Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following tables are a comparative breakdown of our unaudited quarterly financial results for the immediately preceding eight quarters.

	Quarter Ended
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Agency Securities, net of amortization of premium and fees	$	79,776	$	23,648	$	25,188	$	22,594
Credit Risk and Non-Agency Securities, including discount accretion	12,355		4,873		518		—
U.S. Treasury Securities	469		—		—		—
BUCKLER Subordinated loan	258		29		24		22
Interest expense- repurchase agreements	(51,520)		(5,389)		(2,954)		(3,076)
Interest expense- U.S. Treasury Securities sold short	—		(32)		—		—
Net Interest Income	$	41,338	$	23,129	$	22,776	$	19,540
Realized gain (loss) on sale of Agency Securities (reclassified from Other comprehensive income (loss))	93,325		36,008		9,468		5,076
Credit loss expense	(1,012)		—		—		—
Gain on Agency Securities, trading	—		7,911		12,149		(503)
Gain (Loss) on Credit Risk and Non-Agency Securities	(183,111)		190		(6,633)		(1)
Gain (loss) U.S. Treasury Securities	21,771		—		—		—
Loss on short sale of U.S. Treasury Securities	—		(414)		—		—
Realized gain (loss) on derivatives (1)	(235,148)		(180,567)		20,866		16,641
Unrealized gain (loss) on derivatives	(133,887)		173,325		6,866		47,751
Expenses	(9,935)		(10,781)		(10,059)		(10,046)
Management fees waived	—		2,947		2,953		2,955
Net Income (Loss)	$	(406,659)	$	51,748	$	58,386	$	81,413
Dividends declared on preferred stock	(2,827)		(2,320)		(2,320)		(2,320)
Net Income (Loss) available (related) to common stockholders	$	(409,486)	$	49,428	$	56,066	79,093
Net income (loss) available (related) per share to common stockholders – Basic	$	(6.95)	$	0.78	$	0.87	$	1.22
Net income (loss) available (related) per share to common stockholders – Diluted	$	(6.95)	$	0.77	$	0.86	$	1.21
Dividends declared per common share	$	0.51	$	0.09	$	0.30	$	0.30
Weighted average common shares outstanding – Basic	58,884		63,741		64,724		64,895
Weighted average common shares outstanding – Diluted	58,884		64,340		65,272		65,392

	Quarter Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Agency Securities, net of amortization of premium and fees	$	79,832	$	113,438	$	102,134	$	87,407
Credit Risk and Non-Agency Securities, including discount accretion	13,592		13,383		13,158		12,785
Interest-Only Securities	345		251		—		—
U.S. Treasury Securities	482		744		128		—
BUCKLER Subordinated loan	539		544		479		324
Interest expense- repurchase agreements	(60,978)		(87,504)		(80,293)		(59,454)
Net Interest Income	$	33,812	$	40,856	$	35,606	$	41,062
Realized loss on sale of Agency Securities (reclassified from Other comprehensive income (loss))	(2,910)		(44)		4,569		7,996
Gain (Loss) on Credit Risk and Non-Agency Securities	496		(17,699)		(8,842)		1,650
Gain (Loss) on Interest-Only Securities	(368)		490		—		—
Gain (loss) U.S. Treasury Securities	(693)		3,453		(736)		—
Realized gain (loss) on derivatives (1)	(22,131)		(92,990)		(85,076)		(13,799)
Unrealized gain (loss) on derivatives	(113,067)		(107,304)		3,845		80,399
Expenses	(9,520)		(10,012)		(10,321)		(8,627)
Net Income (Loss)	$	(114,381)	$	(183,250)	$	(60,955)	$	108,681
Dividends declared on preferred stock	(4,259)		(4,274)		(3,410)		(3,691)
Net Income (Loss) available (related) to common stockholders	$	(118,640)	$	(187,524)	$	(64,365)	$	104,990
Net income (loss) available (related) per share to common stockholders – Basic	$	(2.21)	$	(3.14)	$	(1.09)	$	1.78
Net income (loss) available (related) per share to common stockholders – Diluted	$	(2.21)	$	(3.14)	$	(1.09)	$	1.78
Dividends declared per common share	$	0.57	$	0.57	$	0.51	$	0.51
Weighted average common shares outstanding – Basic	53,630		59,654		59,077		58,902
Weighted average common shares outstanding – Diluted	53,630		59,654		59,077		59,149

(1) Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the consolidated statements of operations.