBS upon settlement of the trade. The Company accounts for TBA dollar roll transactions as a series of derivative transactions. Gains, losses and dollar roll income associated with TBA securities and dollar roll transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations. The fair value of TBA securities is estimated based on similar methods used to value RMBS securities. The Company has elected to not treat any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election. 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, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 11 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, 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 March 31, 2015 and December 31, 2014 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 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 treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.
Income Taxes	Income Taxes Orchid has qualified and elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). 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 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.

Mortgage-Backed Securities (Tables)

3 Months Ended

Mar. 31, 2015

Mortgage Backed Securities [Abstract]

Schedule of Mortgage-Backed Securities Reconciliation

(in thousands)
		March 31, 2015		December 31, 2014
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	69,619	$	70,400
	Adjustable-rate Mortgages		3,755		3,794
	Fixed-rate Mortgages		1,522,833		1,412,593
	Total Pass-Through Certificates		1,596,207		1,486,787
Structured RMBS Certificates:
	Interest-Only Securities		65,232		46,611
	Inverse Interest-Only Securities		15,182		15,773
	Total Structured RMBS Certificates		80,414		62,384
Total		$	1,676,621	$	1,549,171

Schedule Of Mortgage-Backed Securities by Contractual Maturity

(in thousands)
	March 31, 2015		December 31, 2014
Greater than five years and less than ten years	$	766	$	967
Greater than or equal to ten years		1,675,855		1,548,204
Total	$	1,676,621	$	1,549,171

Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements

($ in thousands)
		OVERNIGHT		BETWEEN 2		BETWEEN 31			GREATER
		(1 DAY OR		AND		AND			THAN
		LESS)		30 DAYS		90 DAYS			90 DAYS		TOTAL
March 31, 2015
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	1,297,828	$	254,907	$	-	$	1,552,735
Repurchase agreement liabilities associated with
	these securities	$	-	$	1,222,961	$	236,529	$	-	$	1,459,490
Net weighted average borrowing rate			-		0.36%		0.38%		-		0.36%
December 31, 2014
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	984,823	$	534,238	$	3,844.00	$	1,522,905
Repurchase agreement liabilities associated with
	these securities	$	-	$	929,831	$	502,947	$	3,873.00	$	1,436,651
Net weighted average borrowing rate			-		0.36%		0.37%		0.38%		0.36%

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Financial Instruments [Abstract]

Schedule of Derivative Instruments

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	March 31, 2015		December 31, 2014
Assets
Eurodollar futures - Margin posted to counterparty	Restricted cash	$	6,078	$	5,174
Payer swaptions	Derivative assets, at fair value		126		1,217
TBA securities	Derivative assets, at fair value		92		-
		$	6,296	$	6,391
Liability
Payer swaptions - Margin posted by counterparty	Other liabilities	$	(207)	$	(1,364)

Schedule of Eurodollar Positions

($ in thousands)
	March 31, 2015					December 31, 2014
			Average					Average
	Weighted		Contract			Weighted		Contract
	Average		Notional		Open	Average		Notional		Open
Expiration Year	LIBOR Rate		Amount		Equity⁽¹⁾	LIBOR Rate		Amount		Equity⁽¹⁾
2015	0.51%	$	800,000	$	(1,791)	0.63%	$	650,000	$	(1,039)
2016	1.13%		900,000		(3,435)	1.54%		800,000		139
2017	1.74%		825,000		(4,976)	2.23%		800,000		(1,041)
2018	2.09%		800,000		(5,061)	2.54%		800,000		(2,361)
Total / Weighted Average	1.37%	$	835,714	$	(15,263)	1.73%	$	760,000	$	(4,302)

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

($ 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)

March 31, 2015

≤ 1 year

5,350

126

375,000

2.79%

3 Month

7.3

December 31, 2014

≤ 1 year

5,350

1,217

375,000

2.79%

3 Month

7.3

Schedule of To Be Announced Securities [TableTextBlock]

($ in thousands)
								Net
		Notional		Cost		Market		Carrying
		Amount⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
Open purchase trade	$	75,000	$	81,722	$	81,730	$	8
Open sale trade		(75,000)		(81,930)		(81,950)		(20)
Unsettled offsetting purchases and sales trades		-		-		104		104
	$	-	$	(208)	$	(116)	$	92

Income Statement Effect of Derivatives [Table Text Block]

(in thousands)
		Three Months Ended March 31,
		2015		2014
Eurodollar futures contracts (short positions)	$	(11,317)	$	(1,537)
Payer swaptions		(1,091)		(156)
Net TBA securities		57		-
	$	(12,351)	$	(1,693)

- 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
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Offsetting Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

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
March 31, 2015
Derivative assets - Payer swaptions	$	126	$	-	$	126	$	-	$	(126)	$	-
December 31, 2014
Derivative asset - Payer swaption	$	1,217	$	-	$	1,217	$	-	$	(1,217)	$	-

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
March 31, 2015
Repurchase Agreements	$	1,459,490	$	-	$	1,459,490	$	(1,457,305)	$	(2,185)	$	-
December 31, 2014
Repurchase Agreements	$	1,436,651	$	-	$	1,436,651	$	(1,434,035)	$	(2,616)	$	-

Capital Stock (Tables)

3 Months Ended

Mar. 31, 2015

Capital Stock [Abstract]

Issuances of Common Stock

($ in thousands, except per share amounts)
			Weighted
			Average
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2015
At the Market Offering Program⁽³⁾	First Quarter	$	13.66	1,210,487	$	16,175
At the Market Offering Program⁽³⁾	Second Quarter		13.25	363,892		5,114
				1,574,379	$	21,289
2014
Secondary Offering	First Quarter	$	12.50	2,070,000	$	24,174
Secondary Offering⁽⁴⁾	First Quarter		12.55	3,680,000		43,989
At the Market Offering Program⁽³⁾	Second Quarter		13.14	537,499		6,914
At the Market Offering Program⁽³⁾	Third Quarter		13.99	3,389,441		46,372
At the Market Offering Program⁽³⁾	Fourth Quarter		13.87	3,675,207		49,846
				13,352,147	$	171,295

Dividends

(in thousands, except per share amount)
Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2015
April 9, 2015⁽¹⁾	April 27, 2015	April 30, 2015	$	0.18	$	3,303
March 10, 2015	March 27, 2015	March 31, 2015		0.18		3,205
February 10, 2015	February 25, 2015	February 27, 2015		0.18		3,017
January 13, 2015	January 26, 2015	January 30, 2015		0.18		3,017
Totals			$	0.72	$	12,542
Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2014
December 9, 2014	December 26, 2014	December 30, 2014	$	0.18	$	3,004
November 12, 2014	November 25, 2014	November 28, 2014		0.18		2,737
October 9, 2014	October 28, 2014	October 31, 2014		0.18		2,358
September 9, 2014	September 25, 2014	September 30, 2014		0.18		2,348
August 12, 2014	August 26, 2014	August 29, 2014		0.18		1,999
July 10, 2014	July 28, 2014	July 31, 2014		0.18		1,759
June 11, 2014	June 25, 2014	June 30, 2014		0.18		1,712
May 8, 2014	May 27, 2014	May 30, 2014		0.18		1,641
April 8, 2014	April 25, 2014	April 30, 2014		0.18		1,636
March 11, 2014	March 26, 2014	March 31, 2014		0.18		1,550
February 11, 2014	February 25, 2014	February 28, 2014		0.18		974
January 9, 2014	January 27, 2014	January 31, 2014		0.18		925
Totals			$	2.16	$	22,643

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2015

Employee Benefits And Share Based Compensation [Abstract]

Schedule Of Restricted Stock Awards [Table Text Block]




		March 31, 2015		December 31, 2014
Unvested restricted common shares outstanding		24,000		24,000
Weighted average grant date value	$	12.23	$	12.23
Intrinsic value	$	318,000	$	313,000
Unrecognized compensation expense	$	204,000	$	228,000
Weighted-average remaining vesting term (in years)		2.0		2.3

Schedule Of Stock Awards [Table Text Block]

Fully vested shares granted		21,715
Weighted average grant date value	$	13.28
Compensation expense related to fully vested common share awards	$	- ⁽¹⁾

Schedule Of Performance Units [Table Text Block]

Performance units granted during the period		7,508
Weighted average grant date value	$	13.32
Compensation expense related to performance units	$	10,000
Intrinsic value, at period end	$	99,000
Unrecognized compensation expense, at period end	$	90,000
Weighted average remaining vesting term (in years), at period end.		2.1

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

(in thousands, except per-share information)
				Three Months Ended March 31,
				2015		2014
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income - Basic and diluted		$	5,509	$	3,595
Weighted average common shares:
	Common shares outstanding at the balance sheet date			17,924		8,612
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		32		-
	Effect of weighting			(1,109)		(3,518)
Weighted average shares-basic and diluted				16,847		5,094
Income per common share:
	Basic and diluted		$	0.33	$	0.71

Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

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)
March 31, 2015
Mortgage-backed securities	$	1,676,621	$	-	$	1,676,621	$	-
Eurodollar futures contracts		6,078		6,078		-		-
Payer swaptions		126		-		126		-
TBA securities		92		-		92		-
December 31, 2014
Mortgage-backed securities	$	1,549,171	$	-	$	1,549,171	$	-
Eurodollar futures contracts		5,174		5,174		-		-
Payer swaptions		1,217		-		1,217		-

Significant Accounting Policies (Organization) (Details)	3 Months Ended
	Mar. 31, 2015
Entity Incorporation, Date of Incorporation	Aug. 17, 2010
Entity Incorporation, State Country Name	MD
Operations Commenced Date	Nov. 24, 2010
Required Annual Distribution Of Taxable Income	90.00%

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash Held by Broker as Margin on Eurodollar Futures Contracts	$ 6,078,000	$ 5,174,000
Cash Held on Deposit with Repurchase Agreement Counterparties	2,185,000	$ 2,616,000
Uninsured Cash Balances	78,800,000
Insurance per depositor at each financial institution	$ 250,000

Significant Accounting Policies - IPO (Details)	12 Months Ended
Significant Accounting Policies - IPO (Details)	Dec. 31, 2013 USD ($) shares
Initial Offering Period	February 20, 2013
Stock Issued During Period Shares New Issues \| shares	2,400,000
Proceeds From Issuance Initial Public Offering \| $	$ 35,400,000

Significant Accounting Policies - Secondary Offering (Details)	3 Months Ended
	Mar. 31, 2014 USD ($) shares
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	3 Months Ended	12 Months Ended
	Apr. 30, 2015	Mar. 31, 2015	Dec. 31, 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			5,087,646
Net Proceeds Received From Share Issuances Under At The Market Program			$ 69,100,000
Total value of Common Stock to be issued under Equity Distribution Agreement			$ 75,000,000
Equity Distribution Agreement Date			September 3, 2014
March 2015 Equity Distribution Agreement [Member]
Stock Issued Under At the Market Program	393,892	1,196,572
Net Proceeds Received From Share Issuances Under At The Market Program	$ 5,100,000	$ 16,000,000
Total value of Common Stock to be issued under Equity Distribution Agreement		$ 100,000,000
Equity Distribution Agreement Date		March 2, 2015

Mortgage-Backed Securities - By Type (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 1,676,621,000	$ 1,549,171,000
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	1,596,207,000	1,486,787,000
Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	80,414,000	62,384,000
Hybrid Adjustable Rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	69,619,000	70,400,000
Adjustable-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,755,000	3,794,000
Fixed-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	1,522,833,000	1,412,593,000
Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	65,232,000	46,611,000
Inverse Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 15,182,000	$ 15,773,000

Mortgage-Backed Securities - By Maturity (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Mortgage Backed Securities [Abstract]
Greater than five years and less than ten years	$ 766,000	$ 967,000
Greater than or equal to ten years	1,675,855,000	1,548,204,000
Total mortgage-backed securities	$ 1,676,621,000	$ 1,549,171,000

Mortgage-Backed Securities - Narrative (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Mortgage Backed Securities [Abstract]
Unpledged Mortgage Backed Securities	$ 129,669,000	$ 31,867,000
Unsettled Securities Purchases Included in Unpledged Securities	$ 79,300,000

Repurchase Agreements - Narrative (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 1,459,490,000	$ 1,436,651,000
Fair Value of securities pledged, including accrued interest receivable	1,552,735,000	1,522,905,000
Cash Held on Deposit with Repurchase Agreement Counterparties	$ 2,185,000	$ 2,616,000
Weighted Average Borrowing Rate	0.36%	0.36%
Maximum Amount at Risk	$ 92,700,000
Pledged Unsettled Securities Sold	$ 0

- 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 ($)	Mar. 31, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,552,735,000	$ 1,522,905,000
Repurchase agreements	$ 1,459,490,000	$ 1,436,651,000
Weighted Average Borrowing Rate	0.36%	0.36%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements	$ 0	$ 0
Weighted Average Borrowing Rate	0.00%	0.00%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,297,828,000	$ 984,823,000
Repurchase agreements	$ 1,222,961,000	$ 929,831,000
Weighted Average Borrowing Rate	0.36%	0.36%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 254,907,000	$ 534,238,000
Repurchase agreements	$ 236,529,000	$ 502,947,000
Weighted Average Borrowing Rate	0.38%	0.37%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 3,844,000
Repurchase agreements	$ 0	$ 3,873,000
Weighted Average Borrowing Rate	0.00%	0.38%

- Definition

+ References + Details

Derivative Financial Instruments - Narrative (Details)	3 Months Ended
Derivative Financial Instruments - Narrative (Details)	Mar. 31, 2015
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 ($)	Mar. 31, 2015	Dec. 31, 2014
Assets, at Fair Value	$ 6,296,000	$ 6,391,000
Liabilities, at Fair Value	(207,000)	(1,364,000)
Eurodollar Future Margin [Member]
Assets, at Fair Value	6,078,000	5,174,000
Interest Rate Swaption [Member]
Assets, at Fair Value	126,000	1,217,000
Interest Rate Swaption Margin [Member]
Liabilities, at Fair Value	(207,000)	(1,364,000)
TBA Contracts [Member]
Assets, at Fair Value	$ 92,000	$ 0

Derivative Financial Instruments - Summary of Eurodollar Futures Positions (Details) - Eurodollar Future [Member] - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	1.37%	1.73%
Notional Amount	$ 835,714,000	$ 760,000,000
Open Equity	$ (15,263,000)	$ (4,302,000)
Year 2015 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	0.51%	0.63%
Notional Amount	$ 800,000,000	$ 650,000,000
Open Equity	$ (1,791,000)	$ (1,039,000)
Year 2016 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	1.13%	1.54%
Notional Amount	$ 900,000,000	$ 800,000,000
Open Equity	$ (3,435,000)	$ 139,000
Year 2017 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	1.74%	2.23%
Notional Amount	$ 825,000,000	$ 800,000,000
Open Equity	$ (4,976,000)	$ (1,041,000)
Year 2018 Expiration [Member]
Derivatives, Fair Value [Line Items]
Locked-In LIBOR Rate	2.09%	2.54%
Notional Amount	$ 800,000,000	$ 800,000,000
Open Equity	$ (5,061,000)	$ (2,361,000)

Derivative Financial Instruments - Summary of Outstanding Swaptions (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	$ 6,296,000	$ 6,391,000
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	126,000	1,217,000
Interest Rate Swaption [Member] \| Less Than Or Equal To One Year [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	5,350,000	5,350,000
Assets, at Fair Value	$ 126,000	$ 1,217,000
Derivative Instruments Average Months To Expiration	3	6
Notional Amount	$ 375,000,000	$ 375,000,000
Derivative Average Fixed Interest Rate	2.79%	2.79%
Derivative Avergage Receive Rate	3 Month	3 Month
Term (Years)	7 years 4 months 29 days	7 years 4 months 29 days

Derivative Financial Instruments - Summary of TBA Contracts - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	$ 6,296,000	$ 6,391,000
Long Member
Derivatives, Fair Value [Line Items]
Notional Amount	75,000,000
Cost Basis	81,722,000
Market Value Of TBA Contract	81,730,000
Assets, at Fair Value	8,000
Short Member [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	(75,000,000)
Cost Basis	(81,930,000)
Market Value Of TBA Contract	(81,950,000)
Assets, at Fair Value	(20,000)
Unsettled Offsetting Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	0
Cost Basis	0
Market Value Of TBA Contract	104,000
Assets, at Fair Value	$ 104,000

Derivative Financial Instruments - Income Statement Effect (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ (12,351,000)	$ (1,693,000)
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(11,317,000)	(1,537,000)
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(1,091,000)	(156,000)
Treasury Note Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	0	0
TBA Contracts [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 57,000	$ 0

Offsetting Assets and Liabilities - Offsetting of Assets (Details) - Swaption [Member} - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets	$ 126,000	$ 1,217,000
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	126,000	1,217,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(126,000)	(1,217,000)
Net Amount Of Assets	$ 0	$ 0

Offsetting Assets and Liabilties - Offsetting of Liabilties (Details) - Repurchase Agreement [Member] - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 1,459,490,000	$ 1,436,651,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	1,459,490,000	1,436,651,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(1,457,305,000)	(1,434,035,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(2,185,000)	(2,616,000)
Net Amount Of Liabilities	$ 0	$ 0

Capital Stock - Issuances of Common Stock (Details) - USD ($)	1 Months Ended	3 Months Ended					12 Months Ended
	Apr. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Stock Issued During Period Shares New Issues							2,400,000
Stock Issued During Period, Value, New Issues		$ (16,175,000)				$ (62,499,000)
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	$ 13.25	$ 13.66	$ 13.87	$ 13.99	$ 13.14
Stock Issued During Period Shares New Issues	363,892	1,210,487	3,675,207	3,389,441	537,499
Stock Issued During Period, Value, New Issues	$ 5,114,000	$ 16,175,000	$ 49,846,000	$ 46,372,000	$ 6,914,000
Value of Common Stock Available to be issued under At The Money Program		$ 83,600,000

Capital Stock - Dividends (Details) - USD ($)	1 Months Ended																						3 Months Ended
Capital Stock - Dividends (Details) - USD ($)	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	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	Mar. 31, 2015	Mar. 31, 2014
Cash Dividends [Abstract]
Declaration Date	April 9, 2015	March 10, 2015	February 10, 2015	January 13, 2015	December 9, 2014	November 12, 2014	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	June 11, 2014	May 8, 2014	April 8, 2014	March 11, 2014	February 11, 2014	January 9, 2014
Record Date	April 27, 2015	March 27, 2015	February 25, 2015	January 26, 2015	December 26, 2014	November 25, 2014	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	June 25, 2014	May 27, 2014	April 25, 2014	March 26, 2014	February 25, 2014	January 27, 2014
Payment Date	April 30, 2015	March 31, 2015	February 27, 2015	January 30, 2015	December 30, 2014	November 28, 2014	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	June 30, 2014	May 30, 2014	April 30, 2014	March 31, 2014	February 28, 2014	January 31, 2014
Per Share Amount	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.54	$ 0.54
Total	$ 3,303,000	$ 3,205,000	$ 3,017,000	$ 3,017,000	$ 3,004,000	$ 2,737,000	$ 2,358,000	$ 2,348,000	$ 1,999,000	$ 1,759,000	$ 1,712,000	$ 1,641,000	$ 1,636,000	$ 1,550,000	$ 974,000	$ 925,000	$ 1,712	$ 1,641	$ 1,636	$ 1,550	$ 974	$ 925

Stock Incentive Plans - Descriptions of Plans (Details)	3 Months Ended
Stock Incentive Plans - Descriptions of Plans (Details)	Mar. 31, 2015 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 - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Stock Incentive Plans - Narrative (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Share Based Awards [LineItems]
Award Date		Apr. 25, 2014
Shares Granted To Each Director		6,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1		3 years
Shares Vesting Per Director Each Year		2,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	24,000	24,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 12.23	$ 12.23
Intrinsic Value of Nonvested	$ 318,000	$ 313,000
Weighted Average Remaining Term	2 years	2 years 4 months
Remaining Compensation Expense	$ 204,000	$ 228,000
Share Based Compensation	24,000
Stock Awards [Member]
Share Based Awards [LineItems]
Share Based Compensation	$ 0	$ 250,000
Shares Granted	21,715
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 13.28
Performance Units [Member]
Share Based Awards [LineItems]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	7,508
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 13.32
Intrinsic Value of Nonvested	$ 99,000
Weighted Average Remaining Term	2 years 1 month 15 days
Remaining Compensation Expense	$ 90,000
Share Based Compensation	$ 10,000
Shares Granted	7,508
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 13.32

Earnings Per Share (Details) - USD ($)	3 Months Ended
Earnings Per Share (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ 5,509,000	$ 3,595,000
Net Income (Loss) Available to Common Stockholders, Diluted	$ 5,509,000	$ 3,595,000
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	17,924,383	8,612,000	16,699,656
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	24,000	0	24,000
Effect of Weighting	(1,109,000)	(3,518,000)
Weighted Average Shares - Basic	16,846,950	5,093,554
Weighted Average Shares - Diluted	16,846,950	5,093,554
Income (Loss) Per Share - Basic	$ 0.33	$ 0.71
Income (Loss) Pe Share - Diluted	$ 0.33	$ 0.71

Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 1,676,621,000	$ 1,549,171,000
Eurodollar Futures Contracts	6,078,000	5,174,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	1,676,621,000	1,549,171,000
Eurodollar Futures Contracts	6,078,000	5,174,000
Interest Rate Swaption	126,000	1,217,000
TBA Contracts	92,000
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	6,078,000	5,174,000
Interest Rate Swaption	0	0
TBA Contracts	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	1,676,621,000	1,549,171,000
Eurodollar Futures Contracts	0	0
Interest Rate Swaption	126,000	1,217,000
TBA Contracts	92,000
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	$ 0
TBA Contracts	$ 0

Related Party Transactions (Management Agreement) (Details) - Bimini Advisors, LLC [Member]	3 Months Ended
	Mar. 31, 2015
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%
Greater than $500 million of Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.00%

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 386,000		$ 330,000
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	$ 1,095,000	$ 303,000
Termination Date	2/20/2016
Overhead Sharing Date	7/1/2014

Label	Element	Value
Securities Acquisitions Settled In Later Period	orc_SecuritiesAcquisitionsSettledInLaterPeriod	$ 79,186
Securities Acquisitions Settled In Later Period	orc_SecuritiesAcquisitionsSettledInLaterPeriod	39,503
Securities Sales Settled In Later Period	orc_SecuritiesSalesSettledInLaterPeriod	0
Securities Sales Settled In Later Period	orc_SecuritiesSalesSettledInLaterPeriod	0
Retained Earnings [Member]
Stockholders Equity	us-gaap_StockholdersEquity	492
Additional Paid In Capital [Member]
Stockholders Equity	us-gaap_StockholdersEquity	217,419
Common Stock [Member]
Stockholders Equity	us-gaap_StockholdersEquity	$ 167