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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Entity Registrant Name	Orchid Island Capital, Inc.
Entity Central Index Key	0001518621
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding		34,877,414
Trading Symbol	ORC

Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 3,231,805,000	$ 2,972,290,000
Unpledged	30,212,000	49,884,000
Total mortgage-backed securities	3,262,017,000	3,022,174,000
Cash and cash equivalents	95,063,000	73,475,000
Restricted cash	17,660,000	20,950,000
Accrued interest receivable	13,188,000	11,512,000
Derivative asset, at fair value	12,430,000	10,365,000
Other assets	750,000	218,000
Total Assets	3,401,108,000	3,138,694,000
Liabilities
Repurchase agreements	3,050,608,000	2,793,705,000
Dividends Payable	4,799,000	4,616,000
Derivative Liabilities	3,633,000	1,982,000
Accrued interest payable	1,990,000	1,826,000
Due to affiliates	828,000	566,000
Other Liabilities	5,038,000	3,220,000
Total Liabilities	3,066,896,000	2,805,915,000
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	343,000	330,000
Additional paid in capital	333,869,000	332,449,000
Accumulated deficit	0	0
Total Stockholders Equity	334,212,000	332,779,000
Total Liabilities and Stockholders Equity	$ 3,401,108,000	$ 3,138,694,000

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	34,270,126	32,962,919
Common Shares Outstanding	34,270,126	32,962,919

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Portfolio Income
Interest income	$ 32,311,000	$ 20,466,000
Interest expense	6,715,000	3,319,000
Net interest income	25,596,000	17,147,000
Realized gains (losses) on mortgage-backed securities	(1,350,000)	4,242,000
Unrealized gains (losses) on mortgage-backed securities	(14,958,000)	3,787,000
(Losses) gains on derivative instruments	(4,419,000)	(27,590,000)
FHLB stock dividends	0	3,000
Net portfolio income	4,869,000	(2,411,000)
Expenses
Management Fees	1,302,000	971,000
Allocated Overhead	368,000	298,000
Compensation and related benefits	12,000	171,000
Directors fees and liability insurance	276,000	282,000
Audit, legal and other professional fees	170,000	247,000
Direct REIT operating expenses	231,000	139,000
Other administrative	61,000	72,000
Total expenses	2,420,000	2,180,000
Net income (loss)	$ 2,449,000	$ (4,591,000)
Basic and diluted net income (loss) per share
Basic	$ 0.07	$ (0.21)
Diluted	$ 0.07	$ (0.21)
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	33,069,064	21,756,065
Weighted Average Number Of Diluted Shares Outstanding	33,069,064	21,756,065
Dividends Declared Per Common Share	$ 0.42	$ 0.42

Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2016	$ 332,779,000	$ 330,000	$ 332,449,000	$ 0
Increase (Decrease) in Stockholders' Equity
Net loss	2,449,000	0	0	2,449,000
Cash dividend declared	(14,052,000)	0	(11,603,000)	(2,449,000)
Stock Issued During Period, Value, New Issues	12,793,000	13,000	12,780,000	0
Issuance of common shares pursuant to equity compensation plan	156,000	0	156,000	0
Amortization of equity plan compensation	87,000	0	87,000	0
Balances at Mar. 31, 2017	$ 334,212,000	$ 343,000	$ 333,869,000	$ 0

Statement of Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Stockholders Equity [Abstract]
Dividends Declared Per Common Share	$ 0.42	$ 0.42

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 2,449,000	$ (4,591,000)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	243,000	268,000
Realized and unrealized (gains) losses on mortgage-backed securities	16,308,000	(8,029,000)
Realized and unrealized loss on interest rate swaption	0	(36,000)
Unrealized (gains) losses on interest rate swaps	1,534,000	(21,000)
Gains On TBA Securities	0	1,125,000
Changes in operating assets and liabilities
Accrued interest receivable	(1,676,000)	184,000
Other assets	(417,000)	(350,000)
Accrued interest payable	164,000	32,000
Other liabilities	1,819,000	(498,000)
Due to affiliates	262,000	(26,000)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	17,618,000	(11,900,000)
From mortgage-backed securities investments
Purchases	(1,737,240,000)	(715,281,000)
Sales	1,407,673,000	741,114,000
Principal repayments	73,298,000	51,909,000
Proceeds From Sale Of Federal Home Loan Bank Stock	3,000	3,750,000
Proceeds From Net TBA Settlements	1,119,000	(942,000)
Purchase of interest rate swaptions, net of margin cash received	0	(705,000)
NET CASH USED IN INVESTING ACTIVITIES	(255,147,000)	81,255,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	11,947,907,000	6,234,852,000
Principal payments on repurchase agreements	(11,691,004,000)	(6,094,176,000)
Payments For Federal Home Loan Bank Advances	0	187,500,000
Cash dividends	(13,869,000)	(9,154,000)
Proceeds From Issuance Of Common Stock	12,793,000	0
NET CASH PROVIDED BY FINANCING ACTIVITIES	255,827,000	(55,978,000)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	18,298,000	13,377,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	94,425,000	69,959,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	112,723,000	83,336,000
Cash paid during the period for:
Interest	6,551,000	3,288,000
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Securities acquired settled in later period	0	21,486,000
Securities sold settled in later period	$ 0	$ 132,174,000

Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Organization and Significant Accounting Policies

Organization and Business Description

Orchid Island Capital, Inc. (“Orchid” or the “Company”), was incorporated in Maryland on August 17, 2010 for the purpose of creating and managing a leveraged investment portfolio consisting of residential mortgage-backed securities (“RMBS”). From incorporation to February 20, 2013 Orchid was a wholly owned subsidiary of Bimini Capital Management, Inc. (“Bimini”). Orchid began operations on November 24, 2010 (the date of commencement of operations). From incorporation through November 24, 2010, Orchid’s only activity was the issuance of common stock to Bimini.

On February 20, 2013, Orchid completed the initial public offering (“IPO”) of its common stock in which it sold approximately 2.4 million shares of its common stock and raised gross proceeds of $35.4 million, which were invested in RMBS that were issued and the principal and interest of which were 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”).

On July 29, 2016, Orchid entered into an equity distribution agreement (the “July 2016 Equity Distribution Agreement”) with two sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $125,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 10,174,992 shares under the July 2016 Equity Distribution Agreement for aggregate proceeds of approximately $108.2 million, net of commissions and fees, prior to its termination in February 2017.

On February 23, 2017, Orchid entered into another equity distribution agreement (the “February 2017 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 February 2017 Equity Distribution Agreement replaced the July 2016 Equity Distribution Agreement. Through March 31, 2017, the Company issued a total of 1,286,196 shares under the February 2017 Equity Distribution Agreement for aggregate proceeds of approximately $12.8 million, net of commissions and fees. After March 31, 2017, the Company issued an additional 594,784 shares under the February 2017 Equity Distribution Agreement for aggregate proceeds of approximately $5.9 million, net of commissions and fees. As of March 31, 2017, shares with a value of $112.0 million remain available for issuance under the February 2017 Equity Distribution Plan.

Basis of Presentation and Use of Estimates

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements include the accounts of our wholly-owned subsidiary, Orchid Island Casualty, LLC. Significant intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month periods ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

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 following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

(in thousands)
	March 31, 2017		December 31, 2016
Cash and cash equivalents	$	95,063	$	73,475
Restricted cash		17,660		20,950
Total cash, cash equivalents and restricted cash	$	112,723	$	94,425

The Company maintains cash balances at four banks, and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At March 31, 2017, the Company’s cash deposits exceeded federally insured limits by approximately $94.5 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 RMBS 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.

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 Treasury Note (“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 TBA 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, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as of March 31, 2017 and December 31, 2016 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 adopted the ASU beginning with the first quarter of 2017. The prior period consolidated statement of cash flows has been retrospectively adjusted to conform to this 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 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.

Mortgage Backed Securities

3 Months Ended

Mar. 31, 2017

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of March 31, 2017 and December 31, 2016:

(in thousands)
		March 31, 2017		December 31, 2016
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	43,756	$	45,459
	Adjustable-rate Mortgages		1,947		2,062
	Fixed-rate Mortgages		3,061,957		2,826,694
	Total Pass-Through Certificates		3,107,660		2,874,215
Structured RMBS Certificates:
	Interest-Only Securities		107,214		69,726
	Inverse Interest-Only Securities		47,143		78,233
	Total Structured RMBS Certificates		154,357		147,959
Total		$	3,262,017	$	3,022,174

The following table summarizes the Company’s RMBS portfolio as of March 31, 2017 and December 31, 2016, according to the contractual maturities of the securities in the portfolio. Actual maturities of RMBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
	March 31, 2017		December 31, 2016
Greater than one year and less than five years	$	113	$	157
Greater than five years and less than ten years		234		277
Greater than or equal to ten years		3,261,670		3,021,740
Total	$	3,262,017	$	3,022,174

Borrowings

3 Months Ended

Mar. 31, 2017

Disclosure of Repurchase Agreements [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. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may release collateral back to the Company. As of March 31, 2017, the Company had met all margin call requirements.

Repurchase Agreements

As of March 31, 2017, the Company had outstanding repurchase obligations of approximately $3,050.6 million with a net weighted average borrowing rate of 1.01%. These agreements were collateralized by RMBS with a fair value, including accrued interest and securities pledged related to securities sold but not yet settled, of approximately $3,244.3 million, and cash pledged to the counterparties of approximately $4.4 million. As of December 31, 2016, 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 March 31, 2017 and 2016, the Company’s repurchase agreements had remaining maturities as summarized below:

($ in thousands)
		OVERNIGHT		BETWEEN 2		BETWEEN 31
		(1 DAY OR		AND		AND
		LESS)		30 DAYS		90 DAYS			TOTAL
March 31, 2017
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	2,499,265	$	745,018	$	3,244,283
Repurchase agreement liabilities associated with
	these securities	$	-	$	2,346,488	$	704,120	$	3,050,608
Net weighted average borrowing rate			-		1.00%		1.04%		1.01%
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%

If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable and cash posted by the Company as collateral. At March 31, 2017, 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 $193.0 million. The Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity at March 31, 2017 and December 31, 2016

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2017

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 also a hedge for tax purposes. 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 (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative assets and liabilities as of March 31, 2017 and December 31, 2016.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	March 31, 2017		December 31, 2016
Assets
Interest rate swaps	Derivative assets, at fair value	$	12,430	$	10,302
TBA securities	Derivative assets, at fair value		-		63
Total derivative assets, at fair value		$	12,430	$	10,365

Liabilities
Interest rate swaps	Derivative liabilities, at fair value	$	1,397	$	802
TBA securities	Derivative liabilities, at fair value		2,236		1,180
Total derivative liabilities, at fair value		$	3,633	$	1,982

Margin Balances Posted to Counterparties
Futures contracts	Restricted cash	$	12,001	$	9,419
TBA securities	Restricted cash		1,219		446
Total margin balances on derivative contracts		$	13,220	$	9,865

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 March 31, 2017 and December 31, 2016.

($ in thousands)
			March 31, 2017
			Average	Weighted	Weighted
			Contract	Average	Average
			Notional	Entry	Effective		Open
Expiration Year			Amount	Rate	Rate		Equity⁽¹⁾
Eurodollar Futures Contracts (Short Positions)
2017		$	866,667	1.53%	1.44%	$	(556)
2018			1,000,000	1.84%	1.83%		(91)
2019			1,000,000	2.09%	2.20%		1,050
2020			925,000	2.62%	2.43%		(1,767)
Total / Weighted Average		$	953,333	2.06%	2.02%	$	(1,364)

Treasury Note Futures Contracts (Short Position)⁽²⁾
June 2017 10 year T-Note futures
	(Jun 2017 - Jun 2027 Hedge Period)	$	465,000	2.22%	2.20%	$	(2,347)

($ 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)

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.
T-Note futures contracts were valued at a price of $124.56 at March 31, 2017 and $124.28 at December 31, 2016. The notional contract values of the short positions was $579.2 million and $577.9 million at March 31, 2017 and December 31, 2016, respectively.

Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on the London Interbank Offered Rate (“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 March 31, 2017 and December 31, 2016.

($ in thousands)
			Average			Net
			Fixed	Average		Estimated	Average
		Notional	Pay	Receive		Fair	Maturity
		Amount	Rate	Rate		Value	(Years)
March 31, 2017
Expiration > 1 to ≤ 3 years	$	600,000	1.05%	1.04%	$	12,430	2.9
Expiration > 3 to ≤ 5 years		200,000	2.14%	1.15%		(1,397)	4.9
	$	800,000	1.32%	1.07%	$	11,033	3.4
December 31, 2016
Expiration > 3 to ≤ 5 years	$	700,000	1.20%	0.91%	$	9,500	3.4

The following table summarizes our contracts to purchase and sell TBA securities as of March 31, 2017 and December 31, 2016.

($ in thousands)
			Notional						Net
			Amount		Cost		Market		Carrying
			Long (Short)⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
March 31, 2017
30-Year TBA securities:
	3.0%	$	(150,000)	$	(147,406)	$	(148,781)	$	(1,375)
	4.5%		(297,000)		(317,199)		(318,060)		(861)
		$	(447,000)	$	(464,605)	$	(466,841)	$	(2,236)
December 31, 2016
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)

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

Gain (Loss) From Derivative Instruments, Net

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the three months ended March 31, 2017 and 2016.

(in thousands)
		2017		2016
Eurodollar futures contracts (short positions)	$	(571)	$	(17,505)
T-Note futures contracts (short position)		(3,851)		(8,975)
Interest rate swaps		3		(21)
Receiver swaptions		-		36
Net TBA securities		-		(1,125)
	$	(4,419)	$	(27,590)

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
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-SubTopic 30
-Section 45
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Pledged Assets

3 Months Ended

Mar. 31, 2017

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, derivative agreements and insurance capital by type, including securities pledged related to securities sold but not yet settled, as of March 31, 2017 and December 31, 2016.

(in thousands)
		March 31, 2017
		Repurchase		Derivative
Assets Pledged to Counterparties		Agreements		Agreements		Total
PT RMBS - fair value	$	3,103,265	$	-	$	3,103,265
Structured RMBS - fair value		128,540		-		128,540
Accrued interest on pledged securities		12,478		-		12,478
Restricted cash		4,440		13,220		17,660
Total	$	3,248,723	$	13,220	$	3,261,943

(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

Orchid Island Casualty, Inc. was 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 our assets pledged to us from counterparties under our repurchase agreements as of March 31, 2017 and December 31, 2016.

(in thousands)
Assets Pledged to Orchid		March 31, 2017		December 31, 2016
PT RMBS - fair value	$	300	$	-
U.S. Treasury securities - fair value		2,699		3,438
Cash		1,739		1,029
Total	$	4,738	$	4,467

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

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016.

(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
March 31, 2017
Interest rate swaps	$	12,430	$	-	$	12,430	$	-	$	-	$	12,430
	$	12,430	$	-	$	12,430	$	-	$	-	$	12,430
December 31, 2016
Interest rate swaps	$	10,302	$	-	$	10,302	$	-	$	-	$	10,302
TBA securities		63		-		63		-		(63)		-
	$	10,365	$	-	$	10,365	$	-	$	(63)	$	10,302

(in thousands)
Offsetting of Liabilities
					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
	of Recognized		Consolidated		Consolidated		Posted as		Cash Posted		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
March 31, 2017
Repurchase Agreements	$	3,050,608	$	-	$	3,050,608	$	(3,046,168)	$	(4,440)	$	-
Interest rate swaps		1,397		-		1,397		-		-		1,397
TBA securities		2,236		-		2,236		-		(1,219)		1,017
	$	3,054,241	$	-	$	3,054,241	$	(3,046,168)	$	(5,659)	$	2,414
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

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

Capital Stock

3 Months Ended

Mar. 31, 2017

Capital Stock [Abstract]

Capital Stock

NOTE 7. CAPITAL STOCK

Common Stock Issuances

During 2017 and 2016, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
			Weighted
			Average
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2017
At the Market Offering Program⁽³⁾	First Quarter	$	10.13	1,286,196	$	12,792
At the Market Offering Program⁽³⁾⁽⁴⁾	Second Quarter		10.06	594,784		5,892
				1,880,980	$	18,684
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

Weighted average price received per share is gross of underwriters’ discount, if applicable, and other offering costs.
Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.
The Company has entered into five equity distribution agreements, four 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 March 31, 2017, shares with a value of $112.0 million remain available for issuance under the February 2017 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 March 31, 2017, 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.

Cash Dividends

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

(in thousands, except per share amounts)
Year		Per Share Amount		Total
2013	$	1.395	$	4,662
2014		2.160		22,643
2015		1.920		38,748
2016		1.680		41,388
2017 - YTD⁽¹⁾		0.560		18,942
Totals	$	7.715	$	126,383

On April 12, 2017, the Company declared a dividend of $0.14 per share to be paid on May 10, 2017. The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of March 31, 2017.

- 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
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-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Stock Incentive Plans

3 Months Ended

Mar. 31, 2017

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

The table below presents information related to the Company’s restricted common stock at March 31, 2017 and 2016.

($ in thousands, except per share data)
	Three Months Ended March 31,
	2017			2016
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	8,000	$	12.23	16,000	$	12.23
Granted	-		-	-		-
Vested and issued	-		-	-		-
Unvested, end of period	8,000	$	12.23	16,000	$	12.23

Compensation expense during period		$	24		$	24
Unrecognized compensation expense, end of period		$	8		$	106
Intrinsic value, end of period		$	80		$	166
Weighted-average remaining vesting term (in years)			0.1			1.1

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 three months ended March 31, 2017 and 2016.

($ in thousands, except per share data)
		Three Months Ended March 31,
		2017		2016
Fully vested shares granted⁽¹⁾		17,335		33,019
Weighted average grant date price per share	$	9.67	$	9.99
Compensation expense related to fully vested common share awards⁽²⁾	$	168	$	330

The table above includes 17,335 fully vested shares of common stock which were granted in January and March 2017 with respect to service performed during 2016 and 33,019 fully vested shares common stock which were granted in January and March 2016 with respect to service performed during 2015.
Approximately $168,000 of compensation expense related to the 2017 share awards was accrued and recognized in 2016. Approximately $330,000 of compensation expense related to the 2016 share awards was accrued and recognized in 2015.

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 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 during the three months ended March 31, 2017.

($ in thousands, except per share data)
	Three Months Ended March, 31,
	2017			2016
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	45,305	$	10.33	7,508	$	13.32
Granted	15,707		9.55	41,500		10.00
Vested and issued	(4,830)		10.52	(751)		13.32
Unvested, end of period	56,182	$	10.10	48,257	$	10.46

Compensation expense during period		$	62		$	21
Unrecognized compensation expense, end of period		$	344		$	448
Intrinsic value, end of period		$	561		$	500
Weighted-average remaining vesting term (in years)			1.5			2.0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2017
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 March 31, 2017.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
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.

Earnings Per Share

3 Months Ended

Mar. 31, 2017

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 three months ended March 31, 2017. 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 three months ended March 31, 2017 and 2016.

(in thousands, except per-share information)
				Three Months Ended March 31,
				2017		2016
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income (loss) - Basic and diluted		$	2,449	$	(4,591)
Weighted average common shares:
	Common shares outstanding at the balance sheet date			34,270		21,772
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		64		-
	Effect of weighting			(1,265)		(16)
Weighted average shares-basic and diluted				33,069		21,756
Net Income (loss) per common share:
	Basic and diluted		$	0.07	$	(0.21)

There was an average of 31,260 shares of restricted common stock and Performance Units that were anti-dilutive and not included in diluted EPS for the three months ended March 31, 2016.

Fair Value

3 Months Ended

Mar. 31, 2017

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

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 three months ended March 31, 2017 and 2016. 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 March 31, 2017 and December 31, 2016:

(in thousands)
				Quoted Prices
				in Active		Significant
				Markets for		Other		Significant
				Identical		Observable		Unobservable
		Fair Value		Assets		Inputs		Inputs
		Measurements		(Level 1)		(Level 2)		(Level 3)
March 31, 2017
Mortgage-backed securities	$	3,262,017	$	-	$	3,262,017	$	-
Margin posted on derivative agreements		13,220		13,220		-		-
Interest rate swaps		11,034		-		11,034		-
TBA securities		(2,236)		-		(2,236)		-
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)		-

During the three months ended March 31, 2017 and 2016, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

- Definition

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

+ References + Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2017
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, 2018 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 $1.7 million and $1.3 million for the three months ended March 31, 2017 and 2016, respectively. At March 31, 2017 and December 31, 2016, the net amount due to affiliates was approximately $0.8 million and $0.6 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. In addition, as of March 31, 2017, Bimini owned 1,520,036 shares, or 4.4%, of the Company’s common stock.

Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Use of Estimates

Statement of Comprehensive Income

Statement of Comprehensive Income (Loss)

Cash and Cash Equivalents and Restricted Cash

(in thousands)
	March 31, 2017		December 31, 2016
Cash and cash equivalents	$	95,063	$	73,475
Restricted cash		17,660		20,950
Total cash, cash equivalents and restricted cash	$	112,723	$	94,425

Mortgage-Backed Securities

Derivative Financial Instruments

Financial Instruments

Repurchase Agreements

Management Fees [Policy Text Block]

Manager Compensation

Earnings Per Share

Income Taxes

Recent Accounting Pronouncements

Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Schedule Of Cash Cash Equivalents And Restricted Cash

(in thousands)
	March 31, 2017		December 31, 2016
Cash and cash equivalents	$	95,063	$	73,475
Restricted cash		17,660		20,950
Total cash, cash equivalents and restricted cash	$	112,723	$	94,425

Mortgage-Backed Securities (Tables)

3 Months Ended

Mar. 31, 2017

Mortgage Backed Securities [Abstract]

Schedule of Mortgage-Backed Securities Reconciliation

(in thousands)
		March 31, 2017		December 31, 2016
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	43,756	$	45,459
	Adjustable-rate Mortgages		1,947		2,062
	Fixed-rate Mortgages		3,061,957		2,826,694
	Total Pass-Through Certificates		3,107,660		2,874,215
Structured RMBS Certificates:
	Interest-Only Securities		107,214		69,726
	Inverse Interest-Only Securities		47,143		78,233
	Total Structured RMBS Certificates		154,357		147,959
Total		$	3,262,017	$	3,022,174

Schedule Of Mortgage-Backed Securities by Contractual Maturity

(in thousands)
	March 31, 2017		December 31, 2016
Greater than one year and less than five years	$	113	$	157
Greater than five years and less than ten years		234		277
Greater than or equal to ten years		3,261,670		3,021,740
Total	$	3,262,017	$	3,022,174

Borrowings (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements

($ in thousands)
		OVERNIGHT		BETWEEN 2		BETWEEN 31
		(1 DAY OR		AND		AND
		LESS)		30 DAYS		90 DAYS			TOTAL
March 31, 2017
Fair market value of securities pledged, including
	accrued interest receivable	$	-	$	2,499,265	$	745,018	$	3,244,283
Repurchase agreement liabilities associated with
	these securities	$	-	$	2,346,488	$	704,120	$	3,050,608
Net weighted average borrowing rate			-		1.00%		1.04%		1.01%
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%

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Financial Instruments [Abstract]

Schedule of Derivative Instruments

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	March 31, 2017		December 31, 2016
Assets
Interest rate swaps	Derivative assets, at fair value	$	12,430	$	10,302
TBA securities	Derivative assets, at fair value		-		63
Total derivative assets, at fair value		$	12,430	$	10,365

Liabilities
Interest rate swaps	Derivative liabilities, at fair value	$	1,397	$	802
TBA securities	Derivative liabilities, at fair value		2,236		1,180
Total derivative liabilities, at fair value		$	3,633	$	1,982

Margin Balances Posted to Counterparties
Futures contracts	Restricted cash	$	12,001	$	9,419
TBA securities	Restricted cash		1,219		446
Total margin balances on derivative contracts		$	13,220	$	9,865

Schedule of Eurodollar Positions

($ in thousands)
			March 31, 2017
			Average	Weighted	Weighted
			Contract	Average	Average
			Notional	Entry	Effective		Open
Expiration Year			Amount	Rate	Rate		Equity⁽¹⁾
Eurodollar Futures Contracts (Short Positions)
2017		$	866,667	1.53%	1.44%	$	(556)
2018			1,000,000	1.84%	1.83%		(91)
2019			1,000,000	2.09%	2.20%		1,050
2020			925,000	2.62%	2.43%		(1,767)
Total / Weighted Average		$	953,333	2.06%	2.02%	$	(1,364)

Treasury Note Futures Contracts (Short Position)⁽²⁾
June 2017 10 year T-Note futures
	(Jun 2017 - Jun 2027 Hedge Period)	$	465,000	2.22%	2.20%	$	(2,347)

($ 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)

Schedule of Interest Rate Swap Agreements [Table Text Block]

($ in thousands)
			Average			Net
			Fixed	Average		Estimated	Average
		Notional	Pay	Receive		Fair	Maturity
		Amount	Rate	Rate		Value	(Years)
March 31, 2017
Expiration > 1 to ≤ 3 years	$	600,000	1.05%	1.04%	$	12,430	2.9
Expiration > 3 to ≤ 5 years		200,000	2.14%	1.15%		(1,397)	4.9
	$	800,000	1.32%	1.07%	$	11,033	3.4
December 31, 2016
Expiration > 3 to ≤ 5 years	$	700,000	1.20%	0.91%	$	9,500	3.4

Schedule of To Be Announced Securities [TableTextBlock]

($ in thousands)
			Notional						Net
			Amount		Cost		Market		Carrying
			Long (Short)⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
March 31, 2017
30-Year TBA securities:
	3.0%	$	(150,000)	$	(147,406)	$	(148,781)	$	(1,375)
	4.5%		(297,000)		(317,199)		(318,060)		(861)
		$	(447,000)	$	(464,605)	$	(466,841)	$	(2,236)
December 31, 2016
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)
		2017		2016
Eurodollar futures contracts (short positions)	$	(571)	$	(17,505)
T-Note futures contracts (short position)		(3,851)		(8,975)
Interest rate swaps		3		(21)
Receiver swaptions		-		36
Net TBA securities		-		(1,125)
	$	(4,419)	$	(27,590)

- 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)

3 Months Ended

Mar. 31, 2017

Pledged Assets [Abstract]

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

(in thousands)
		March 31, 2017
		Repurchase		Derivative
Assets Pledged to Counterparties		Agreements		Agreements		Total
PT RMBS - fair value	$	3,103,265	$	-	$	3,103,265
Structured RMBS - fair value		128,540		-		128,540
Accrued interest on pledged securities		12,478		-		12,478
Restricted cash		4,440		13,220		17,660
Total	$	3,248,723	$	13,220	$	3,261,943

(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

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

(in thousands)
Assets Pledged to Orchid		March 31, 2017		December 31, 2016
PT RMBS - fair value	$	300	$	-
U.S. Treasury securities - fair value		2,699		3,438
Cash		1,739		1,029
Total	$	4,738	$	4,467

Offsetting Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2017

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
March 31, 2017
Interest rate swaps	$	12,430	$	-	$	12,430	$	-	$	-	$	12,430
	$	12,430	$	-	$	12,430	$	-	$	-	$	12,430
December 31, 2016
Interest rate swaps	$	10,302	$	-	$	10,302	$	-	$	-	$	10,302
TBA securities		63		-		63		-		(63)		-
	$	10,365	$	-	$	10,365	$	-	$	(63)	$	10,302

Offsetting of Liabilties [Table Text Block]

(in thousands)
Offsetting of Liabilities
					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
	of Recognized		Consolidated		Consolidated		Posted as		Cash Posted		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
March 31, 2017
Repurchase Agreements	$	3,050,608	$	-	$	3,050,608	$	(3,046,168)	$	(4,440)	$	-
Interest rate swaps		1,397		-		1,397		-		-		1,397
TBA securities		2,236		-		2,236		-		(1,219)		1,017
	$	3,054,241	$	-	$	3,054,241	$	(3,046,168)	$	(5,659)	$	2,414
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

Capital Stock (Tables)

3 Months Ended

Mar. 31, 2017

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⁾
2017
At the Market Offering Program⁽³⁾	First Quarter	$	10.13	1,286,196	$	12,792
At the Market Offering Program⁽³⁾⁽⁴⁾	Second Quarter		10.06	594,784		5,892
				1,880,980	$	18,684
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

Dividends

(in thousands, except per share amounts)
Year		Per Share Amount		Total
2013	$	1.395	$	4,662
2014		2.160		22,643
2015		1.920		38,748
2016		1.680		41,388
2017 - YTD⁽¹⁾		0.560		18,942
Totals	$	7.715	$	126,383

^[1]

[1]	On April 12, 2017 , the Company declared a dividend of $0.14 per share to be paid on May 10, 2017 . The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of March 31, 2017 .

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2017

Employee Benefits And Share Based Compensation [Abstract]

Schedule Of Restricted Stock Awards [Table Text Block]

($ in thousands, except per share data)
	Three Months Ended March 31,
	2017			2016
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	8,000	$	12.23	16,000	$	12.23
Granted	-		-	-		-
Vested and issued	-		-	-		-
Unvested, end of period	8,000	$	12.23	16,000	$	12.23

Compensation expense during period		$	24		$	24
Unrecognized compensation expense, end of period		$	8		$	106
Intrinsic value, end of period		$	80		$	166
Weighted-average remaining vesting term (in years)			0.1			1.1

Schedule Of Stock Awards [Table Text Block]

($ in thousands, except per share data)
		Three Months Ended March 31,
		2017		2016
Fully vested shares granted⁽¹⁾		17,335		33,019
Weighted average grant date price per share	$	9.67	$	9.99
Compensation expense related to fully vested common share awards⁽²⁾	$	168	$	330

Schedule Of Performance Units [Table Text Block]

($ in thousands, except per share data)
	Three Months Ended March, 31,
	2017			2016
			Weighted			Weighted
			Average			Average
			Grant Date			Grant Date
	Shares		Fair Value	Shares		Fair Value
Unvested, beginning of period	45,305	$	10.33	7,508	$	13.32
Granted	15,707		9.55	41,500		10.00
Vested and issued	(4,830)		10.52	(751)		13.32
Unvested, end of period	56,182	$	10.10	48,257	$	10.46

Compensation expense during period		$	62		$	21
Unrecognized compensation expense, end of period		$	344		$	448
Intrinsic value, end of period		$	561		$	500
Weighted-average remaining vesting term (in years)			1.5			2.0

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

(in thousands, except per-share information)
				Three Months Ended March 31,
				2017		2016
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per common share:
	Net income (loss) - Basic and diluted		$	2,449	$	(4,591)
Weighted average common shares:
	Common shares outstanding at the balance sheet date			34,270		21,772
	Unvested dividend eligible share based compensation
		outstanding at the balance sheet date		64		-
	Effect of weighting			(1,265)		(16)
Weighted average shares-basic and diluted				33,069		21,756
Net Income (loss) per common share:
	Basic and diluted		$	0.07	$	(0.21)

Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

(in thousands)
				Quoted Prices
				in Active		Significant
				Markets for		Other		Significant
				Identical		Observable		Unobservable
		Fair Value		Assets		Inputs		Inputs
		Measurements		(Level 1)		(Level 2)		(Level 3)
March 31, 2017
Mortgage-backed securities	$	3,262,017	$	-	$	3,262,017	$	-
Margin posted on derivative agreements		13,220		13,220		-		-
Interest rate swaps		11,034		-		11,034		-
TBA securities		(2,236)		-		(2,236)		-
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)		-

Significant Accounting Policies (Organization) (Details)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Entity Incorporation, Date of Incorporation	Aug. 17, 2010
Entity Incorporation, State Country Name	MD
Operations Commenced Date	Nov. 24, 2010
Required Annual Distribution Of Taxable Income	90.00%

Significant Accounting Policies - Cash and Cash Equivalents (Details)	Mar. 31, 2017 USD ($)
Accounting Policies [Abstract]
Uninsured Cash Balances	$ 94,500,000
Insurance per depositor at each financial institution	$ 250,000

Significant Accounting Policies - Capital Raising (Details)	3 Months Ended
	Mar. 31, 2017 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
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
February 2017 At The Market Program [Member]
Offering Period	February 23, 2017
Proceeds From Share Issuance	$ 12,800,000
Stock To Be Issued Value Original	$ 125,000,000
Shares Issued In Capital Raising Program \| shares	1,286,196
Shares Issued After Quarter End \| shares	594,784
Proceeds After Quarter End	$ 6,000,000

Significant Accounting Policies - Stock Repurchase Program	3 Months Ended
	Mar. 31, 2017 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

Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 95,063,000	$ 73,475,000	$ 83,336,000	$ 69,959,000
Restricted cash	17,660,000	20,950,000
Cash, Cash Equivalents And Restricted Cash	$ 112,723,000	$ 94,425,000	$ 83,336,000	$ 69,959,000

Mortgage-Backed Securities - By Type (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 3,262,017,000	$ 3,022,174,000
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,107,660,000	2,874,215,000
Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	154,357,000	147,959,000
Hybrid Adjustable Rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	43,756,000	45,459,000
Adjustable-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	1,947,000	2,062,000
Fixed-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,061,957,000	2,826,694,000
Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	107,214,000	69,726,000
Inverse Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 47,143,000	$ 78,233,000

Mortgage-Backed Securities - By Maturity (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Mortgage Backed Securities [Abstract]
Greater than one year and less than five years	$ 113,000	$ 157,000
Greater than five years and less than ten years	234,000	277,000
Greater than or equal to ten years	3,261,670,000	3,021,740,000
Total mortgage-backed securities	$ 3,262,017,000	$ 3,022,174,000

Mortgage-Backed Securities - Narrative (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Mortgage Backed Securities [Abstract]
Unpledged Mortgage Backed Securities	$ 30,212,000	$ 49,884,000
Unsettled Securities Purchases Included in Unpledged Securities	$ 0

Borrowings - Narrative (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 3,050,608,000	$ 2,793,705,000
Fair Value of securities pledged, including accrued interest receivable	3,244,283,000	2,970,880,000
Cash Held on Deposit with Repurchase Agreement Counterparties	$ 4,440,000	$ 10,835,000
Weighted Average Borrowing Rate	1.01%	1.00%
Maximum Amount at Risk	$ 193,000,000
Weighted Average Borrowing Rate - FHLB Advances		0.42%
Collateral Held On FHLB Advances		$ 192,200,000
FHLBC Stock	$ 2,500	$ 3,800,000

- Definition

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

+ References + Details

Borrowings - Maturities (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 3,244,283,000	$ 2,970,880,000
Repurchase agreements	$ 3,050,608,000	$ 2,793,705,000
Weighted Average Borrowing Rate	1.01%	1.00%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements	$ 0	$ 0
Weighted Average Borrowing Rate	0.00%	0.00%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 2,499,265,000	$ 2,284,815,000
Repurchase agreements	$ 2,346,488,000	$ 2,154,766,000
Weighted Average Borrowing Rate	1.00%	1.01%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 745,018,000	$ 686,065,000
Repurchase agreements	$ 704,120,000	$ 638,939,000
Weighted Average Borrowing Rate	1.04%	0.96%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements	$ 0	$ 0
Weighted Average Borrowing Rate	0.00%	0.00%

- Definition

+ References + Details

Derivative Financial Instruments - Schedule of Derivative Assets and Liabilties (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Assets, at Fair Value	$ 12,430,000	$ 10,365,000
Liabilities, at Fair Value	3,633,000	1,982,000
Restricted cash	17,660,000	20,950,000
Interest Rate Swaps [Member]
Assets, at Fair Value	12,430,000	10,302,000
Liabilities, at Fair Value	1,397,000	802,000
Receiver Swaption [Member]
Assets, at Fair Value	0	0
TBA Contracts [Member]
Assets, at Fair Value	0	63,000
Liabilities, at Fair Value	2,236,000	1,180,000
Restricted cash	1,219,000	446,000
Eurodollar Future Margin [Member]
Restricted cash	12,001,000	9,419,000
Interest Rate Swaption Margin [Member]
Restricted cash	$ 0	$ 0

Derivative Financial Instruments - Summary of Eurodollar Futures Positions (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 953,333,000	$ 643,750,000
Derivative Entry Rate	2.06%	2.01%
Locked-In LIBOR Rate	2.02%	1.97%
Open Equity	$ (1,364,000)	$ (1,095,000)
Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 465,000,000	$ 465,000,000
Derivative Entry Rate	2.22%	2.27%
Locked-In LIBOR Rate	2.20%	2.24%
Open Equity	$ (2,347,000)	$ (3,134,000)
Dollar Price	124.56	124.28
Nominal Value	$ 579,200,000	$ 577,900,000
Year 2017 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 866,667,000	$ 600,000,000
Derivative Entry Rate	1.53%	1.48%
Locked-In LIBOR Rate	1.44%	1.28%
Open Equity	$ (556,000)	$ (1,206,000)
Year 2018 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,000,000,000	$ 600,000,000
Derivative Entry Rate	1.84%	1.81%
Locked-In LIBOR Rate	1.83%	1.82%
Open Equity	$ (91,000)	$ 76,000
Year 2019 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,000,000,000	$ 675,000,000
Derivative Entry Rate	2.09%	2.00%
Locked-In LIBOR Rate	2.20%	2.21%
Open Equity	$ 1,050,000	$ 1,429,000
Year 2020 Expiration [Member] \| Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 925,000,000	$ 700,000,000
Derivative Entry Rate	2.62%	2.65%
Locked-In LIBOR Rate	2.43%	2.45%
Open Equity	$ (1,767,000)	$ (1,394,000)

Derivative Financial Instruments - Summary of Outstanding Swaps (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	$ 12,430,000		$ 10,365,000
Liabilities, at Fair Value	3,633,000		1,982,000
Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 800,000,000
Average Fixed Pay Rate	1.32%
Average Receive Rate	1.07%
Assets, at Fair Value	$ 11,033,000
Average Maturity	3 years 4 months 9 days	3 years 4 months 10 days
Swap [Member] \| 1-3 Years
Derivatives, Fair Value [Line Items]
Notional Amount	$ 600,000,000
Average Fixed Pay Rate	1.05%
Average Receive Rate	1.04%
Assets, at Fair Value	$ 12,430,000
Average Maturity	2 years 10 months 10 days
Swap [Member] \| 3-5 Years
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000,000		$ 700,000,000
Average Fixed Pay Rate	2.14%		1200.00%
Average Receive Rate	1.15%		910.00%
Assets, at Fair Value			$ 9,500,000
Liabilities, at Fair Value	$ (1,397,000)
Average Maturity	4 years 10 months 2 days

Derivative Financial Instruments - Summary of TBA Contracts - 30 Year [Member] - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Notional Amount	$ (447,000,000)	$ (200,000,000)
Cost Basis	(464,605,000)	(203,304,000)
Market Value Of TBA Contract	(466,841,000)	(204,422,000)
Liabilities, at Fair Value	(2,236,000)	(1,118,000)
3% [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	(150,000,000)	(100,000,000)
Cost Basis	(147,406,000)	(99,406,000)
Market Value Of TBA Contract	(148,781,000)	(99,344,000)
Assets, at Fair Value		62,000
Liabilities, at Fair Value	(1,375,000)
4.0% [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		(100,000,000)
Cost Basis		(103,898,000)
Market Value Of TBA Contract		(105,078,000)
Liabilities, at Fair Value		$ (1,180,000)
4.5% [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	(297,000,000)
Cost Basis	(317,199,000)
Market Value Of TBA Contract	(318,060,000)
Liabilities, at Fair Value	$ (861,000)

Derivative Financial Instruments - Income Statement Effect (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ (4,419,000)	$ (27,590,000)
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(571)	(17,505)
Treasury Note Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(3,851)	(8,975)
Swap [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	3	(21)
Receiver Swaption [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	0	36
TBA Contracts [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 0	$ (1,125)

Pledged Assets - Assets Pledged to Counterparties (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	$ 3,231,805,000	$ 2,972,290,000
Accrued interest receivable	13,188,000	11,512,000
Restricted cash	17,660,000	20,950,000
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Accrued interest receivable	12,478,000	10,623,000
Restricted cash	4,440,000	10,835,000
Total Assets Pledged To Counterparties	3,248,723,000	2,981,715,000
Clearing Margin [Member]
Pledged Assets [Line Items]
Accrued interest receivable		266,000
Restricted cash		0
Total Assets Pledged To Counterparties		11,234,000
Derivative [Member]
Pledged Assets [Line Items]
Accrued interest receivable	0	0
Restricted cash	13,220,000	9,865,000
Total Assets Pledged To Counterparties	13,220,000	9,865,000
Insurance Capital [Member]
Pledged Assets [Line Items]
Accrued interest receivable		4,000
Restricted cash		250,000
Total Assets Pledged To Counterparties		1,319,000
Total Pledged Financial Instruments [Member]
Pledged Assets [Line Items]
Accrued interest receivable	12,478,000	10,893,000
Restricted cash	17,660,000	20,950,000
Total Assets Pledged To Counterparties	3,261,943,000	3,004,133,000
Mortgage Backed Securities Pass Through Certificates [Member] \| Repurchase Agreement [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	3,103,265,000	2,854,062,000
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 [Member]
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
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	3,103,265,000	2,855,127,000
Mortgage Backed Securities Structured Certificates [Member] \| Repurchase Agreement [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	128,540,000	106,195,000
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 [Member]
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
Mortgage Backed Securities Structured Certificates [Member] \| Total Pledged Financial Instruments [Member]
Pledged Assets [Line Items]
Mortgage Backed Securities At Fair Value Pledged As Collateral	$ 128,540,000	$ 117,163,000

Pledged Assets - Assets Pledged By Counterparties (Details) - Repurchase Agreement [Member] - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Pledged Assets [Line Items]
Mortgage Backed Securities Pledged From Counterparties	$ 300,000	$ 0
United States Treasury Securities Pledged By Counterparties	2,699,000	3,438,000
Cash Pledged By Counterparties	1,739,000	1,029,000
Total Assets Pledged By Counterparties	$ 4,738,000	$ 4,467,000

Offsetting Assets and Liabilities - Offsetting of Assets (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	$ 12,430,000	$ 10,365,000
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	12,430,000	10,365,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	0	(63,000)
Net Amount Of Assets	12,430,000	10,302,000
Swap [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	12,430,000	10,302,000
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	12,430,000	10,302,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	0	0
Net Amount Of Assets	$ 12,430,000	10,302,000
TBA securities [Member]
Offsetting Assets [Line Items]
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 ($)	Mar. 31, 2017	Dec. 31, 2016
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 3,054,241,000	$ 2,795,687,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	3,054,241,000	2,795,687,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(3,046,168,000)	(2,782,870,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(5,659,000)	(12,485,000)
Net Amount Of Liabilities	2,414,000	332,000
Repurchase Agreement [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	3,050,608,000	2,793,705,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	3,050,608,000	2,793,705,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(3,046,168,000)	(2,782,870,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(4,440,000)	(10,835,000)
Net Amount Of Liabilities	0	0
Swap [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	1,397,000	802,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	1,397,000	802,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	0	(802,000)
Net Amount Of Liabilities	1,397,000	0
TBA securities [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	2,236,000	1,180,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	2,236,000	1,180,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(1,219,000)	(848,000)
Net Amount Of Liabilities	$ 1,017,000	$ 332,000

Capital Stock - Issuances of Common Stock (Details)	3 Months Ended
Capital Stock - Issuances of Common Stock (Details)	Mar. 31, 2017 USD ($) $ / shares shares
Stock Issued During Period, Value, New Issues	$ 12,793,000
At the Market Offering Program [Member]
Remaining value of Common Stock Available to be issued under At The Money Program	$ 112,000,000
At the Market Offering Program [Member] \| 2017-Q1 [Member]
Stock Issued During Period Shares New Issues \| shares	1,286,196
Stock Issued During Period, Value, New Issues	$ 12,792,000
At the Market Offering Program [Member] \| 2017-Q2 [Member]
Share Price \| $ / shares	$ 10.06
Stock Issued During Period Shares New Issues \| shares	594,784
Stock Issued During Period, Value, New Issues	$ 5,892,000
At the Market Offering Program [Member] \| 2016-Q1 [Member]
Share Price \| $ / shares	$ 10.48
Stock Issued During Period Shares New Issues \| shares	646,753
Stock Issued During Period, Value, New Issues	$ 6,591,000
At the Market Offering Program [Member] \| 2016-Q2 [Member]
Share Price \| $ / shares	$ 10.8
Stock Issued During Period Shares New Issues \| shares	3,818,802
Stock Issued During Period, Value, New Issues	$ 40,525,000
At the Market Offering Program [Member] \| 2016-Q3 [Member]
Stock Issued During Period Shares New Issues \| shares	6,707,101
Stock Issued During Period, Value, New Issues	$ 71,212,000

Capital Stock - Stock Repurchase Program (Details)	3 Months Ended
Capital Stock - Stock Repurchase Program (Details)	Mar. 31, 2017 USD ($) $ / 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 Cumulative Cost \| $	$ 10,800,000
Stock Repurchase Program Weighted Average Price Cumulative \| $ / shares	$ 8.92

Capital Stock - Dividends (Details) - USD ($)	3 Months Ended
Capital Stock - Dividends (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Cash Dividends [Line Items]
Per Share Amount	$ 0.42	$ 0.42
Year 2013 [Member]
Cash Dividends [Line Items]
Per Share Amount	$ 1.395
Total	$ 4,662,000
Year 2014 [Member]
Cash Dividends [Line Items]
Per Share Amount	$ 1.92
Total	$ 38,748,000
Year 2015 [Member]
Cash Dividends [Line Items]
Per Share Amount	$ 1.68
Total	$ 41,388,000
Year 2016 [Member]
Cash Dividends [Line Items]
Per Share Amount	$ 0.56
Total	$ 18,942,000
Cumulative Total [Member]
Cash Dividends [Line Items]
Per Share Amount	$ 7.715
Total	$ 126,383,000
Subsequent Event Dividend Declaration [Member]
Cash Dividends [Line Items]
Declaration Date	4/12/2017
Payment Date	5/10/2017
Per Share Amount	$ 0.14

Stock Incentive Plans - Descriptions of Plans (Details)	3 Months Ended
Stock Incentive Plans - Descriptions of Plans (Details)	Mar. 31, 2017 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 Plan - Restricted Stock Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Incentive Share Activity, Shares
Nonvested - Ending Balance	64,000	0
Restricted Stock
Incentive Share Activity, Shares
Nonvested - Beginning Balance	8,000	16,000
Nonvested - Ending Balance	8,000	16,000
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 12.23	$ 12.23
Nonvested - Ending Balance	$ 12.23	$ 12.23
Stock Awards [Member]
Incentive Share Activity, Shares
Granted	17,335	33,019
Incentive Share Activity, Grant Date Fair Value
Granted	$ 9.67	$ 9.99
Performance Units [Member]
Incentive Share Activity, Shares
Nonvested - Beginning Balance	45,305	7,508
Granted	15,707	41,500
Vested	(4,830)	(751)
Nonvested - Ending Balance	56,182	48,257
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 10.33	$ 13.32
Granted	9.55	10
Vested	10.52	13.32
Nonvested - Ending Balance	$ 10.1	$ 10.46

Stock Incentive Plans - Narrative (Details) - USD ($)	3 Months Ended
Stock Incentive Plans - Narrative (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock
Share Based Awards [Line Items]
Intrinsic Value of Nonvested	$ 80,000	$ 166,000
Weighted Average Remaining Term	25 days	1 year 25 days
Remaining Compensation Expense	$ 8,000	$ 106,000
Share Based Compensation	24,000	24,000
Stock Awards [Member]
Share Based Awards [Line Items]
Share Based Compensation	$ 168,000	$ 330,000
Shares Issued Prior Year Sevice	17,335	33,019
Share Based Compensation Prior Year	$ 168,000	$ 330,000
Performance Units [Member]
Share Based Awards [Line Items]
Intrinsic Value of Nonvested	$ 561,000	$ 500,000
Weighted Average Remaining Term	1 year 5 months 15 days	2 years 1 day
Remaining Compensation Expense	$ 344,000	$ 448,000
Share Based Compensation	$ 62,000	$ 21,000

Earnings Per Share (Details) - USD ($)	3 Months Ended
Earnings Per Share (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ 2,449,000	$ (4,591,000)
Net Income (Loss) Available to Common Stockholders, Diluted	$ 2,449,000	$ (4,591,000)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	34,270,126	21,772,000	32,962,919
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	64,000	0
Effect of Weighting	(1,265,000)	(16,000)
Weighted Average Shares - Basic	33,069,064	21,756,065
Weighted Average Shares - Diluted	33,069,064	21,756,065
Income (Loss) Per Share - Basic	$ 0.07	$ (0.21)
Income (Loss) Pe Share - Diluted	$ 0.07	$ (0.21)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	31,260

Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 3,262,017,000	$ 3,022,174,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	3,262,017,000	3,022,174,000
Margin Deposit Assets	13,220,000	9,865,000
Interest Rate Swaps	11,034,000	9,500,000
TBA Contracts	(2,236,000)	(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	13,220,000	9,865,000
Interest Rate Swaps	0	0
TBA Contracts	0	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	3,262,017,000	3,022,174,000
Margin Deposit Assets	0	0
Interest Rate Swaps	11,034,000	9,500,000
TBA Contracts	(2,236,000)	(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 Swaps	0	0
TBA Contracts	$ 0	$ 0

Related Party Transactions (Management Agreement) (Details) - Bimini Advisors, LLC [Member]	3 Months Ended
	Mar. 31, 2017
First $250 million of Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.50%
Greater than $250 million but less than or equal to $500 million Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.25%
Greater than $500 million of Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.00%

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to affiliates	$ 828,000		$ 566,000
Orchid Shares Owned	1,520,036
Orchid Ownership Percentage	4.40%
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Termination Date	2/20/2018
Automatic Renewal Period Of Management Agreement	1 year
Management Fees And Allocated Expenses	$ 1,670,000	$ 1,269,000