View Filing Data

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Nov. 01, 2016	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Entity Registrant Name	Orchid Island Capital, Inc.
Entity Central Index Key	0001518621
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 214,769,044
Entity Common Stock Shares Outstanding		32,964,547
Trading Symbol	ORC

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 2,972,290,000	$ 2,095,574,000
Unpledged	49,884,000	62,436,000
Total mortgage-backed securities	3,022,174,000	2,158,010,000
Cash and cash equivalents	73,475,000	57,229,000
Restricted cash	20,950,000	12,730,000
Accrued interest receivable	11,512,000	8,490,000
Derivative asset, at fair value	10,365,000	669,000
Other assets	218,000	4,709,000
Total Assets	3,138,694,000	2,241,837,000
Liabilities
Repurchase agreements	2,793,705,000	1,798,813,000
FHLB Advances	0	187,500,000
Derivative liabilities	1,982,000	0
Dividends Payable	4,616,000	0
Accrued interest payable	1,826,000	863,000
Due to affiliates	566,000	465,000
Other Liabilities	3,220,000	941,000
Total Liabilities	2,805,915,000	1,988,582,000
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	330,000	217,000
Additional paid in capital	332,449,000	253,038,000
Accumulated deficit	0	0
Total Stockholders Equity	332,779,000	253,255,000
Total Liabilities and Stockholders Equity	$ 3,138,694,000	$ 2,241,837,000

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	32,962,919	21,749,490
Common Shares Outstanding	32,962,919	21,749,490

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Portfolio Income
Interest income	$ 87,127,000	$ 68,811,000	$ 31,804,000
Interest expense	15,604,000	7,271,000	3,031,000
Net interest income	71,523,000	61,540,000	28,773,000
Realized gains (losses) on mortgage-backed securities	3,071,000	(1,411,000)	2,791,000
Unrealized gains (losses) on mortgage-backed securities	(54,149,000)	(28,274,000)	11,368,000
(Losses) gains on derivative instruments	(9,387,000)	(22,890,000)	(13,925,000)
Federal Home Loan Bank Dividends	14,000	0	0
Net portfolio income	11,072,000	8,965,000	29,007,000
Expenses
Management Fees	4,188,000	3,978,000	2,013,000
Allocated Overhead	1,300,000	1,064,000	390,000
Compensation and related benefits	806,000	646,000	500,000
Directors fees and liability insurance	1,007,000	983,000	569,000
Audit, legal and other professional fees	871,000	706,000	588,000
Direct REIT operating expenses	652,000	241,000	182,000
Other administrative	269,000	276,000	246,000
Total expenses	9,093,000	7,894,000	4,488,000
Net income (loss)	$ 1,979,000	$ 1,071,000	$ 24,519,000
Basic and diluted net income (loss) per share
Basic	$ 0.08	$ 0.05	$ 2.48
Diluted	$ 0.08	$ 0.05	$ 2.48
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	24,099,714	20,266,706	9,890,058
Weighted Average Number Of Diluted Shares Outstanding	24,099,714	20,266,706	9,890,058

Consolidated Statement of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2013	$ 44,765,000	$ 33,000	$ 46,116,000	$ (1,384,000)
Increase (Decrease) in Stockholders' Equity
Net loss	24,519,000	0	0	24,519,000
Cash dividend declared	(22,643,000)	0	0	(22,643,000)
Stock Issued During Period, Value, New Issues	171,295,000	134,000	171,161,000	0
Issuance of common shares pursuant to equity compensation plan	77,000	0	77,000	0
Amortization of equity plan compensation	65,000	0	65,000	0
Balances at Dec. 31, 2014	218,078,000	167,000	217,419,000	492,000
Increase (Decrease) in Stockholders' Equity
Net loss	1,071,000	0	0	1,071,000
Cash dividend declared	(38,748,000)	0	(37,185,000)	(1,563,000)
Stock Issued During Period, Value, New Issues	83,275,000	62,000	83,213,000	0
Issuance of common shares pursuant to equity compensation plan	287,000	0	287,000	0
Amortization of equity plan compensation	144,000	0	144,000	0
Shares repurchased and retired, cost	(10,852,000)	(12,000)	(10,840,000)	0
Balances at Dec. 31, 2015	253,255,000	217,000	253,038,000	0
Increase (Decrease) in Stockholders' Equity
Net loss	1,979,000	0	0	1,979,000
Cash dividend declared	(41,388,000)	0	(39,409,000)	(1,979,000)
Stock Issued During Period, Value, New Issues	118,328,000	113,000	118,215,000	0
Issuance of common shares pursuant to equity compensation plan	301,000	0	301,000	0
Amortization of equity plan compensation	304,000	0	304,000	0
Balances at Dec. 31, 2016	$ 332,779,000	$ 330,000	$ 332,449,000	$ 0

Statement of Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Of Stockholders Equity [Abstract]
Dividends Declared Per Common Share	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.54	$ 0.54	$ 1.68	$ 1.92	$ 2.16

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 1,979,000	$ 1,071,000	$ 24,519,000
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	605,000	431,000	142,000
Realized and unrealized (gains) losses on mortgage-backed securities	51,078,000	29,685,000	(14,159,000)
Realized and unrealized loss on interest rate swaption	(36,000)	1,648,000	4,439,000
Unrealized (gains) losses on interest rate swaps	9,499,000	0	0
Gains On TBA Securities	2,518,000	(386,000)	0
Changes in operating assets and liabilities
Accrued interest receivable	(3,022,000)	(2,279,000)	(4,652,000)
Other assets	80,000	(19,000)	(105,000)
Accrued interest payable	963,000	235,000	536,000
Other liabilities	2,279,000	184,000	678,000
Due to affiliates	101,000	135,000	248,000
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	47,046,000	30,705,000	11,646,000
From mortgage-backed securities investments
Purchases	(3,172,001,000)	(2,687,031,000)	(2,192,282,000)
Sales	2,002,813,000	1,832,194,000	928,009,000
Principal repayments	254,607,000	215,658,000	80,486,000
ProceedsFromSaleOfFederalHomeLoanBankStock	3,750,000	0	0
PaymentsToAcquireFederalHomeLoanBankStock	0	3,753,000	0
Increase in restricted cash	(8,220,000)	(4,940,000)	(5,344,000)
Proceeds From Net TBA Settlements	(1,401,000)	386,000	0
Purchase of interest rate swaptions, net of margin cash received	(704,000)	2,464,000	4,292,000
NET CASH USED IN INVESTING ACTIVITIES	(919,748,000)	(649,950,000)	(1,193,423,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	32,375,195,000	18,867,303,000	7,663,332,000
Principal payments on repurchase agreements	(31,380,303,000)	(18,505,141,000)	(6,545,239,000)
PaymentsForFederalHomeLoanBankAdvances	187,500,000	0	0
ProceedsFromFederalHomeLoanBankBorrowings	0	187,500,000	0
Cash dividends	(36,772,000)	(38,748,000)	(22,643,000)
Proceeds From Issuance Of Common Stock	118,328,000	83,275,000	171,295,000
Common stock repurchases		10,852,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	888,948,000	583,337,000	1,266,745,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	16,246,000	(35,908,000)	84,968,000
CASH AND CASH EQUIVALENTS, beginning of the period	57,229,000	93,137,000	8,169,000
CASH AND CASH EQUIVALENTS, end of the period	73,475,000	57,229,000	93,137,000
Cash paid during the period for:
Interest	$ 14,641,000	$ 7,036,000	$ 2,495,000

Organization and Significant Accounting Policies	12 Months Ended
Organization and Significant Accounting Policies	Dec. 31, 2016
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization and Business Description Orchid Island Capital, Inc., (“Orchid” or the “Company”), was incorporated in Maryland on August 17, 2010 for the purpose of creating and managing a leveraged investment portfolio consisting of residential mortgage-backed securities (“RMBS”). From incorporation to February 20, 2013 Orchid was a wholly owned subsidiary of Bimini Capital Management, Inc. (“Bimini”). Orchid began operations on November 24, 2010 (the date of commencement of operations). From incorporation through November 24, 2010, Orchid’s only activity was the issuance of common stock to Bimini. On February 20, 2013, Orchid completed the initial public offering (“IPO”) of its common stock in which it sold approximately 2.4 million shares of its common stock and raised gross proceeds of $35.4 million, which were invested in RMBS that were issued and the principal and interest of which are guaranteed by a federally chartered corporation or agency (“Agency RMBS”) on a leveraged basis. 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 shares of common stock on January 23, 2014. The underwriters exercised their overallotment option in full for an additional 270,000 shares on January 29, 2014. The aggregate net proceeds to Orchid were approximately $24.2 million which were invested in Agency RMBS on a leveraged basis. Orchid completed a secondary offering of 3,200,000 shares of common stock 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 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 in September 2014. 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 were 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 in March 2015. 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 could 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 were deemed to be “at the market” offerings and privately negotiated transactions. The March 2015 Equity Distribution Agreement replaced the September 2014 Equity Distribution Agreement. The Company issued a total of 7,218,766 shares under the March 2015 Equity Distribution Agreement for aggregate proceeds of approximately $93.2 million, net of commissions and fees, prior to its termination in July 2016. On July 29, 2015 the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company’s common stock. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice. From the inception of the share repurchase program through December 31, 2015, the Company repurchased a total of 1,216,243 shares at an aggregate cost of approximately $10.8 million, including commissions and fees. The Company did not repurchase any shares of its common stock during the year ended December 31, 2016. On July 29, 2016, Orchid entered into a fourth equity distribution agreement (the “July 2016 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 $125,000,000 of shares of the Company’s common stock in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. The July 2016 Equity Distribution Agreement replaced the March 2015 Equity Distribution Agreement. Through December 31, 2016, the Company issued a total of 10,174,992 shares under the July 2016 Equity Distribution Agreement for aggregate proceeds of approximately $108.2 million, net of commissions and fees. Basis of Presentation, Consolidation and Use of Estimates The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of our wholly-owned subsidiary, Orchid Island Casualty, LLC. Significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. 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 (loss) has not been included as the Company has no items of other comprehensive income (loss). Comprehensive income (loss) is the same as net income (loss) for the periods presented. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and other borrowings, and interest rate swaps and other derivative instruments. The 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 December 31, 2016, the Company’s cash deposits exceeded federally insured limits by approximately $72.7 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. 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 consolidated 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. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains (losses) on MBS in the consolidated statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively 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 consolidated statements of operations. FHLB Stock The Company's wholly-owned subsidiary, Orchid Island Casualty, LLC, has been a member of, and owns capital stock in, the Federal Home Loan Bank of Cincinnati (“FHLBC”). As a condition of its membership in the FHLBC, the subsidiary was required to maintain a FHLBC stock investment, both for membership and for the level of advances from the FHLBC to the subsidiary. Per a ruling issued by the Federal Home Finance Agency (the “FHFA”) on January 12, 2016, the Company’s wholly-owned subsidiary will no longer be eligible for membership in the FHLBC effective February 19, 2017. The Company dissolved the subsidiary after its application to do so was approved by the Tennessee Department of Commerce and Insurance. The Company has also notified the FHLBC of its desire to withdraw from the FHLBC is awaiting the liquidation of its membership stock investment. The Company accounts for its investment in FHLBC stock as a cost method investment in "Other assets". The Company periodically evaluated FHLBC stock for impairment in accordance with ASC 320. See Note 3 for more information about the subsidiary’s membership in the FHLBC. 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, interest rate swaps, 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 forward settling transactions, including “to-be-announced” (“TBA”) securities transactions. At times when market conditions are conducive, the Company may choose to move the settlement of these TBA securities transactions 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 the Company 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 of the TBA transaction, or throughout its term, that it will take physical delivery of the Agency RMBS for a long position, or make delivery of the Agency RMBS for a short position, 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 transactions and dollar roll transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations. The fair value of TBA securities is estimated based on similar methods used to value RMBS securities. The Company has elected not to 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 and exchanges 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 swaps, interest rate swaptions and TBA securities are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the consolidated financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, due to affiliates, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying values as of December 31, 2016 and December 31, 2015 due to the short-term nature of these financial instruments. Repurchase Agreements The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. 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 13 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 November 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows – (Topic 230): Restricted Cash. ASU 2016-18 requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company currently presents net changes in restricted cash as a component of investing activities; therefore, the application of this ASU will represent a change in the Company’s consolidated cash flow presentation. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019. Early application is permitted for fiscal periods beginning after December 15, 2018. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In June 2014, the FASB issued 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 adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Mortgage Backed Securities

12 Months Ended

Dec. 31, 2016

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of December 31, 2016 and 2015:

(in thousands)
		December 31, 2016		December 31, 2015
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	45,459	$	52,238
	Adjustable-rate Mortgages		2,062		2,976
	Fixed-rate Mortgages		2,826,694		2,000,623
	Total Pass-Through Certificates		2,874,215		2,055,837
Structured RMBS Certificates:
	Interest-Only Securities		69,726		61,574
	Inverse Interest-Only Securities		78,233		40,599
	Total Structured RMBS Certificates		147,959		102,173
Total		$	3,022,174	$	2,158,010

The following table summarizes the Company’s RMBS portfolio as of December 31, 2016 and 2015, 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)
	December 31, 2016		December 31, 2015
Greater than one year and less than five years	$	157	$	-
Greater than five years and less than ten years		277		835
Greater than or equal to ten years		3,021,740		2,157,175
Total	$	3,022,174	$	2,158,010

Borrowings

12 Months Ended

Dec. 31, 2016

Disclosure of Borrowings [Abstract]

Repurchase Agreements

NOTE 3. REPURCHASE AGREEMENTS AND OTHER BORROWINGS

The Company pledges certain of its RMBS as collateral under repurchase agreements with financial institutions and a secured borrowing facility with the FHLBC. Interest rates on the borrowings are generally based on London Interbank Offered Rate (“LIBOR’) plus or minus a margin and amounts available to be borrowed are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may release collateral back to the Company. As of December 31, 2016, the Company had met all margin call requirements.

Repurchase Agreements

As of December 31, 2016 and 2015, the Company had outstanding repurchase obligations of approximately $2,793.7 million with a net weighted average borrowing rate of 1.00%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $2,970.9 million, and cash pledged to the counterparties of approximately $10.8 million. As of December 31, 2015, the Company had outstanding repurchase obligations of approximately $1,798.8 million with a net weighted average borrowing rate of 0.64%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $1,909.3 million, and cash pledged to the counterparties of approximately $4.0 million.

As of December 31, 2016 and 2015, the Company’s repurchase agreements had remaining maturities as summarized below:

($ in thousands)
		OVERNIGHT		BETWEEN 2		BETWEEN 31			GREATER
		(1 DAY OR		AND		AND			THAN
		LESS)		30 DAYS		90 DAYS			90 DAYS		TOTAL
December 31, 2016
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	2,284,815	$	686,065	$	-	$	2,970,880
Repurchase agreement liabilities associated with
	these securities	$	-	$	2,154,766	$	638,939	$	-	$	2,793,705
Net weighted average borrowing rate			-		1.01%		0.96%		-		1.00%
December 31, 2015
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	1,894,491	$	14,801	$	-	$	1,909,292
Repurchase agreement liabilities associated with
	these securities	$	-	$	1,789,338	$	9,475	$	-	$	1,798,813
Net weighted average borrowing rate			-		0.64%		1.19%		-		0.64%

If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable and cash posted by the Company as collateral. At December 31, 2016, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable and securities posted by the counterparty (if any), and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $182.7 million. The Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity at December 31, 2016 and 2015.

FHLB Advances

In December 2015, our wholly-owned subsidiary, Orchid Island Casualty, LLC, was accepted for membership in the FHLBC. As of December 31, 2015, our subsidiary had approximately $187.5 million of outstanding secured FHLB advances, with a weighted average borrowing rate of 0.42%. These advances were secured by RMBS with a fair value, including accrued interest, of approximately $192.2 million as of December 31, 2015. This agreement also required our subsidiary to purchase and hold stock in the FHLBC in an amount equal to a specified percentage of outstanding advances. As of December 31, 2015, our subsidiary held FHLBC stock with a cost basis of approximately $3.8 million, which is included in other assets in our consolidated balance sheets.

On January 12, 2016, the regulator of the FHLB system, the FHFA, released a final rule that amended regulations governing FHLB membership, including an amendment which prevents captive insurance companies from being eligible for FHLB membership. Under the terms of the final rule, our subsidiary was required to terminate its membership, redeem existing FHLBC stock, and repay its existing advances within one year following the effective date of the final rule. In addition, our subsidiary was prohibited from obtaining new advances or renewing existing advances upon their maturity during the one year transition period. The final rule became effective on February 19, 2016. During the year ended December 31, 2016, all of our subsidiary’s outstanding advances, including accrued interest, were refinanced through repurchase agreements. During the year ended December 31, 2016, the Company redeemed all of its activity-based FHLBC stock but, as of December 31, 2016, still held stock with a carrying value of $2,500, the minimum amount required to retain membership. Subsequent to December 31, 2016, the dissolution of Orchid Island Casualty, LLC was approved by the Tennessee Department of Commerce and Insurance and the entity has been liquidated. The Company has notified the FHLBC of its desire to withdraw and is awaiting the liquidation of its membership stock investment.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2016

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, the Company has entered into Eurodollar and T-Note futures contracts, interest rate swaps, 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 for a long position, or make delivery of the Agency RMBS for a short position, 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 December 31, 2016 and 2015.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	2016		2015
Assets
Interest rate swaps	Derivative assets, at fair value	$	10,302	$	-
Receiver swaptions	Derivative assets, at fair value		-		669
TBA securities	Derivative assets, at fair value		63		-
Total derivative assets, at fair value		$	10,365	$	669

Liability
Interest rate swaps	Derivative liabilities, at fair value	$	802	$	-
TBA securities	Derivative liabilities, at fair value		1,180		-
Total derivative liabilities, at fair value		$	1,982	$	-

Margin Balances Posted to Counterparties
Futures contracts	Restricted cash	$	9,419	$	8,483
TBA securities	Restricted cash		446		-
Total margin balances on derivative contracts		$	9,865	$	8,483

Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar and T-Note futures positions at December 31, 2016 and 2015.

($ in thousands)
			December 31, 2016
			Average	Weighted	Weighted
			Contract	Average	Average
			Notional	Entry	Effective		Open
Expiration Year			Amount	Rate	Rate		Equity⁽¹⁾
Eurodollar Futures Contracts (Short Positions)
2017		$	600,000	1.48%	1.28%	$	(1,206)
2018			600,000	1.81%	1.82%		76
2019			675,000	2.00%	2.21%		1,429
2020			700,000	2.65%	2.45%		(1,394)
Total / Weighted Average		$	643,750	2.01%	1.97%	$	(1,095)

Treasury Note Futures Contracts (Short Position)⁽²⁾
March 2017 10 year T-Note futures
	(Mar 2017 - Mar 2027 Hedge Period)	$	465,000	2.27%	2.24%	$	(3,134)

($ in thousands)
			December 31, 2015
			Average	Weighted	Weighted
			Contract	Average	Average
			Notional	Entry	Effective		Open
Expiration Year			Amount	Rate	Rate		Equity⁽¹⁾
Eurodollar Futures Contracts (Short Positions)
2016		$	900,000	1.51%	0.98%	$	(4,718)
2017			900,000	2.31%	1.59%		(6,550)
2018			900,000	2.77%	1.99%		(7,060)
2019			900,000	2.56%	2.17%		(865)
Total / Weighted Average		$	900,000	2.23%	1.57%	$	(19,193)

Treasury Note Futures Contracts (Short Position)⁽²⁾
December 2015 10 year T-Note futures
	(Dec 2015 - Dec 2025 Hedge Period)	$	185,000	1.99%	1.95%	$	1,091

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.
T-Note futures contracts were valued at a price of $124.28 at December 31, 2016 and $125.91 at December 31, 2015. The nominal value of the short positions was $577.9 million was $232.9 million at December 31, 2016 and December 31, 2015, respectively.

Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on LIBOR ("payer swaps"). The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics of our repurchase agreements and cash flows on such liabilities. We are typically required to post collateral on our interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at December 31, 2016.

($ in thousands)
			Average			Net
			Fixed	Average		Estimated	Average
		Notional	Pay	Receive		Fair	Maturity
Expiration		Amount	Rate	Rate		Value	(Years)
> 3 to ≤ 5 years	$	700,000	1.20%	0.91%	$	9,500	3.4

($ 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)

December 31, 2015 - Receiver Swaptions

≤ 1 year

1,100

669

4.2

100,000

1.77%

3 Month

5.0

The following table summarizes our contracts to purchase and sell TBA securities as of December 31, 2016.

($ in thousands)
			Notional						Net
			Amount		Cost		Market		Carrying
			Long (Short)⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
30-Year TBA securities:
	3.0%	$	(100,000)	$	(99,406)	$	(99,344)	$	62
	4.0%		(100,000)		(103,898)		(105,078)		(1,180)
		$	(200,000)	$	(203,304)	$	(204,422)	$	(1,118)

Gain (Loss) From Derivative Instruments, Net

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014.

(in thousands)
		2016		2015		2014
Eurodollar futures contracts (short positions)	$	(12,808)	$	(17,741)	$	(9,558)
T-Note futures contract (short position)		(3,600)		(3,887)		72
Interest rate swaps		9,503		-		-
Receiver swaptions		36		(431)		-
Payer swaptions		-		(1,217)		(4,439)
Net TBA securities		(2,518)		386		-
	$	(9,387)	$	(22,890)	$	(13,925)

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 consolidated 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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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

Pledged Assets

12 Months Ended

Dec. 31, 2016

Pledged Assets [Abstract]

Pledged Assets [Text Block]

NOTE 5. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes our assets pledged as collateral under our repurchase agreements, prime brokerage clearing accounts, FHLB advances, derivative agreements and insurance capital by type, including securities pledged related to securities sold but not yet settled, as of December 31, 2016 and December 31, 2015.

(in thousands)
		December 31, 2016
		Repurchase		Clearing		Derivative		Insurance
Assets Pledged to Counterparties		Agreements		Margin		Agreements		Capital⁽¹⁾		Total
PT RMBS - fair value	$	2,854,062	$	-	$	-	$	1,065	$	2,855,127
Structured RMBS - fair value		106,195		10,968		-		-		117,163
Accrued interest on pledged securities		10,623		266		-		4		10,893
Restricted cash		10,835		-		9,865		250		20,950
Total	$	2,981,715	$	11,234	$	9,865	$	1,319	$	3,004,133

(in thousands)
		December 31, 2015
		Repurchase		FHLB		Derivative		Insurance
Assets Pledged to Counterparties		Agreements		Advances		Agreements		Capital⁽¹⁾		Total
PT RMBS - fair value	$	1,833,020	$	191,550	$	-	$	1,752	$	2,026,322
Structured RMBS - fair value		69,252		-		-		-		69,252
Accrued interest on pledged securities		7,019		645		-		6		7,670
Restricted cash		3,997		-		8,483		250		12,730
Total	$	1,913,288	$	192,195	$	8,483	$	2,008	$	2,115,974

Orchid Island Casualty, Inc. is required to maintain sufficient capital in the form of cash and securities to protect it against losses.

Assets Pledged from Counterparties

The table below summarizes assets pledged to us from counterparties under our repurchase agreements as of December 31, 2016 and December 31, 2015.

(in thousands)
Assets Pledged to Orchid		December 31, 2016		December 31, 2015
PT RMBS - fair value	$	-	$	167
U.S. Treasury securities - fair value		3,438		723
Cash		1,029		1,421
Total	$	4,467	$	2,311

PT RMBS and U.S. Treasury securities received as margin under our repurchase agreements are not recorded in the consolidated balance sheets because the counterparty retains ownership of the security. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements in the consolidated balance sheets.

Offsetting Assets and Liabilties

12 Months Ended

Dec. 31, 2016

Offsetting Assets And Liabilities [Abstract]

Offsetting Assets and Liabilities [Text Block]

NOTE 6. 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 December 31, 2016 and 2015.

(in thousands)
Offsetting of Assets
					Net Amount		Gross Amount Not Offset in the
					of Assets		Consolidated Balance Sheet
			Gross Amount		Presented		Financial
	Gross Amount		Offset in the		in the		Instruments		Cash
	of Recognized		Consolidated		Consolidated		Received as		Received as		Net
	Assets		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
December 31, 2016
Interest rate swaps	$	10,302	$	-	$	10,302	$	-	$	-	$	10,302
TBA securities		63		-		63		-		(63)		-
	$	10,365	$	-	$	10,365	$	-	$	(63)	$	10,302
December 31, 2015
Derivative assets - Receiver swaptions	$	669	$	-	$	669	$	-	$	-	$	669

(in thousands)
Offsetting of Liabilities
					Net Amount		Gross Amount Not Offset in the
					of Liabilities		Consolidated Balance Sheet
			Gross Amount		Presented		Financial
	Gross Amount		Offset in the		in the		Instruments
	of Recognized		Consolidated		Consolidated		Posted as		Cash Posted		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
December 31, 2016
Repurchase Agreements	$	2,793,705	$	-	$	2,793,705	$	(2,782,870)	$	(10,835)	$	-
Interest rate swaps		802		-		802		-		(802)		-
TBA securities		1,180		-		1,180		-		(848)		332
	$	2,795,687	$	-	$	2,795,687	$	(2,782,870)	$	(12,485)	$	332
December 31, 2015
Repurchase Agreements	$	1,798,813	$	-	$	1,798,813	$	(1,794,816)	$	(3,997)	$	-

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 consolidated balance sheet. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note 5 for a discussion of collateral posted or received against or for repurchase obligations and derivative instruments.

Capital Stock

12 Months Ended

Dec. 31, 2016

Capital Stock [Abstract]

Capital Stock

NOTE 7. CAPITAL STOCK

The Company has the authority to issue 600,000,000 shares of capital stock, of which (i) 500,000,000 shares are designated as common stock and (ii) 100,000,000 shares are designated as preferred stock, each with a par value of $0.01 per share. Holders of shares of the common stock generally have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any securities of the Company. Subject to the provisions of our charter regarding restrictions on ownership and transfer of our stock, all holders of shares of the common stock will have equal liquidation and other rights.

Our charter authorizes our Board of Directors, without stockholder approval, to reclassify any unissued shares of our common stock into other classes or series of stock and to establish the number of shares in each class or series and to set the preferences, conversion or other rights, voting powers (including voting rights exclusive to such class or series), restrictions (including, without limitation, restrictions on transferability), limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each such class or series.

Our charter authorizes our Board of Directors, without stockholder approval, to classify any unissued shares of preferred stock and to reclassify any previously classified but unissued shares of any class or series of preferred stock. Prior to issuance of shares of each class or series, our Board of Directors is required by Maryland law and our charter to set the preferences, conversion or other rights, voting powers (including voting rights exclusive to such class or series), restrictions (including, without limitation, restrictions on transferability), limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each such class or series. Thus, our Board of Directors could authorize the issuance of shares of preferred stock that have priority over our common stock with respect to dividends or rights upon liquidation or with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control of the Company that might involve a premium price for holders of our common stock or otherwise be in their best interests. No shares of preferred stock have been issued, therefore none are outstanding.

Restrictions on Ownership and Transfer

In order to qualify as a REIT under the Code for each taxable year beginning after December 31, 2013, our shares of stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Also, for our taxable years beginning after December 31, 2013, no more than 50% of the value of our outstanding shares of capital stock may be owned, directly or constructively, by five or fewer individuals (as defined in the Code to include certain entities) during the second half of any calendar year.

Because the Company’s Board of Directors believes it is at present essential for us to qualify as a REIT, our charter provides that, subject to certain exceptions, no person or entity may beneficially or constructively own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock, or the ownership limit.

The Company’s charter also prohibits any person from (i) beneficially or constructively owning or transferring shares of the Company’s capital stock if such ownership or transfer would result in the Company being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise cause the Company to fail to qualify as a REIT and (ii) transferring shares of the Company’s capital stock if such transfer would result in the Company’s capital stock being beneficially owned by fewer than 100 persons (determined under the principles of Section 856(a)(5) of the Code). Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of the Company’s stock that will or may violate any of the foregoing restrictions on transfer and ownership, or who is the intended transferee of shares of the Company’s stock which are transferred to the trust (as described below), will be required to give written notice immediately to the Company or in the case of a proposed or attempted transaction, to give at least 15 days’ prior written notice, and provide the Company with such other information as the Company may request in order to determine the effect, if any, of such transfer on the Company’s status as a REIT. The foregoing restrictions on transfer and ownership will not apply if the Company’s Board of Directors determines that it is no longer in the Company’s best interests to attempt to qualify, or to continue to qualify, as a REIT, or that compliance with the restrictions on transfer and ownership is no longer required for the Company to qualify as a REIT.

The Company’s Board of Directors, in its sole discretion, may exempt (prospectively or retroactively) a person from certain of the limits described above and may establish or increase an exempted holder limit for such person. The person seeking an exemption must provide to the Board of Directors any such representations, covenants and undertakings as the Board of Directors may deem appropriate in order to conclude that granting the exemption and/or establishing or increasing an excepted holder limit, as the case may be, will not cause the Company to fail to qualify as a REIT. The Company’s Board of Directors may also require a ruling from the IRS or an opinion of counsel in order to determine that granting the exemption will not cause the Company to lose its qualification as a REIT. In connection with granting a waiver of the ownership limit or creating an excepted holder limit or at any other time, the Company’s Board of Directors may from time to time increase or decrease the ownership limit, subject to certain restrictions.

Common Stock Issuances

During 2016 and 2015, the Company completed the following public offerings 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⁾
2016
At the Market Offering Program⁽³⁾	Second Quarter	$	10.48	646,753	$	6,591
At the Market Offering Program⁽³⁾	Third Quarter		10.80	3,818,802	$	40,525
At the Market Offering Program⁽³⁾	Fourth Quarter		10.79	6,707,101		71,212
				11,172,656	$	118,328
2015
At the Market Offering Program⁽³⁾	First Quarter	$	13.66	1,210,487	$	16,175
At the Market Offering Program⁽³⁾	Second Quarter		13.65	5,024,530		67,100
				6,235,017	$	83,275

(1) Weighted average price received per share is gross of underwriters’ discount, if applicable, and other offering costs.

(2) Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

(3) The Company has entered into four equity distribution agreements, three 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. As of December 31, 2016, shares with a value of $15.0 million remain available for issuance under the July 2016 Equity Distribution Agreement.

Share Repurchase Program

On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company’s common stock. As part of the share repurchase program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice.

From the inception of the share repurchase program through December 31, 2016, the Company repurchased a total of 1,216,243 shares at an aggregate cost of approximately $10.8 million, including commissions and fees, for a weighted average price of $8.92 per share. No shares were repurchased during the year ended December 31, 2016.

($ in thousands, except per share amounts)
		Weighted
		Average
		Price
		Paid	Shares		Net
Period		Per Share	Repurchased		Cost
2016
Third Quarter	$	8.89	1,069,720	$	9,512
Fourth Quarter		9.14	146,523		1,340

Cash Dividends

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

(in thousands, except per share data)
Year	Per Share Amount			Total
2014	$	2.16	$	22,643
2015		1.92		38,748
2016		1.68		41,388
2017⁽¹⁾		0.28		9,245

The effect of the dividends declared during 2017 is not reflected in the Company’s consolidated financial statements as of December 31, 2016.

- 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 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

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 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: 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(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: 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 8: 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(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: 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 10: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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

+ Details

Stock Incentive Plans

12 Months Ended

Dec. 31, 2016

Employee Benefits And Share Based Compensation [Abstract]

Stock incentive Plans

NOTE 8. 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 December 31, 2016 and 2015.

($ in thousands, except per share data)
	2016			2015
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	16,000	$	12.23	24,000	$	12.23
Vested and issued	(8,000)		12.23	(8,000)		12.23
Unvested, end of period	8,000	$	12.23	16,000	$	12.23

Compensation expense during period		$	98		$	98
Unrecognized compensation expense, end of period		$	33		$	130
Intrinsic value, end of period		$	87		$	159
Weighted-average remaining vesting term (in years)			0.3			1.3

Stock Awards

The Company issues immediately vested common stock under the Incentive Plan to certain executive officers, employees and directors. The following table presents information related to fully vested common stock issued during the years ended December 31, 2016 and 2015.

($ in thousands, except per share data)
		2016		2015
Fully vested shares granted⁽¹⁾		40,571		30,535
Weighted average grant date price	$	10.08	$	12.67
Compensation expense related to fully vested common share awards⁽²⁾	$	409	$	387

The table above includes 33,019 shares of fully vested shares which were granted in January and March 2016 with respect to service performed during 2015 and 21,715 shares of fully vested shares which were granted in January 2015 with respect to service performed during 2014.
Approximately $330,000 of compensation expense related to the 2016 share awards were accrued and recognized in 2015. Approximately $288,000 of the compensation expense related to the 2015 share awards were accrued and recognized in 2014.

Performance Units

The Company may issue performance units under the Incentive Plan to certain executive officers and employees. “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 non-forfeitable 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 or employee 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 for the year ended December 31, 2016.

($ in thousands, except per share data)
	2016			2015
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	7,508	$	13.32	-	$	-
Granted	41,500		10.00	7,508		13.32
Forfeited	(700)		10.00	-		-
Vested and issued	(3,003)		13.32	-		-
Unvested, end of period	45,305	$	10.33	7,508	$	13.32

Compensation expense during the period		$	206		$	46
Intrinsic value, at period end		$	491		$	75
Unrecognized compensation expense, at period end		$	256		$	54
Weighted average remaining vesting term (in years), at period end			1.3			1.4

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 9. COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any reported or unreported contingencies at December 31, 2016.

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. 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. REIT taxable income (loss) is computed in accordance with the Code, which is different than the Company’s financial statement net income (loss) computed in accordance with GAAP. Book to tax differences primarily relate to the recognition of interest income on RMBS, unrealized gains and losses on RMBS, and the amortization of losses on derivative instruments that are treated as hedges for tax purposes. Generally, the Company’s dividend distributions are characterized as ordinary income or nontaxable return of capital based on the relative amounts of its earnings and profits (taxable income, with certain prescribed adjustments) to total distributions applicable for a given tax year. In determining total distributions, consideration is given to the spillover distribution provisions of section 857(b)(9) of the Code. Under section 857(b)(9), of the Code, REIT common dividends declared in the fourth quarter of a calendar year with a record date prior to year-end and a payable date in January of the following year will be included in total distributions in the year declared only to the extent of available earnings and profits. As a result, such fourth quarter common dividends may be pro-rated between tax years or may not be taxable until the following year. In accordance with section 857(b)(9) of the Code, the Company’s December 2016 dividend of $0.14 paid in January 2017 is subject to tax in 2017. The remaining 2016 dividend distributions of $1.54 are taxable in 2016. The 2016 dividend distribution described above exceeded 2016 earnings and profits by $0.14, representing 9% of total 2016 distributions of $1.54. This nondividend distribution is characterized as return of capital and has been allocated on a pro rata basis to each 2016 dividend distribution. Nondividend distributions characterized as return of capital reduce the tax basis of related shares and are nontaxable to the recipient unless return of capital distributions in aggregate exceed tax basis, in which case the excess is reportable as capital gain. The remaining 2016 common dividend distributions have been characterized as ordinary income of $1.33, or 87%, and qualified dividends of $0.07, or 4%. All dividend distributions prior to 2016 were characterized as ordinary income. As of December 31, 2016, we had distributed all of our estimated REIT taxable income through fiscal year 2016. Accordingly, no income tax provision was recorded for 2016 and 2015.

Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible shares of restricted common stock and Performance Units that were outstanding during the years ended December 31, 2016 and 2015. The basic and diluted per share computations include these unvested shares of restricted common stock and Performance Units 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 years ended December 31, 2016, 2015 and 2014.

(in thousands, except per-share information)
				2016		2015		2014
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income - Basic and diluted		$	1,979	$	1,071	$	24,519
Weighted average common shares:
	Common stock outstanding at the balance sheet date			32,963		21,749		16,700
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		53		24		24
	Effect of weighting			(8,916)		(1,506)		(6,834)
Weighted average shares-basic and diluted				24,100		20,267		9,890
Income per common share:
	Basic and diluted		$	0.08	$	0.05	$	2.48

Fair Value

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value

NOTE 12. FAIR VALUE

Authoritative accounting literature establishes a framework for using fair value to measure assets and liabilities and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) as opposed to the price that would be paid to acquire the asset or received to assume the liability (an entry price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are:

Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume),
Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and
Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.

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

FHLBC stock of approximately $3.8 million at December 31, 2015, is excluded from the table below as the Company accounts for its investment in FHLBC stock as a cost method investment.

RMBS (based on the fair value option), interest rate swaps, interest rate swaptions, TBA securities and futures contracts were recorded at fair value on a recurring basis during the years ended December 31, 2016, 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 (liabilities) measured at fair value on a recurring basis as of December 31, 2016 and 2015:

(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)
December 31, 2016
Mortgage-backed securities	$	3,022,174	$	-	$	3,022,174	$	-
Margin posted on derivative agreements		9,865		9,865		-		-
Interest rate swaps		9,500		-		9,500		-
TBA securities		(1,117)		-		(1,117)		-
December 31, 2015
Mortgage-backed securities	$	2,158,010	$	-	$	2,158,010	$	-
Margin posted on derivative agreements		8,483		8,483		-		-
Receiver swaptions		669		-		669		-

During the years ended December 31, 2016, 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	12 Months Ended
Related Party Transactions	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13. RELATED PARTY TRANSACTIONS Management Agreement The Company is externally managed and advised by Bimini Advisors, LLC (the “Manager”) pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 2017 and provides for automatic one-year extension options thereafter and is subject to certain termination rights. Under the terms of the management agreement, the Manager is responsible for administering the business activities and day-to-day operations of the Company. The Manager receives a monthly management fee in the amount of: One-twelfth of 1.5% of the first $250 million of the Company’s 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 the Manager for any direct expenses incurred on its behalf and to pay the Manager the Company’s pro rata portion of certain overhead costs set forth in the management agreement. Should the Company terminate the management agreement without cause, it will pay to the Manager a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the term of the agreement. Total expenses recorded for the management fee and costs incurred were approximately $5.5 million, $5.0 million and $2.4 million during the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016 and 2015, the net amount due to affiliates was approximately $0.6 million and $0.5 million, respectively. Other Relationships with Bimini John B. Van Heuvelen, one of our independent directors, 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.

Summarized Quarterly Results

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Results

NOTE 14. QUARTERLY RESULTS (UNAUDITED)

The following is a presentation of the quarterly results of operations for the years ended December 31, 2016 and 2015.

(in thousands, except per share information)
	Quarter Ended
	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
Interest income	$	20,466	$	19,235	$	22,358	$	25,068
Interest expense		(3,319)		(3,330)		(3,979)		(4,976)
Net interest income		17,147		15,905		18,379		20,092
(Losses) gains		(19,558)		(7,308)		4,418		(38,003)
Net portfolio (loss) income		(2,411)		8,597		22,797		(17,911)

Expenses:
Management fees and overhead expenses		1,269		1,274		1,388		1,557
Other expenses		911		860		883		951
Total expenses		2,180		2,134		2,271		2,508

Net (loss) income	$	(4,591)	$	6,463	$	20,526	$	(20,419)

Basic and diluted net (loss) income per share	$	(0.21)		0.29	$	0.85	$	(0.72)

Weighted Average Shares Outstanding		21,756		21,921		24,133		28,494

Dividends declared per share	$	0.42	$	0.42	$	0.42	$	0.42

	Quarter Ended
	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
Interest income	$	14,614	$	16,753	$	18,352	$	19,092
Interest expense		(1,296)		(1,567)		(2,037)		(2,371)
Net interest income		13,318		15,186		16,315		16,721
Losses		(6,063)		(16,017)		(23,682)		(6,813)
Net portfolio income (loss)		7,255		(831)		(7,367)		9,908

Expenses:
Management fees and overhead expenses		1,095		1,288		1,321		1,338
Other expenses		651		713		729		759
Total expenses		1,746		2,001		2,050		2,097

Net income (loss)	$	5,509	$	(2,832)	$	(9,417)	$	7,811

Basic and diluted net income (loss) per share	$	0.54	$	(0.14)	$	(0.42)	$	0.36

Weighted Average Shares Outstanding	$	16,847	$	19,752	$	22,545	$	21,771

Dividends declared per share	$	0.54	$	0.54	$	0.42	$	0.42

Earnings per share (EPS) in each quarter is computed using the weighted-average number of shares outstanding during that quarter while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. The sum of the four quarters’ EPS may not equal the full year EPS.

Basis of Presentation (Policies)	12 Months Ended
Basis of Presentation (Policies)	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation, Consolidation and Use of Estimates The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of our wholly-owned subsidiary, Orchid Island Casualty, LLC. Significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives.
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 (loss) has not been included as the Company has no items of other comprehensive income (loss). Comprehensive income (loss) is the same as net income (loss) for the periods presented.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and other borrowings, and interest rate swaps and other derivative instruments. The 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 December 31, 2016, the Company’s cash deposits exceeded federally insured limits by approximately $72.7 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. 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 consolidated 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. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains (losses) on MBS in the consolidated statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively 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 consolidated statements of operations.
FHLB Stock	FHLB Stock The Company's wholly-owned subsidiary, Orchid Island Casualty, LLC, has been a member of, and owns capital stock in, the Federal Home Loan Bank of Cincinnati (“FHLBC”). As a condition of its membership in the FHLBC, the subsidiary was required to maintain a FHLBC stock investment, both for membership and for the level of advances from the FHLBC to the subsidiary. Per a ruling issued by the Federal Home Finance Agency (the “FHFA”) on January 12, 2016, the Company’s wholly-owned subsidiary will no longer be eligible for membership in the FHLBC effective February 19, 2017. The Company dissolved the subsidiary after its application to do so was approved by the Tennessee Department of Commerce and Insurance. The Company has also notified the FHLBC of its desire to withdraw from the FHLBC is awaiting the liquidation of its membership stock investment. The Company accounts for its investment in FHLBC stock as a cost method investment in "Other assets". The Company periodically evaluated FHLBC stock for impairment in accordance with ASC 320. See Note 3 for more information about the subsidiary’s membership in the FHLBC.
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, interest rate swaps, 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 forward settling transactions, including “to-be-announced” (“TBA”) securities transactions. At times when market conditions are conducive, the Company may choose to move the settlement of these TBA securities transactions 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 the Company 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 of the TBA transaction, or throughout its term, that it will take physical delivery of the Agency RMBS for a long position, or make delivery of the Agency RMBS for a short position, 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 transactions and dollar roll transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations. The fair value of TBA securities is estimated based on similar methods used to value RMBS securities. The Company has elected not to 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 and exchanges 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 swaps, interest rate swaptions and TBA securities are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the consolidated financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, due to affiliates, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying values as of December 31, 2016 and December 31, 2015 due to the short-term nature of these financial instruments.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. 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 13 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 November 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows – (Topic 230): Restricted Cash. ASU 2016-18 requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company currently presents net changes in restricted cash as a component of investing activities; therefore, the application of this ASU will represent a change in the Company’s consolidated cash flow presentation. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019. Early application is permitted for fiscal periods beginning after December 15, 2018. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In June 2014, the FASB issued 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 adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Mortgage-Backed Securities (Tables)

12 Months Ended

Dec. 31, 2016

Mortgage Backed Securities [Abstract]

Schedule of Mortgage-Backed Securities Reconciliation

(in thousands)
		December 31, 2016		December 31, 2015
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	45,459	$	52,238
	Adjustable-rate Mortgages		2,062		2,976
	Fixed-rate Mortgages		2,826,694		2,000,623
	Total Pass-Through Certificates		2,874,215		2,055,837
Structured RMBS Certificates:
	Interest-Only Securities		69,726		61,574
	Inverse Interest-Only Securities		78,233		40,599
	Total Structured RMBS Certificates		147,959		102,173
Total		$	3,022,174	$	2,158,010

Schedule Of Mortgage-Backed Securities by Contractual Maturity

(in thousands)
	December 31, 2016		December 31, 2015
Greater than one year and less than five years	$	157	$	-
Greater than five years and less than ten years		277		835
Greater than or equal to ten years		3,021,740		2,157,175
Total	$	3,022,174	$	2,158,010

Borrowings (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Borrowings [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
December 31, 2016
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	2,284,815	$	686,065	$	-	$	2,970,880
Repurchase agreement liabilities associated with
	these securities	$	-	$	2,154,766	$	638,939	$	-	$	2,793,705
Net weighted average borrowing rate			-		1.01%		0.96%		-		1.00%
December 31, 2015
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	1,894,491	$	14,801	$	-	$	1,909,292
Repurchase agreement liabilities associated with
	these securities	$	-	$	1,789,338	$	9,475	$	-	$	1,798,813
Net weighted average borrowing rate			-		0.64%		1.19%		-		0.64%

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Financial Instruments [Abstract]

Schedule of Derivative Instruments

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	2016		2015
Assets
Interest rate swaps	Derivative assets, at fair value	$	10,302	$	-
Receiver swaptions	Derivative assets, at fair value		-		669
TBA securities	Derivative assets, at fair value		63		-
Total derivative assets, at fair value		$	10,365	$	669

Liability
Interest rate swaps	Derivative liabilities, at fair value	$	802	$	-
TBA securities	Derivative liabilities, at fair value		1,180		-
Total derivative liabilities, at fair value		$	1,982	$	-

Margin Balances Posted to Counterparties
Futures contracts	Restricted cash	$	9,419	$	8,483
TBA securities	Restricted cash		446		-
Total margin balances on derivative contracts		$	9,865	$	8,483

Schedule of Eurodollar Positions

($ in thousands)
			December 31, 2016
			Average	Weighted	Weighted
			Contract	Average	Average
			Notional	Entry	Effective		Open
Expiration Year			Amount	Rate	Rate		Equity⁽¹⁾
Eurodollar Futures Contracts (Short Positions)
2017		$	600,000	1.48%	1.28%	$	(1,206)
2018			600,000	1.81%	1.82%		76
2019			675,000	2.00%	2.21%		1,429
2020			700,000	2.65%	2.45%		(1,394)
Total / Weighted Average		$	643,750	2.01%	1.97%	$	(1,095)

Treasury Note Futures Contracts (Short Position)⁽²⁾
March 2017 10 year T-Note futures
	(Mar 2017 - Mar 2027 Hedge Period)	$	465,000	2.27%	2.24%	$	(3,134)

($ in thousands)
			December 31, 2015
			Average	Weighted	Weighted
			Contract	Average	Average
			Notional	Entry	Effective		Open
Expiration Year			Amount	Rate	Rate		Equity⁽¹⁾
Eurodollar Futures Contracts (Short Positions)
2016		$	900,000	1.51%	0.98%	$	(4,718)
2017			900,000	2.31%	1.59%		(6,550)
2018			900,000	2.77%	1.99%		(7,060)
2019			900,000	2.56%	2.17%		(865)
Total / Weighted Average		$	900,000	2.23%	1.57%	$	(19,193)

Treasury Note Futures Contracts (Short Position)⁽²⁾
December 2015 10 year T-Note futures
	(Dec 2015 - Dec 2025 Hedge Period)	$	185,000	1.99%	1.95%	$	1,091

Schedule Of Interest Rate Swap Agreements [Table Text Block]

($ in thousands)
			Average			Net
			Fixed	Average		Estimated	Average
		Notional	Pay	Receive		Fair	Maturity
Expiration		Amount	Rate	Rate		Value	(Years)
> 3 to ≤ 5 years	$	700,000	1.20%	0.91%	$	9,500	3.4

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)

December 31, 2015 - Receiver Swaptions

≤ 1 year

1,100

669

4.2

100,000

1.77%

3 Month

5.0

Schedule Of To Be Announced Securities [Table Text Block]

($ in thousands)
			Notional						Net
			Amount		Cost		Market		Carrying
			Long (Short)⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
30-Year TBA securities:
	3.0%	$	(100,000)	$	(99,406)	$	(99,344)	$	62
	4.0%		(100,000)		(103,898)		(105,078)		(1,180)
		$	(200,000)	$	(203,304)	$	(204,422)	$	(1,118)

Income Statement Effect of Derivatives [Table Text Block]

(in thousands)
		2016		2015		2014
Eurodollar futures contracts (short positions)	$	(12,808)	$	(17,741)	$	(9,558)
T-Note futures contract (short position)		(3,600)		(3,887)		72
Interest rate swaps		9,503		-		-
Receiver swaptions		36		(431)		-
Payer swaptions		-		(1,217)		(4,439)
Net TBA securities		(2,518)		386		-
	$	(9,387)	$	(22,890)	$	(13,925)

- 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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&loc=SL5624171-113959

Reference 8: 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=64837297&loc=SL5579240-113959

Reference 9: 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=64837297&loc=d3e41620-113959

Reference 10: 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

Pledged Assets (Tables)

12 Months Ended

Dec. 31, 2016

Pledged Assets [Abstract]

Schedule of Financial Instruments Owned and Pledged as Collateral [TextBlock]

(in thousands)
		December 31, 2016
		Repurchase		Clearing		Derivative		Insurance
Assets Pledged to Counterparties		Agreements		Margin		Agreements		Capital⁽¹⁾		Total
PT RMBS - fair value	$	2,854,062	$	-	$	-	$	1,065	$	2,855,127
Structured RMBS - fair value		106,195		10,968		-		-		117,163
Accrued interest on pledged securities		10,623		266		-		4		10,893
Restricted cash		10,835		-		9,865		250		20,950
Total	$	2,981,715	$	11,234	$	9,865	$	1,319	$	3,004,133

(in thousands)
		December 31, 2015
		Repurchase		FHLB		Derivative		Insurance
Assets Pledged to Counterparties		Agreements		Advances		Agreements		Capital⁽¹⁾		Total
PT RMBS - fair value	$	1,833,020	$	191,550	$	-	$	1,752	$	2,026,322
Structured RMBS - fair value		69,252		-		-		-		69,252
Accrued interest on pledged securities		7,019		645		-		6		7,670
Restricted cash		3,997		-		8,483		250		12,730
Total	$	1,913,288	$	192,195	$	8,483	$	2,008	$	2,115,974

Schedule of Financial Instruments Pledged as Collateral from Counterparties [Text Block]

(in thousands)
Assets Pledged to Orchid		December 31, 2016		December 31, 2015
PT RMBS - fair value	$	-	$	167
U.S. Treasury securities - fair value		3,438		723
Cash		1,029		1,421
Total	$	4,467	$	2,311

Offsetting Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Offsetting Assets And Liabilities [Abstract]

Offsetting of Assets [Table Text Block]

(in thousands)
Offsetting of Assets
					Net Amount		Gross Amount Not Offset in the
					of Assets		Consolidated Balance Sheet
			Gross Amount		Presented		Financial
	Gross Amount		Offset in the		in the		Instruments		Cash
	of Recognized		Consolidated		Consolidated		Received as		Received as		Net
	Assets		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
December 31, 2016
Interest rate swaps	$	10,302	$	-	$	10,302	$	-	$	-	$	10,302
TBA securities		63		-		63		-		(63)		-
	$	10,365	$	-	$	10,365	$	-	$	(63)	$	10,302
December 31, 2015
Derivative assets - Receiver swaptions	$	669	$	-	$	669	$	-	$	-	$	669

Offsetting of Liabilties [Table Text Block]

(in thousands)
Offsetting of Liabilities
					Net Amount		Gross Amount Not Offset in the
					of Liabilities		Consolidated Balance Sheet
			Gross Amount		Presented		Financial
	Gross Amount		Offset in the		in the		Instruments
	of Recognized		Consolidated		Consolidated		Posted as		Cash Posted		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
December 31, 2016
Repurchase Agreements	$	2,793,705	$	-	$	2,793,705	$	(2,782,870)	$	(10,835)	$	-
Interest rate swaps		802		-		802		-		(802)		-
TBA securities		1,180		-		1,180		-		(848)		332
	$	2,795,687	$	-	$	2,795,687	$	(2,782,870)	$	(12,485)	$	332
December 31, 2015
Repurchase Agreements	$	1,798,813	$	-	$	1,798,813	$	(1,794,816)	$	(3,997)	$	-

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2016

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⁾
2016
At the Market Offering Program⁽³⁾	Second Quarter	$	10.48	646,753	$	6,591
At the Market Offering Program⁽³⁾	Third Quarter		10.80	3,818,802	$	40,525
At the Market Offering Program⁽³⁾	Fourth Quarter		10.79	6,707,101		71,212
				11,172,656	$	118,328
2015
At the Market Offering Program⁽³⁾	First Quarter	$	13.66	1,210,487	$	16,175
At the Market Offering Program⁽³⁾	Second Quarter		13.65	5,024,530		67,100
				6,235,017	$	83,275

Dividends

(in thousands, except per share data)
Year	Per Share Amount			Total
2014	$	2.16	$	22,643
2015		1.92		38,748
2016		1.68		41,388
2017⁽¹⁾		0.28		9,245

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2016

Employee Benefits And Share Based Compensation [Abstract]

Schedule Of Restricted Stock Awards [Table Text Block]

($ in thousands, except per share data)
	2016			2015
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	16,000	$	12.23	24,000	$	12.23
Vested and issued	(8,000)		12.23	(8,000)		12.23
Unvested, end of period	8,000	$	12.23	16,000	$	12.23

Compensation expense during period		$	98		$	98
Unrecognized compensation expense, end of period		$	33		$	130
Intrinsic value, end of period		$	87		$	159
Weighted-average remaining vesting term (in years)			0.3			1.3

Schedule Of Stock Awards [Table Text Block]

($ in thousands, except per share data)
		2016		2015
Fully vested shares granted⁽¹⁾		40,571		30,535
Weighted average grant date price	$	10.08	$	12.67
Compensation expense related to fully vested common share awards⁽²⁾	$	409	$	387

Schedule Of Performance Units [Table Text Block]

($ in thousands, except per share data)
	2016			2015
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	7,508	$	13.32	-	$	-
Granted	41,500		10.00	7,508		13.32
Forfeited	(700)		10.00	-		-
Vested and issued	(3,003)		13.32	-		-
Unvested, end of period	45,305	$	10.33	7,508	$	13.32

Compensation expense during the period		$	206		$	46
Intrinsic value, at period end		$	491		$	75
Unrecognized compensation expense, at period end		$	256		$	54
Weighted average remaining vesting term (in years), at period end			1.3			1.4

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

(in thousands, except per-share information)
				2016		2015		2014
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income - Basic and diluted		$	1,979	$	1,071	$	24,519
Weighted average common shares:
	Common stock outstanding at the balance sheet date			32,963		21,749		16,700
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		53		24		24
	Effect of weighting			(8,916)		(1,506)		(6,834)
Weighted average shares-basic and diluted				24,100		20,267		9,890
Income per common share:
	Basic and diluted		$	0.08	$	0.05	$	2.48

Fair Value (Tables)

12 Months Ended

Dec. 31, 2016

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)
December 31, 2016
Mortgage-backed securities	$	3,022,174	$	-	$	3,022,174	$	-
Margin posted on derivative agreements		9,865		9,865		-		-
Interest rate swaps		9,500		-		9,500		-
TBA securities		(1,117)		-		(1,117)		-
December 31, 2015
Mortgage-backed securities	$	2,158,010	$	-	$	2,158,010	$	-
Margin posted on derivative agreements		8,483		8,483		-		-
Receiver swaptions		669		-		669		-

Summarized Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financia lInformation [TableTextBlock]

(in thousands, except per share information)
	Quarter Ended
	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
Interest income	$	20,466	$	19,235	$	22,358	$	25,068
Interest expense		(3,319)		(3,330)		(3,979)		(4,976)
Net interest income		17,147		15,905		18,379		20,092
(Losses) gains		(19,558)		(7,308)		4,418		(38,003)
Net portfolio (loss) income		(2,411)		8,597		22,797		(17,911)

Expenses:
Management fees and overhead expenses		1,269		1,274		1,388		1,557
Other expenses		911		860		883		951
Total expenses		2,180		2,134		2,271		2,508

Net (loss) income	$	(4,591)	$	6,463	$	20,526	$	(20,419)

Basic and diluted net (loss) income per share	$	(0.21)		0.29	$	0.85	$	(0.72)

Weighted Average Shares Outstanding		21,756		21,921		24,133		28,494

Dividends declared per share	$	0.42	$	0.42	$	0.42	$	0.42

	Quarter Ended
	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
Interest income	$	14,614	$	16,753	$	18,352	$	19,092
Interest expense		(1,296)		(1,567)		(2,037)		(2,371)
Net interest income		13,318		15,186		16,315		16,721
Losses		(6,063)		(16,017)		(23,682)		(6,813)
Net portfolio income (loss)		7,255		(831)		(7,367)		9,908

Expenses:
Management fees and overhead expenses		1,095		1,288		1,321		1,338
Other expenses		651		713		729		759
Total expenses		1,746		2,001		2,050		2,097

Net income (loss)	$	5,509	$	(2,832)	$	(9,417)	$	7,811

Basic and diluted net income (loss) per share	$	0.54	$	(0.14)	$	(0.42)	$	0.36

Weighted Average Shares Outstanding	$	16,847	$	19,752	$	22,545	$	21,771

Dividends declared per share	$	0.54	$	0.54	$	0.42	$	0.42

Significant Accounting Policies (Organization) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Accounting Policies [Abstract]
Entity Incorporation, Date of Incorporation	Aug. 17, 2010	Aug. 17, 2010
Entity Incorporation, State Country Name	MD	MD
Operations Commenced Date	Nov. 24, 2010	Nov. 24, 2010
Required Annual Distribution Of Taxable Income	90.00%

Significant Accounting Policies - Cash and Cash Equivalents (Details)	Dec. 31, 2016 USD ($)
Accounting Policies [Abstract]
Uninsured Cash Balances	$ 72,700,000
Insurance per depositor at each financial institution	$ 250,000

Significant Accounting Policies - Capital Raising (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) shares
Initial Public Offering [Member]
Offering Period	February 20, 2013
Proceeds From Share Issuance	$ 35,400,000
Shares Issued In Capital Raising Program \| shares	2,400,000
January 2014 Follow On Offering [Member]
Offering Period	January 23, 2014
Underwriters Overallotment Period	January 29, 2014
Underwriters Overallotment Shares \| shares	270,000
Proceeds From Share Issuance	$ 24,200,000
Shares Issued In Capital Raising Program \| shares	1,800,000
March 2014 Follow On Offering [Member]
Offering Period	March 24, 2014
Underwriters Overallotment Period	April 11, 2014
Underwriters Overallotment Shares \| shares	480,000
Proceeds From Share Issuance	$ 44,000,000
Shares Issued In Capital Raising Program \| shares	3,200,000
June 2014 At The Market Program [Member]
Offering Period	June 17, 2014
Proceeds From Share Issuance	$ 34,200,000
Stock To Be Issued Value Original	$ 35,000,000
Shares Issued In Capital Raising Program \| shares	2,528,416
September 2014 At The Market Program [Member]
Offering Period	September 3, 2014
Proceeds From Share Issuance	$ 69,100,000
Stock To Be Issued Value Original	$ 75,000,000
Shares Issued In Capital Raising Program \| shares	5,087,646
March 2015 At The Market Program [Member]
Offering Period	March 2, 2015
Proceeds From Share Issuance	$ 83,100,000
Stock To Be Issued Value Original	$ 100,000,000
Shares Issued In Capital Raising Program \| shares	6,221,102
July 2016 At The Market Program [Member]
Offering Period	July 29, 2016
Proceeds From Share Issuance	$ 108,200,000
Stock To Be Issued Value Original	$ 125,000,000
Shares Issued In Capital Raising Program \| shares	10,174,992

Significant Accounting Policies - Stock Repurchase Program (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) shares
Accounting Policies [Abstract]
Stock Repurchase Program Authorization Date	Jul. 29, 2015
Share Repurchase	2,000,000
Stock Repurchase Program, Cumulative Shares Repurchased	1,216,243
Stock Repurchase Program Cumulative Cost \| $	$ 10,800,000

Mortgage-Backed Securities - By Type (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 3,022,174,000	$ 2,158,010,000
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	2,874,215,000	2,055,837,000
Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	147,959,000	102,173,000
Hybrid Adjustable Rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	45,459,000	52,238,000
Adjustable-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	2,062,000	2,976,000
Fixed-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	2,826,694,000	2,000,623,000
Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	69,726,000	61,574,000
Inverse Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 78,233,000	$ 40,599,000

Mortgage-Backed Securities - By Maturity (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Mortgage Backed Securities [Abstract]
Greater than one year and less than five years	$ 157,000
Greater than five years and less than ten years	277,000	$ 835,000
Greater than or equal to ten years	3,021,740,000	2,157,175,000
Total mortgage-backed securities	$ 3,022,174,000	$ 2,158,010,000

Borrowings - Narrative (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Borrowings [Abstract]
Repurchase agreements	$ 2,793,705,000	$ 1,798,813,000
Fair Value of securities pledged, including accrued interest receivable	2,970,880,000	1,909,292,000
Cash Held on Deposit with Repurchase Agreement Counterparties	$ 10,835,000	$ 3,997,000
Weighted Average Borrowing Rate - Repurchase Agreements	1.00%	0.64%
Maximum Amount at Risk	$ 182,700,000
FHLB Advances	0	$ 187,500,000
Weighted Average Borrowing Rate - FHLB Advances		0.42%
Collateral Held On FHLB Advances		$ 192,200,000
FHLBC Stock	$ 2,500	$ 3,800,000

Borrowings - Maturities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 2,970,880,000	$ 1,909,292,000
Repurchase agreements	$ 2,793,705,000	$ 1,798,813,000
Weighted Average Borrowing Rate - Repurchase Agreements	1.00%	0.64%
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 - Repurchase Agreements	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	$ 2,284,815,000	$ 1,894,491,000
Repurchase agreements	$ 2,154,766,000	$ 1,789,338,000
Weighted Average Borrowing Rate - Repurchase Agreements	1.01%	0.64%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 686,065,000	$ 14,801,000
Repurchase agreements	$ 638,939,000	$ 9,475,000
Weighted Average Borrowing Rate - Repurchase Agreements	0.96%	1.19%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements	$ 0	$ 0
Weighted Average Borrowing Rate - Repurchase Agreements	0.00%	0.00%

- 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

Derivative Financial Instruments - Schedule of Derivative Assets and Liabilties (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets, at Fair Value	$ 10,365,000	$ 669,000
Liabilities, at Fair Value	1,982,000	0
Derivative Margin Balance	9,865,000	8,483,000
Interest Rate Swaps [Member]
Assets, at Fair Value	10,302,000	0
Liabilities, at Fair Value	802,000	0
Receiver Swaption [Member]
Assets, at Fair Value	0	669,000
To Be Announced Contracts [Member]
Assets, at Fair Value	63,000	0
Liabilities, at Fair Value	1,180,000	0
Eurodollar Future Margin [Member]
Derivative Margin Balance	9,419,000	8,483,000
To Be Announced Contract Margin [Member]
Derivative Margin Balance	$ 446,000	$ 0

Derivative Financial Instruments - Summary of Futures Positions (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 643,750,000	$ 900,000,000
Derivative Entry Rate	2.01%	2.23%
Locked-In LIBOR Rate	1.97%	1.57%
Open Equity	$ (1,095,000)	$ (19,193,000)
Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 465,000,000	$ 185,000,000
Derivative Entry Rate	2.27%	1.99%
Locked-In LIBOR Rate	2.24%	1.95%
Open Equity	$ (3,134,000)	$ 1,091,000
Dollar Price	125.91	125.91
Nominal Value	585,500,000	232,900,000
Year 2016 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 900,000,000
Derivative Entry Rate		1.51%
Locked-In LIBOR Rate		0.98%
Open Equity		$ (4,718,000)
Year 2017 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 600,000,000	$ 900,000,000
Derivative Entry Rate	1.48%	2.31%
Locked-In LIBOR Rate	1.28%	1.59%
Open Equity	$ (1,206,000)	$ (6,550,000)
Year 2018 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 600,000,000	$ 900,000,000
Derivative Entry Rate	1.81%	2.77%
Locked-In LIBOR Rate	1.82%	1.99%
Open Equity	$ 76,000	$ (7,060,000)
Year 2019 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 675,000,000	$ 900,000,000
Derivative Entry Rate	2.00%	2.56%
Locked-In LIBOR Rate	2.21%	2.17%
Open Equity	$ 1,429,000	$ (865,000)
Year 2020 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 700,000,000
Derivative Entry Rate	2.65%
Locked-In LIBOR Rate	2.45%
Open Equity	$ (1,394,000)

Derivative Financial Intstruments - Summary of Outstanding Swaps (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	$ 10,365,000	$ 669,000
Liabilities, at Fair Value	1,982,000	$ 0
Interest Rate Swap [Member] \| 3-5 Years
Derivatives, Fair Value [Line Items]
Notional Amount	$ 700,000,000
DerivativeAverageFixedInterestRate	1.20%
Derivative, Average Variable Interest Rate	0.91%
Assets, at Fair Value	$ 9,500,000
Derivative Average Remaining Maturity	3 years 4 months 17 days

Derivative Financial Instruments - Summary of Outstanding Swaptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	$ 669,000	$ 10,365,000
Receiver Swaption [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	1,100,000
Assets, at Fair Value	$ 669,000	$ 0
Derivative Instruments Average Months To Expiration	4 months 5 days
Notional Amount	$ 100,000,000
Derivative Average Fixed Interest Rate	1.77%
Derivative Avergage Receive Rate	3 Month
Term (Years)	5 years
Receiver Swaption [Member] \| Less Than Or Equal To One Year [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 1,100,000
Assets, at Fair Value	$ 669,000
Derivative Instruments Average Months To Expiration	4 months 5 days
Notional Amount	$ 100,000,000
Derivative Average Fixed Interest Rate	1.77%
Derivative Avergage Receive Rate	3 Month
Term (Years)	5 years

Derivative Financial Instruments - Summary of TBA Contracts (Details) - Thirty Year [Member]	Dec. 31, 2016 USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount	$ (200,000,000)
Cost Basis	(203,304,000)
Market Value Of To Be Announced Contracts	(204,422,000)
Assets, at Fair Value	(1,118,000)
Three Percent [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	(100,000,000)
Cost Basis	(99,406,000)
Market Value Of To Be Announced Contracts	(99,344,000)
Assets, at Fair Value	62,000
Four Percent [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	(100,000,000)
Cost Basis	(103,898,000)
Market Value Of To Be Announced Contracts	(105,078,000)
Assets, at Fair Value	$ (1,180,000)

Derivative Financial Instruments - Income Statement Effect (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ (9,387,000)	$ (22,890,000)	$ (13,925,000)
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(12,808,000)	(17,741,000)	(9,558,000)
Treasury Note Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(3,600,000)	(3,887,000)	72,000
Receiver Swaption [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	36,000	(431,000)	0
Payer Swaption [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	0	(1,217,000)	(4,439,000)
TBA Contracts [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(2,518,000)	386,000	0
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 9,503,000	$ 0	$ 0

Pledged Assets - Assets Pledged to Counterparties (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	$ 2,972,290,000	$ 2,095,574,000
Interest Receivable	11,512,000	8,490,000
Restricted Cash And Cash Equivalents At Carrying Value	20,950,000	12,730,000
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Interest Receivable	10,623,000	7,019,000
Restricted Cash And Cash Equivalents At Carrying Value	10,835,000	3,997,000
Total Assets Pledged To Counterparties	2,981,715,000	1,913,288,000
Federal Home Loan Bank Advances
Pledged Assets [Line Items]
Interest Receivable		645,000
Restricted Cash And Cash Equivalents At Carrying Value		0
Total Assets Pledged To Counterparties		192,195,000
Clearing Margin [Member]
Pledged Assets [Line Items]
Interest Receivable	266,000
Restricted Cash And Cash Equivalents At Carrying Value	0
Total Assets Pledged To Counterparties	11,234,000
Derivative
Pledged Assets [Line Items]
Interest Receivable	0	0
Restricted Cash And Cash Equivalents At Carrying Value	9,865,000	8,483,000
Total Assets Pledged To Counterparties	9,865,000	8,483,000
Insurance Capital [Member]
Pledged Assets [Line Items]
Interest Receivable	4,000	6,000
Restricted Cash And Cash Equivalents At Carrying Value	250,000	250,000
Total Assets Pledged To Counterparties	1,319,000	2,008,000
Total Pledged Financial Instruments [Member]
Pledged Assets [Line Items]
Interest Receivable	10,893,000	7,670,000
Restricted Cash And Cash Equivalents At Carrying Value	20,950,000	12,730,000
Total Assets Pledged To Counterparties	3,004,133,000	2,115,974,000
Mortgage Backed Securities Pass Through Certificates [Member] \| Repurchase Agreement [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	2,854,062,000	1,833,020,000
Mortgage Backed Securities Pass Through Certificates [Member] \| Federal Home Loan Bank Advances
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral		191,550,000
Mortgage Backed Securities Pass Through Certificates [Member] \| Clearing Margin [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	0
Mortgage Backed Securities Pass Through Certificates [Member] \| Derivative
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	0	0
Mortgage Backed Securities Pass Through Certificates [Member] \| Insurance Capital [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	1,065,000	1,752,000
Mortgage Backed Securities Pass Through Certificates [Member] \| Total Pledged Financial Instruments [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	2,855,127,000	2,026,322,000
Mortgage Backed Securities Structured Certificates [Member] \| Repurchase Agreement [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	106,195,000	69,252,000
Mortgage Backed Securities Structured Certificates [Member] \| Federal Home Loan Bank Advances
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral		0
Mortgage Backed Securities Structured Certificates [Member] \| Clearing Margin [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	10,968,000
Mortgage Backed Securities Structured Certificates [Member] \| Derivative
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	0	0
Mortgage Backed Securities Structured Certificates [Member] \| Insurance Capital [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	0	0
Mortgage Backed Securities Structured Certificates [Member] \| Total Pledged Financial Instruments [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	$ 117,163,000	$ 69,252,000

Pledged Assets - Assets Pledged By Counterprties (Details) - Repurchase Agreement [Member] - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Pledged Assets [Line Items]
Mortgage Backed Securities Pledged From Counterparties	$ 0	$ 167,000
United States Treasury Securities Pledged By Counterparties	3,438,000	723,000
Cash Pledged By Counterparties	1,029,000	1,421,000
Total Assets Pledged By Counterparties	$ 4,467,000	$ 2,311,000

Offsetting Assets and Liabilities - Offsetting of Assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets	$ 10,365,000	$ 669,000
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	10,365,000	669,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(63,000)	0
Net Amount Of Assets	10,302,000	669,000
Receiver Swaption [Member]
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets		669,000
Gross Amount Of Assets Offset In The Balance Sheet		0
Net Amount Of Assets Presented In The Balance Sheet		669,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet		0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet		0
Net Amount Of Assets		$ 669,000
Interest Rate Swap [Member]
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets	10,302,000
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	10,302,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	0
Net Amount Of Assets	10,302,000
To Be Announced Contracts [Member]
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets	63,000
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	63,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(63,000)
Net Amount Of Assets	$ 0

Offsetting Assets and Liabilties - Offsetting of Liabilties (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 2,795,687,000	$ 1,798,813,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	2,795,687,000	1,798,813,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(2,782,870,000)	(1,794,816,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(12,485,000)	(3,997,000)
Net Amount Of Liabilities	332,000	0
Repurchase Agreement [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	2,793,705,000	1,798,813,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	2,793,705,000	1,798,813,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(2,782,870,000)	(1,794,816,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(10,835,000)	(3,997,000)
Net Amount Of Liabilities	0	$ 0
Interest Rate Swap [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	802,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0
Net Amount Of Liabilities Presented In The Balance Sheet	802,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(802,000)
Net Amount Of Liabilities	0
To Be Announced Contracts [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	1,180,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0
Net Amount Of Liabilities Presented In The Balance Sheet	1,180,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(848,000)
Net Amount Of Liabilities	$ 332,000

Capital Stock - Narrative (Details) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Common Stock [Abstract]
Common Stock Shares Authorized	500,000,000	500,000,000
Common Stock Par Or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock [Abstract]
Preferred Shares Authorized	100,000,000	100,000,000
Preferred Stock Par Or Stated Value Per Share	$ 0.01	$ 0.01
Ownership Limitations [Abstract]
Stock Ownership Limit	9.80%

Capital Stock - Issuances of Common Stock (Details) - USD ($)	3 Months Ended			12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock Issued During Period, Value, New Issues				$ 118,328,000	$ 83,275,000	$ 171,295,000
At the Market Offering Program [Member]
Share Price	$ 10.79	$ 10.48
Stock Issued During Period Shares New Issues	6,707,101	646,753	5,024,530	11,172,656	6,235,017
Stock Issued During Period, Value, New Issues				$ 118,328,000	$ 83,275,000
Value of Common Stock Available to be issued under At The Money Program				$ 15,000,000
At the Market Offering Program [Member] \| 2015-Q1 [Member]
Share Price				$ 13.66
Stock Issued During Period Shares New Issues					1,210,487
Stock Issued During Period, Value, New Issues					$ 16,175,000
At the Market Offering Program [Member] \| 2015-Q2 [Member]
Share Price				13.65
Stock Issued During Period Shares New Issues					5,024,530
Stock Issued During Period, Value, New Issues					$ 67,100,000
At the Market Offering Program [Member] \| 2016-Q2
Share Price				$ 10.48
Stock Issued During Period Shares New Issues				646,753
Stock Issued During Period, Value, New Issues				$ 6,591,000
At the Market Offering Program [Member] \| 2016-Q3
Share Price				$ 10.8
Stock Issued During Period Shares New Issues				3,818,802
Stock Issued During Period, Value, New Issues				$ 40,525,000
At the Market Offering Program [Member] \| 2016-Q4
Share Price				$ 10.79
Stock Issued During Period Shares New Issues				6,707,101
Stock Issued During Period, Value, New Issues				$ 71,212,000

Capital Stock - Stock Repurchase Program (Details)	12 Months Ended
Capital Stock - Stock Repurchase Program (Details)	Dec. 31, 2016 $ / shares shares
Capital Stock [Abstract]
Stock Repurchase Program Authorization Date	Jul. 29, 2015
Share Repurchase	2,000,000
Stock Repurchase Program, Cumulative Shares Repurchased	1,216,243
Stock Repurchase Program Weighted Average Price Cumulative \| $ / shares	$ 8.92

Capital Stock - Dividends (Details) - USD ($)	3 Months Ended								12 Months Ended
Capital Stock - Dividends (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Dividends [Line Items]
Per Share Amount	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.54	$ 0.54	$ 1.68	$ 1.92	$ 2.16
Dividends Common Stock Cash									$ (41,388,000)	$ (38,748,000)	$ (22,643,000)
Year 2014
Cash Dividends [Line Items]
Per Share Amount											$ 2.16
Dividends Common Stock Cash											$ 22,643,000
Year 2015
Cash Dividends [Line Items]
Per Share Amount										$ 1.92
Dividends Common Stock Cash										$ 38,748,000
Year 2016
Cash Dividends [Line Items]
Per Share Amount									$ 1.68
Dividends Common Stock Cash									$ 41,388,000
Year 2017
Cash Dividends [Line Items]
Per Share Amount									$ 0.28
Dividends Common Stock Cash									$ 9,245,000

Stock Incentive Plans - Descriptions of Plans (Details)	12 Months Ended
Stock Incentive Plans - Descriptions of Plans (Details)	Dec. 31, 2016 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 - Share Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Incentive Share Activity, Shares
Nonvested - Beginning Balance	24,000	24,000
Nonvested - Ending Balance	53,000	24,000
Restricted Stock [Member]
Incentive Share Activity, Shares
Nonvested - Beginning Balance	16,000	24,000
Granted	0	0
Vested	8,000	8,000
Nonvested - Ending Balance	8,000	16,000
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 12.23	$ 12.23
Granted	0	0
Vested	12.23	12.23
Nonvested - Ending Balance	$ 12.23	$ 12.23
Stock Awards [Member]
Incentive Share Activity, Shares
Granted	40,571	30,535
Incentive Share Activity, Grant Date Fair Value
Granted	$ 10.08	$ 12.67
Performance Units [Member]
Incentive Share Activity, Shares
Nonvested - Beginning Balance	7,508	0
Granted	41,500	7,508
Forfeited	(700)	0
Vested	3,003	0
Nonvested - Ending Balance	45,305	7,508
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 13.32	$ 0
Granted	10	13.32
Forfeited	10	0
Vested	13.32	0
Nonvested - Ending Balance	$ 10.33	$ 13.32

Stock Incentive Plans - Narrative (Details) - USD ($)	12 Months Ended
Stock Incentive Plans - Narrative (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Share Based Awards [Line tems]
Award Date	Apr. 25, 2014
Shares Granted To Each Director	6,000
Shares Vesting Per Director Each Year	2,000
Intrinsic Value of Nonvested	$ 87,000	$ 159,000
Weighted Average Remaining Term	3 months 25 days	1 year 3 months 25 days
Remaining Compensation Expense	$ 33,000	$ 130,000
Share Based Compensation	98,000	98,000
Stock Awards [Member]
Share Based Awards [Line tems]
Share Based Compensation	$ 409,000	$ 387,000
Shares Issued Prior Year Sevice	33,019	21,715
Share Based Compensation Prior Year	$ 330,000	$ 288,000
Performance Units [Member]
Share Based Awards [Line tems]
Intrinsic Value of Nonvested	$ 491,000	$ 75,000
Weighted Average Remaining Term	1 year 3 months 27 days	1 year 4 months 15 days
Remaining Compensation Expense	$ 256,000	$ 54,000
Share Based Compensation	$ 206,000	$ 46,000

Income Taxes - REIT Activities (Details) - USD ($)	12 Months Ended
Income Taxes - REIT Activities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Real Estate Investment Trust Distribution Requirement	90.00%
Real Estate Investment Trust Distibution Requirment Within Tax Year	85.00%
Distribution Taxed In Subsequent Year	$ 0.14
Distribution Taxed in Current Year	1.54
Distribution Exceeding Earnings Amount	$ 0.14
Distribution Exceeding Earnings Percent	9.00%
Ordinary Income Distributions Amount	$ 1.33
Ordinary Income Distributions Percent	87.00%	100.00%
Qualified Dividend Distribution Amount	$ 0.07
Qualified Dividend Distribution Percent	4.00%
Income Tax Provision	$ 0	$ 0

Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
Earnings Per Share (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic									$ 1,979,000	$ 1,071,000	$ 24,519,000
Net Income (Loss) Available to Common Stockholders, Diluted									$ 1,979,000	$ 1,071,000	$ 24,519,000
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	32,962,919				21,749,490				32,962,919	21,749,490	16,700,000
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	53,000				24,000				53,000	24,000	24,000
Effect of Weighting									(8,916,000)	(1,506,000)	(6,834,000)
Weighted Average Shares - Basic	28,494,000	24,133,000	21,921,000	21,756,000	21,771,000	22,545,000	19,752,000	16,847,000	24,099,714	20,266,706	9,890,058
Weighted Average Shares - Diluted	28,494,000	24,133,000	21,921,000	21,756,000	21,771,000	22,545,000	19,752,000	16,847,000	24,099,714	20,266,706	9,890,058
Income (Loss) Per Share - Basic	$ (0.72)	$ 0.85	$ 0.29	$ (0.21)	$ 0.36	$ (0.42)	$ (0.14)	$ 0.54	$ 0.08	$ 0.05	$ 2.48
Income (Loss) Pe Share - Diluted	$ (0.72)	$ 0.85	$ 0.29	$ (0.21)	$ 0.36	$ (0.42)	$ (0.14)	$ 0.54	$ 0.08	$ 0.05	$ 2.48

Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 3,022,174,000	$ 2,158,010,000
FHLBC Stock Excluded Because It Is Carried at Cost	2,500	3,800,000
Estimate of Fair Value, Fair Value Disclosure [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	3,022,174,000	2,158,010,000
Margin Deposit Assets	9,865,000	8,483,000
Interest Rate Swaption		669,000
Interest Rate Swaps	9,500,000
Market Value Of To Be Announced Contracts	(1,117,000)
Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Margin Deposit Assets	9,865,000	8,483,000
Interest Rate Swaption		0
Interest Rate Swaps	0
Market Value Of To Be Announced Contracts	0
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	3,022,174,000	2,158,010,000
Margin Deposit Assets	0	0
Interest Rate Swaption		669,000
Interest Rate Swaps	9,500,000
Market Value Of To Be Announced Contracts	(1,117,000)
Fair Value, Inputs, Level 3 [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Margin Deposit Assets	0	0
Interest Rate Swaption		$ 0
Interest Rate Swaps	0
Market Value Of To Be Announced Contracts	$ 0

Related Party Transactions (Management Agreement) (Details) - Bimini Advisors, LLC [Member]	12 Months Ended
	Dec. 31, 2016
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								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Management Fees And Allocated Expenses	$ 1,557,000	$ 1,388,000	$ 1,274,000	$ 1,269,000	$ 1,338,000	$ 1,321,000	$ 1,288,000	$ 1,095,000
Due to affiliates	$ 566,000				$ 465,000				$ 566,000	$ 465,000
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Termination Date									2/20/2017
Automatic Renewal Period Of Management Agreement									1 year
Management Fees And Allocated Expenses									$ 5,500,000	$ 5,000,000	$ 2,400,000
Bimini Capital Management, Inc. [Member]
Related Party Transaction [Line Items]
Bimini Shares	1,395,036								1,395,036
Bimini Ownership	4.20%								4.20%

Quarterly Results (Details) - USD ($)	3 Months Ended								12 Months Ended
Quarterly Results (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 25,068,000	$ 22,358,000	$ 19,235,000	$ 20,466,000	$ 19,092,000	$ 18,352,000	$ 16,753,000	$ 14,614,000
Interest Expense	4,976,000	3,979,000	3,330,000	3,319,000	2,371,000	2,037,000	1,567,000	1,296,000
Net interest income	20,092,000	18,379,000	15,905,000	17,147,000	16,721,000	16,315,000	15,186,000	13,318,000
Realized And Unrealized Gains	(38,003,000)	4,418,000	(7,308,000)	(19,558,000)	(6,813,000)	(23,682,000)	(16,017,000)	(6,063,000)
Net portfolio income	(17,911,000)	22,797,000	8,597,000	(2,411,000)	9,908,000	(7,367,000)	(831,000)	7,255,000
Management Fee Expense	1,557,000	1,388,000	1,274,000	1,269,000	1,338,000	1,321,000	1,288,000	1,095,000
Other Expenses	951,000	883,000	860,000	911,000	759,000	729,000	713,000	651,000
Total expenses	2,508,000	2,271,000	2,134,000	2,180,000	2,097,000	2,050,000	2,001,000	1,746,000
Net income (loss)	$ (20,419,000)	$ 20,526,000	$ 6,463,000	$ (4,591,000)	$ 7,811,000	$ (9,417,000)	$ (2,832,000)	$ 5,509,000
Earnings Per Share, Basic	$ (0.72)	$ 0.85	$ 0.29	$ (0.21)	$ 0.36	$ (0.42)	$ (0.14)	$ 0.54	$ 0.08	$ 0.05	$ 2.48
Earnings Per Share Diluted	$ (0.72)	$ 0.85	$ 0.29	$ (0.21)	$ 0.36	$ (0.42)	$ (0.14)	$ 0.54	$ 0.08	$ 0.05	$ 2.48
Weighted Average Number Of Basic Shares Outstanding	28,494,000	24,133,000	21,921,000	21,756,000	21,771,000	22,545,000	19,752,000	16,847,000	24,099,714	20,266,706	9,890,058
Weighted Average Number Of Diluted Shares Outstanding	28,494,000	24,133,000	21,921,000	21,756,000	21,771,000	22,545,000	19,752,000	16,847,000	24,099,714	20,266,706	9,890,058
Dividends Declared Per Common Share	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.54	$ 0.54	$ 1.68	$ 1.92	$ 2.16