ARMOUR Residential REIT (ARR) 10-Q 5 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	2-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Armour Residential REIT, Inc.	'
Entity Central Index Key	'0001428205	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Well-known Seasoned Issuer	'Yes	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	357,110,307

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash	$588,832	$496,478
Cash collateral posted	23,873	35,917
Agency Securities, available for sale, at fair value (including pledged securities of $15,711,007 and $13,832,482)	16,479,734	14,648,178
Receivable for unsettled sales (including pledged securities of $257,201 in 2014)	296,378	0
Derivatives, at fair value	310,370	508,988	[1]
Principal payments receivable	39	70
Accrued interest receivable	45,492	42,034
Prepaid and other assets	790	852
Total Assets	17,745,508	15,732,517
Liabilities:	'	'
Repurchase agreements	15,163,375	13,151,504
Cash collateral held	238,852	387,845
Payable for unsettled purchases	382,833	159,159
Derivatives, at fair value	82,968	102,795	[1]
Accrued interest payable	6,041	6,629
Accounts payable and other accrued expenses	3,663	23,357
Dividends payable	2	0
Total Liabilities	15,877,734	13,831,289
Commitments and contingencies	'	'
Preferred stock, $0.001 par value, 50,000 shares authorized;	'	'
Common stock, $0.001 par value, 1,000,000 shares authorized, 357,102 and 357,613 shares issued and outstanding at March 31, 2014 and December 31, 2013	357	358
Additional paid-in capital	2,732,269	2,734,480
Accumulated deficit	-720,676	-643,138
Accumulated other comprehensive loss	-144,184	-190,480
Total Stockholders’ Equity	1,867,774	1,901,228
Total Liabilities and Stockholders’ Equity	17,745,508	15,732,517
Series A Preferred Stock	'	'
Preferred stock, $0.001 par value, 50,000 shares authorized;	'	'
Preferred Stock, Value, Issued	2	2
Total Stockholders’ Equity	2	2
Series B Preferred Stock	'	'
Preferred stock, $0.001 par value, 50,000 shares authorized;	'	'
Preferred Stock, Value, Issued	6	6
Total Stockholders’ Equity	$6	$6
[1]	See Note 4, “Fair Value of Financial Instruments” for additional discussion.

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
In Thousands, except Share data, unless otherwise specified			Series A Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Series B Preferred Stock	Unsettled Sales
Pledged securities (in Dollars)	$15,711,007	$13,832,482	'	'	'	'	$257,201
Preferred stock par value (in dollars per share)	$0.00	$0.00	$0.00	'	$0.00	'	'
Preferred stock shares authorized (in shares)	50,000,000	50,000,000	9,610,000	'	'	'	'
Preferred stock shares issued	'	'	2,181,000	2,181,000	5,650,000	5,650,000	'
Preferred stock shares outstanding	'	'	2,181,000	2,181,000	5,650,000	5,650,000	'
Preferred stock, dividend rate	'	'	8.25%	8.25%	7.88%	7.88%	'
Common stock, par value (in Dollars per share)	$0.00	$0.00	'	'	'	'	'
Common stock, shares authorized (in Shares)	1,000,000,000	1,000,000,000	'	'	'	'	'
Common stock, shares issued (in Shares)	357,102,000	357,613,000	'	'	'	'	'
Common stock, shares outstanding (in Shares)	357,102,000	357,613,000	'	'	'	'	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]	'	'
Interest income, net of amortization of premium on Agency Securities	$123,082	$130,637
Interest expense	-14,747	-25,475
Net interest income	108,335	105,162
Other Income (Loss):	'	'
Realized gain on sale of Agency Securities (reclassified from Other comprehensive income (loss))	69,869	18,514
Subtotal	69,869	18,514
Realized loss on derivatives	-11,739	-29,053
Unrealized gain (loss) on derivatives	-176,355	16,301
Subtotal	-188,094	-12,752
Total Other Income (Loss)	-118,225	5,762
Expenses:	'	'
Management fee	6,965	6,633
Professional fees	1,274	1,004
Insurance	184	78
Compensation	712	257
Other	753	662
Total expenses	9,888	8,634
Net Income (Loss)	-19,778	102,290
Dividends declared on preferred stock	-3,905	-2,497
Net Income (Loss) available (related) to common stockholders	($23,683)	$99,793
Net income (loss) available (related) per share to common stockholders	'	'
Basic (in usd per share)	($0.07)	$0.30
Diluted (in usd per share)	($0.07)	$0.29
Dividends declared per common share (in usd per share)	$0.15	$0.24
Weighted average common shares outstanding:	'	'
Basic (in shares)	357,496	337,935
Diluted (in shares)	357,496	339,722

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net Income (Loss)	($19,778)	$102,290
Other comprehensive income (loss):	'	'
Reclassification adjustment for realized gain on sale of available for sale Agency Securities	-69,869	-18,514
Net unrealized gain (loss) on available for sale Agency Securities	116,165	-180,055
Other comprehensive income (loss)	46,296	-198,569
Comprehensive Income (Loss)	$26,518	($96,279)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $)

Total

Series A Preferred Stock

Series B Preferred Stock

Additional Paid-in Capital Preferred Stock

Additional Paid-in Capital Preferred Stock

Common Stock

Additional Paid-in Capital - Common Stock

Additional Paid-in Capital

Retained Earnings

Retained Earnings

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

In Thousands, except Share data, unless otherwise specified

Series A Preferred Stock

Series B Preferred Stock

Series A Preferred Stock

Series B Preferred Stock

Balance at Dec. 31, 2013

$1,901,228

$2

$6

$53,172

$136,547

$358

$2,544,761

$2,734,480

($643,138)

'

'

($190,480)

Balance (in Shares) at Dec. 31, 2013

'

2,181,000

5,650,000

'

'

357,613,000

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Dividends Declared

'

-1,124

-2,781

'

'

'

'

'

'

-1,124

-2,781

'

Common stock dividends declared

-53,855

'

'

'

'

'

'

'

-53,855

'

'

'

Issuance of Stock

81

'

'

'

'

0

81

81

'

'

'

'

Issuance of Stock (in Shares)

'

'

'

'

'

19,000

'

'

'

'

'

'

Stock based compensation, net of withholding requirements

292

'

'

'

'

0

292

292

'

'

'

'

Stock based compensation, net of withholding requirements (in Shares)

'

'

'

'

'

70,000

'

'

'

'

'

'

Common stock repurchased

-2,585

'

'

'

'

-1

-2,584

-2,584

'

'

'

'

Common stock repurchased (in Shares)

'

'

'

'

'

-600,000

'

'

'

'

'

'

Net Income (Loss)

-19,778

'

'

'

'

'

'

'

-19,778

'

'

'

Other comprehensive income

46,296

'

'

'

'

'

'

'

'

'

'

46,296

Balance at Mar. 31, 2014

$1,867,774

$2

$6

$53,172

$136,547

$357

$2,542,550

$2,732,269

($720,676)

'

'

($144,184)

Balance (in Shares) at Mar. 31, 2014

'

2,181,000

5,650,000

'

'

357,102,000

'

'

'

'

'

'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
			Series A Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Series B Preferred Stock	Proceeds	Proceeds	Payments	Payments
Cash Flows From Operating Activities:	'	'	'	'	'	'	'	'	'	'
Net Income (Loss)	($19,778)	$102,290	'	'	'	'	'	'	'	'
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'	'	'	'	'	'	'	'	'
Net amortization of premium on Agency Securities	10,618	60,698	'	'	'	'	'	'	'	'
Realized gain on sale of Agency Securities	-69,869	-18,514	'	'	'	'	'	'	'	'
Stock based compensation	292	190	'	'	'	'	'	'	'	'
Changes in operating assets and liabilities:	'	'	'	'	'	'	'	'	'	'
Increase in accrued interest receivable	-3,150	-16,234	'	'	'	'	'	'	'	'
(Increase) decrease in prepaid and other assets	68	-150	'	'	'	'	'	'	'	'
(Increase) decrease in derivatives, at fair value	178,791	-32,582	'	'	'	'	'	'	'	'
Increase (decrease) in accrued interest payable	-588	238	'	'	'	'	'	'	'	'
Decrease in accounts payable and other accrued expenses	-19,694	-970	'	'	'	'	'	'	'	'
Net cash provided by operating activities	76,690	94,966	'	'	'	'	'	'	'	'
Cash Flows From Investing Activities:	'	'	'	'	'	'	'	'	'	'
Purchases of Agency Securities	-7,385,813	-8,944,656	'	'	'	'	'	'	'	'
Principal repayments of Agency Securities	307,214	1,208,551	'	'	'	'	'	'	'	'
Proceeds from sales of Agency Securities	5,279,609	701,476	'	'	'	'	'	'	'	'
(Increase) decrease in cash collateral	-136,949	45,256	'	'	'	'	'	'	'	'
Net cash used in investing activities	-1,935,939	-6,989,373	'	'	'	'	'	'	'	'
Cash Flows From Financing Activities:	'	'	'	'	'	'	'	'	'	'
Proceeds from issuance of preferred stock, net of expenses	'	'	0	4,381	0	136,571	'	'	'	'
Issuance of common stock, net of expenses	75	438,481	'	'	'	'	'	'	'	'
Proceeds from (payments for) repurchase agreements	'	'	'	'	'	'	23,322,303	42,366,300	-21,310,432	-35,903,781
Preferred dividends paid	'	'	-1,124	-1,107	-2,781	-1,390	'	'	'	'
Common stock dividends paid	-53,853	-79,829	'	'	'	'	'	'	'	'
Common stock repurchased	-2,585	0	'	'	'	'	'	'	'	'
Net cash provided by financing activities	1,951,603	6,959,626	'	'	'	'	'	'	'	'
Net increase in cash	92,354	65,219	'	'	'	'	'	'	'	'
Cash - beginning of period	496,478	771,282	'	'	'	'	'	'	'	'
Cash - end of period	588,832	836,501	'	'	'	'	'	'	'	'
Supplemental Disclosure:	'	'	'	'	'	'	'	'	'	'
Cash paid during the period for interest	70,351	55,254	'	'	'	'	'	'	'	'
Non-Cash Investing and Financing Activities:	'	'	'	'	'	'	'	'	'	'
Receivable for unsettled sales (including pledged securities of $257,201 in 2014)	296,378	2,226,168	'	'	'	'	'	'	'	'
Payable for unsettled purchases	382,833	0	'	'	'	'	'	'	'	'
Net unrealized gain (loss) on available for sale Agency Securities	116,165	-180,055	'	'	'	'	'	'	'	'
Amounts receivable for issuance of common stock	$6	$5	'	'	'	'	'	'	'	'

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 1001 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. 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 quarter ended March 31, 2014 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2014. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2013.
	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. Significant estimates affecting the accompanying condensed financial statements include the valuation of Agency Securities (as defined below) and derivative instruments.

Organization_and_Nature_of_Bus

Organization and Nature of Business Operations	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Nature of Business Operations	'
	Organization and Nature of Business Operations
	References to “we,” “us,” “our,” "ARMOUR" or the “Company” are to ARMOUR Residential REIT, Inc. References to "ARRM" are to ARMOUR Residential Management LLC, a Delaware limited liability company.
	We are an externally managed Maryland corporation organized in 2008, managed by ARRM (see Note 13, “Related Party Transactions” for additional discussion), an investment advisor registered with the SEC. We invest in residential mortgage backed securities issued or guaranteed by a United States (“U.S.”) Government-sponsored entity (“GSE”), such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or guaranteed by the Government National Mortgage Administration (Ginnie Mae) (collectively, "Agency Securities"). We also may invest in other securities backed by residential mortgages for which the payment of principal and interest is not guaranteed by a GSE or government agency (collectively, "Non-Agency Securities"). While we remain committed to investing in Agency Securities for so long as an adequate supply and pricing exists, we have the flexibility to invest in Non-Agency Securities and respond to changes in GSE policy as needed. As of March 31, 2014 and December 31, 2013, Agency Securities accounted for 100% of our securities portfolio. It is expected that the percentage will continue to be 100% or close thereto. Our securities portfolio consists primarily of Agency Securities backed by fixed rate home loans. From time to time, a portion of our assets may be invested in Agency Securities backed by hybrid adjustable rate and adjustable rate home loans as well as unsecured notes and bonds issued by GSEs, U.S. Treasuries and money market instruments, subject to certain income tests we must satisfy for our qualification as a real estate investment trust (“REIT”).
	We have elected to be taxed as a REIT under the Internal Revenue Code (“the Code”). Our qualification as a REIT depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the concentration of ownership of our capital stock. We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes.
	As a REIT, we will generally not be subject to federal income tax on the REIT taxable income that we currently distribute to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to federal income tax at regular corporate rates. Even if we qualify as a REIT for federal income tax purposes, we may still be subject to some federal, state and local taxes on our income.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Cash
	Cash includes cash on deposit with financial institutions. We may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
	Cash Collateral Posted/Held
	Cash collateral posted (held) represents cash posted by us to counterparties or (held) by us from counterparties as collateral for our interest rate swap contracts, Eurodollar Futures Contracts (“Futures Contracts”) and repurchase agreements on our Agency Securities.
	Agency Securities, at Fair Value
	We generally intend to hold most of our Agency Securities for extended periods of time. We may, from time to time, sell any of our Agency Securities as part of the overall management of our securities portfolio. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. As of March 31, 2014 and December 31, 2013, all of our Agency Securities were classified as available for sale. Agency Securities classified as available for sale are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of the condensed statements of comprehensive income (loss).
	We evaluate Agency Securities for other than temporary impairment at least on a quarterly basis and more frequently when economic or market concerns warrant such evaluation. We consider an impairment to be other than temporary if we (1) have the intent to sell the Agency Securities, (2) believe it is more likely than not that we will be required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations) or (3) a credit loss exists. Impairment losses recognized establish a new cost basis for the related Agency Securities.
	Accrued Interest Receivable and Payable
	Accrued interest receivable includes interest accrued between payment dates on Agency Securities. Accrued interest payable includes interest payable on our repurchase agreements.
	Repurchase Agreements
	We finance the acquisition of our Agency Securities through the use of repurchase agreements. Our repurchase agreements are secured by our Agency Securities and bear interest rates that have historically moved in close relationship to the Federal Funds Rate and the London Interbank Offered Rate (“LIBOR”). Under these repurchase agreements, we sell Agency Securities to a lender and agree to repurchase the same Agency Securities in the future for a price that is higher than the original sales price. The difference between the sales price that we receive and the repurchase price that we pay represents interest paid to the lender. A repurchase agreement operates as a financing arrangement under which we pledge our Agency Securities as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. We retain beneficial ownership of the pledged collateral.  At the maturity of a repurchase agreement, we are required to repay the loan and concurrently receive back our pledged collateral from the lender or, with the consent of the lender, we may renew such agreement at the then prevailing interest rate. The repurchase agreements may require us to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
	In addition to the repurchase agreement financing discussed above, at certain times we have entered into reverse repurchase agreements with certain of our repurchase agreement counterparties. Under a typical reverse repurchase agreement, we purchase U.S. Treasury Securities from a borrower in exchange for cash and agree to sell the same securities in the future in exchange for a price that is higher than the original purchase price. The difference between the purchase price originally paid and the sale price represents interest received from the borrower. Reverse repurchase agreement receivables and repurchase agreement liabilities are presented net when they meet certain criteria, including being with the same counterparty, being governed by the same master repurchase agreement ("MRA"), settlement through the same brokerage or clearing account and maturing on the same day. We did not have any reverse repurchase agreements outstanding during the quarters ended or at March 31, 2014 and March 31, 2013 or at December 31, 2013.
	Obligations to Return Securities Received as Collateral, at Fair Value
	At certain times, we also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our condensed balance sheets. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged. We did not have any reverse repurchase agreements outstanding during the quarters ended or at March 31, 2014 and March 31, 2013 or at December 31, 2013.
	Derivatives, at Fair Value
	We recognize all derivatives as either assets or liabilities at fair value on our condensed balance sheets. Since we have not elected cash flow hedge accounting treatment as allowed by GAAP, all changes in the fair values of our derivatives are reflected in our condensed statements of operations. Accordingly, our operating results may reflect greater volatility than otherwise would be the case, because gains or losses on derivatives may not be offset by changes in the fair value or cash flows of the transaction within the same accounting period or ever. Consequently, any declines in the fair value of our derivatives result in a charge to earnings. We will continue to designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income.
	Credit Risk
	We have limited our exposure to credit losses on our securities portfolio of Agency Securities. The payment of principal and interest on the Freddie Mac and Fannie Mae Agency Securities are guaranteed by those respective agencies and the payment of principal and interest on the Ginnie Mae Agency Securities are backed by the full faith and credit of the U.S. Government.
	Fannie Mae and Freddie Mac remain in conservatorship of the U.S. Government. There can be no assurances as to how or when the U.S. Government will end these conservatorships or how the future profitability of Fannie Mae and Freddie Mac and any future credit rating actions may impact the credit risk associated with Agency Securities and, therefore, the value of the Agency Securities in our securities portfolio.
	Market Risk
	Weakness in the mortgage market may adversely affect the performance and market value of our investments. This could negatively impact our book value. Furthermore, if our lenders are unwilling or unable to provide additional financing, we could be forced to sell our Agency Securities at an inopportune time when prices are depressed.
	Preferred Stock
	At March 31, 2014, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof.
	Series A Cumulative Preferred Shares (“Series A Preferred Stock”)
	On June 6, 2012, we filed with the Maryland State Department of Assessments and Taxation to designate 1,610 shares of the 50,000 authorized preferred stock as 8.250% Series A Preferred Stock with the powers, designations, preferences and other rights as set forth therein. On July 13, 2012, we entered into an At Market Issuance Sales Agreement with MLV & Co. LLC, as our agent, to offer and sell, from time to time, up to 6,000 shares of Series A Preferred Stock. On July 27, 2012, we entered into an Equity Distribution Agreement with Citadel Securities LLC, as our agent, to offer and sell, from time to time, up to 2,000 shares of Series A Preferred Stock. At March 31, 2014, there were 9,610 shares designated as Series A Preferred Stock.
	We had 2,181 shares of Series A Preferred Stock issued and outstanding at March 31, 2014 and December 31, 2013. Our Series A Preferred Stock has a par value of $0.001 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends. The Series A Preferred Stock is entitled to a dividend at a rate of 8.250% per year based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series A Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends exclusively at our option commencing on June 7, 2017 (subject to our right under limited circumstances to redeem the Series A Preferred Stock earlier in order to preserve our qualification as a REIT). The Series A Preferred Stock is senior to our common stock and therefore in the event of liquidation, dissolution or winding up, the Series A Preferred Stock will receive a liquidation preference of $25.00 per share plus accumulated and unpaid dividends before distributions are paid to holders of our common stock, with no right or claim to any of our remaining assets thereafter. The Series A Preferred Stock generally does not have voting rights except if we fail to pay dividends on the Series A Preferred Stock for eighteen months, whether or not consecutive. Under such circumstances, the Series A Preferred Stock will be entitled to vote to elect two additional directors to the Board, until all unpaid dividends have been paid or declared and set aside for payment. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a change of control by the holders of Series A Preferred Stock.
	Series B Cumulative Preferred Shares (”Series B Preferred Stock”)
	On February 11, 2013, we filed with the Maryland State Department of Assessments and Taxation to designate 6,210 shares of the 50,000 authorized preferred stock as 7.875% Series B Preferred Stock with the powers, designations, preferences and other rights as set forth therein.
	We had 5,650 shares of Series B Preferred Stock issued and outstanding at March 31, 2014 and December 31, 2013. Our Series B Preferred Stock has a par value of $0.001 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends. The Series B Preferred Stock is entitled to a dividend at a rate of 7.875% per year based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends exclusively at our option commencing on February 12, 2018 (subject to our right under limited circumstances to redeem the Series A Preferred Stock earlier in order to preserve our qualification as a REIT). The Series B Preferred Stock is senior to our common stock and rank on parity with the Series A Preferred Stock. In the event of liquidation, dissolution or winding up, the Series B Preferred Stock will receive a liquidation preference of $25.00 per share plus accumulated and unpaid dividends before distributions are paid to holders of our common stock, with no right or claim to any of our remaining assets thereafter. The Series B Preferred Stock generally does not have voting rights except if we fail to pay dividends on the Series B Preferred Stock for eighteen months, whether or not consecutive. Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Board, until all unpaid dividends have been paid or declared and set aside for payment. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a change of control by the holders of Series B Preferred Stock.
	Common Stock
	Common Stock
	At March 31, 2014, we were authorized to issue up to 1,000,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 357,102 shares of common stock issued and outstanding at March 31, 2014 and 357,613 shares of common stock issued and outstanding at December 31, 2013.
	Common Stock Repurchased
	On December 17, 2012, we announced that our Board had authorized a stock repurchase program of up to $100,000 of shares of our common stock outstanding (the “Repurchase Program”). On March 5, 2014, our Board increased the authorization to 50,000 shares of our common stock outstanding. Under the Repurchase Program shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. For the quarter ended March 31, 2014, we repurchased 600 shares of our common stock under the Repurchase Program for an aggregate of $2,585. At March 31, 2014, there were 49,400 remaining shares authorized for repurchase under our Repurchase Program.
	Revenue Recognition
	Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Premiums and discounts associated with the purchase of Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur.
	Comprehensive Income (Loss)
	Comprehensive income (loss) refers to changes in equity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	Our valuation techniques for financial instruments are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from third party sources, while unobservable inputs reflect management’s market assumptions. The Accounting Standards Codification Topic No. 820 “Fair Value Measurement” classifies these inputs into the following hierarchy:
	Level 1 Inputs - Quoted prices for identical instruments in active markets.
	Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
	Level 3 Inputs - Prices determined using significant unobservable inputs. Unobservable inputs may be used in situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period). Unobservable inputs reflect management’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.
	The following describes the valuation methodologies used for our assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Any transfers between levels are assumed to occur at the beginning of the reporting period.
	Cash - Cash includes cash on deposit with financial institutions. The carrying amount of cash is deemed to be its fair value. Our cash balances are classified as Level 1. Cash balances posted by us to counterparties or held by us from counterparties counterparties as collateral are classified as Level 2.
	Agency Securities, Available for Sale - Fair value for the Agency Securities in our securities portfolio is based on obtaining a valuation for each Agency Security from third party pricing services and/or dealer quotes. The third party pricing services use common market pricing methods that may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps and credit enhancement. If the fair value of an Agency Security is not available from the third party pricing services or such data appears unreliable, we obtain quotes from up to three dealers who make markets in similar Agency Securities. In general, the dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular Agency Security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the Agency Security. Management reviews pricing used to ensure that current market conditions are properly reflected. This review includes, but is not limited to, comparisons of similar market transactions or alternative third party pricing services, dealer quotes and comparisons to a third party pricing model. Fair values obtained from the third party pricing services for similar instruments are classified as Level 2 securities if the inputs to the pricing methods used are consistent with the Level 2 definition. If quoted prices for a security are not reasonably available from the third party pricing service, but dealer quotes are, the security will be classified as a Level 2 security. If neither is available, management will determine the fair value based on characteristics of the security that we receive from the issuer and based on available market information received from dealers and classify it as a Level 3 security. At March 31, 2014 and December 31, 2013, all of our Agency Security fair values were based solely on third party pricing services and dealer quotes and therefore were classified as Level 2.
	Repurchase Agreements - The fair value of repurchase agreements reflects the present value of the contractual cash flows discounted at the estimated LIBOR based market interest rates at the valuation date for repurchase agreements with a term equivalent to the remaining term to interest rate repricing, which may be at maturity, of our repurchase agreements. The fair value of the repurchase agreements approximates their carrying amount due to the short-term nature of these financial instruments. Our repurchase agreements are classified as Level 2.
	Derivative Transactions - Our Futures Contracts are traded on the Chicago Mercantile Exchange (“CME”) and are classified as Level 1. The fair values of our interest rate swap contracts and interest rate swaptions are valued using third party pricing services that incorporate common market pricing methods that may include current interest rate curves, forward interest rate curves and market spreads to interest rate curves. Management compares pricing used to dealer quotes to ensure that the current market conditions are properly reflected. The fair values of our interest rate swap contracts and our interest rate swaptions are classified as Level 2.
	The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013.
		Quoted Prices		Significant		Significant		Balance at March 31, 2014
		in Active		Observable		Unobservable
		Markets for		Inputs		Inputs
		Identical Assets		(Level 2)		(Level 3)
		(Level 1)
	Assets at Fair Value:
	Agency Securities, available for sale	$	—	$	16,479,734	$	—	$	16,479,734
	Derivatives	$	—	$	310,370	$	—	$	310,370
	Liabilities at Fair Value:
	Derivatives	$	1,094	$	81,874	$	—	$	82,968
	There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the quarter ended March 31, 2014.
		Quoted Prices		Significant		Significant		Balance at December 31, 2013
		in Active		Observable		Unobservable
		Markets for		Inputs		Inputs
		Identical Assets		(Level 2)		(Level 3)
		(Level 1)
	Assets at Fair Value:
	Agency Securities, available for sale	$	—	$	14,648,178	$	—	$	14,648,178
	Derivatives	$	—	$	508,988	$	—	$	508,988
	Liabilities at Fair Value:
	Derivatives	$	1,503	$	101,292	$	—	$	102,795
	There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the year ended December 31, 2013.
	The following tables provide a summary of the carrying values and fair values of our financial assets and liabilities not carried at fair value but for which fair value is required to be disclosed as of March 31, 2014 and December 31, 2013.
		31-Mar-14				Fair Value Measurements using:
		Carrying Value		Fair		Quoted Prices		Significant		Significant
				Value		in Active		Observable		Unobservable
						Markets for		Inputs		Inputs
						Identical		(Level 2)		(Level 3)
						Assets
						(Level 1)
	Financial Assets:
	Cash	$	588,832	$	588,832	$	588,832	$	—	$	—
	Cash collateral posted	$	23,873	$	23,873	$	—	$	23,873	$	—
	Receivable for unsettled sales	$	296,378	$	296,378	$	—	$	296,378	$	—
	Principal payments receivable	$	39	$	39	$	—	$	39	$	—
	Accrued interest receivable	$	45,492	$	45,492	$	—	$	45,492	$	—
	Financial Liabilities:
	Repurchase agreements	$	15,163,375	$	15,163,375	$	—	$	15,163,375	$	—
	Cash collateral held	$	238,852	$	238,852	$	—	$	238,852	$	—
	Payable for unsettled purchases	$	382,833	$	382,833	$	—	$	382,833	$	—
	Accrued interest payable	$	6,041	$	6,041	$	—	$	6,041	$	—
		31-Dec-13				Fair Value Measurements using:
		Carrying Value		Fair		Quoted Prices		Significant		Significant
				Value		in Active		Observable		Unobservable
						Markets for		Inputs		Inputs
						Identical		(Level 2)		(Level 3)
						Assets
						(Level 1)
	Financial Assets:
	Cash	$	496,478	$	496,478	$	496,478	$	—	$	—
	Cash collateral posted	$	35,917	$	35,917	$	—	$	35,917	$	—
	Principal payments receivable	$	70	$	70	$	—	$	70	$	—
Accrued interest receivable	$	42,034	$	42,034	$	—	$	42,034	$	—
Financial Liabilities:
Repurchase agreements	$	13,151,504	$	13,151,504	$	—	$	13,151,504	$	—
Cash collateral held	$	387,845	$	387,845	$	—	$	387,845	$	—
Payable for unsettled purchases	$	159,159	$	159,159	$	—	$	159,159	$	—
Accrued interest payable	$	6,629	$	6,629	$	—	$	6,629	$	—

Agency_Securities_Available_fo

Agency Securities, Available for Sale	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Agency Securities, Available for Sale	'
	Agency Securities, Available for Sale
	All of our Agency Securities are classified as available for sale and, as such, are reported at their estimated fair value and changes in fair value reported as part of the statements of comprehensive income (loss). As of March 31, 2014 and December 31, 2013, investments in Agency Securities accounted for 100% of our securities portfolio.
	We evaluated our Agency Securities with unrealized losses as of March 31, 2014, March 31, 2013 and December 31, 2013, to determine whether there was an other than temporary impairment. The decline in value of our Agency Securities in 2013 was solely due to market conditions and not the credit quality of the assets. All of our Agency Securities are issued and guaranteed by GSEs or Ginnie Mae. The GSEs have a long term credit rating of AA+. As of March 31, 2014, March 31, 2013 and December 31, 2013, we also considered whether we intended to sell Agency Securities and whether it was more likely than not that we could meet our liquidity requirements and contractual obligations without selling Agency Securities. There was no other than temporary impairment recognized for the quarters ended March 31, 2014 and March 31, 2013. At December 31, 2013, anticipating portfolio repositioning sales in the first quarter of 2014, we concluded that the December 31, 2013 unrealized losses on our 25-year and 30-year fixed rate Agency Securities represented an other than temporary impairment. Accordingly, at December 31, 2013, we recognized losses totaling $401,500 in our 2013 statements of operations, thereby establishing a new cost basis for those Agency Securities with aggregate fair value of $6,800,000 as of December 31, 2013. We also determined that at December 31, 2013, there was no other than temporary impairment of our other Agency Securities, which are primarily 20-year and 15-year fixed rate securities.
	As of March 31, 2014, we had the following Agency Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of March 31, 2014 are also presented below. Our Agency Securities had a weighted average coupon of 3.42% as of March 31, 2014.
	March 31, 2014	Amortized Cost		Gross Unrealized Loss			Gross Unrealized Gain		Fair Value				Percent of Total
	Fannie Mae
	ARMs & Hybrids	$	51,194	$	(39	)	$	1,197	$	52,352			0.32	%
	Multi-Family MBS	212,544		(624		)	83		212,003				1.29	%
	10 Year Fixed	1,105		—			26		1,131				0	%
	15 Year Fixed	9,867,088		(42,801		)	5,342		9,829,629				59.65	%
	20 Year Fixed	2,808,118		(72,300		)	827		2,736,645				16.61	%
	30 Year Fixed	863,463		—			8,262		871,725				5.29	%
	Total Fannie Mae	$	13,803,512	$	(115,764	)	$	15,737	$	13,703,485			83.16	%
	Freddie Mac
	ARMs & Hybrids	16,888		(34		)	458		17,312				0.11	%
	10 Year Fixed	368		(5		)	2		365				0	%
	15 Year Fixed	282,343		(2,024		)	1,414		281,733				1.71	%
	20 Year Fixed	2,047,929		(50,261		)	1,909		1,999,577				12.13	%
	30 Year Fixed	337,873		—			3,180		341,053				2.07	%
	Total Freddie Mac	$	2,685,401	$	(52,324	)	$	6,963	$	2,640,040			16.02	%
	Ginnie Mae
	ARMs & Hybrids	134,588		(52		)	1,233		135,769				0.82	%
	15 Year Fixed	417		—			23		440				0	%
	Total Ginnie Mae	$	135,005	$	(52	)	$	1,256	$	136,209			0.82	%
	Total Agency Securities	$	16,623,918	$	(168,140	)	$	23,956	$	16,479,734			100	%
	Included in the table above are unsettled purchases with an aggregate cost of $382,833 and estimated fair value of $381,109 at March 31, 2014.
	As of December 31, 2013, we had the following securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of December 31, 2013 are also presented below. Our Agency Securities had a weighted average coupon of 3.52% as of December 31, 2013.
	December 31, 2013	Amortized Cost		Gross Unrealized Loss			Gross Unrealized Gain		Fair Value			Percent of Total
	Fannie Mae
	ARMs&Hybrids	$	55,266	$	(48	)	$	1,174	$	56,392		0.4	%
	10 Year Fixed	1,144		—			25		1,169			0.01	%
	15 Year Fixed	2,556,986		(20,420		)	2,257		2,538,823			17.33	%
	20 Year Fixed	2,876,743		(104,357		)	56		2,772,442			18.93	%
	25 Year Fixed	207,946		—			—		207,946			1.42	%
	30 Year Fixed	5,230,008		—			—		5,230,008			35.7	%
	Total Fannie Mae	$	10,928,093	$	(124,825	)	$	3,512	$	10,806,780		73.79	%
	Freddie Mac
	ARMs&Hybrids	17,281		(29		)	428		17,680			0.12	%
	10 Year Fixed	406		(6		)	2		402			0	%
	15 Year Fixed	295,357		(3,287		)	1,560		293,630			2	%
	20 Year Fixed	2,093,482		(69,617		)	694		2,024,559			13.82	%
	25 Year Fixed	67,436		—			—		67,436			0.46	%
	30 Year Fixed	1,290,623		—			—		1,290,623			8.81	%
	Total Freddie Mac	$	3,764,585	$	(72,939	)	$	2,684	$	3,694,330		25.21	%
	Ginnie Mae
	ARMs&Hybrids	145,558		(64		)	1,129		146,623			1	%
	15YrFixed	422		—			23		445			0	%
	Total Ginnie Mae	$	145,980	$	(64	)	$	1,152	$	147,068		1	%
	Total Agency Securities	$	14,838,658	$	(197,828	)	$	7,348	$	14,648,178		100	%
	We apply trade date accounting. Included in the table above are unsettled purchases with an aggregate cost of $159,159 and estimated fair value of $158,850 at December 31, 2013.
	Actual maturities of Agency Securities are generally shorter than stated contractual maturities because actual maturities of Agency Securities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
	The following table summarizes the weighted average lives of our Agency Securities as of March 31, 2014 and December 31, 2013.
		March 31, 2014					December 31, 2013
	Weighted Average Life of all Agency Securities	Fair Value		Amortized			Fair Value		Amortized
				Cost					Cost
	Less than one year	$	1	$	1		$	2	$	2
	Greater than or equal to one year and less than three years	56,730		56,662			20,289		20,127
	Greater than or equal to three years and less than five years	11,796,745		11,886,476			3,809,418		3,837,530
	Greater than or equal to five years	4,626,258		4,680,779			10,818,469		10,980,999
	Total Agency Securities	$	16,479,734	$	16,623,918		$	14,648,178	$	14,838,658
	We use a third party model to calculate the weighted average lives of our Agency Securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our Agency Securities. These estimated prepayments are based on assumptions such as interest rates, current and future home prices, housing policy and borrower incentives. The weighted average lives of our Agency Securities as of March 31, 2014 and December 31, 2013 in the table above are based upon market factors, assumptions, models and estimates from the third party model and also incorporate management’s judgment and experience. The actual weighted average lives of our Agency Securities could be longer or shorter than estimated.
	The following table presents the unrealized losses and estimated fair value of our Agency Securities by length of time that such securities have been in a continuous unrealized loss position as of March 31, 2014 and December 31, 2013.
		Unrealized Loss Position For:
	Less than 12 Months					12 Months or More						Total
As of	Fair Value		Unrealized			Fair Value		Unrealized				Fair Value		Unrealized
			Losses					Losses						Losses
March 31, 2014	$	11,503,901	$	(98,162	)	$	1,746,638	$	(69,978	)		$	13,250,539	$	(168,140	)
December 31, 2013	$	7,175,317	$	(197,536	)	$	17,737	$	(292	)		$	7,193,054	$	(197,828	)
During the quarter ended March 31, 2014, we sold $5,575,987 of Agency Securities to reposition our portfolio, which resulted in realized gains of $69,869. During the quarter ended March 31, 2013, we sold $2,281,616 of Agency Securities resulting in realized gains of $18,514.

Repurchase_Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2014
Disclosure of Repurchase Agreements [Abstract]	'
Repurchase Agreements	'
	Repurchase Agreements
	The following table represents the contractual repricing regarding our repurchase agreements to finance Agency Security purchases as of March 31, 2014 and December 31, 2013.
			31-Mar-14						31-Dec-13
			Repurchase Agreements				Weighted Average Contractual Rate		Repurchase Agreements		Weighted Average Contractual Rate
	Within 30 days		$	(6,112,258	)		36.5	%	$	3,990,434	0.41	%
	31 days to 60 days		(6,006,880		)		36.9	%	7,098,298		0.41	%
	61 days to 90 days		(1,552,907		)		35.8	%	1,226,694		0.44	%
	Greater than 90 days		(1,491,330		)		46.1	%	836,078		0.43	%
	Total or Weighted Average		$	(15,163,375	)		37.5	%	$	13,151,504	0.42	%
	The following table represents the MRAs and other information regarding our repurchase agreements to finance Agency Security purchases as of March 31, 2014 and December 31, 2013.
			31-Mar-14			31-Dec-13
	Number of MRAs		37			35
	Number of counterparties with repurchase agreements outstanding		29			27
	Weighted average maturity in days		54			45
	Haircut for repurchase agreements (1)		4.9	%		5	%
	-1	The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.
	We have 8 repurchase agreement counterparties that individually account for between 5% and 10% of our aggregate borrowings. In total, these counterparties accounted for approximately 50.82% of our repurchase agreement borrowings outstanding at March 31, 2014.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivatives	'
	Derivatives
	We enter into derivative transactions to manage our interest rate risk exposure. These transactions include entering into interest rate swap contracts and interest rate swaptions as well as purchasing or selling Futures Contracts. These transactions are designed to lock in funding costs for repurchase agreements associated with our assets in such a way to help assure the realization of net interest margins. Such transactions are based on assumptions about prepayments which, if not realized, will cause transaction results to differ from expectations. Our derivatives are carried on our condensed balance sheets, as assets or as liabilities at their fair value. We do not designate our derivatives as cash flow hedges and as such, we recognize changes in the fair value of these derivatives through earnings.
	We have agreements with our swap (including swaption) counterparties that provide for the posting of collateral based on the fair values of our interest rate swap contracts. Through this margin process, either we or our swap counterparty may be required to pledge cash or Agency Securities as collateral. Collateral requirements vary by counterparty and change over time based on the market value, notional amount and remaining term of the contracts. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty.
	Interest rate swaptions generally provide us the option to enter into an interest rate swap agreement at a certain point of time in the future with a predetermined notional amount, stated term and stated rate of interest in the fixed leg and interest rate index on the floating leg.
	Our Futures Contracts are traded on the CME which requires the use of daily mark-to-market collateral and the CME provides substantial credit support. The collateral requirements of the CME require us to pledge assets under a bi-lateral margin arrangement, including either cash or Agency Securities and these requirements may vary and change over time based on the market value, notional amount and remaining term of the Futures Contracts.  In the event we are unable to meet a margin call under one of our Futures Contracts, the counterparty to such agreement may have the option to terminate or close-out all of the outstanding Futures Contracts with us. In addition, any close-out amount due to the counterparty upon termination of the counterparty’s transactions would be immediately payable by us pursuant to the applicable agreement.
	The following tables present information about interest rate swap contracts, interest rate swaptions and Futures Contracts which are included in derivatives on the accompanying condensed balance sheets as of March 31, 2014 and December 31, 2013.
	March 31, 2014
	Derivative Type		Remaining / Underlying Term		Weighted Average Remaining Swap / Option Term (Months)		Weighted Average Rate			Notional Amount				Asset Fair Value (1)				Liability Fair Value (1)
	Interest rate swap contracts		0-12 Months		11		1.59	%		$	305,000			—				$	(4,545	)
	Interest rate swap contracts		13-24 Months		21		0.94	%		2,325,000				—				(31,644		)
	Interest rate swap contracts		25-36 Months		27		1.63	%		1,200,000				—				(45,685		)
	Interest rate swap contracts		37-48 Months		43		0.8	%		650,000				6,578				—
	Interest rate swap contracts		49-60 Months		0		0	%		—				—				—
	Interest rate swap contracts		61-72 Months		70		1.48	%		300,000				9,646				—
	Interest rate swap contracts		73-84 Months		0		0	%		—				—				—
	Interest rate swap contracts		85-96 Months		0		0	%		—				—				—
	Interest rate swap contracts		97-108 Months		103		1.79	%		5,250,000				274,917				—
	Interest rate swap contracts		109-120 Months		0		0	%		—				—				—
	Futures Contracts		0-21 Months		10		1.97	%		55,000				—				(1,094		)
	Interest rate swaptions		60 Months		6		2.73	%		4,000,000				14,044				—
	Interest rate swaptions		120 Months		6		3.63	%		1,250,000				5,185				—
	Total or Weighted Average				46		1.99	%		$	15,335,000			$	310,370			$	(82,968	)
	-1	See Note 4, “Fair Value of Financial Instruments” for additional discussion.
	December 31, 2013
	Derivative Type		Remaining / Underlying Term		Weighted Average Remaining Swap / Option Term (Months)		Weighted Average Rate			Notional Amount				Asset Fair Value (1)				Liability Fair Value (1)
	Interest rate swap contracts		0-12 Months		2		1.14	%		$	200,000			—				$	(2,089	)
	Interest rate swap contracts		13-24 Months		17		1.13	%		920,000				—				(18,095		)
	Interest rate swap contracts		25-36 Months		28		1.23	%		2,900,000				—				(81,108		)
	Interest rate swap contracts		37-48 Months		43		0.63	%		350,000				2,614				—
	Interest rate swap contracts		49-60 Months		49		1	%		300,000				3,817				—
	Interest rate swap contracts		61-72 Months		0		0	%		—				—				—
	Interest rate swap contracts		73-84 Months		73		1.48	%		300,000				11,112				—
	Interest rate swap contracts		85-96 Months		0		0	%		—				—				—
	Interest rate swap contracts		97-108 Months		103		1.47	%		2,450,000				195,221				—
	Interest rate swap contracts		109-120 Months		110		2.08	%		2,800,000				184,456				—
	Futures Contracts		0-21 Months		13		1.97	%		55,000				—				(1,503		)
	Interest rate swaptions		60 Months		9		2.73	%		4,000,000				35,937				—
	Interest rate swaptions		120 Months		6		3.16	%		1,750,000				75,831				—
	Total or Weighted Average				47		1.98	%		$	16,025,000			$	508,988			$	(102,795	)
	-1	See Note 4, “Fair Value of Financial Instruments” for additional discussion.
	We have netting arrangements in place with all derivative counterparties pursuant to standard documentation developed by the International Swap and Derivatives Association. We are also required to post or hold cash collateral based upon the net underlying market value of our open positions with the counterparty.
	The following tables present information about interest rate swap contracts, interest rate swaptions and Futures Contracts and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed balance sheets. Currently, we present these financial instruments at their gross amounts and they are included in derivatives, at fair value on the accompanying condensed balance sheet as of March 31, 2014.
	31-Mar-14						Gross Amounts Not Offset in the Condensed Balance Sheet
	Assets		Gross and Net Amounts of Assets Presented in the Condensed Balance Sheet				Financial				Net Cash Collateral				Net Amount
							Instruments				Held
	Interest rate swap contracts		$	291,140			$	(81,874	)		$	(164,162	)		$	45,104
	Interest rate swaptions		19,230				—				—				19,230
	Totals		$	310,370			$	(81,874	)		$	(164,162	)		$	64,334
	31-Mar-14						Gross Amounts Not Offset in the Condensed Balance Sheet
	Liabilities		Gross and Net Amounts of Liabilities Presented in the Condensed Balance Sheet				Financial				Cash Collateral				Net Amount
							Instruments				Posted
	Interest rate swap contracts		$	(81,874	)		$	81,874			$	—			$	—
	Futures Contracts		(1,094		)		—				1,159				65
	Totals		$	(82,968	)		$	81,874			$	1,159			$	65
	The following tables present information about interest rate swap contracts, interest rate swaptions and Futures Contracts and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed balance sheets. Currently we present these financial instruments at their gross amounts and they are included in derivatives, at fair value on the accompanying condensed balance sheet as of December 31, 2013.
	31-Dec-13						Gross Amounts Not Offset in the Condensed Balance Sheet
	Assets		Gross and Net Amounts of Assets Presented in the Condensed				Financial				Cash Collateral				Net Amount
			Balance Sheet				Instruments				Held
	Interest rate swap contracts		$	397,219			$	(101,292	)		$	(313,229	)		$	(17,302	)
	Interest rate swaptions		111,769				—				—				111,769
	Totals		$	508,988			$	(101,292	)		$	(313,229	)		$	94,467
	31-Dec-13						Gross Amounts Not Offset in the Condensed Balance Sheet
	Liabilities		Gross and Net Amounts of Liabilities Presented in the Condensed Balance Sheet				Financial				Cash Collateral				Net Amount
Instruments							Posted
Interest rate swap contracts		$	(101,292	)		$	101,292			$	—			$	—
Futures Contracts		(1,503		)		—				1,599				96
Totals		$	(102,795	)		$	101,292			$	1,599			$	96
The following table represents the location and information regarding our derivatives which are included in Other Income (Loss) in the accompanying condensed statements of operations for the quarters ended March 31, 2014 and March 31, 2013.
				Income (Loss) Recognized
				For the Quarters
				Ended
Derivatives		Location on condensed statements of operations		March 31, 2014				March 31, 2013
Interest rate swap contracts:
Interest income		Realized loss on derivatives		$	3,236			$	4,099
Interest expense		Realized loss on derivatives		(37,852		)		(32,501		)
Changes in fair value		Unrealized gain (loss) on derivatives		(103,306		)		16,953
				$	(137,922	)		$	(11,449	)
Interest rate swaptions:
Realized gain		Realized loss on derivatives		23,317				—
Changes in fair value		Unrealized gain (loss) on derivatives		(73,458		)		(1,309		)
				$	(50,141	)		$	(1,309	)
Futures Contracts:
Realized loss		Realized loss on derivatives		(440		)		(651		)
Changes in fair value		Unrealized gain (loss) on derivatives		409				657
				$	(31	)		$	6
Totals				$	(188,094	)		$	(12,752	)

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Management Agreement with ARRM
	As discussed in Note 13 “Related Party Transactions,” we are externally managed by ARRM pursuant to a management agreement (the “Management Agreement”), which was most recently amended on February 25, 2014. The Management Agreement entitles ARRM to receive a management fee payable monthly in arrears. Currently, the monthly management fee is 1/12th  of the sum of (a) 1.5% of gross equity raised up to $1.0 billion plus (b) 0.75% of gross equity raised in excess of $1.0 billion. The cost of repurchased stock and any dividend representing a return of capital for tax purposes will reduce the amount of gross equity raised used to calculate the monthly management fee. As of March 31, 2014, the effective management fee was 1.026% based on gross equity raised. The ARRM monthly management fee is not calculated based on the performance of our assets. Accordingly, the payment of our monthly management fee may not decline in the event of a decline in our earnings and may cause us to incur losses. We are also responsible for any costs and expenses that ARRM incurred solely on behalf of ARMOUR other than the various overhead expenses specified in the terms of the Management Agreement. ARRM is further entitled to receive a termination fee from us under certain circumstances.
	Pursuant to a Sub-Management Agreement between ARMOUR, ARRM and Staton Bell Blank Check LLC (“SBBC”), ARRM is responsible for the monthly payment of a sub-management fee to SBBC in an amount equal to 25% of the monthly management fee earned by ARRM, net of expenses. On November 6, 2014, SBBC has the option of terminating the Sub-Management Agreement. If the Sub-Management Agreement is terminated, we would be required to make a final payment to SBBC in the amount of 6.16 times the annualized rate of the sub-management fee for the prior three months. Thereafter, we will be entitled to receive the sub-management fee or, at the option of ARRM, reimbursement of the final payment by ARRM. The payments from ARRM to SBBC for the three months preceding March 31, 2014 totaled $1,364. If the Sub-Management Agreement had been terminated on March 31, 2014, the payment due from ARMOUR would have been $33,609.
	Indemnifications and Litigation
	We enter into certain contracts that contain a variety of indemnifications, principally with ARRM and underwriters, against third party claims for errors and omissions in connection with their services to us. We have not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements, as well as the maximum amount attributable to past events, is not material. Accordingly, we have no liabilities recorded for these agreements as of March 31, 2014 and December 31, 2013.
	We are not party to any pending, threatened or contemplated litigation.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share Based Compensation	'
	Stock Based Compensation
	We adopted the 2009 Stock Incentive Plan (the “Plan”) to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“Restricted Shares”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively “Awards”), subject to terms as provided in the Plan.
	On May 12, 2010, the Board allocated up to 250 shares to be available under the Plan. In considering such allocation, the Board considered the size of the Plan relative to our capital base and our current and potential future performance and capitalization. On July 18, 2011, our stockholders approved an amendment to the Plan to increase the number of shares issuable thereunder from 250 shares to 2,000 shares and the Plan was amended accordingly. As of March 31, 2014, all 2,000 shares allocated to the Plan have been awarded. Of these awards, approximately 150 shares vesting in 2017 were awarded subject to stockholder approval by June 30, 2017 of an increase to the number of shares issuable under the Plan.
	Transactions related to Restricted Shares for the quarter ended March 31, 2014 are summarized below:
		March 31, 2014
		Number of		Weighted
		Awards		Average Grant
				Date Fair
				Value per
				Award
	Unvested Awards Outstanding beginning of period	1,329		$	6.94
	Vested	(106	)	$	7.11
	Unvested Awards Outstanding end of period	1,223		$	6.94
	As of March 31, 2014, there was approximately $5,332 of unvested non-cash stock based compensation related to the Awards (based on the March 31, 2014 stock price of $4.12 per share), that we expect to recognize as an expense over the remaining average service period of 2.6 years.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Dividends
	The following table presents our common stock dividend transactions for the quarter ended March 31, 2014.
	Record Date		Payment Date	Rate per common share			Aggregate
							amount paid to
							holders of record
	15-Jan-14		30-Jan-14	$	0.05		$	17,954
	14-Feb-14		27-Feb-14	$	0.05		$	17,954
	17-Mar-14		28-Mar-14	$	0.05		$	17,945
	The following table presents our Series A Preferred Stock dividend transactions for the quarter ended March 31, 2014.
	Record Date		Payment Date	Rate per			Aggregate
				Series A			amount paid to
				Preferred			holders of record
				Share
	15-Jan-14		27-Jan-14	$	0.17		$	375
	15-Feb-14		27-Feb-14	$	0.17		$	375
	15-Mar-14		27-Mar-14	$	0.17		$	375
	The following table presents our Series B Preferred Stock dividend transactions for the quarter ended March 31, 2014.
	Record Date		Payment Date	Rate per			Aggregate
				Series B			amount paid to
				Preferred			holders of record
				Share
	15-Jan-14		27-Jan-14	$	0.16		$	927
	15-Feb-14		27-Feb-14	$	0.16		$	927
	15-Mar-14		27-Mar-14	$	0.16		$	927
	Equity Capital Raising Activities
	The following table presents our equity transactions for the quarter ended March 31, 2014.
	Transaction Type		Completion Date	Number of		Per Share				Net Proceeds
				Shares		price
	Common stock dividend reinvestment program		January 27, 2014 through March 28, 2014	19		$	4.16		-1	$	81
	-1	Weighted average price
	Common Stock Repurchases
	The following table presents our common stock repurchases for the quarter ended March 31, 2014.
	Transaction Type		Completion Date	Number of		Per Share price			Net Cost
				Shares
	Repurchased common shares		March 12, 2014 through March 14, 2014	600		4.31		-1	$	2,585
	-1	Weighted average price

Net_Loss_Income_per_Common_Sha

Net (Loss) Income per Common Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Net Income (Loss) per Common Share	'
	Income (Loss) per Common Share
	The following table presents a reconciliation of net income (loss) and the shares used in calculating weighted average basic and diluted earnings per common share for the quarters ended March 31, 2014 and March 31, 2013.
		For the Quarters
		Ended
		31-Mar-14			31-Mar-13
	Net Income (loss)	$	(19,778	)	$	102,290
	Less: Preferred dividends	(3,905		)	(2,497		)
	Net income (loss) available (related) to common stockholders	$	(23,683	)	$	99,793
	Weighted average common shares outstanding – basic	357,496			337,935
	Add: Effect of dilutive non-vested restricted stock unit awards, assumed vested	—			1,787
	Weighted average common shares outstanding – diluted	357,496			339,722

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	We have elected to be taxed as a REIT under the Code. We will generally not be subject to federal income tax to the extent that we distribute our taxable income to our stockholders and as long as we satisfy the ongoing REIT requirements under the Code including meeting certain asset, income and stock ownership tests.
	The following table reconciles our GAAP net income to estimated REIT taxable income for the quarters ended March 31, 2014 and March 31, 2013.
		For the Quarters
		Ended
		31-Mar-14			31-Mar-13
	GAAP net income (loss)	$	(19,778	)	$	102,290
	Book to tax differences:
	Changes in derivatives	153,038			(16,301		)
	Gains on Agency Security Sales	(69,869		)	—
	Amortization of deferred hedging costs	293			—
	Net premium amortization differences	(5,343		)	—
	Other	6			—
	Estimated taxable income	$	58,347		$	85,989
	The aggregate tax basis of our assets and liabilities was less than our total Stockholders’ Equity at March 31, 2014 by approximately $(125,680), or approximately $(0.35) per common share (based on the 357,102 common shares then outstanding).
	We are required and intend to timely distribute substantially all of our REIT taxable income in order to maintain our REIT status under the Code. Total dividend payments to stockholders were $57,758 for the quarter ended March 31, 2014. Our estimated REIT taxable income available to pay dividends was $58,347 for the quarter ended March 31, 2014. Realized losses on derivatives for the quarter ended March 31, 2014 include realized gains on swaptions of $23,317, which are amortized for tax purposes over the ten year terms of the referenced interest rate swap contract. Our taxable REIT income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends in excess of taxable REIT income for the year (including amounts carried forward from prior years) will generally not be taxable to common stockholders.
	Net capital losses realized in 2013 and 2014 totaling $(579,322) and $(303,749) will be available to offset future capital gains realized through 2018 and 2019, respectively.
	Our management is responsible for determining whether tax positions taken by us are more likely than not to be sustained on their merits. We have no material unrecognized tax benefits or material uncertain tax positions.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	We are externally managed by ARRM pursuant to the Management Agreement. All of our executive officers are also employees of ARRM. ARRM manages our day-to-day operations, subject to the direction and oversight of the Board. The Management Agreement expires after an initial term of ten years on June 18, 2022 and is thereafter automatically renewed for an additional five-year term unless terminated under certain circumstances. Either party must provide 180 days prior written notice of any such termination.
	Under the terms of the Management Agreement, ARRM is responsible for costs incident to the performance of its duties, such as compensation of its employees and various overhead expenses. ARRM is responsible for the following primary roles:
	•	Advising us with respect to, arranging for and managing the acquisition, financing, management and disposition of, elements of our investment portfolio;
	•	Evaluating the duration risk and prepayment risk within the investment portfolio and arranging borrowing and hedging strategies;
	•	Coordinating capital raising activities;
	•	Advising us on the formulation and implementation of operating strategies and policies, arranging for the acquisition of assets, monitoring the performance of those assets  and providing administrative and managerial services in connection with our day-to-day operations; and
	•	Providing executive and administrative personnel, office space and other appropriate services required in rendering management services to us.
	In accordance with the Management Agreement, we incurred $6,965 in management fees for the quarter ended March 31, 2014. For the quarter ended March 31, 2013, we incurred $6,633 in management fees.
	We are required to take actions as may be reasonably required to permit and enable ARRM to carry out its duties and obligations. We are also responsible for any costs and expenses that ARRM incurred solely on behalf of ARMOUR other than the various overhead expenses specified in the terms of the Management Agreement. For the quarter ended March 31, 2014, we reimbursed ARRM $460 for other expenses incurred on our behalf. We also reimbursed $234 of compensation expense during the quarter ended March 31, 2014 related to Restricted Shares for ARRM employees. For the quarter ended March 31, 2013, we reimbursed ARRM $396 for expenses incurred on our behalf and $371 for stock based compensation expense (see Note 9, “Stock Based Compensation” for additional discussion).
	See Note 8, "Commitments and Contingencies" for discussion of the Sub-Management Agreement.

Interest_Rate_Risk

Interest Rate Risk	3 Months Ended
	Mar. 31, 2014
Interest Rate Risk [Abstract]	'
Interest Rate Risk	'
	Interest Rate Risk
	Our primary market risk is interest rate risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned and the interest expense incurred in connection with the liabilities, by affecting the spread between the interest-earning assets and interest-bearing liabilities. Changes in the level of interest rates also can affect the value of Agency Securities and our ability to realize gains from the sale of these assets. A decline in the value of the Agency Securities pledged as collateral for borrowings under repurchase agreements could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	On April 28, 2014, a cash dividend of $0.17 per outstanding share of Series A Preferred Stock, or $375 in the aggregate, and $0.16 per outstanding share of Series B Preferred Stock, or $927 in the aggregate, was paid to holders of record on April 15, 2014.
	On April 29, 2014, a cash dividend of $0.05 per outstanding common share, or $17,924 in the aggregate, was paid to holders of record on April 15, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Cash	'
	Cash
	Cash includes cash on deposit with financial institutions. We may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
Cash Collateral Posted/Held	'
	Cash Collateral Posted/Held
	Cash collateral posted (held) represents cash posted by us to counterparties or (held) by us from counterparties as collateral for our interest rate swap contracts, Eurodollar Futures Contracts (“Futures Contracts”) and repurchase agreements on our Agency Securities.
Agency Securities, at Fair Value	'
	Agency Securities, at Fair Value
	We generally intend to hold most of our Agency Securities for extended periods of time. We may, from time to time, sell any of our Agency Securities as part of the overall management of our securities portfolio. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. As of March 31, 2014 and December 31, 2013, all of our Agency Securities were classified as available for sale. Agency Securities classified as available for sale are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of the condensed statements of comprehensive income (loss).
	We evaluate Agency Securities for other than temporary impairment at least on a quarterly basis and more frequently when economic or market concerns warrant such evaluation. We consider an impairment to be other than temporary if we (1) have the intent to sell the Agency Securities, (2) believe it is more likely than not that we will be required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations) or (3) a credit loss exists. Impairment losses recognized establish a new cost basis for the related Agency Securities.
Accrued Interest Receivable and Payable	'
	Accrued Interest Receivable and Payable
	Accrued interest receivable includes interest accrued between payment dates on Agency Securities. Accrued interest payable includes interest payable on our repurchase agreements.
Repurchase Agreements	'
	Repurchase Agreements
	We finance the acquisition of our Agency Securities through the use of repurchase agreements. Our repurchase agreements are secured by our Agency Securities and bear interest rates that have historically moved in close relationship to the Federal Funds Rate and the London Interbank Offered Rate (“LIBOR”). Under these repurchase agreements, we sell Agency Securities to a lender and agree to repurchase the same Agency Securities in the future for a price that is higher than the original sales price. The difference between the sales price that we receive and the repurchase price that we pay represents interest paid to the lender. A repurchase agreement operates as a financing arrangement under which we pledge our Agency Securities as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. We retain beneficial ownership of the pledged collateral.  At the maturity of a repurchase agreement, we are required to repay the loan and concurrently receive back our pledged collateral from the lender or, with the consent of the lender, we may renew such agreement at the then prevailing interest rate. The repurchase agreements may require us to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
	In addition to the repurchase agreement financing discussed above, at certain times we have entered into reverse repurchase agreements with certain of our repurchase agreement counterparties. Under a typical reverse repurchase agreement, we purchase U.S. Treasury Securities from a borrower in exchange for cash and agree to sell the same securities in the future in exchange for a price that is higher than the original purchase price. The difference between the purchase price originally paid and the sale price represents interest received from the borrower. Reverse repurchase agreement receivables and repurchase agreement liabilities are presented net when they meet certain criteria, including being with the same counterparty, being governed by the same master repurchase agreement ("MRA"), settlement through the same brokerage or clearing account and maturing on the same day.
Obligations to Return Securities Received as Collateral, at Fair Value	'
	Obligations to Return Securities Received as Collateral, at Fair Value
	At certain times, we also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our condensed balance sheets. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged.
Derivatives, at Fair Value	'
	Derivatives, at Fair Value
	We recognize all derivatives as either assets or liabilities at fair value on our condensed balance sheets. Since we have not elected cash flow hedge accounting treatment as allowed by GAAP, all changes in the fair values of our derivatives are reflected in our condensed statements of operations. Accordingly, our operating results may reflect greater volatility than otherwise would be the case, because gains or losses on derivatives may not be offset by changes in the fair value or cash flows of the transaction within the same accounting period or ever. Consequently, any declines in the fair value of our derivatives result in a charge to earnings. We will continue to designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income.
Credit Risk	'
	Credit Risk
	We have limited our exposure to credit losses on our securities portfolio of Agency Securities. The payment of principal and interest on the Freddie Mac and Fannie Mae Agency Securities are guaranteed by those respective agencies and the payment of principal and interest on the Ginnie Mae Agency Securities are backed by the full faith and credit of the U.S. Government.
	Fannie Mae and Freddie Mac remain in conservatorship of the U.S. Government. There can be no assurances as to how or when the U.S. Government will end these conservatorships or how the future profitability of Fannie Mae and Freddie Mac and any future credit rating actions may impact the credit risk associated with Agency Securities and, therefore, the value of the Agency Securities in our securities portfolio.
Market Risk	'
	Market Risk
	Weakness in the mortgage market may adversely affect the performance and market value of our investments. This could negatively impact our book value. Furthermore, if our lenders are unwilling or unable to provide additional financing, we could be forced to sell our Agency Securities at an inopportune time when prices are depressed.
Preferred Stock	'
	Preferred Stock
	At March 31, 2014, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof.
	Series A Cumulative Preferred Shares (“Series A Preferred Stock”)
	On June 6, 2012, we filed with the Maryland State Department of Assessments and Taxation to designate 1,610 shares of the 50,000 authorized preferred stock as 8.250% Series A Preferred Stock with the powers, designations, preferences and other rights as set forth therein. On July 13, 2012, we entered into an At Market Issuance Sales Agreement with MLV & Co. LLC, as our agent, to offer and sell, from time to time, up to 6,000 shares of Series A Preferred Stock. On July 27, 2012, we entered into an Equity Distribution Agreement with Citadel Securities LLC, as our agent, to offer and sell, from time to time, up to 2,000 shares of Series A Preferred Stock. At March 31, 2014, there were 9,610 shares designated as Series A Preferred Stock.
	We had 2,181 shares of Series A Preferred Stock issued and outstanding at March 31, 2014 and December 31, 2013. Our Series A Preferred Stock has a par value of $0.001 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends. The Series A Preferred Stock is entitled to a dividend at a rate of 8.250% per year based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series A Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends exclusively at our option commencing on June 7, 2017 (subject to our right under limited circumstances to redeem the Series A Preferred Stock earlier in order to preserve our qualification as a REIT). The Series A Preferred Stock is senior to our common stock and therefore in the event of liquidation, dissolution or winding up, the Series A Preferred Stock will receive a liquidation preference of $25.00 per share plus accumulated and unpaid dividends before distributions are paid to holders of our common stock, with no right or claim to any of our remaining assets thereafter. The Series A Preferred Stock generally does not have voting rights except if we fail to pay dividends on the Series A Preferred Stock for eighteen months, whether or not consecutive. Under such circumstances, the Series A Preferred Stock will be entitled to vote to elect two additional directors to the Board, until all unpaid dividends have been paid or declared and set aside for payment. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a change of control by the holders of Series A Preferred Stock.
	Series B Cumulative Preferred Shares (”Series B Preferred Stock”)
	On February 11, 2013, we filed with the Maryland State Department of Assessments and Taxation to designate 6,210 shares of the 50,000 authorized preferred stock as 7.875% Series B Preferred Stock with the powers, designations, preferences and other rights as set forth therein.
	We had 5,650 shares of Series B Preferred Stock issued and outstanding at March 31, 2014 and December 31, 2013. Our Series B Preferred Stock has a par value of $0.001 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends. The Series B Preferred Stock is entitled to a dividend at a rate of 7.875% per year based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends exclusively at our option commencing on February 12, 2018 (subject to our right under limited circumstances to redeem the Series A Preferred Stock earlier in order to preserve our qualification as a REIT). The Series B Preferred Stock is senior to our common stock and rank on parity with the Series A Preferred Stock. In the event of liquidation, dissolution or winding up, the Series B Preferred Stock will receive a liquidation preference of $25.00 per share plus accumulated and unpaid dividends before distributions are paid to holders of our common stock, with no right or claim to any of our remaining assets thereafter. The Series B Preferred Stock generally does not have voting rights except if we fail to pay dividends on the Series B Preferred Stock for eighteen months, whether or not consecutive. Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Board, until all unpaid dividends have been paid or declared and set aside for payment. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a change of control by the holders of Series B Preferred Stock.
Common Stock	'
	Common Stock
	Common Stock
	At March 31, 2014, we were authorized to issue up to 1,000,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 357,102 shares of common stock issued and outstanding at March 31, 2014 and 357,613 shares of common stock issued and outstanding at December 31, 2013.
	Common Stock Repurchased
	On December 17, 2012, we announced that our Board had authorized a stock repurchase program of up to $100,000 of shares of our common stock outstanding (the “Repurchase Program”). On March 5, 2014, our Board increased the authorization to 50,000 shares of our common stock outstanding. Under the Repurchase Program shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. For the quarter ended March 31, 2014, we repurchased 600 shares of our common stock under the Repurchase Program for an aggregate of $2,585. At March 31, 2014, there were 49,400 remaining shares authorized for repurchase under our Repurchase Program.
Revenue Recognition	'
	Revenue Recognition
	Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Premiums and discounts associated with the purchase of Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur.
Comprehensive Income	'
	Comprehensive Income (Loss)
	Comprehensive income (loss) refers to changes in equity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	'
	The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013.
		Quoted Prices		Significant		Significant		Balance at March 31, 2014
		in Active		Observable		Unobservable
		Markets for		Inputs		Inputs
		Identical Assets		(Level 2)		(Level 3)
		(Level 1)
	Assets at Fair Value:
	Agency Securities, available for sale	$	—	$	16,479,734	$	—	$	16,479,734
	Derivatives	$	—	$	310,370	$	—	$	310,370
	Liabilities at Fair Value:
	Derivatives	$	1,094	$	81,874	$	—	$	82,968
	There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the quarter ended March 31, 2014.
		Quoted Prices		Significant		Significant		Balance at December 31, 2013
		in Active		Observable		Unobservable
		Markets for		Inputs		Inputs
		Identical Assets		(Level 2)		(Level 3)
		(Level 1)
	Assets at Fair Value:
	Agency Securities, available for sale	$	—	$	14,648,178	$	—	$	14,648,178
	Derivatives	$	—	$	508,988	$	—	$	508,988
	Liabilities at Fair Value:
	Derivatives	$	1,503	$	101,292	$	—	$	102,795
Carrying Values and Fair Values of Financial Assets and Liabilities	'
	The following tables provide a summary of the carrying values and fair values of our financial assets and liabilities not carried at fair value but for which fair value is required to be disclosed as of March 31, 2014 and December 31, 2013.
		31-Mar-14				Fair Value Measurements using:
		Carrying Value		Fair		Quoted Prices		Significant		Significant
				Value		in Active		Observable		Unobservable
						Markets for		Inputs		Inputs
						Identical		(Level 2)		(Level 3)
						Assets
						(Level 1)
	Financial Assets:
	Cash	$	588,832	$	588,832	$	588,832	$	—	$	—
	Cash collateral posted	$	23,873	$	23,873	$	—	$	23,873	$	—
	Receivable for unsettled sales	$	296,378	$	296,378	$	—	$	296,378	$	—
	Principal payments receivable	$	39	$	39	$	—	$	39	$	—
	Accrued interest receivable	$	45,492	$	45,492	$	—	$	45,492	$	—
	Financial Liabilities:
	Repurchase agreements	$	15,163,375	$	15,163,375	$	—	$	15,163,375	$	—
	Cash collateral held	$	238,852	$	238,852	$	—	$	238,852	$	—
	Payable for unsettled purchases	$	382,833	$	382,833	$	—	$	382,833	$	—
	Accrued interest payable	$	6,041	$	6,041	$	—	$	6,041	$	—
		31-Dec-13				Fair Value Measurements using:
		Carrying Value		Fair		Quoted Prices		Significant		Significant
				Value		in Active		Observable		Unobservable
						Markets for		Inputs		Inputs
						Identical		(Level 2)		(Level 3)
						Assets
						(Level 1)
	Financial Assets:
	Cash	$	496,478	$	496,478	$	496,478	$	—	$	—
	Cash collateral posted	$	35,917	$	35,917	$	—	$	35,917	$	—
	Principal payments receivable	$	70	$	70	$	—	$	70	$	—
	Accrued interest receivable	$	42,034	$	42,034	$	—	$	42,034	$	—
	Financial Liabilities:
	Repurchase agreements	$	13,151,504	$	13,151,504	$	—	$	13,151,504	$	—
	Cash collateral held	$	387,845	$	387,845	$	—	$	387,845	$	—
	Payable for unsettled purchases	$	159,159	$	159,159	$	—	$	159,159	$	—
	Accrued interest payable	$	6,629	$	6,629	$	—	$	6,629	$	—

Agency_Securities_Available_fo1

Agency Securities, Available for Sale (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Available-for-sale Securities	'
	As of March 31, 2014, we had the following Agency Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of March 31, 2014 are also presented below. Our Agency Securities had a weighted average coupon of 3.42% as of March 31, 2014.
	March 31, 2014	Amortized Cost		Gross Unrealized Loss			Gross Unrealized Gain		Fair Value				Percent of Total
	Fannie Mae
	ARMs & Hybrids	$	51,194	$	(39	)	$	1,197	$	52,352			0.32	%
	Multi-Family MBS	212,544		(624		)	83		212,003				1.29	%
	10 Year Fixed	1,105		—			26		1,131				0	%
	15 Year Fixed	9,867,088		(42,801		)	5,342		9,829,629				59.65	%
	20 Year Fixed	2,808,118		(72,300		)	827		2,736,645				16.61	%
	30 Year Fixed	863,463		—			8,262		871,725				5.29	%
	Total Fannie Mae	$	13,803,512	$	(115,764	)	$	15,737	$	13,703,485			83.16	%
	Freddie Mac
	ARMs & Hybrids	16,888		(34		)	458		17,312				0.11	%
	10 Year Fixed	368		(5		)	2		365				0	%
	15 Year Fixed	282,343		(2,024		)	1,414		281,733				1.71	%
	20 Year Fixed	2,047,929		(50,261		)	1,909		1,999,577				12.13	%
	30 Year Fixed	337,873		—			3,180		341,053				2.07	%
	Total Freddie Mac	$	2,685,401	$	(52,324	)	$	6,963	$	2,640,040			16.02	%
	Ginnie Mae
	ARMs & Hybrids	134,588		(52		)	1,233		135,769				0.82	%
	15 Year Fixed	417		—			23		440				0	%
	Total Ginnie Mae	$	135,005	$	(52	)	$	1,256	$	136,209			0.82	%
	Total Agency Securities	$	16,623,918	$	(168,140	)	$	23,956	$	16,479,734			100	%
	As of December 31, 2013, we had the following securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of December 31, 2013 are also presented below. Our Agency Securities had a weighted average coupon of 3.52% as of December 31, 2013.
	December 31, 2013	Amortized Cost		Gross Unrealized Loss			Gross Unrealized Gain		Fair Value			Percent of Total
	Fannie Mae
	ARMs&Hybrids	$	55,266	$	(48	)	$	1,174	$	56,392		0.4	%
	10 Year Fixed	1,144		—			25		1,169			0.01	%
	15 Year Fixed	2,556,986		(20,420		)	2,257		2,538,823			17.33	%
	20 Year Fixed	2,876,743		(104,357		)	56		2,772,442			18.93	%
	25 Year Fixed	207,946		—			—		207,946			1.42	%
	30 Year Fixed	5,230,008		—			—		5,230,008			35.7	%
	Total Fannie Mae	$	10,928,093	$	(124,825	)	$	3,512	$	10,806,780		73.79	%
	Freddie Mac
	ARMs&Hybrids	17,281		(29		)	428		17,680			0.12	%
	10 Year Fixed	406		(6		)	2		402			0	%
	15 Year Fixed	295,357		(3,287		)	1,560		293,630			2	%
	20 Year Fixed	2,093,482		(69,617		)	694		2,024,559			13.82	%
	25 Year Fixed	67,436		—			—		67,436			0.46	%
	30 Year Fixed	1,290,623		—			—		1,290,623			8.81	%
	Total Freddie Mac	$	3,764,585	$	(72,939	)	$	2,684	$	3,694,330		25.21	%
	Ginnie Mae
	ARMs&Hybrids	145,558		(64		)	1,129		146,623			1	%
	15YrFixed	422		—			23		445			0	%
	Total Ginnie Mae	$	145,980	$	(64	)	$	1,152	$	147,068		1	%
	Total Agency Securities	$	14,838,658	$	(197,828	)	$	7,348	$	14,648,178		100	%
Investments Classified by Contractual Maturity Date	'
	The following table summarizes the weighted average lives of our Agency Securities as of March 31, 2014 and December 31, 2013.
		March 31, 2014					December 31, 2013
	Weighted Average Life of all Agency Securities	Fair Value		Amortized			Fair Value		Amortized
				Cost					Cost
	Less than one year	$	1	$	1		$	2	$	2
	Greater than or equal to one year and less than three years	56,730		56,662			20,289		20,127
	Greater than or equal to three years and less than five years	11,796,745		11,886,476			3,809,418		3,837,530
	Greater than or equal to five years	4,626,258		4,680,779			10,818,469		10,980,999
	Total Agency Securities	$	16,479,734	$	16,623,918		$	14,648,178	$	14,838,658
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	'
	The following table presents the unrealized losses and estimated fair value of our Agency Securities by length of time that such securities have been in a continuous unrealized loss position as of March 31, 2014 and December 31, 2013.
		Unrealized Loss Position For:
		Less than 12 Months					12 Months or More						Total
	As of	Fair Value		Unrealized			Fair Value		Unrealized				Fair Value		Unrealized
				Losses					Losses						Losses
	March 31, 2014	$	11,503,901	$	(98,162	)	$	1,746,638	$	(69,978	)		$	13,250,539	$	(168,140	)
	December 31, 2013	$	7,175,317	$	(197,536	)	$	17,737	$	(292	)		$	7,193,054	$	(197,828	)

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Repurchase Agreements [Abstract]	'
Schedule of Repurchase Agreements	'
	The following table represents the contractual repricing regarding our repurchase agreements to finance Agency Security purchases as of March 31, 2014 and December 31, 2013.
		31-Mar-14						31-Dec-13
		Repurchase Agreements				Weighted Average Contractual Rate		Repurchase Agreements		Weighted Average Contractual Rate
	Within 30 days	$	(6,112,258	)		36.5	%	$	3,990,434	0.41	%
	31 days to 60 days	(6,006,880		)		36.9	%	7,098,298		0.41	%
	61 days to 90 days	(1,552,907		)		35.8	%	1,226,694		0.44	%
	Greater than 90 days	(1,491,330		)		46.1	%	836,078		0.43	%
	Total or Weighted Average	$	(15,163,375	)		37.5	%	$	13,151,504	0.42	%
	The following table represents the MRAs and other information regarding our repurchase agreements to finance Agency Security purchases as of March 31, 2014 and December 31, 2013.
		31-Mar-14			31-Dec-13
	Number of MRAs	37			35
	Number of counterparties with repurchase agreements outstanding	29			27
	Weighted average maturity in days	54			45
	Haircut for repurchase agreements (1)	4.9	%		5	%

Derivatives_Tables

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Derivative Instruments	'
	The following tables present information about interest rate swap contracts, interest rate swaptions and Futures Contracts which are included in derivatives on the accompanying condensed balance sheets as of March 31, 2014 and December 31, 2013.
	March 31, 2014
	Derivative Type		Remaining / Underlying Term		Weighted Average Remaining Swap / Option Term (Months)		Weighted Average Rate			Notional Amount				Asset Fair Value (1)				Liability Fair Value (1)
	Interest rate swap contracts		0-12 Months		11		1.59	%		$	305,000			—				$	(4,545	)
	Interest rate swap contracts		13-24 Months		21		0.94	%		2,325,000				—				(31,644		)
	Interest rate swap contracts		25-36 Months		27		1.63	%		1,200,000				—				(45,685		)
	Interest rate swap contracts		37-48 Months		43		0.8	%		650,000				6,578				—
	Interest rate swap contracts		49-60 Months		0		0	%		—				—				—
	Interest rate swap contracts		61-72 Months		70		1.48	%		300,000				9,646				—
	Interest rate swap contracts		73-84 Months		0		0	%		—				—				—
	Interest rate swap contracts		85-96 Months		0		0	%		—				—				—
	Interest rate swap contracts		97-108 Months		103		1.79	%		5,250,000				274,917				—
	Interest rate swap contracts		109-120 Months		0		0	%		—				—				—
	Futures Contracts		0-21 Months		10		1.97	%		55,000				—				(1,094		)
	Interest rate swaptions		60 Months		6		2.73	%		4,000,000				14,044				—
	Interest rate swaptions		120 Months		6		3.63	%		1,250,000				5,185				—
	Total or Weighted Average				46		1.99	%		$	15,335,000			$	310,370			$	(82,968	)
	-1	See Note 4, “Fair Value of Financial Instruments” for additional discussion.
	December 31, 2013
	Derivative Type		Remaining / Underlying Term		Weighted Average Remaining Swap / Option Term (Months)		Weighted Average Rate			Notional Amount				Asset Fair Value (1)				Liability Fair Value (1)
	Interest rate swap contracts		0-12 Months		2		1.14	%		$	200,000			—				$	(2,089	)
	Interest rate swap contracts		13-24 Months		17		1.13	%		920,000				—				(18,095		)
	Interest rate swap contracts		25-36 Months		28		1.23	%		2,900,000				—				(81,108		)
	Interest rate swap contracts		37-48 Months		43		0.63	%		350,000				2,614				—
	Interest rate swap contracts		49-60 Months		49		1	%		300,000				3,817				—
	Interest rate swap contracts		61-72 Months		0		0	%		—				—				—
	Interest rate swap contracts		73-84 Months		73		1.48	%		300,000				11,112				—
	Interest rate swap contracts		85-96 Months		0		0	%		—				—				—
	Interest rate swap contracts		97-108 Months		103		1.47	%		2,450,000				195,221				—
	Interest rate swap contracts		109-120 Months		110		2.08	%		2,800,000				184,456				—
	Futures Contracts		0-21 Months		13		1.97	%		55,000				—				(1,503		)
	Interest rate swaptions		60 Months		9		2.73	%		4,000,000				35,937				—
	Interest rate swaptions		120 Months		6		3.16	%		1,750,000				75,831				—
	Total or Weighted Average				47		1.98	%		$	16,025,000			$	508,988			$	(102,795	)
	-1	See Note 4, “Fair Value of Financial Instruments” for additional discussion.
Potential Effects of Netting Derivative Instruments On the Balance Sheets	'
	The following tables present information about interest rate swap contracts, interest rate swaptions and Futures Contracts and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed balance sheets. Currently, we present these financial instruments at their gross amounts and they are included in derivatives, at fair value on the accompanying condensed balance sheet as of March 31, 2014.
	31-Mar-14						Gross Amounts Not Offset in the Condensed Balance Sheet
	Assets		Gross and Net Amounts of Assets Presented in the Condensed Balance Sheet				Financial				Net Cash Collateral				Net Amount
							Instruments				Held
	Interest rate swap contracts		$	291,140			$	(81,874	)		$	(164,162	)		$	45,104
	Interest rate swaptions		19,230				—				—				19,230
	Totals		$	310,370			$	(81,874	)		$	(164,162	)		$	64,334
	31-Mar-14						Gross Amounts Not Offset in the Condensed Balance Sheet
	Liabilities		Gross and Net Amounts of Liabilities Presented in the Condensed Balance Sheet				Financial				Cash Collateral				Net Amount
							Instruments				Posted
	Interest rate swap contracts		$	(81,874	)		$	81,874			$	—			$	—
	Futures Contracts		(1,094		)		—				1,159				65
	Totals		$	(82,968	)		$	81,874			$	1,159			$	65
	The following tables present information about interest rate swap contracts, interest rate swaptions and Futures Contracts and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed balance sheets. Currently we present these financial instruments at their gross amounts and they are included in derivatives, at fair value on the accompanying condensed balance sheet as of December 31, 2013.
	31-Dec-13						Gross Amounts Not Offset in the Condensed Balance Sheet
	Assets		Gross and Net Amounts of Assets Presented in the Condensed				Financial				Cash Collateral				Net Amount
			Balance Sheet				Instruments				Held
	Interest rate swap contracts		$	397,219			$	(101,292	)		$	(313,229	)		$	(17,302	)
	Interest rate swaptions		111,769				—				—				111,769
	Totals		$	508,988			$	(101,292	)		$	(313,229	)		$	94,467
	31-Dec-13						Gross Amounts Not Offset in the Condensed Balance Sheet
	Liabilities		Gross and Net Amounts of Liabilities Presented in the Condensed Balance Sheet				Financial				Cash Collateral				Net Amount
							Instruments				Posted
	Interest rate swap contracts		$	(101,292	)		$	101,292			$	—			$	—
	Futures Contracts		(1,503		)		—				1,599				96
	Totals		$	(102,795	)		$	101,292			$	1,599			$	96
Derivative Instruments, Gain (Loss)	'
	The following table represents the location and information regarding our derivatives which are included in Other Income (Loss) in the accompanying condensed statements of operations for the quarters ended March 31, 2014 and March 31, 2013.
					Income (Loss) Recognized
					For the Quarters
					Ended
	Derivatives		Location on condensed statements of operations		March 31, 2014				March 31, 2013
	Interest rate swap contracts:
	Interest income		Realized loss on derivatives		$	3,236			$	4,099
	Interest expense		Realized loss on derivatives		(37,852		)		(32,501		)
	Changes in fair value		Unrealized gain (loss) on derivatives		(103,306		)		16,953
					$	(137,922	)		$	(11,449	)
	Interest rate swaptions:
	Realized gain		Realized loss on derivatives		23,317				—
	Changes in fair value		Unrealized gain (loss) on derivatives		(73,458		)		(1,309		)
					$	(50,141	)		$	(1,309	)
	Futures Contracts:
	Realized loss		Realized loss on derivatives		(440		)		(651		)
	Changes in fair value		Unrealized gain (loss) on derivatives		409				657
					$	(31	)		$	6
	Totals				$	(188,094	)		$	(12,752	)

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Nonvested Restricted Stock Units Activity	'
	Transactions related to Restricted Shares for the quarter ended March 31, 2014 are summarized below:
		March 31, 2014
		Number of		Weighted
		Awards		Average Grant
				Date Fair
				Value per
				Award
	Unvested Awards Outstanding beginning of period	1,329		$	6.94
	Vested	(106	)	$	7.11
	Unvested Awards Outstanding end of period	1,223		$	6.94

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Dividends Transactions	'
	The following table presents our common stock dividend transactions for the quarter ended March 31, 2014.
	Record Date		Payment Date	Rate per common share			Aggregate
							amount paid to
							holders of record
	15-Jan-14		30-Jan-14	$	0.05		$	17,954
	14-Feb-14		27-Feb-14	$	0.05		$	17,954
	17-Mar-14		28-Mar-14	$	0.05		$	17,945
	The following table presents our Series A Preferred Stock dividend transactions for the quarter ended March 31, 2014.
	Record Date		Payment Date	Rate per			Aggregate
				Series A			amount paid to
				Preferred			holders of record
				Share
	15-Jan-14		27-Jan-14	$	0.17		$	375
	15-Feb-14		27-Feb-14	$	0.17		$	375
	15-Mar-14		27-Mar-14	$	0.17		$	375
	The following table presents our Series B Preferred Stock dividend transactions for the quarter ended March 31, 2014.
	Record Date		Payment Date	Rate per			Aggregate
				Series B			amount paid to
				Preferred			holders of record
				Share
	15-Jan-14		27-Jan-14	$	0.16		$	927
	15-Feb-14		27-Feb-14	$	0.16		$	927
	15-Mar-14		27-Mar-14	$	0.16		$	927
Equity Transactions	'
	The following table presents our equity transactions for the quarter ended March 31, 2014.
	Transaction Type		Completion Date	Number of		Per Share				Net Proceeds
				Shares		price
	Common stock dividend reinvestment program		January 27, 2014 through March 28, 2014	19		$	4.16		-1	$	81
	-1	Weighted average price
Common Stock Repurchases	'
	The following table presents our common stock repurchases for the quarter ended March 31, 2014.
	Transaction Type		Completion Date	Number of		Per Share price			Net Cost
				Shares
	Repurchased common shares		March 12, 2014 through March 14, 2014	600		4.31		-1	$	2,585
	-1	Weighted average price

Net_Loss_Income_per_Common_Sha1

Net (Loss) Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Weighted Average Number of Shares	'
	The following table presents a reconciliation of net income (loss) and the shares used in calculating weighted average basic and diluted earnings per common share for the quarters ended March 31, 2014 and March 31, 2013.
		For the Quarters
		Ended
		31-Mar-14			31-Mar-13
	Net Income (loss)	$	(19,778	)	$	102,290
	Less: Preferred dividends	(3,905		)	(2,497		)
	Net income (loss) available (related) to common stockholders	$	(23,683	)	$	99,793
	Weighted average common shares outstanding – basic	357,496			337,935
	Add: Effect of dilutive non-vested restricted stock unit awards, assumed vested	—			1,787
	Weighted average common shares outstanding – diluted	357,496			339,722

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Schedule of Effective Income Tax Rate Reconciliation	'
	The following table reconciles our GAAP net income to estimated REIT taxable income for the quarters ended March 31, 2014 and March 31, 2013.
		For the Quarters
		Ended
		31-Mar-14			31-Mar-13
	GAAP net income (loss)	$	(19,778	)	$	102,290
	Book to tax differences:
	Changes in derivatives	153,038			(16,301		)
	Gains on Agency Security Sales	(69,869		)	—
	Amortization of deferred hedging costs	293			—
	Net premium amortization differences	(5,343		)	—
	Other	6			—
	Estimated taxable income	$	58,347		$	85,989

Organization_and_Nature_of_Bus1

Organization and Nature of Business Operations (Details)	Mar. 31, 2014	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'
Percentage of Portfolio Invested in Agency Securities	100.00%	100.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 14, 2014

Dec. 17, 2012

Mar. 31, 2014

Mar. 06, 2014

Dec. 31, 2013

Jun. 06, 2012

Mar. 31, 2014

Dec. 31, 2012

Dec. 31, 2013

Jul. 27, 2012

Jul. 13, 2012

Feb. 11, 2013

Mar. 31, 2014

Dec. 31, 2012

Dec. 31, 2013

Mar. 31, 2014

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Common Stock

director

director

Summary of Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock shares authorized (in shares)

'

'

50,000,000

'

50,000,000

1,610,000

9,610,000

'

'

'

'

6,210,000

'

'

'

'

Preferred stock par value (in dollars per share)

'

'

$0.00

'

$0.00

'

$0.00

'

'

'

'

'

$0.00

'

'

'

Preferred stock dividend rate percentage

'

'

'

'

'

8.25%

8.25%

8.25%

'

'

'

7.88%

7.88%

7.88%

'

'

Number of preferred stock shares offered in at market issuance agreement

'

'

'

'

'

'

'

'

'

'

6,000,000

'

'

'

'

'

Number of shares offered in equity distribution agreement

'

'

'

'

'

'

'

'

'

2,000,000

'

'

'

'

'

'

Preferred stock shares issued

'

'

'

'

'

'

2,181,000

'

2,181,000

'

'

'

5,650,000

'

5,650,000

'

Preferred stock shares outstanding

'

'

'

'

'

'

2,181,000

'

2,181,000

'

'

'

5,650,000

'

5,650,000

'

Liquidation preference per share (in dollars per share)

'

'

'

'

'

'

$25

'

'

'

'

'

$25

'

'

'

Redemption price per preferred stock share (in dollars per share)

'

'

'

'

'

'

$25

'

'

'

'

'

$25

'

'

'

Period stock receives voting rights if dividends are not paid

'

'

'

'

'

'

'18 months

'

'

'

'

'

'18 months

'

'

'

Number of directors on board

'

'

'

'

'

'

2

'

'

'

'

'

2

'

'

'

Common stock, shares authorized (in Shares)

'

'

1,000,000,000

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in Dollars per share)

'

'

$0.00

'

$0.00

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares issued (in Shares)

'

'

357,102,000

'

357,613,000

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares outstanding (in Shares)

'

'

357,102,000

'

357,613,000

'

'

'

'

'

'

'

'

'

'

'

Stock repurchase program, authorized amount (in Dollars)

'

$100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchase Program, Number of Shares Authorized to be Repurchased

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Common stock repurchased (in Shares)

600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000

Amount of common stock repurchased

'

'

-2,585,000

'

'

'

'

'

'

'

'

'

'

'

'

-1,000

Stock Repurchase Program, Remaining Authorized Repurchase Amount

'

'

$49,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets at Fair Value:	'	'
Agency Securities, available for sale	$16,479,734	$14,648,178
Derivatives	310,370	508,988	[1]
Liabilities at Fair Value:	'	'
Derivatives	82,968	102,795	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1)	'	'
Liabilities at Fair Value:	'	'
Derivatives	1,094	1,503
Significant Observable Inputs (Level 2)	'	'
Assets at Fair Value:	'	'
Agency Securities, available for sale	16,479,734	14,648,178
Derivatives	310,370	508,988
Liabilities at Fair Value:	'	'
Derivatives	$81,874	$101,292
[1]	See Note 4, “Fair Value of Financial Instruments” for additional discussion.

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details) - Carrying Values and Fair Values of Financial Assets and Liabilities (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Financial Assets:	'	'	'	'
Cash, carrying value	$588,832	$496,478	$836,501	$771,282
Cash, fair value	588,832	496,478	'	'
Cash collateral posted, carrying value	23,873	35,917	'	'
Cash collateral posted, fair value	23,873	35,917	'	'
Receivable for unsettled sales, carrying value	296,378	0	2,226,168	'
Receivable for unsettled sales, fair value	296,378	'	'	'
Principal payments receivable, carrying value	39	70	'	'
Principal payments receivable, fair value	39	70	'	'
Accrued interest receivable, carrying value	45,492	42,034	'	'
Accrued interest receivable, fair value	45,492	42,034	'	'
Financial Liabilities:	'	'	'	'
Repurchase agreements, carrying value	15,163,375	13,151,504	'	'
Repurchase agreements, fair value	15,163,375	13,151,504	'	'
Cash collateral held, carrying value	238,852	387,845	'	'
Cash collateral held, fair value	238,852	387,845	'	'
Payable for unsettled purchases, carrying value	382,833	159,159	0	'
Payable for unsettled purchases, fair value	382,833	159,159	'	'
Accrued interest payable, carrying value	6,041	6,629	'	'
Accrued interest payable, fair value	6,041	6,629	'	'
Quoted Prices in Active Markets for Identical Assets (Level 1)	'	'	'	'
Financial Assets:	'	'	'	'
Cash, fair value	588,832	496,478	'	'
Significant Observable Inputs (Level 2)	'	'	'	'
Financial Assets:	'	'	'	'
Cash collateral posted, fair value	23,873	35,917	'	'
Receivable for unsettled sales, fair value	296,378	'	'	'
Principal payments receivable, fair value	39	70	'	'
Accrued interest receivable, fair value	45,492	42,034	'	'
Financial Liabilities:	'	'	'	'
Repurchase agreements, fair value	15,163,375	13,151,504	'	'
Cash collateral held, fair value	238,852	387,845	'	'
Payable for unsettled purchases, fair value	382,833	159,159	'	'
Accrued interest payable, fair value	$6,041	$6,629	'	'

Fair_Value_of_Financial_Instru4

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - Additional Information	3 Months Ended
	Mar. 31, 2014
	dealer
Fair Value Disclosures [Abstract]	'
Number of dealers received quotes from	3

Agency_Securities_Available_fo2

Agency Securities, Available for Sale (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Percentage of Portfolio Invested in Agency Securities	100.00%	'	100.00%
Other than temporary impairment losses	$0	$0	$401,500,000
Available-for-sale securities fair value	16,479,734,000	'	14,648,178,000
Weighted average coupon rate	3.42%	'	3.52%
Payable for unsettled purchases	382,833,000	0	159,159,000
Gross realized gains (losses) from sale proceeds	5,575,987,000	2,281,616,000	'
Gross realized gains	69,869,000	18,514,000	'
Unsettled Purchases	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Available-for-sale securities fair value	381,109,000	'	158,850,000
Principal amount	382,833,000	'	'
25-Year and 30-Year Fixed Rate Agency Securities	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Available-for-sale securities fair value	'	'	$6,800,000,000

Agency_Securities_Available_fo3

Agency Securities, Available for Sale (Details) - Unrealized Gain or Loss Position and Components of Carrying Value of Available for Sale Agency Securities (June 30, 2013) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	$16,623,918	$14,838,658
Gross Unrealized Loss	-168,140	-197,828
Gross Unrealized Gain	23,956	7,348
Fair Value	16,479,734	14,648,178
Fannie Mae	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	13,803,512	10,928,093
Gross Unrealized Loss	-115,764	-124,825
Gross Unrealized Gain	15,737	3,512
Fair Value	13,703,485	10,806,780
Fannie Mae | ARMs & Hybrids	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	51,194	55,266
Gross Unrealized Loss	-39	-48
Gross Unrealized Gain	1,197	1,174
Fair Value	52,352	56,392
Fannie Mae | Multi-Family MBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	212,544	'
Gross Unrealized Loss	-624	'
Gross Unrealized Gain	83	'
Fair Value	212,003	'
Fannie Mae | 10 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	1,105	1,144
Gross Unrealized Loss	0	0
Gross Unrealized Gain	26	25
Fair Value	1,131	1,169
Fannie Mae | 15 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	9,867,088	2,556,986
Gross Unrealized Loss	-42,801	-20,420
Gross Unrealized Gain	5,342	2,257
Fair Value	9,829,629	2,538,823
Fannie Mae | 20 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	2,808,118	2,876,743
Gross Unrealized Loss	-72,300	-104,357
Gross Unrealized Gain	827	56
Fair Value	2,736,645	2,772,442
Fannie Mae | 25 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	'	207,946
Gross Unrealized Loss	'	0
Gross Unrealized Gain	'	0
Fair Value	'	207,946
Fannie Mae | 30 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	863,463	5,230,008
Gross Unrealized Loss	0	0
Gross Unrealized Gain	8,262	0
Fair Value	871,725	5,230,008
Freddie Mac	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	2,685,401	3,764,585
Gross Unrealized Loss	-52,324	-72,939
Gross Unrealized Gain	6,963	2,684
Fair Value	2,640,040	3,694,330
Freddie Mac | ARMs & Hybrids	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	16,888	17,281
Gross Unrealized Loss	-34	-29
Gross Unrealized Gain	458	428
Fair Value	17,312	17,680
Freddie Mac | 10 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	368	406
Gross Unrealized Loss	-5	-6
Gross Unrealized Gain	2	2
Fair Value	365	402
Freddie Mac | 15 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	282,343	295,357
Gross Unrealized Loss	-2,024	-3,287
Gross Unrealized Gain	1,414	1,560
Fair Value	281,733	293,630
Freddie Mac | 20 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	2,047,929	2,093,482
Gross Unrealized Loss	-50,261	-69,617
Gross Unrealized Gain	1,909	694
Fair Value	1,999,577	2,024,559
Freddie Mac | 25 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	'	67,436
Gross Unrealized Loss	'	0
Gross Unrealized Gain	'	0
Fair Value	'	67,436
Freddie Mac | 30 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	337,873	1,290,623
Gross Unrealized Loss	0	0
Gross Unrealized Gain	3,180	0
Fair Value	341,053	1,290,623
Ginnie Mae	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	135,005	145,980
Gross Unrealized Loss	-52	-64
Gross Unrealized Gain	1,256	1,152
Fair Value	136,209	147,068
Ginnie Mae | ARMs & Hybrids	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	134,588	145,558
Gross Unrealized Loss	-52	-64
Gross Unrealized Gain	1,233	1,129
Fair Value	135,769	146,623
Ginnie Mae | 15 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	417	422
Gross Unrealized Loss	0	0
Gross Unrealized Gain	23	23
Fair Value	$440	$445
Available-for-sale Securities	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	100.00%	100.00%
Available-for-sale Securities | Fannie Mae	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	83.16%	73.79%
Available-for-sale Securities | Fannie Mae | ARMs & Hybrids	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	0.32%	0.40%
Available-for-sale Securities | Fannie Mae | Multi-Family MBS	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	1.29%	'
Available-for-sale Securities | Fannie Mae | 10 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	0.00%	0.01%
Available-for-sale Securities | Fannie Mae | 15 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	59.65%	17.33%
Available-for-sale Securities | Fannie Mae | 20 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	16.61%	18.93%
Available-for-sale Securities | Fannie Mae | 25 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	'	1.42%
Available-for-sale Securities | Fannie Mae | 30 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	5.29%	35.70%
Available-for-sale Securities | Freddie Mac	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	16.02%	25.21%
Available-for-sale Securities | Freddie Mac | ARMs & Hybrids	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	0.11%	0.12%
Available-for-sale Securities | Freddie Mac | 10 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	0.00%	0.00%
Available-for-sale Securities | Freddie Mac | 15 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	1.71%	2.00%
Available-for-sale Securities | Freddie Mac | 20 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	12.13%	13.82%
Available-for-sale Securities | Freddie Mac | 25 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	'	0.46%
Available-for-sale Securities | Freddie Mac | 30 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	2.07%	8.81%
Available-for-sale Securities | Ginnie Mae	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	0.82%	1.00%
Available-for-sale Securities | Ginnie Mae | ARMs & Hybrids	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	0.82%	1.00%
Available-for-sale Securities | Ginnie Mae | 15 Year Fixed	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Percentage of concentration risk	0.00%	0.00%

Agency_Securities_Available_fo4

Agency Securities, Available for Sale (Details) - Summary of Weighted Average Lives of Agency Securities (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value	'	'
Less than one year	$1	$2
Greater than or equal to one year and less than three years	56,730	20,289
Greater than or equal to three years and less than five years	11,796,745	3,809,418
Greater than or equal to five years	4,626,258	10,818,469
Total Agency Securities	16,479,734	14,648,178
Amortized Cost	'	'
Less than one year	1	2
Greater than or equal to one year and less than three years	56,662	20,127
Greater than or equal to three years and less than five years	11,886,476	3,837,530
Greater than or equal to five years	4,680,779	10,980,999
Total Agency Securities	$16,623,918	$14,838,658

Agency_Securities_Available_fo5

Agency Securities, Available for Sale (Details) - Gross Unrealized Losses and Estimated Fair Value of Agency Securities (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair Value	'	'
Less than 12 Months	$11,503,901	$7,175,317
12 Months or More	1,746,638	17,737
Total	13,250,539	7,193,054
Unrealized Losses	'	'
Less than 12 Months	-98,162	-197,536
Unrealized Losses	-69,978	-292
Unrealized Losses	($168,140)	($197,828)

Repurchase_Agreements_Details

Repurchase Agreements (Details)	3 Months Ended
	Mar. 31, 2014
	counterparty
Borrowings	'
Concentration Risk [Line Items]	'
Number of counterparties	8
Repurchase Agreement Borrowings	'
Concentration Risk [Line Items]	'
Percentage of concentration risk	50.82%
Minimum | Borrowings	'
Concentration Risk [Line Items]	'
Percentage of concentration risk	5.00%
Maximum | Borrowings	'
Concentration Risk [Line Items]	'
Percentage of concentration risk	10.00%

Repurchase_Agreements_Details_

Repurchase Agreements (Details) - Contractual Repricing, Master Repurchase Agreement and Other Information Regarding Repurchase Agreements (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]	'		'
Repurchase agreements	($15,163,375)		$13,151,504
Weighted Average Contractual Rate	37.50%		0.42%
Number of MRAs	37		35
Number of counterparties with repurchase agreements outstanding	29		27
Weighted average maturity in days	'54 days		'45 days
Haircut for repurchase agreements	4.90%	[1]	5.00%	[1]
Maturity up to 30 days	'		'
Assets Sold under Agreements to Repurchase [Line Items]	'		'
Repurchase agreements	-6,112,258		3,990,434
Weighted Average Contractual Rate	36.50%		0.41%
Maturity 31 to 60 Days	'		'
Assets Sold under Agreements to Repurchase [Line Items]	'		'
Repurchase agreements	-6,006,880		7,098,298
Weighted Average Contractual Rate	36.90%		0.41%
Maturity 61 to 90 Days	'		'
Assets Sold under Agreements to Repurchase [Line Items]	'		'
Repurchase agreements	-1,552,907		1,226,694
Weighted Average Contractual Rate	35.80%		0.44%
Maturity over 90 days	'		'
Assets Sold under Agreements to Repurchase [Line Items]	'		'
Repurchase agreements	($1,491,330)		$836,078
Weighted Average Contractual Rate	46.10%		0.43%
[1]	The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.

Derivatives_Details_Interest_R

Derivatives (Details) - Interest Rate Swap Contracts, Swaptions and Futures Contracts (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'46 months	'47 months
Weighted Average Rate	1.99%	1.98%
Notional Amount	$15,335,000,000	$16,025,000,000
Asset Fair Value (1)	310,370,000	508,988,000	[1]
Liability Fair Value (1)	-82,968,000	-102,795,000	[1]
Swap | Interest Rate Swap 0-12 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'11 months	'2 months
Weighted Average Rate	1.59%	1.14%
Notional Amount	305,000,000	200,000,000
Asset Fair Value (1)	0	0	[1]
Liability Fair Value (1)	-4,545,000	-2,089,000	[1]
Swap | Interest Rate Swap 0-12 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'0 months	'0 months
Swap | Interest Rate Swap 0-12 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'12 months	'12 months
Swap | Interest Rate Swap 13-24 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'21 months	'17 months
Weighted Average Rate	0.94%	1.13%
Notional Amount	2,325,000,000	920,000,000
Asset Fair Value (1)	0	0	[1]
Liability Fair Value (1)	-31,644,000	-18,095,000	[1]
Swap | Interest Rate Swap 13-24 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'13 months	'13 months
Swap | Interest Rate Swap 13-24 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'24 months	'24 months
Swap | Interest Rate Swap 25-36 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'27 months	'28 months
Weighted Average Rate	1.63%	1.23%
Notional Amount	1,200,000,000	2,900,000,000
Asset Fair Value (1)	0	0	[1]
Liability Fair Value (1)	-45,685,000	-81,108,000	[1]
Swap | Interest Rate Swap 25-36 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'25 months	'25 months
Swap | Interest Rate Swap 25-36 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'36 months	'36 months
Swap | Interest Rate Swap 37-48 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'43 months	'43 months
Weighted Average Rate	0.80%	0.63%
Notional Amount	650,000,000	350,000,000
Asset Fair Value (1)	6,578,000	2,614,000	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swap 37-48 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'37 months	'37 months
Swap | Interest Rate Swap 37-48 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'48 months	'48 months
Swap | Interest Rate Swap 49-60 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'0 months	'49 months
Weighted Average Rate	0.00%	1.00%
Notional Amount	0	300,000,000
Asset Fair Value (1)	0	3,817,000	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swap 49-60 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'49 months	'49 months
Swap | Interest Rate Swap 49-60 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'60 months	'60 months
Swap | Interest Rate Swap 61-72 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'70 months	'0 months
Weighted Average Rate	1.48%	0.00%
Notional Amount	300,000,000	0
Asset Fair Value (1)	9,646,000	0	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swap 61-72 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'61 months	'61 months
Swap | Interest Rate Swap 61-72 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'72 months	'72 months
Swap | Interest Rate Swap 73-84 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'0 months	'73 months
Weighted Average Rate	0.00%	1.48%
Notional Amount	0	300,000,000
Asset Fair Value (1)	0	11,112,000	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swap 73-84 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'73 months	'73 months
Swap | Interest Rate Swap 73-84 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'84 months	'84 months
Swap | Interest Rate Swap 85-96 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'0 months	'0 months
Weighted Average Rate	0.00%	0.00%
Notional Amount	0	0
Asset Fair Value (1)	0	0	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swap 85-96 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'85 months	'85 months
Swap | Interest Rate Swap 85-96 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'96 months	'96 months
Swap | Interest Rate Swap 97-108 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'103 months	'103 months
Weighted Average Rate	1.79%	1.47%
Notional Amount	5,250,000,000	2,450,000,000
Asset Fair Value (1)	274,917,000	195,221,000	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swap 97-108 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'97 months	'97 months
Swap | Interest Rate Swap 97-108 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'108 months	'108 months
Swap | Interest Rate Swap 109-120 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'0 months	'110 months
Weighted Average Rate	0.00%	2.08%
Notional Amount	0	2,800,000,000
Asset Fair Value (1)	0	184,456,000	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swap 109-120 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'109 months	'109 months
Swap | Interest Rate Swap 109-120 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'120 months	'120 months
Swap | Interest Rate Swaptions 60 Months	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'60 months	'60 months
Weighted Average Remaining Swap / Option Term (Months)	'6 months	'9 months
Weighted Average Rate	2.73%	2.73%
Notional Amount	4,000,000,000	4,000,000,000
Asset Fair Value (1)	14,044,000	35,937,000	[1]
Liability Fair Value (1)	0	0	[1]
Swap | Interest Rate Swaptions 120 Months	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'120 months	'120 months
Weighted Average Remaining Swap / Option Term (Months)	'6 months	'6 months
Weighted Average Rate	3.63%	3.16%
Notional Amount	1,250,000,000	1,750,000,000
Asset Fair Value (1)	5,185,000	75,831,000	[1]
Liability Fair Value (1)	0	0	[1]
Future | Eurodollar Future 0-21 Months	'	'
Derivative [Line Items]	'	'
Weighted Average Remaining Swap / Option Term (Months)	'10 months	'13 months
Weighted Average Rate	1.97%	1.97%
Notional Amount	55,000,000	55,000,000
Asset Fair Value (1)	0	0	[1]
Liability Fair Value (1)	($1,094,000)	($1,503,000)	[1]
Future | Eurodollar Future 0-21 Months | Minimum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'0 months	'0 months
Future | Eurodollar Future 0-21 Months | Maximum	'	'
Derivative [Line Items]	'	'
Remaining Underlying Term	'21 months	'21 months
[1]	See Note 4, “Fair Value of Financial Instruments” for additional discussion.

Derivatives_Details_Potential_

Derivatives (Details) - Potential Effects of Netting Derivative Instruments On the Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Gross and Net Amounts of Assets Presented in the Condensed Balance Sheet	$310,370	$508,988
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Assets	-81,874	-101,292
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Assets	-164,162	-313,229
Net Amount - Assets	64,334	94,467
Gross and Net Amounts of Liabilities Presented in the Condensed Balance Sheet	-82,968	-102,795
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Liabilities	81,874	101,292
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Liabilities	1,159	1,599
Net Amount - Liabilities	65	96
Interest Rate Swap	'	'
Derivative [Line Items]	'	'
Gross and Net Amounts of Assets Presented in the Condensed Balance Sheet	291,140	397,219
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Assets	-81,874	-101,292
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Assets	-164,162	-313,229
Net Amount - Assets	45,104	-17,302
Gross and Net Amounts of Liabilities Presented in the Condensed Balance Sheet	-81,874	-101,292
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments - Liabilities	81,874	101,292
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Liabilities	'	0
Net Amount - Liabilities	'	0
Swaption	'	'
Derivative [Line Items]	'	'
Gross and Net Amounts of Assets Presented in the Condensed Balance Sheet	19,230	111,769
Net Amount - Assets	19,230	111,769
Future Contracts	'	'
Derivative [Line Items]	'	'
Gross and Net Amounts of Liabilities Presented in the Condensed Balance Sheet	-1,094	-1,503
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Held - Liabilities	1,159	1,599
Net Amount - Liabilities	$65	$96

Derivatives_Details_Location_a

Derivatives (Details) - Location and Information of Derivatives (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Interest rate swap contracts:	'	'
Unrealized gain (loss) on derivatives	($176,355)	$16,301
Total	-188,094	-12,752
Interest Rate Swap	'	'
Interest rate swap contracts:	'	'
Total	-137,922	-11,449
Interest Rate Swap | Realized loss on derivatives	'	'
Interest rate swap contracts:	'	'
Realized loss on derivatives	-37,852	-32,501
Gain on derivative	3,236	4,099
Interest Rate Swap | Unrealized gain (loss) on derivatives	'	'
Interest rate swap contracts:	'	'
Unrealized gain (loss) on derivatives	-103,306	16,953
Swaption	'	'
Interest rate swap contracts:	'	'
Total	-50,141	-1,309
Swaption | Realized loss on derivatives	'	'
Interest rate swap contracts:	'	'
Gain on derivative	23,317	0
Swaption | Unrealized gain (loss) on derivatives	'	'
Interest rate swap contracts:	'	'
Unrealized gain (loss) on derivatives	-73,458	-1,309
Future	'	'
Interest rate swap contracts:	'	'
Total	-31	6
Future | Realized loss on derivatives	'	'
Interest rate swap contracts:	'	'
Realized loss on derivatives	-440	-651
Future | Unrealized gain (loss) on derivatives	'	'
Interest rate swap contracts:	'	'
Unrealized gain (loss) on derivatives	$409	$657

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Other Commitments [Line Items]	'
Monthly management fee description	'Management Agreement with ARRM As discussed in Note 13 “Related Party Transactions,” we are externally managed by ARRM pursuant to a management agreement (the “Management Agreement”), which was most recently amended on February 25, 2014. The Management Agreement entitles ARRM to receive a management fee payable monthly in arrears. Currently, the monthly management fee is 1/12th  of the sum of (a) 1.5% of gross equity raised up to $1.0 billion plus (b) 0.75% of gross equity raised in excess of $1.0 billion. The cost of repurchased stock and any dividend representing a return of capital for tax purposes will reduce the amount of gross equity raised used to calculate the monthly management fee. As of March 31, 2014, the effective management fee was 1.026% based on gross equity raised. The ARRM monthly management fee is not calculated based on the performance of our assets. Accordingly, the payment of our monthly management fee may not decline in the event of a decline in our earnings and may cause us to incur losses. We are also responsible for any costs and expenses that ARRM incurred solely on behalf of ARMOUR other than the various overhead expenses specified in the terms of the Management Agreement. ARRM is further entitled to receive a termination fee from us under certain circumstances.
Gross equity raised threshold used in calculation of management fee (in Dollars)	$1,000,000,000
Effective management fee	1.03%
Monthly Minimum	'
Other Commitments [Line Items]	'
Effective management fee	8.33%
ARRM	'
Other Commitments [Line Items]	'
Percentage of sub-management fee payabe	25.00%
Percentage of annualized rate of sub-management fee payable if terminated	616.00%
Selling, general and administrative expenses from transactions with related party	1,364,000
Payment to sub-manager in event of termination	$33,609,000
Gross Equity Raised up to One Billion U.S. Dollars	'
Other Commitments [Line Items]	'
Percentage of gross equity raised used in calculation of management fee	1.50%
Gross Equity Raised in Excess of One Billion U.S. Dollars	'
Other Commitments [Line Items]	'
Percentage of gross equity raised used in calculation of management fee	0.75%

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Jul. 18, 2011	12-May-10
		Vesting in 2017	The 2009 Stock Incentive Plan	The 2009 Stock Incentive Plan	The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Number of shares authorized	'	'	2,000,000	2,000,000	250,000
Restricted stock award, gross	'	150,000	'	'	'
Compensation cost not yet recognized	$5,332	'	'	'	'
Share price (in Dollars per share)	$4.12	'	'	'	'
Period for recognition for compensation cost not yet recognized	'2 years 7 months	'	'	'	'

ShareBased_Compensation_Detail1

Share-Based Compensation (Details) - RSU Transactions (Restricted Stock Units (RSUs), USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014
Restricted Stock Units (RSUs)	'
Number of Awards	'
Unvested Awards Outstanding beginning of period	1,329
Vested	-106
Unvested Awards Outstanding end of period	1,223
Weighted Average Grant Date Fair Value per Award	'
Unvested Awards Outstanding beginning of period	$6.94
Vested	$7.11
Unvested Awards Outstanding end of period	$6.94

Shareholders_Equity_Details_Di

Shareholders' Equity (Details) - Dividend Transactions (USD $)

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Mar. 28, 2014

Mar. 17, 2014

Feb. 27, 2014

Feb. 15, 2014

Jan. 30, 2014

Jan. 15, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 28, 2014

Mar. 15, 2014

Feb. 27, 2014

Feb. 15, 2014

Jan. 28, 2014

Jan. 15, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 28, 2014

Mar. 15, 2014

Feb. 27, 2014

Feb. 15, 2014

Jan. 28, 2014

Jan. 15, 2014

Mar. 31, 2014

Mar. 31, 2013

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends declared per common share (in usd per share)

'

$0.05

'

$0.05

'

$0.05

$0.15

$0.24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Rate Per Common Share

$0.05

'

$0.05

'

$0.05

'

$57,758,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate Amount Paid To Holders Of Record (in Dollars)

$17,945

'

$17,954

'

$17,954

'

$53,853

$79,829

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock dividends declared (in usd per share)

'

'

'

'

'

'

'

'

'

$0.17

'

$0.17

'

$0.17

'

'

'

$0.16

'

$0.16

'

$0.16

'

'

Rate Per Preferred Share

'

'

'

'

'

'

'

'

$0.17

'

$0.17

'

$0.17

'

'

'

$0.16

'

$0.16

'

$0.16

'

'

'

Aggregate Amount Paid To Holders Of Record (in Dollars)

'

'

'

'

'

'

'

'

$375

'

$375

'

$375

'

$1,124

$1,107

$927

'

$927

'

$927

'

$2,781

$1,390

Shareholders_Equity_Details_Eq

Shareholders' Equity (Details) - Equity Transactions (Common Stock Dividend Reinvestment Program, USD $)	2 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 28, 2014
Common Stock Dividend Reinvestment Program	'
Class of Stock [Line Items]	'
Number of Shares (in Shares)	19,463
Per Share Price	$4.16	[1]
Net Proceeds (in Dollars)	$81
[1]	(1)Weighted average price

Shareholders_Equity_Shareholde

Shareholders' Equity Shareholders' Equity (Details) - Common Stock Repurchased (Details) (USD $)	0 Months Ended		3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 14, 2014		Mar. 31, 2014	Mar. 31, 2013
Equity [Abstract]	'		'	'
Common stock repurchased (in Shares)	600,000		'	'
Common stock repurchased (in usd per share)	$4.31	[1]	'	'
Payments for Repurchase of Common Stock (in Dollars)	$2,585		$2,585	$0
[1]	(1)Weighted average price

Net_Loss_Income_per_Common_Sha2

Net (Loss) Income per Common Share (Details) - Reconciliation of Net Income (Loss) and Shares Used in Calculating Basic and Diluted Earnings Per Share (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Net Income (loss)	($19,778)	$102,290
Less: Preferred dividends	-3,905	-2,497
Net Income (Loss) available (related) to common stockholders	($23,683)	$99,793
Weighted average common shares outstanding – basic	357,496	337,935
Add: Effect of dilutive non-vested restricted stock unit awards, assumed vested	0	1,787
Weighted average common shares outstanding – diluted	357,496	339,722

Income_Taxes_Details

Income Taxes (Details) (USD $)	0 Months Ended			3 Months Ended				3 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2014	Feb. 27, 2014	Jan. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
						Capital Loss Carryforward	Capital Loss Carryforward	Realized loss on derivatives	Realized loss on derivatives
								Swaption	Swaption
Tax Credit Carryforward [Line Items]	'	'	'	'	'	'	'	'	'
Amount of Aggregate Tax Basis of Assets and Liabilities in Excess of Stockholders' Equity	'	'	'	($125,700,000)	'	'	'	'	'
Amount of Aggregate Tax Basis of Assets and Liabilities in Excess of Stockholders Equity, Per Share (in Dollars per share)	'	'	'	($0.35)	'	'	'	'	'
Common stock, shares outstanding (in Shares)	'	'	'	357,102	357,613	'	'	'	'
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)	$0.05	$0.05	$0.05	$57,758,000	'	'	'	'	'
Estimated Taxable Income Available for Dividends	'	'	'	58,347,000	'	'	'	'	'
Gain on derivative	'	'	'	'	'	'	'	23,317,000	0
Tax credit carryforward	'	'	'	'	'	($303,700,000)	($579,300,000)	'	'

Income_Taxes_Details_Reconcili

Income Taxes (Details) - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
GAAP net income (loss)	($19,778)	$102,290
Book to tax differences:	'	'
Changes in derivatives	153,038	-16,301
Gains on Agency Security Sales	-69,869	0
Amortization of deferred hedging costs	293	0
Net premium amortization differences	5,343	0
Other	6	0
Estimated taxable income	$58,347	$85,989

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction [Line Items]	'	'
Initial Term of Management Agreement	'10 years	'
Automatic Renewal Period of Management Agreement	'5 years	'
Management fee expense	$6,965	$6,633
Related Party Transaction, Expenses from Transactions with Related Party	460	396
RSUs to ARRM Employees	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	$234	$371
ARRM	'	'
Related Party Transaction [Line Items]	'	'
Management Agreement, Period of Written Notice of Termination	'180 days	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Mar. 28, 2014

Feb. 27, 2014

Jan. 30, 2014

Mar. 31, 2014

Mar. 31, 2013

Apr. 29, 2014

Mar. 28, 2014

Feb. 27, 2014

Jan. 28, 2014

Mar. 31, 2014

Mar. 31, 2013

Apr. 28, 2014

Mar. 28, 2014

Feb. 27, 2014

Jan. 28, 2014

Mar. 31, 2014

Mar. 31, 2013

Apr. 28, 2014

Subsequent Event

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Subsequent Event

Subsequent Event

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Rate Per Preferred Share

'

'

'

'

'

'

$0.17

$0.17

$0.17

'

'

$0.17

$0.16

$0.16

$0.16

'

'

$0.16

Aggregate Amount Paid To Holders Of Record (in Dollars)

'

'

'

'

'

'

$375

$375

$375

$1,124

$1,107

$375

$927

$927

$927

$2,781

$1,390

$900

Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)

$0.05

$0.05

$0.05

$57,758,000

'

$0.05

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate Amount Paid To Holders Of Record (in Dollars)

$17,945

$17,954

$17,954

$53,853

$79,829

$17,900

'

'

'

'

'

'

'

'

'

'

'

'