Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), we are providing the following disclosures regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO named executive officers (“Non-PEO NEOs”) and company performance for the fiscal years listed below.  As required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, we have prepared this pay versus performance disclosure, which serves to further demonstrate the alignment of our executive compensation program with stockholder interests. 

Pay Versus Performance Table

											Value of Initial Fixed
						Summary					$100 Investment Based On:
	Summary					Compensation		Compensation					Peer Group					Peer
	Compensation		Compensation			Table Total		Actually Paid			Total		Total					Relative
	Table Total		Actually Paid			for Non-PEO		to Non-PEO			Shareholder		Shareholder		Net Income			Financial
Year	for PEO (1)		to PEO (2)			NEOs		NEOs			Return (3)		Return (3)(4)		(in Thousands)			Performance (5)
2024	$	220,000	$	248,752		$	205,000	$	227,666		$	62.76	$	79.80	$	37,784			(5.5	)%
2023	$	615,621	$	490,634		$	469,143	$	373,997		$	57.09	$	79.52	$	(39,209	)		(11.1	)%
2022	$	512,074	$	265,330		$	390,234	$	200,450		$	58.89	$	68.94	$	(258,453	)		(0.9	)%
2021	$	737,788	$	689,423		$	562,242	$	525,500		$	105.40	$	93.93	$	(64,760	)		12.5	%
2020	$	-	$	(9,523	)	$	-	$	(7,880	)	$	105.25	$	81.23	$	2,125			(3.3	)%

(1) Robert E. Cauley was our PEO and George H. Haas, IV was our Non-PEO NEO for each year presented.

(2) Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the items set forth below in accordance with Item 402(v) of Regulation S-K and may not reflect compensation actually earned, realized or received by the named executive officers.

(3) Total Shareholder Return and Peer Group Total Shareholder Return assumes $100 invested at December 31, 2019.

(4) The Peer Group referenced for purposes of the Total Shareholder Return comparison consists of the NAREIT Mortgage REIT TRR Index.

(5) The Company has designated "Peer Relative Financial Performance" as its Company Selected Measure, comparing the financial performance of the Company to that of the peer group set forth in the Company's long-term incentive compensation plan for the previous year, as this is the largest financial component used to link compensation paid to our named executive officers to Company performance. See “Compensation Discussion and Analysis—2024 Long-Term Equity Incentive Compensation Plan” and the 2023 LTICP, 2022 LTICP, 2021 LTICP, 2020 LTICP and 2019 LTICP for additional details regarding the calculation of Peer Relative Financial Performance for the relevant years set forth in the table. The Peer Relative Financial Performance numbers displayed for each year in the table are the results from the year immediately prior to such year, as the measure most linked to compensation paid in any relevant year is the Peer Relative Financial Performance results from the year immediately prior to such relevant year. For compensation paid in 2020 and 2021, the peer group consisted of AGNC Investment Corp., Annaly Capital Management, Inc., Anworth Mortgage Asset Corporation, Arlington Asset Investment Corp., ARMOUR Residential REIT, Inc., Capstead Mortgage Corporation, Cherry Hill Mortgage Investment Corporation and Dynex Capital, Inc.  For compensation paid in 2022, the peer group was the same as in 2020 and 2021 except that the Company removed Capstead Mortgage Corporation from the peer group for measurement periods following June 30, 2021 as a result of its acquisition, and added Invesco Mortgage Capital Inc.  For compensation paid in 2023, the peer group consisted of AGNC Investment Corp., Annaly Capital Management, Inc., Arlington Asset Investment Corp., ARMOUR Residential REIT, Inc., Cherry Hill Mortgage Investment Corporation, Dynex Capital, Inc. and Invesco Mortgage Capital Inc. For compensation paid in 2024, the peer group was the same as in 2023, except that the Company removed Arlington Asset Investment Corp. as a result of its acquisition.   

PEO Total Compensation Amount

$ 220,000

$ 615,621

$ 512,074

$ 737,788

$ 0

PEO Actually Paid Compensation Amount

$ 248,752

490,634

265,330

689,423

(9,523)

Adjustment To PEO Compensation, Footnote

	2024			2023			2022			2021			2020
PEO SUMMARY COMPENSATION TABLE TOTAL	$	220,000		$	615,621		$	512,074		$	737,788		$	-
Add (Subtract):
Amounts reported under Stock Awards Column in the Summary Compensation Table		(220,000	)		(615,621	)		(512,074	)		(737,788	)		-
Fair value as of vesting date of awards granted and vested during the year		110,000			307,811			256,037			368,894			-
Fair value at year end of awards granted during year that were unvested as of the end of the year		99,281			203,844			117,359			282,173			-
Change in fair value of equity awards granted in prior years that were unvested as of the end of the year		(10,666	)		(14,989	)		(65,244	)		-			(1,229	)
Change in fair value of equity awards granted in prior years that vested during the year		(896	)		(7,647	)		(42,965	)		727			(8,865	)
Equity awards granted in prior years that were forfeited during the year		-			(58,223	)		(55,440	)		-			(4,031	)
Dividends or other earnings paid on equity awards during the year		51,033			59,838			55,583			37,629			4,602
Total Equity Award Related Adjustments		28,752			(124,987	)		(246,744	)		(48,365	)		(9,523	)
COMPENSATION ACTUALLY PAID TO PEO	$	248,752		$	490,634		$	265,330		$	689,423		$	(9,523	)

Non-PEO NEO Average Total Compensation Amount

$ 205,000

469,143

390,234

562,242

0

Non-PEO NEO Average Compensation Actually Paid Amount

$ 227,666

373,997

200,450

525,500

(7,880)

Adjustment to Non-PEO NEO Compensation Footnote

	2024			2023			2022			2021			2020
NON-PEO NEO SUMMARY COMPENSATION TABLE TOTAL	$	205,000		$	469,143		$	390,234		$	562,242		$	-
Add (Subtract):
Amounts reported under Stock Awards Column in the Summary Compensation Table		(205,000	)		(469,143	)		(390,234	)		(562,242	)		-
Fair value as of vesting date of awards granted and vested during the year		102,500			234,572			195,117			281,121			-
Fair value at year end of awards granted during year that were unvested as of the end of the year		92,504			155,341			89,429			215,033			-
Change in fair value of equity awards granted in prior years that were unvested as of the end of the year		(8,127	)		(11,421	)		(49,716	)		-			(1,006	)
Change in fair value of equity awards granted in prior years that vested during the year		(678	)		(5,829	)		(32,743	)		597			(7,454	)
Equity awards granted in prior years that were forfeited during the year		-			(44,368	)		(42,255	)		-			(3,294	)
Dividends or other earnings paid on equity awards during the year		41,467			45,702			40,618			28,749			3,874
Total Equity Award Related Adjustments		22,666			(95,146	)		(189,784	)		(36,742	)		(7,880	)
COMPENSATION ACTUALLY PAID TO PEO	$	227,666		$	373,997		$	200,450		$	525,500		$	(7,880	)

Compensation Actually Paid vs. Total Shareholder Return

Comparison of Compensation Actually Paid to Total Shareholder Return and Peer Group Total Shareholder Return

The following graph illustrates the relationship between compensation actually paid to the named executive officers and the Company’s total shareholder return as compared to the total shareholder return of the NAREIT Mortgage REIT TRR Index on a cumulative basis assuming investment of $100 on December 31, 2019:

Compensation Actually Paid vs. Net Income

Comparison of Compensation Actually Paid to Net Income

The following graph illustrates the relationship between compensation actually paid to our named executive officers and the Company’s net income on an annual basis:

Compensation Actually Paid vs. Company Selected Measure

Comparison of Compensation Actually Paid to Peer-Relative Financial Performance

The following graph illustrates the relationship between compensation actually paid to our named executive officers and the Company's peer-relative financial performance:

Tabular List, Table

Financial Performance Measures

Our current compensation program has linked compensation of our named executive officers paid by the Company to the following financial performance measures:

Measure

Peer-Relative Financial Performance

Agency RMBS Rate Relative Performance

Peer-Relative Book Value Performance

For more information on these measures and how they are used to determine compensation paid by the Company to our named executive officers, see "Compensation Discussion and Analysis."

Total Shareholder Return Amount

$ 62.76

57.09

58.89

105.4

105.25

Peer Group Total Shareholder Return Amount

79.8

79.52

68.94

93.93

81.23

Net Income (Loss)

$ 37,784,000

$ (39,209,000)

$ (258,453,000)

$ (64,760,000)

$ 2,125,000

Company Selected Measure Amount

(0.055)

(0.111)

(0.009)

0.125

(0.033)

Measure:: 1

Pay vs Performance Disclosure

Name

Peer-Relative Financial Performance

Measure:: 2

Pay vs Performance Disclosure

Name

Agency RMBS Rate Relative Performance

Measure:: 3

Pay vs Performance Disclosure

Name

Peer-Relative Book Value Performance

PEO

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 28,752

$ (124,987)

$ (246,744)

$ (48,365)

$ (9,523)

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(220,000)

(615,621)

(512,074)

(737,788)

0

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(10,666)

(14,989)

(65,244)

0

(1,229)

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(896)

(7,647)

(42,965)

727

(8,865)

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

110,000

307,811

256,037

368,894

0

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

99,281

203,844

117,359

282,173

0

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

(58,223)

(55,440)

0

(4,031)

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

51,033

59,838

55,583

37,629

4,602

Non-PEO NEO

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

22,666

(95,146)

(189,784)

(36,742)

(7,880)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(205,000)

(469,143)

(390,234)

(562,242)

0

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(8,127)

(11,421)

(49,716)

0

(1,006)

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(678)

(5,829)

(32,743)

597

(7,454)

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

102,500

234,572

195,117

281,121

0

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

92,504

155,341

89,429

215,033

0

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

(44,368)

(42,255)

0

(3,294)

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 41,467

$ 45,702

$ 40,618

$ 28,749

$ 3,874