XML 38 R24.htm IDEA: XBRL DOCUMENT
v3.25.2

Derivative Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Derivative Instrument Detail [Abstract] |
Schedule of Derivative Instruments [Table Text Block] | The following table details the fair value of the Company's holdings of financial derivatives as of March 31, 2025 and December 31, 2024 and 2023:
| March 31, 2025 |  | December 31, 2024 |  | December 31, 2023
| (In thousands)
Financial derivatives–assets, at fair value: |  |  |  |  |
TBA securities purchase contracts | $ | — |  |  | $ | — |  |  | $ | 654 |
TBA securities sale contracts | 138 |  |  | 592 |  |  | — |
Fixed payer interest rate swaps | 181 |  |  | 39,125 |  |  | 67,719 |
Fixed receiver interest rate swaps | — |  |  | 1,192 |  |  | 3,622 |
Futures | 157 |  |  | 170 |  |  | 2,284 |
Credit default swaps | — |  |  | 705 |  |  | — |
Forwards | — |  |  | 83 |  |  | — |
Total financial derivatives–assets, at fair value | 476 |  |  | 41,867 |  |  | 74,279 |
Financial derivatives–liabilities, at fair value: |  |  |  |  |
TBA securities purchase contracts | — |  |  | (1,363) |  |  | (13) |
TBA securities sale contracts | (282) |  |  | — |  |  | (1,863) |
Fixed payer interest rate swaps | — |  |  | (1,401) |  |  | (4,182) |
Fixed receiver interest rate swaps | (187) |  |  | (194) |  |  | (576) |
Futures | — |  |  | (811) |  |  | (63) |
Credit default swaps | (488) |  |  | (1,912) |  |  | (632) |
Total financial derivatives–liabilities, at fair value | (957) |  |  | (5,681) |  |  | (7,329) |
Total, net | $ | (481) |  |  | $ | 36,186 |  |  | $ | 66,950 |
Interest Rate Swaps By Remaining Maturity [Table Text Block] | The following tables provide information about the Company's fixed payer interest rate swaps as of March 31, 2025 and December 31, 2024 and 2023. March 31, 2025:
|  |  |  |  |  | Weighted Average
Maturity |  | Notional Amount |  | Fair Value |  | Pay Rate |  | Receive Rate |  | Remaining Years to Maturity
|  | (In thousands) |  |  |  |  |  |
2040 |  | $ | 500 |  |  | $ | 181 |  |  | 0.90 | % |  | 4.33 | % |  | 15.57
Total |  | $ | 500 |  |  | $ | 181 |  |  | 0.90 | % |  | 4.33 | % |  | 15.57
December 31, 2024:
|  |  |  |  |  | Weighted Average
Maturity |  | Notional Amount |  | Fair Value |  | Pay Rate |  | Receive Rate |  | Remaining Years to Maturity
|  | (In thousands) |  |  |  |  |  |
2026 |  | $ | 39,700 |  |  | $ | (17) |  |  | 4.15 | % |  | 4.46 | % |  | 1.90
2027 |  | 38,045 |  |  | 1,296 |  |  | 2.97 |  |  | 4.49 |  |  | 2.70
2028 |  | 77,795 |  |  | 2,531 |  |  | 3.34 |  |  | 4.48 |  |  | 3.48
2029 |  | 79,000 |  |  | 6,774 |  |  | 2.40 |  |  | 4.49 |  |  | 4.23
2030 |  | 47,428 |  |  | 4,300 |  |  | 2.50 |  |  | 4.49 |  |  | 5.42
2031 |  | 123,515 |  |  | 17,830 |  |  | 1.81 |  |  | 4.48 |  |  | 6.48
2032 |  | 67,510 |  |  | 102 |  |  | 4.04 |  |  | 4.46 |  |  | 7.01
2033 |  | 119,310 |  |  | (990) |  |  | 3.90 |  |  | 4.49 |  |  | 8.51
2034 |  | 39,434 |  |  | 577 |  |  | 3.91 |  |  | 4.46 |  |  | 9.91
2035 |  | 10,000 |  |  | 38 |  |  | 4.03 |  |  | 4.46 |  |  | 10.01
2038 |  | 17,500 |  |  | (71) |  |  | 4.18 |  |  | 4.46 |  |  | 13.72
2040 |  | 500 |  |  | 188 |  |  | 0.90 |  |  | 4.33 |  |  | 15.81
2049 |  | 3,564 |  |  | 1,354 |  |  | 1.63 |  |  | 4.46 |  |  | 24.83
2050 |  | 780 |  |  | 434 |  |  | 0.64 |  |  | 4.46 |  |  | 25.54
2052 |  | 10,000 |  |  | 3,307 |  |  | 2.28 |  |  | 4.49 |  |  | 27.30
2054 |  | 4,000 |  |  | 71 |  |  | 3.84 |  |  | 4.49 |  |  | 30.00
Total |  | $ | 678,081 |  |  | $ | 37,724 |  |  | 3.13 | % |  | 4.48 | % |  | 6.74
December 31, 2023:
|  |  |  |  |  | Weighted Average
Maturity |  | Notional Amount |  | Fair Value |  | Pay Rate |  | Receive Rate |  | Remaining Years to Maturity
|  | (In thousands) |  |  |  |  |  |
2024 |  | $ | 73,693 |  |  | $ | 2,161 |  |  | 2.27 | % |  | 5.38 | % |  | 0.33
2025 |  | 100,268 |  |  | 2,960 |  |  | 2.98 |  |  | 5.39 |  |  | 1.72
2027 |  | 40,545 |  |  | 1,164 |  |  | 3.01 |  |  | 5.38 |  |  | 3.71
2028 |  | 104,647 |  |  | 5,264 |  |  | 2.74 |  |  | 5.39 |  |  | 4.51
2029 |  | 65,987 |  |  | 5,528 |  |  | 2.17 |  |  | 5.38 |  |  | 5.25
2030 |  | 97,200 |  |  | 7,141 |  |  | 2.50 |  |  | 5.38 |  |  | 6.42
2031 |  | 123,515 |  |  | 16,138 |  |  | 1.81 |  |  | 5.38 |  |  | 7.48
2032 |  | 104,377 |  |  | 15,932 |  |  | 1.74 |  |  | 5.38 |  |  | 8.13
2033 |  | 76,900 |  |  | (782) |  |  | 3.69 |  |  | 5.38 |  |  | 9.25
2037 |  | 35,000 |  |  | 2,842 |  |  | 2.85 |  |  | 5.38 |  |  | 13.56
2038 |  | 39,500 |  |  | (2,072) |  |  | 4.01 |  |  | 5.39 |  |  | 14.66
2040 |  | 500 |  |  | 165 |  |  | 0.90 |  |  | 5.33 |  |  | 16.82
2041 |  | 10,961 |  |  | 3,395 |  |  | 1.33 |  |  | 5.39 |  |  | 17.60
2049 |  | 3,564 |  |  | 1,156 |  |  | 1.63 |  |  | 5.39 |  |  | 25.83
2050 |  | 780 |  |  | 394 |  |  | 0.64 |  |  | 5.39 |  |  | 26.54
2052 |  | 10,000 |  |  | 2,151 |  |  | 2.28 |  |  | 5.38 |  |  | 28.31
Total |  | $ | 887,437 |  |  | $ | 63,537 |  |  | 2.54 | % |  | 5.38 | % |  | 6.68
The following tables provide information about the Company's fixed receiver interest rate swaps as of March 31, 2025 and December 31, 2024 and 2023. March 31, 2025:
|  |  |  |  |  | Weighted Average
Maturity |  | Notional Amount |  | Fair Value |  | Pay Rate |  | Receive Rate |  | Remaining Years to Maturity
|  | (In thousands) |  |  |  |  |  |
2040 |  | $ | 500 |  |  | $ | (187) |  |  | 4.41 | % |  | 0.84 | % |  | 15.57
Total |  | $ | 500 |  |  | $ | (187) |  |  | 4.41 | % |  | 0.84 | % |  | 15.57
December 31, 2024:
|  |  |  |  |  | Weighted Average
Maturity |  | Notional Amount |  | Fair Value |  | Pay Rate |  | Receive Rate |  | Remaining Years to Maturity
|  | (In thousands) |  |  |  |  |  |
2033 |  | $ | 119,310 |  |  | $ | 1,192 |  |  | 4.49 | % |  | 3.90 | % |  | 8.51
2040 |  | 500 |  |  | (194) |  |  | 4.49 |  |  | 0.84 |  |  | 15.81
Total |  | $ | 119,810 |  |  | $ | 998 |  |  | 4.49 | % |  | 3.88 | % |  | 8.54
December 31, 2023:
|  |  |  |  |  | Weighted Average
Maturity |  | Notional Amount |  | Fair Value |  | Pay Rate |  | Receive Rate |  | Remaining Years to Maturity
|  | (In thousands) |  |  |  |  |  |
2026 |  | $ | 61 |  |  | $ | — |  |  | 5.38 | % |  | 4.06 | % |  | 2.45
2028 |  | 10,070 |  |  | (19) |  |  | 5.39 |  |  | 3.50 |  |  | 5.00
2029 |  | 20,000 |  |  | 19 |  |  | 5.38 |  |  | 3.55 |  |  | 5.01
2030 |  | 13,000 |  |  | (330) |  |  | 5.38 |  |  | 3.31 |  |  | 6.26
2031 |  | 25,700 |  |  | 31 |  |  | 5.38 |  |  | 3.49 |  |  | 7.01
2033 |  | 95,829 |  |  | 3,572 |  |  | 5.39 |  |  | 3.96 |  |  | 9.62
2034 |  | 23,000 |  |  | (54) |  |  | 5.38 |  |  | 3.44 |  |  | 10.01
2040 |  | 500 |  |  | (173) |  |  | 5.38 |  |  | 0.84 |  |  | 16.82
Total |  | $ | 188,160 |  |  | $ | 3,046 |  |  | 5.38 | % |  | 3.71 | % |  | 8.36
Futures [Table Text Block] | The following tables provide information about the Company's futures as of March 31, 2025 and December 31, 2024 and 2023. March 31, 2025:
Description |  | Notional Amount |  | Fair Value |  | Remaining Months to Expiration
($ in thousands) |  |  |  |  |  |
Assets: |  |  |  |  |  |
Short Contracts: |  |  |  |  |  |
Euro FX Futures |  | $ | (19,125) |  |  | $ | 157 |  |  | 2.57
December 31, 2024:
Description |  | Notional Amount |  | Fair Value |  | Remaining Months to Expiration
($ in thousands) |  |  |  |  |  |
Assets: |  |  |  |  |  |
Short Contracts: |  |  |  |  |  |
U.S. Treasury Futures |  | $ | (5,400) |  |  | $ | 6 |  |  | 3.00
Euro FX Futures |  | (10,250) |  |  | 164 |  |  | 2.53
Liabilities: |  |  |  |  |  |
Long Contracts: |  |  |  |  |  |
U.S. Treasury Futures |  | 134,400 |  |  | (811) |  |  | 2.87 |
Total, net |  | $ | 118,750 |  |  | $ | (641) |  |  | 2.85
December 31, 2023:
Description |  | Notional Amount |  | Fair Value |  | Remaining Months to Expiration
($ in thousands) |  |  |  |  |  |
Assets: |  |  |  |  |  |
Long Contracts: |  |  |  |  |  |
U.S. Treasury Futures |  | $ | 84,600 |  |  | $ | 2,284 |  |  | 2.69
Liabilities: |  |  |  |  |  |
Short Contracts: |  |  |  |  |  |
U.S. Treasury Futures |  | (5,400) |  |  | (63) |  |  | 2.93
Total, net |  | $ | 79,200 |  |  | $ | 2,221 |  |  | 2.70
Schedule of To-be-announced securities (TBAs) [Table Text Block] | As of March 31, 2025 and December 31, 2024 and 2023, the Company had outstanding contracts to purchase ("long positions") and sell ("short positions") TBA securities as follows:
|  | March 31, 2025 |  | December 31, 2024
TBA Securities |  | Notional Amount(1) |  | Cost Basis(2) |  | Market Value(3) |  | Net Carrying Value(4) |  | Notional Amount(1) |  | Cost Basis(2) |  | Market Value(3) |  | Net Carrying Value(4)
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,190 |  |  | $ | 55,214 |  |  | $ | 53,851 |  |  | $ | (1,363) |
|  | — |  |  | — |  |  | — |  |  | — |  |  | 61,190 |  |  | 55,214 |  |  | 53,851 |  |  | (1,363) |
Sale contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | (54,800) |  |  | (52,515) |  |  | (52,377) |  |  | 138 |  |  | (69,156) |  |  | (69,618) |  |  | (69,026) |  |  | 592 |
Liabilities |  | (464,816) |  |  | (450,282) |  |  | (450,564) |  |  | (282) |  |  | — |  |  | — |  |  | — |  |  | — |
|  | (519,616) |  |  | (502,797) |  |  | (502,941) |  |  | (144) |  |  | (69,156) |  |  | (69,618) |  |  | (69,026) |  |  | 592 |
Total TBA securities, net |  | $ | (519,616) |  |  | $ | (502,797) |  |  | $ | (502,941) |  |  | $ | (144) |  |  | $ | (7,966) |  |  | $ | (14,404) |  |  | $ | (15,175) |  |  | $ | (771) |
(1)Notional amount represents the principal balance of the underlying Agency RMBS. (2)Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3)Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4)Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.
|  | December 31, 2023
TBA Securities |  | Notional Amount(1) |  | Cost Basis(2) |  | Market Value(3) |  | Net Carrying Value(4)
(In thousands) |  |  |  |  |  |  |  |
Purchase contracts: |  |  |  |  |  |  |  |
Assets |  | $ | 79,722 |  |  | $ | 78,709 |  |  | $ | 79,363 |  |  | $ | 654 |
Liabilities |  | 27,700 |  |  | 28,398 |  |  | 28,385 |  |  | (13) |
|  | 107,422 |  |  | 107,107 |  |  | 107,748 |  |  | 641 |
Sale contracts: |  |  |  |  |  |  |  |
Liabilities |  | (78,285) |  |  | (69,206) |  |  | (71,069) |  |  | (1,863) |
|  | (78,285) |  |  | (69,206) |  |  | (71,069) |  |  | (1,863) |
Total TBA securities, net |  | $ | 29,137 |  |  | $ | 37,901 |  |  | $ | 36,679 |  |  | $ | (1,222) |
(1)Notional amount represents the principal balance of the underlying Agency RMBS. (2)Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. (3)Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of period end. (4)Net carrying value represents the difference between the market value of the TBA contract as of period end and the cost basis and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on the Consolidated Balance Sheet.
Derivative Activity, Volume [Table Text Block] | The table below details the average notional values of the Company's financial derivatives, using absolute value of month end notional values, for the three-month periods ended March 31, 2025 and 2024 and years ended December 31, 2024 and 2023:
Derivative Type |  | Three-Month Period Ended March 31, 2025 |  | Three-Month Period Ended March 31, 2024 |  | Year Ended December 31, 2024 |  | Year Ended December 31, 2023
(In thousands) |  |  |  | (Unaudited) |  |  |  |
Interest rate swaps |  | $ | 812,723 |  |  | $ | 1,090,580 |  |  | $ | 972,807 |  |  | $ | 861,689 |
TBAs |  | 418,109 |  |  | 194,352 |  |  | 286,658 |  |  | 289,786 |
Futures |  | 82,369 |  |  | 61,675 |  |  | 96,410 |  |  | 67,592 |
Credit default swaps |  | 59,809 |  |  | 25,466 |  |  | 39,320 |  |  | 14,989 |
Forwards |  | 5,274 |  |  | — |  |  | 1,803 |  |  | — |
Warrants |  | 4 |  |  | — |  |  | 1 |  |  | — |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Gains and losses on the Company's financial derivatives for the three-month periods ended March 31, 2025 and 2024 and the years ended December 31, 2024 and 2023 are summarized in the tables below:
|  | Three-Month Period Ended March 31, 2025
Derivative Type |  | Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives |  | Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 8,060 |  |  | $ | 20,268 |  |  | $ | 28,328 |  |  | $ | (6,340) |  |  | $ | (20,658) |  |  | $ | (26,998) |
TBAs |  |  |  | (9,536) |  |  | (9,536) |  |  |  |  | 627 |  |  | 627 |
Futures |  |  |  | (834) |  |  | (834) |  |  |  |  | 798 |  |  | 798 |
Credit default swaps |  |  |  | (18) |  |  | (18) |  |  |  |  | 143 |  |  | 143 |
Forwards |  |  |  | (346) |  |  | (346) |  |  |  |  | $ | (84) |  |  | $ | (84) |
Total |  | $ | 8,060 |  |  | $ | 9,534 |  |  | $ | 17,594 |  |  | $ | (6,340) |  |  | $ | (19,174) |  |  | $ | (25,514) |
|  | Three-Month Period Ended March 31, 2024 (unaudited)
Derivative Type |  | Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives |  | Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 5,812 |  |  | $ | (1,167) |  |  | $ | 4,645 |  |  | $ | (111) |  |  | $ | 11,111 |  |  | $ | 11,000 |
TBAs |  |  |  | (707) |  |  | (707) |  |  |  |  | 1,148 |  |  | 1,148 |
Futures |  |  |  | (174) |  |  | (174) |  |  |  |  | (2,018) |  |  | (2,018) |
Credit default swaps |  |  |  | (305) |  |  | (305) |  |  |  |  | 86 |  |  | 86 |
Total |  | $ | 5,812 |  |  | $ | (2,353) |  |  | $ | 3,459 |  |  | $ | (111) |  |  | $ | 10,327 |  |  | $ | 10,216 |
|  | Year Ended December 31, 2024
Derivative Type |  | Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives |  | Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 27,118 |  |  | $ | 15,387 |  |  | $ | 42,505 |  |  | $ | (8,013) |  |  | $ | (8,321) |  |  | $ | (16,334) |
TBAs |  |  |  | (2,263) |  |  | (2,263) |  |  |  |  | 451 |  |  | 451 |
Futures |  |  |  | (1,318) |  |  | (1,318) |  |  |  |  | (2,862) |  |  | (2,862) |
Credit default swaps |  |  |  | (773) |  |  | (773) |  |  |  |  | 83 |  |  | 83 |
Forwards |  |  |  | 336 |  |  | 336 |  |  |  |  | $ | 83 |  |  | $ | 83 |
Total |  | $ | 27,118 |  |  | $ | 11,369 |  |  | $ | 38,487 |  |  | $ | (8,013) |  |  | $ | (10,566) |  |  | $ | (18,579) |
|  | Year Ended December 31, 2023
Derivative Type |  | Net Realized Gains (Losses) on Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives Other Than Periodic Settlements of Interest Rate Swaps |  | Net Realized Gains (Losses) on Financial Derivatives |  | Change in Net Unrealized Gains (Losses) on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives Other Than on Accrued Periodic Settlements of Interest Rate Swaps |  | Change in Net Unrealized Gains (Losses) on Financial Derivatives
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 7,388 |  |  | $ | 12,176 |  |  | $ | 19,564 |  |  | $ | 13,690 |  |  | $ | (30,612) |  |  | $ | (16,922) |
TBAs |  |  |  | 12,385 |  |  | 12,385 |  |  |  |  | (4,126) |  |  | (4,126) |
Futures |  |  |  | (3,149) |  |  | (3,149) |  |  |  |  | 2,303 |  |  | 2,303 |
Credit default swaps |  |  |  | (238) |  |  | (238) |  |  |  |  | (187) |  |  | (187) |
Total |  | $ | 7,388 |  |  | $ | 21,174 |  |  | $ | 28,562 |  |  | $ | 13,690 |  |  | $ | (32,622) |  |  | $ | (18,932) |
Schedule of Credit Default Swaps | The following table provides information about the Company's credit default swaps as of March 31, 2025 and December 31, 2024 and 2023:
|  | As of
|  | March 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Type(1) |  | Notional |  | Fair Value |  | Weighted Average Remaining Term (Years) |  | Notional |  | Fair Value |  | Weighted Average Remaining Term (Years) |  | Notional |  | Fair Value |  | Weighted Average Remaining Term (Years)
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps on corporate bond indices |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | 23,825 |  |  | $ | 705 |  |  | 4.47 |  | $ | — |  |  | $ | — |  |  | — |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit default swaps on corporate bond indices |  | (9,104) |  |  | (488) |  |  | 5.22 |  | (52,886) |  |  | (1,912) |  |  | 4.75 |  | (25,943) |  |  | (632) |  |  | 4.98
|  | $ | (9,104) |  |  | $ | (488) |  |  | 5.22 |  | $ | (29,061) |  |  | $ | (1,207) |  |  | 4.66 |  | $ | (25,943) |  |  | $ | (632) |  |  | 4.98
(1)Long notional represents contracts where the Company has written protection and short notional represents contracts where the Company has purchased protection.

X
- Definition Disclosure of the volume of derivative activity for the period. Calculated using average monthly notional. + References No definition available. + Details
Name: | earn_DerivativeActivityVolumeTableTextBlock
Namespace Prefix: | earn_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Information on futures contracts held at period end. + References No definition available. + Details
Name: | earn_FuturesTableTextBlock
Namespace Prefix: | earn_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Credit Default Swaps + References No definition available. + Details
Name: | earn_ScheduleOfCreditDefaultSwapsTableTextBlock
Namespace Prefix: | earn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of TBA securities including notional amount, cost basis, market value, and net carrying cost. + References No definition available. + Details
Name: | earn_ScheduleofTobeannouncedsecuritiesTBAsTableTextBlock
Namespace Prefix: | earn_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentDetailAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration