ARMOUR Residential REIT (ARR) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Armour Residential REIT, Inc.
Entity Central Index Key	1,428,205
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	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		350,275,496

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash	$ 363,212	$ 494,561
Cash collateral posted to counterparties	137,657	129,004
Agency Securities, available for sale, at fair value (including pledged securities of $13,285,441 and $14,370,847)	13,795,986	15,297,529
Receivable for unsettled sales (including pledged securities of $741,531 and $251,251)	752,773	260,598
Derivatives, at fair value	32,609	60,518
Principal payments receivable	398	93
Accrued interest receivable	39,935	41,915
Prepaid and other assets	1,123	1,580
Total Assets	15,123,693	16,285,798
Liabilities:
Repurchase agreements	13,422,795	13,881,921
Cash collateral posted by counterparties	162	48,240
Payable for unsettled purchases	0	445,292
Derivatives, at fair value	107,954	137,393
Accrued interest payable	5,050	7,012
Accounts payable and other accrued expenses	938	16,649
Total Liabilities	$ 13,536,899	$ 14,536,507
Commitments and contingencies
Preferred stock, $0.001 par value, 50,000 shares authorized;
Common stock, $0.001 par value, 1,000,000 shares authorized, 350,271 and 353,159 shares issued and outstanding at June 30, 2015 and December 31, 2014	$ 350	$ 353
Additional paid-in capital	2,708,630	2,717,545
Accumulated deficit	(1,072,984)	(1,052,969)
Accumulated other comprehensive income (loss)	(49,210)	84,354
Total Stockholders’ Equity	1,586,794	1,749,291
Total Liabilities and Stockholders’ Equity	15,123,693	16,285,798
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

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Agency securities pledged	$ 13,285,441	$ 14,370,847
Unsettled securities pledged	$ 741,531	$ 251,251
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in Shares)	350,271,000	353,159,000
Common stock, shares outstanding (in shares)	350,271,000	353,159,000
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	9,610,000
Preferred stock, shares issued	2,181,000	2,181,000
Preferred stock, shares outstanding	2,181,000	2,181,000
Preferred stock, aggregate liquidation preference	$ 54,514	$ 54,514
Preferred stock, dividend rate	8.25%	8.25%
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	6,210,000
Preferred stock, shares issued	5,650,000	5,650,000
Preferred stock, shares outstanding	5,650,000	5,650,000
Preferred stock, aggregate liquidation preference	$ 141,250	$ 141,250
Preferred stock, dividend rate	7.875%	7.875%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Interest income, net of amortization of premium on Agency Securities		$ 91,703	$ 113,892	$ 191,253	$ 236,974
Interest expense		(13,917)	(14,979)	(28,108)	(29,726)
Interest expense- U.S. Treasury Securities sold short		0	4,263	0	4,263
Net Interest Income		77,786	94,650	163,145	202,985
Other Income (Loss):
Realized gain (loss) on sale of Agency Securities (reclassified from Other comprehensive income (loss))		(5,051)	11,167	1,493	81,036
Loss on short sale of U.S. Treasury Securities		0	(15,781)	0	(15,781)
Subtotal		(5,051)	(4,614)	1,493	65,255
Realized loss on derivatives	[1]	(59,978)	(34,498)	(51,880)	(46,236)
Unrealized gain (loss) on derivatives		194,507	(116,273)	(21,831)	(292,629)
Subtotal		134,529	(150,771)	(73,711)	(338,865)
Total Other Income (Loss)		129,478	(155,385)	(72,218)	(273,610)
Expenses:
Management fee		6,867	6,964	13,744	13,929
Professional fees		658	901	1,451	2,175
Insurance		172	186	342	369
Compensation		575	734	1,188	1,446
Other		974	670	1,653	1,424
Total Expenses		9,246	9,455	18,378	19,343
Net Income (Loss)		198,018	(70,190)	72,549	(89,968)
Dividends declared on preferred stock		(3,905)	(3,905)	(7,810)	(7,812)
Net Income (Loss) available (related) to common stockholders		$ 194,113	$ (74,095)	$ 64,739	$ (97,780)
Net income (loss) per share available (related) to common stockholders:
Basic (in usd per share)		$ 0.55	$ (0.21)	$ 0.18	$ (0.27)
Diluted (in usd per share)		0.55	(0.21)	0.18	(0.27)
Dividends declared per common share (in usd per share)		$ 0.12	$ 0.15	$ 0.24	$ 0.30
Weighted average common shares outstanding:
Basic (in shares)		351,332	357,111	352,134	357,302
Diluted (in shares)		352,175	357,111	352,977	357,302
Pro Forma for the effect of the pending 1 for 8 reverse stock split (See Note 1)
Pro forma, basic (in usd per share)		$ 4.40	$ (0.21)	$ 1.44	$ (0.27)
Pro forma, diluted (in usd per share)		4.40	(0.21)	1.44	(0.27)
Pro forma, dividends declared (in usd per share)		$ 0.96	$ 0.15	$ 1.92	$ 0.30
Pro forma, common shares outstanding, basic (in shares)		43,916	357,111	44,017	357,302
Pro forma, common shares outstanding, diluted (in shares)		44,022	357,111	44,122	357,302
[1]	Interest expense related to our interest rate swap contracts is recorded as realized loss on derivatives on the condensed consolidated statements of operations. For additional information, see Note 8 to the condensed consolidated financial statements.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations (Parentheticals)	Jul. 31, 2015
Subsequent Event
Reverse stock split, conversion ratio	0.125

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 198,018	$ (70,190)	$ 72,549	$ (89,968)
Other comprehensive income (loss):
Reclassification adjustment for realized (gain) loss on sale of available for sale Agency Securities	5,051	(11,167)	(1,493)	(81,036)
Net unrealized gain (loss) on available for sale Agency Securities	(221,802)	221,767	(132,071)	337,931
Other comprehensive income (loss)	(216,751)	210,600	(133,564)	256,895
Comprehensive Income (Loss)	$ (18,733)	$ 140,410	$ (61,015)	$ 166,927

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalSeries A Preferred Stock	Additional Paid-in CapitalSeries B Preferred Stock	Additional Paid-in CapitalCommon Stock	Common Stock	Accumulated Deficit	Accumulated DeficitSeries A Preferred Stock	Accumulated DeficitSeries B Preferred Stock	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2014	$ 1,749,291	$ 2	$ 6	$ 353	$ 2,717,545	$ 53,172	$ 136,547	$ 2,527,826		$ (1,052,969)			$ 84,354
Balance (in Shares) at Dec. 31, 2014		2,181	5,650	353,159
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred Dividends Declared		$ (2,249)	$ (5,562)								$ (2,249)	$ (5,562)
Common stock dividends declared	(84,753)									(84,753)
Issuance of common stock, net (in Shares)				27
Issuance of common stock, net	85				85			85
Stock based compensation, net of withholding requirements (in Shares)				160
Stock based compensation, net of withholding requirements	494				494			494
Common stock repurchased (in Shares)									(3,075)
Common stock repurchased	(9,497)			$ (3)	(9,494)			(9,494)
Net Income	72,549									72,549
Other comprehensive loss	(133,564)												(133,564)
Balance (in Shares) at Jun. 30, 2015		2,181	5,650	350,271
Balance at Jun. 30, 2015	$ 1,586,794	$ 2	$ 6	$ 350	$ 2,708,630	$ 53,172	$ 136,547	$ 2,518,911		$ (1,072,984)			$ (49,210)

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net Income (Loss)	$ 72,549,000	$ (89,968,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net amortization of premium on Agency Securities	56,747,000	30,668,000
Realized gain on sale of Agency Securities	(1,493,000)	(81,036,000)
Loss on short sale of U.S. Treasury Securities	0	15,781,000
Stock based compensation	494,000	597,000
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	1,380,000	(2,867,000)
Decrease in prepaid and other assets	462,000	424,000
(Increase) decrease in derivatives, at fair value	(1,530,000)	306,788,000
Increase (decrease) in accrued interest payable	(1,962,000)	1,259,000
Increase in accrued interest payable- U.S. Treasury Securities sold short	0	4,254,000
Decrease in accounts payable and other accrued expenses	(15,711,000)	(20,154,000)
Net cash provided by operating activities	110,936,000	165,746,000
Cash Flows From Investing Activities:
Purchases of Agency Securities	(2,937,195,000)	(9,640,164,000)
Principal repayments of Agency Securities	993,520,000	733,237,000
Proceeds from sales of Agency Securities	2,319,228,000	6,779,853,000
Disbursements on reverse repurchase agreements	0	(3,080,908,000)
Receipts from reverse repurchase agreements	0	2,052,247,000
Increase in cash collateral posted to/by counterparties	(56,731,000)	(237,894,000)
Net cash provided by (used in) investing activities	318,822,000	(3,393,629,000)
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses	80,000	135,000
Proceeds from repurchase agreements	40,621,569,000	43,073,379,000
Principal repayments on repurchase agreements	(41,080,695,000)	(40,802,642,000)
Proceeds from short sales of U.S. Treasury Securities	0	1,011,705,000
Common stock dividends paid	(84,753,000)	(107,626,000)
Common stock repurchased	(9,497,000)	(2,585,000)
Net cash provided by (used in) financing activities	(561,107,000)	3,164,554,000
Net decrease in cash	(131,349,000)	(63,329,000)
Cash - beginning of period	494,561,000	496,478,000
Cash - end of period	363,212,000	433,149,000
Supplemental Disclosure:
Cash paid during the period for interest	140,950,000	101,956,000
Non-Cash Investing and Financing Activities:
Receivable for unsettled sales	752,773,000	0
Payable for unsettled purchases	0	38,816,000
Net unrealized gain (loss) on available for sale Agency Securities	(132,071,000)	337,931,000
Amounts receivable for issuance of common stock	5,000	19,000
Series A Preferred Stock
Cash Flows From Financing Activities:
Preferred dividends paid	(2,249,000)	(2,250,000)
Series B Preferred Stock
Cash Flows From Financing Activities:
Preferred dividends paid	$ (5,562,000)	$ (5,562,000)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated 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 10-01 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 six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2015 . 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, 2014 . The condensed consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiary. All intercompany accounts and transactions have been eliminated. 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 consolidated financial statements include the valuation of Agency Securities (as defined below) and derivative instruments. References to “we,” “us,” “our,” “ARMOUR” or the “Company” are to ARMOUR Residential REIT, Inc. References to “ACM” are to ARMOUR Capital Management LP, a Delaware limited partnership, formerly known as ARMOUR Residential Management LLC. On December 19, 2014, ARMOUR Residential Management LLC, our external manager under the Management Agreement (as defined below), changed its name to ARMOUR Capital Management LP and converted from a Delaware limited liability company to a Delaware limited partnership and continued as the manager under the same Management Agreement (the “Conversion”). One-For-Eight-Reverse Stock Split of Common Stock On June 18, 2015, we announced that our Board of Directors had approved a reverse stock split of our outstanding shares of common stock at a ratio of one-for-eight (the “Reverse Stock Split”). The Reverse Stock Split is scheduled to take effect at about 5:00 p.m. Eastern Time on July 31, 2015 (the “Effective Time”). At the Effective Time, every eight issued and outstanding shares of common stock will be converted into one share of common stock, and as a result, the number of outstanding shares of common stock will be reduced from approximately 350,000 to approximately 43,750 . At the Effective Time, the number of authorized shares of common stock will also be reduced, on a one-for-eight basis, from 1,000,000 to 125,000 . The par value of each share of common stock will remain unchanged. Trading in our common stock on a split adjusted basis is expected to begin at the market open on August 3, 2015. Our common stock will continue trading on the NYSE under the symbol “ARR” but will be assigned a new CUSIP number. On July 28, 2015, our Board of Directors also increased the number of shares of common stock authorized for repurchase under our common stock repurchase program (the "Repurchase Program") to an aggregate of 9,000 shares on a post-reverse stock split basis, effective August 3, 2015. No fractional shares will be issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of our common stock on the NYSE for the three consecutive trading days ending on July 31, 2015. The Reverse Stock Split will apply to all of our authorized and outstanding shares of common stock as of the Effective Time. The Reverse Stock Split doesn't affect our Series A Cumulative Preferred Shares, (“Series A Preferred Stock”) or our Series B Cumulative Preferred Shares (“Series B Preferred Stock”).

Organization and Nature of Busi

Organization and Nature of Business Operations	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business Operations	Organization and Nature of Business Operations We are an externally managed Maryland corporation organized in 2008, managed by ACM, an investment advisor registered with the SEC (see Note 9 , “ Commitments and Contingencies ” and Note 14 , “ Related Party Transactions ” for additional discussion). 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. At June 30, 2015 and December 31, 2014 , 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 as amended (“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 Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 To/By Counterparties Cash collateral posted to/by counterparties represents cash posted by us to counterparties or posted by counterparties to us as collateral for our interest rate swap contracts (including swaptions and basis swap contracts), Eurodollar Futures Contracts (“Futures Contracts”) and repurchase agreements on our Agency Securities and to-be-announced (“TBA”) Agency Securities. Agency Securities, Available For Sale 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. At June 30, 2015 and December 31, 2014 , all of our Agency Securities were classified as available for sale securities. 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 consolidated statements of comprehensive income (loss). Receivables and Payables for Unsettled Sales and Purchases We account for purchases and sales of securities on the trade date, including purchases and sales for forward settlement. Receivables and payables for unsettled trades represent the agreed trade price multiplied by the outstanding balance of the securities at the balance sheet date. 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 and may, at certain times, contain interest payable on U.S. Treasury Securities sold short. 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 at June 30, 2015 and December 31, 2014 . 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 consolidated balance sheets. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities sold short on an accrual basis and presented as 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 obligations to return securities received as collateral at June 30, 2015 and December 31, 2014 . Derivatives, at Fair Value We recognize all derivatives as either assets or liabilities at fair value on our condensed consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our condensed consolidated statements of operations. We designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income. These transactions include interest rate swap contracts, interest rate swaptions and basis swap contracts. We also utilize forward contracts for the purchase or sale of TBA Agency Securities. We account for TBA Agency Securities as derivative instruments if it is reasonably possible that we will not take or make physical delivery of the Agency Security upon settlement of the contract. We may also enter into TBA Agency Securities as a means of investing in and financing Agency Securities (thereby increasing our "at risk" leverage) or as a means of disposing of or reducing our exposure to Agency Securities (thereby reducing our "at risk" leverage). Pursuant to TBA Agency Securities, we agree to purchase or sell, for future delivery, Agency Securities with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency Security for a later settlement date. This transaction is commonly referred to as a "dollar roll." When it is reasonably possible that we will pair off a TBA Agency Security, we account for that contract as a derivative. Preferred Stock At June 30, 2015 , 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. We have designated 9,610 shares as 8.250% Series A Preferred Stock and 6,210 shares as 7.875% Series B Preferred Stock. At June 30, 2015 , a total of 34,180 shares of our authorized preferred stock remain available for designation as future series. Series A Preferred Stock At June 30, 2015 and December 31, 2014 , we had 2,181 shares of Series A Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $54,514 in the aggregate. At June 30, 2015 and December 31, 2014 , there were no accrued or unpaid dividends on the Series A Preferred Stock. The Series A Preferred Stock is entitled to a dividend at a rate of 8.250% per year based on the $25.00 per share 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 Preferred Stock At June 30, 2015 and December 31, 2014 , we had 5,650 shares of Series B Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $141,250 in the aggregate. At June 30, 2015 and December 31, 2014 , there were no accrued or unpaid dividends on the Series B Preferred Stock. The Series B Preferred Stock is entitled to a dividend at a rate of 7.875% per year based on the $25.00 per share 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 ranks 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 June 30, 2015 , 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 350,271 shares of common stock issued and outstanding at June 30, 2015 and 353,159 shares of common stock issued and outstanding at December 31, 2014 . Common Stock Repurchased On March 5, 2014, our Board increased the authorization under our Repurchase Program 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 six months ended June 30, 2015 , we repurchased 3,075 shares of our common stock under the Repurchase Program for an aggregate of $9,497 . Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Premiums and discounts associated with the purchase of Multi-Family mortgage backed securities (“MBS”), which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur. Fair Value of Agency Securities : We invest in Agency Securities representing interests in or obligations backed by pools of fixed rate, hybrid adjustable rate and adjustable rate mortgage loans. The authoritative literature requires us to classify our investments as either trading, available for sale or held to maturity securities. 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. We currently classify all of our Agency Securities 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 statements of comprehensive income (loss). Security purchase and sale transactions, including purchase of TBA Agency Securities, are recorded on the trade date to the extent it is probable that we will take or make timely physical delivery of the related securities. Gains or losses realized from the sale of securities are included in income and are determined using the specific identification method. Impairment of Assets : 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. 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued ASU 2014-11, Repurchase-to Maturity Transactions, Repurchase Financing, and Disclosures, Transfers and Servicing (Topic 860). We do not have repurchase-to-maturity transactions or repurchase financing arrangements of the type covered by ASU 2014-11, therefore this amendment to the accounting standards will not affect our condensed consolidated balance sheets or statements of operations. The amendment also requires certain additional disclosures about repurchase agreements beginning with these second quarter 2015 financial statements, See Note 7 , “ Repurchase Agreements ” .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our valuation techniques for financial instruments use 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 Input s - 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 and is classified as Level 1. Cash balances posted by us to counterparties or posted by counterparties to us as collateral are classified as Level 2 because they are integrally related to the Company's repurchase financing and interest rate swap agreements, which 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 models 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 June 30, 2015 and December 31, 2014 , all of our Agency Security fair values are classified as Level 2 based on the inputs used by our third party pricing services and dealer quotes. Receivables and Payables for Unsettled Sales and Purchases - The carrying amount is generally deemed to be fair value because of the relatively short time to settlement. Such receivables and payables are classified as Level 2 because they are effectively secured by the related securities and could potentially be subject to counterparty credit considerations. 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. Obligations to Return Securities Received as Collateral - The fair value of the obligations to return securities received as collateral are based upon the prices of the related U.S. Treasury Securities obtained from a third party pricing service, which are indicative of market activity. Such obligations are classified as Level 1. 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, interest rate swaptions and basis swaps 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. We estimate the fair value of TBA Agency Securities based on similar methods used to value our Agency Securities. 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, interest rate swaptions, basis swap contracts and TBA Agency Securities 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 at June 30, 2015 and December 31, 2014 . Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2015 Assets at Fair Value: Agency Securities, available for sale $ — $ 13,795,986 $ — $ 13,795,986 Derivatives $ — $ 32,609 $ — $ 32,609 Liabilities at Fair Value: Derivatives $ — $ 107,954 $ — $ 107,954 There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the six months ended June 30, 2015 . Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2014 Assets at Fair Value: Agency Securities, available for sale $ — $ 15,297,529 $ — $ 15,297,529 Derivatives $ — $ 60,518 $ — $ 60,518 Liabilities at Fair Value: Derivatives $ 180 $ 137,213 $ — $ 137,393 There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the year ended December 31, 2014 . 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 at June 30, 2015 and December 31, 2014 . June 30, 2015 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash $ 363,212 $ 363,212 $ 363,212 $ — $ — Cash collateral posted to counterparties $ 137,657 $ 137,657 $ — $ 137,657 $ — Receivable for unsettled sales $ 752,773 $ 752,773 $ — $ 752,773 $ — Principal payments receivable $ 398 $ 398 $ — $ 398 $ — Accrued interest receivable $ 39,935 $ 39,935 $ — $ 39,935 $ — Financial Liabilities: Repurchase agreements $ 13,422,795 $ 13,422,795 $ — $ 13,422,795 $ — Cash collateral posted by counterparties $ 162 $ 162 $ — $ 162 $ — Accrued interest payable- repurchase agreements $ 5,050 $ 5,050 $ — $ 5,050 $ — December 31, 2014 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash $ 494,561 $ 494,561 $ 494,561 $ — $ — Cash collateral posted to counterparties $ 129,004 $ 129,004 $ — $ 129,004 $ — Receivable for unsettled sales $ 260,598 $ 260,598 $ — $ 260,598 $ — Principal payments receivable $ 93 $ 93 $ — $ 93 $ — Accrued interest receivable $ 41,915 $ 41,915 $ — $ 41,915 $ — Financial Liabilities: Repurchase agreements $ 13,881,921 $ 13,881,921 $ — $ 13,881,921 $ — Cash collateral posted by counterparties $ 48,240 $ 48,240 $ — $ 48,240 $ — Payable for unsettled purchases $ 445,292 $ 445,292 $ — $ 445,292 $ — Accrued interest payable- repurchase agreements $ 7,012 $ 7,012 $ — $ 7,012 $ —

Agency Securities, Available fo

Agency Securities, Available for Sale	6 Months Ended
	Jun. 30, 2015
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). At June 30, 2015 and December 31, 2014 , investments in Agency Securities accounted for 100% of our securities portfolio. We evaluated our Agency Securities with unrealized losses at June 30, 2015 , June 30, 2014 and December 31, 2014 , to determine whether there was an other than temporary impairment. All of our Agency Securities are issued and guaranteed by GSEs or Ginnie Mae. The GSEs have a long term credit rating of AA+. At those dates, 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. As a result of this evaluation, no other than temporary impairment was recognized for the quarter and six months ended June 30, 2015 and June 30, 2014 and for the year ended December 31, 2014 , respectively, because we determined that we 1) did not have the intent to sell the Agency Securities in an unrealized loss position, 2) did not believe it more likely than not that we were required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations), and/or (3) determined that a credit loss did not exist. At June 30, 2015 , 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 at June 30, 2015 are also presented below. Our Agency Securities had a weighted average coupon of 3.45% at June 30, 2015 . June 30, 2015 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 50,962 $ (121 ) $ 685 $ 51,526 0.37 % Multi-Family MBS 2,341,459 (36,706 ) 10,496 2,315,249 16.78 10 Year Fixed 24,486 (39 ) 424 24,871 0.18 15 Year Fixed 5,178,206 (1,744 ) 25,944 5,202,406 37.71 20 Year Fixed 3,091,571 (33,318 ) 5,915 3,064,168 22.21 25 Year Fixed 34,379 (222 ) — 34,157 0.25 30 Year Fixed 1,104,916 (3,777 ) 14 1,101,153 7.98 Total Fannie Mae $ 11,825,979 $ (75,927 ) $ 43,478 $ 11,793,530 85.48 % Freddie Mac ARMs & Hybrids 13,460 (30 ) 233 13,663 0.10 % 10 Year Fixed 21,684 (43 ) 403 22,044 0.16 15 Year Fixed 210,300 (557 ) 1,480 211,223 1.53 20 Year Fixed 1,706,015 (22,051 ) 3,920 1,687,884 12.23 Total Freddie Mac $ 1,951,459 $ (22,681 ) $ 6,036 $ 1,934,814 14.02 % Ginnie Mae ARMs & Hybrids 67,432 (384 ) 244 67,292 0.50 % 15 Year Fixed 326 — 24 350 0.00 Total Ginnie Mae $ 67,758 $ (384 ) $ 268 $ 67,642 0.50 % Total Agency Securities $ 13,845,196 $ (98,992 ) $ 49,782 $ 13,795,986 100.00 % There were no unsettled purchases at June 30, 2015 . At December 31, 2014 , 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 at December 31, 2014 are also presented below. Our Agency Securities had a weighted average coupon of 3.47% at December 31, 2014 . December 31, 2014 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs&Hybrids $ 40,410 $ (119 ) $ 729 $ 41,020 0.27 % Multi-Family MBS 1,239,227 — 22,676 1,261,903 8.25 10 Year Fixed 5,336 (3 ) 201 5,534 0.04 15 Year Fixed 7,394,694 (539 ) 54,041 7,448,196 48.69 20 Year Fixed 3,050,676 (13,867 ) 16,756 3,053,565 19.96 25 Year Fixed 21,194 (55 ) — 21,139 0.14 30 Year Fixed 1,249,696 (227 ) 5,765 1,255,234 8.21 Total Fannie Mae $ 13,001,233 $ (14,810 ) $ 100,168 $ 13,086,591 85.56 % Freddie Mac ARMs&Hybrids 14,049 (33 ) 246 14,262 0.09 10 Year Fixed 600 (3 ) 8 605 0.00 15 Year Fixed 239,438 (315 ) 2,499 241,622 1.58 20 Year Fixed 1,881,496 (12,258 ) 8,346 1,877,584 12.27 Total Freddie Mac $ 2,135,583 $ (12,609 ) $ 11,099 $ 2,134,073 13.94 % Ginnie Mae ARMs&Hybrids 75,962 (187 ) 665 76,440 0.50 15 Year Fixed 397 — 28 425 0.00 Total Ginnie Mae $ 76,359 $ (187 ) $ 693 $ 76,865 0.50 % Total Agency Securities $ 15,213,175 $ (27,606 ) $ 111,960 $ 15,297,529 100.00 % Included in the table above are unsettled purchases with an aggregate cost of $445,292 and estimated fair value of $445,527 at December 31, 2014 . 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 at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Weighted Average Life of all Agency Securities Fair Value Amortized Cost Fair Value Amortized Cost Less than one year $ 26 $ 27 $ — $ — Greater than or equal to one year and less than three years 38,730 38,659 48,298 47,929 Greater than or equal to three years and less than five years 7,282,891 7,257,422 10,712,331 10,667,135 Greater than or equal to five years 6,474,339 6,549,088 4,536,900 4,498,111 Total Agency Securities $ 13,795,986 $ 13,845,196 $ 15,297,529 $ 15,213,175 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 at June 30, 2015 and December 31, 2014 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 at June 30, 2015 and December 31, 2014 . Unrealized Loss Position For: Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2015 $ 5,302,050 $ (54,015 ) $ 2,117,182 $ (44,977 ) $ 7,419,232 $ (98,992 ) December 31, 2014 $ 895,382 $ (2,324 ) $ 2,463,523 $ (25,282 ) $ 3,358,905 $ (27,606 ) During the quarter and six months ended June 30, 2015 , we sold $1,445,097 and $2,817,635 , respectively, of Agency Securities, which resulted in realized (loss) gain of $(5,051) and $1,493 , respectively. During the quarter and six months ended June 30, 2014 , we sold $1,206,494 and $6,782,481 , respectively of Agency Securities, which resulted in realized gains of $11,167 and $81,036 , respectively. Sales of Agency Securities are done to reposition our securities portfolio and to reach our target level of liquidity.

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2015
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 at June 30, 2015 and December 31, 2014 . No amounts below are subject to offsetting. June 30, 2015 December 31, 2014 Repurchase Agreements Weighted Average Contractual Rate Repurchase Agreements Weighted Average Contractual Rate Within 30 days $ 4,464,914 0.38 % $ 3,994,656 0.36 % 31 days to 60 days 5,339,228 0.39 % 5,631,858 0.37 % 61 days to 90 days 1,976,610 0.42 % 2,348,839 0.39 % Greater than 90 days 1,642,043 0.46 % 1,906,568 0.44 % Total or Weighted Average $ 13,422,795 0.40 % $ 13,881,921 0.38 % Our repurchase agreements require that we maintain adequate pledged collateral. 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. We manage this risk by maintaining an adequate balance of available cash and unpledged securities. We also may receive cash or securities as collateral from our derivative counterparties which we may use as additional collateral for repurchase agreements. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty. The following table represents the MRAs and other information regarding our repurchase agreements to finance Agency Security purchases at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Number of MRAs 37 40 Number of counterparties with repurchase agreements outstanding 29 28 Weighted average maturity in days 52 60 Haircut for repurchase agreements (1) 4.81 % 4.81 % (1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount. Among other things, it is a measure of our unsecured credit risk to our lenders. At June 30, 2015 , 8 repurchase agreement counterparties individually accounted for between 5% and 10% of our aggregate borrowings. In total, these counterparties accounted for approximately 53.42% of our repurchase agreement borrowings outstanding at June 30, 2015 . At December 31, 2014 , we had 7 repurchase agreement counterparties that individually accounted for between 5% and 10% of our aggregate borrowings. In total, these counterparties accounted for approximately 48.11% of our repurchase agreement borrowings outstanding at December 31, 2014 . At June 30, 2015 and December 31, 2014 , we did not have any repurchase counterparties that individually account for 5% or greater of our stockholders' equity.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2015
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. Basis swap contracts allow us to exchange one floating interest rate basis for another, for example, 3 month LIBOR and Fed Funds Rates, thereby allowing us to diversify our floating rate basis exposures. We also utilize forward contracts for the purchase or sale of TBA Agency Securities. We have agreements with our derivative counterparties that provide for the posting of collateral based on the fair values of our interest rate swap contracts, swaptions, basis swap contracts and TBA Agency Securities. 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 fair 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. TBA Agency Securities are forward contracts for the purchase ("long position") or sale ("short position") of Agency Securities at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency Securities delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. We may enter into TBA Agency Securities as a means of hedging against short-term changes in interest rates. We may also enter into TBA Agency Securities as a means of acquiring or disposing of Agency Securities and we may from time to time utilize TBA dollar roll transactions to finance Agency Security purchases. We account for TBA Agency Securities as derivative instruments if it is reasonably possible that we will not take or make physical delivery of the Agency Security upon settlement of the contract. We account for TBA dollar roll transactions as a series of derivative transactions. We estimate the fair value of TBA Agency Securities based on similar methods used to value our Agency Securities. The following tables present information about our derivatives on the accompanying condensed consolidated balance sheets at June 30, 2015 and December 31, 2014 . June 30, 2015 Derivative Type Remaining / Underlying Term Weighted Average Remaining Swap / Option Term (Months) Weighted Average Rate Notional Amount (3) Asset Fair Value (1) Liability Fair Value (1) Interest rate swap contracts 0-12 Months 8 1.16 % $ 2,725,000 $ — $ (26,269 ) Interest rate swap contracts 13-24 Months 13 1.24 % 550,000 — (10,939 ) Interest rate swap contracts 25-36 Months 30 0.99 % 1,050,000 — (1,439 ) Interest rate swap contracts 49-60 Months 53 1.47 % 2,350,000 2,871 (481 ) Interest rate swap contracts 73-84 Months 81 2.05 % 1,025,000 1,163 (1,679 ) Interest rate swap contracts 85-96 Months 92 2.13 % 1,625,000 1,088 (1,581 ) Interest rate swap contracts 109-120 Months 114 2.66 % 1,000,000 — (55,433 ) Interest rate swap contracts 121-132 Months 129 2.29 % 2,350,000 27,476 (191 ) Basis swap contracts (2) 0-60 Months 28 0.22 % 2,000,000 11 (327 ) TBA Agency Securities — — — 1,600,000 — (9,615 ) Total or Weighted Average $ 16,275,000 $ 32,609 $ (107,954 ) (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. (2) Weighted average rate is the spread over the pay index. (3) Notional amount includes $6,375,000 of forward starting interest rate swap contracts which become effective within 12 months . December 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 5 1.13 % $ 920,000 $ — $ (9,349 ) Interest rate swap contracts 13-24 Months 16 1.23 % 2,900,000 — (54,396 ) Interest rate swap contracts 25-36 Months 31 0.63 % 350,000 2,083 — Interest rate swap contracts 37-48 Months 37 1.00 % 300,000 2,090 — Interest rate swap contracts 49-60 Months 59 1.56 % 2,000,000 — (7,414 ) Interest rate swap contracts 61-72 Months 61 1.48 % 300,000 2,921 — Interest rate swap contracts 85-96 Months 91 1.47 % 2,450,000 50,650 — Interest rate swap contracts 97-108 Months 98 2.08 % 2,800,000 2,774 (7,534 ) Interest rate swap contracts 121-132 Months 120 2.66 % 1,000,000 — (58,520 ) Futures Contracts 0-15 Months 9 2.11 % 10,000 — (180 ) Total or Weighted Average 63 1.60 % $ 13,030,000 $ 60,518 $ (137,393 ) (1) See Note 5 , “ 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 our derivatives and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed consolidated 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 consolidated balance sheet at June 30, 2015 . June 30, 2015 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 32,598 $ (98,012 ) $ 98,572 $ 33,158 Basis swap contracts 11 (11 ) — — Totals $ 32,609 $ (98,023 ) $ 98,572 $ 33,158 June 30, 2015 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (98,012 ) $ 98,012 $ — $ — Basis swap contracts (327 ) 11 — (316 ) TBA Agency Securities (9,615 ) — 12,027 2,412 Totals $ (107,954 ) $ 98,023 $ 12,027 $ 2,096 The following tables present information about our derivatives and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed consolidated 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 consolidated balance sheet at December 31, 2014 . December 31, 2014 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 60,518 $ (137,213 ) $ 119,561 $ 42,866 Totals $ 60,518 $ (137,213 ) $ 119,561 $ 42,866 December 31, 2014 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (137,213 ) $ 137,213 $ — $ — Futures Contracts (180 ) — 227 47 Totals $ (137,393 ) $ 137,213 $ 227 $ 47 The following table represents the location and information regarding our derivatives which are included in Other Income (Loss) in the accompanying condensed consolidated statements of operations for the quarter and six months ended June 30, 2015 and June 30, 2014 . Income (Loss) Recognized For the Quarter For the Six Months Ended Derivatives Location on Condensed Consolidated Statements of Operations June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Interest rate swap contracts: Realized gain (loss) Realized loss on derivatives $ (20,585 ) $ — $ 28,346 $ — Interest income Realized loss on derivatives 3,247 3,505 7,425 6,742 Interest expense Realized loss on derivatives (32,041 ) (37,536 ) (76,961 ) (75,388 ) Changes in fair value Unrealized gain (loss) on derivatives 204,346 (98,356 ) (12,080 ) (201,663 ) $ 154,967 $ (132,387 ) $ (53,270 ) $ (270,309 ) Interest rate swaptions: Realized gain Realized loss on derivatives — — — 23,318 Changes in fair value Unrealized gain (loss) on derivatives — (18,372 ) — (91,830 ) $ — $ (18,372 ) $ — $ (68,512 ) Futures Contracts: Realized loss Realized loss on derivatives (93 ) (467 ) (184 ) (908 ) Changes in fair value Unrealized gain (loss) on derivatives 92 455 180 864 $ (1 ) $ (12 ) $ (4 ) $ (44 ) Basis swap contracts: Changes in fair value Unrealized gain (loss) on derivatives (316 ) — (316 ) — $ (316 ) $ — $ (316 ) $ — TBA Agency Securities: Realized loss Realized loss on derivatives (10,506 ) — (10,506 ) — Changes in fair value Unrealized gain (loss) on derivatives (9,615 ) — (9,615 ) — $ (20,121 ) $ — $ (20,121 ) $ — Totals $ 134,529 $ (150,771 ) $ (73,711 ) $ (338,865 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Management Agreement with ACM As discussed in Note 14 , “ Related Party Transactions ” we are externally managed by ACM pursuant to a management agreement (the “Management Agreement”), which was most recently amended on February 23, 2015. The Management Agreement entitles ACM 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. At June 30, 2015 , the effective management fee was 1.03% based on gross equity raised of $2,657,332 . The ACM 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 ACM incurred solely on behalf of ARMOUR other than the various overhead expenses specified in the terms of the Management Agreement. ACM is further entitled to receive a termination fee from us under certain circumstances. Indemnifications and Litigation We enter into certain contracts that contain a variety of indemnifications, principally with ACM 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 at June 30, 2015 and December 31, 2014 . We are not party to any pending, threatened or contemplated litigation.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation We adopted the 2009 Stock Incentive Plan as amended, (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, 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 8, 2014, our stockholders approved an amendment to the Plan to increase the number of shares issuable thereunder from 2,000 to 15,000 shares and the Plan was amended accordingly. Transactions related to awards issued under the Plan for the six months ended June 30, 2015 are summarized below: June 30, 2015 Number of Awards Weighted Average Grant Date Fair Value per Award Unvested Awards Outstanding-beginning of period 1,055 $ 6.47 Vested (212 ) $ 7.06 Unvested Awards Outstanding-end of period 843 $ 6.34 At June 30, 2015 , there was approximately $2,369 of unvested non-cash stock based compensation related to the Awards (based on the June 30, 2015 stock price of $2.81 per share), that we expect to recognize as an expense over the remaining average service period of 1.3 years . We also pay our Board quarterly fees of $33 , which is payable in cash, common stock, or a combination of common stock and cash at the option of the director.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Dividends The following table presents our common stock dividend transactions for the six months ended June 30, 2015 . Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 15, 2015 January 27, 2015 $ 0.04 $ 14,168 February 13, 2015 February 27, 2015 $ 0.04 14,169 March 13, 2015 March 27, 2015 $ 0.04 14,149 April 15, 2015 April 27, 2015 $ 0.04 14,133 May 15, 2015 May 27, 2015 $ 0.04 14,089 June 15, 2015 June 29, 2015 $ 0.04 14,045 Total dividends paid $ 84,753 The following table presents our Series A Preferred Stock dividend transactions for the six months ended June 30, 2015 . Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2015 January 27, 2015 $ 0.17 $ 374.8 February 15, 2015 February 27, 2015 $ 0.17 374.8 March 15, 2015 March 27, 2015 $ 0.17 374.8 April 15, 2015 April 27, 2015 $ 0.17 374.8 May 15, 2015 May 27, 2015 $ 0.17 374.8 June 15, 2015 June 29, 2015 $ 0.17 374.8 Total dividends paid $ 2,248.8 The following table presents our Series B Preferred Stock dividend transactions for the six months ended June 30, 2015 . Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2015 January 27, 2015 $ 0.16 $ 927 February 15, 2015 February 27, 2015 $ 0.16 927 March 15, 2015 March 27, 2015 $ 0.16 927 April 15, 2015 April 27, 2015 $ 0.16 927 May 15, 2015 May 27, 2015 $ 0.16 927 June 15, 2015 June 29, 2015 $ 0.16 927 Total dividends paid $ 5,562 Equity Capital Raising Activities The following table presents our equity transactions for the six months ended June 30, 2015 . Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds Common stock dividend reinvestment program January 26, 2015 through June 29, 2015 27 $ 3.14 $ 85 (1) Weighted average price Common Stock Repurchases The following table presents our common stock repurchases for the six months ended June 30, 2015 . Transaction Type Completion Date Number of Per Share price (1) Net Cost Repurchased common shares March 5, 2015 through June 9, 2015 3,075 3.09 $ 9,497 (1) Weighted average price

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Net 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 quarter and six months ended June 30, 2015 and June 30, 2014 . For the Quarter For the Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Net Income (Loss) $ 198,018 $ (70,190 ) $ 72,549 $ (89,968 ) Less: Preferred dividends (3,905 ) (3,905 ) (7,810 ) (7,812 ) Net income (loss) related to common stockholders $ 194,113 $ (74,095 ) $ 64,739 $ (97,780 ) Weighted average common shares outstanding – basic 351,332 357,111 352,134 357,302 Add: Effect of dilutive non-vested awards, assumed vested 843 — 843 — Weighted average common shares outstanding – diluted 352,175 357,111 352,977 357,302

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the quarter and six months ended June 30, 2015 and June 30, 2014 . For the Quarter For the Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 GAAP net income (loss) $ 198,018 $ (70,190 ) $ 72,549 $ (89,968 ) Book to tax differences: Changes in interest rate contracts (163,416 ) 116,273 3,991 269,311 (Gain) Loss on Security Sales 5,051 4,614 (1,493 ) (65,255 ) Amortization of deferred hedging gains (costs) (1,216 ) 461 (3,093 ) 755 Net premium amortization differences — (266 ) — (5,609 ) Other 4 5 8 11 Estimated taxable income $ 38,441 $ 50,897 $ 71,962 $ 109,245 Interest rate contracts are treated as hedging transactions for tax purposes. Unrealized gains and losses on open interest rate contracts are not included in the determination of REIT taxable income. Realized gains and losses on interest rate contracts terminated before their maturity are deferred and amortized over the remainder of the original term of the contract for tax purposes. Net capital losses realized in 2013 and 2014 totaling $(579,322) and $(341,850) , respectively, may be available to offset future capital gains realized through 2018 and 2019, respectively. The aggregate tax basis of our assets and liabilities was less than our total Stockholders’ Equity at June 30, 2015 by approximately $(42,487) , or approximately $(0.12) per common share (based on the 350,271 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 $92,564 for the six months ended June 30, 2015 . Our estimated REIT taxable income available for distribution as dividends was $71,962 for the six months ended June 30, 2015 . Our taxable REIT income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends paid in excess of REIT taxable income for the year (including amounts carried forward from prior years) will generally not be taxable to common stockholders. 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	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We are externally managed by ACM pursuant to the Management Agreement. All of our executive officers are also employees of ACM. ACM 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, ACM is responsible for costs incident to the performance of its duties, such as compensation of its employees and various overhead expenses. ACM 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 $6,867 and $13,744 in management fees for the quarter and six months ended June 30, 2015 and $6,964 and $13,929 in management fees for the quarter and six months ended June 30, 2014 , respectively. We are required to take actions as may be reasonably required to permit and enable ACM to carry out its duties and obligations. We are also responsible for any costs and expenses that ACM incurred solely on our behalf other than the various overhead expenses specified in the terms of the Management Agreement. For the quarter and six months ended June 30, 2015 , we reimbursed ACM $489 and $871 , respectively, for other expenses incurred on our behalf. For the quarter and six months ended June 30, 2014 , we reimbursed ACM $419 and $878 , respectively, for other expenses incurred on our behalf. In consideration of our 2012 results, in 2013, we also elected to make a restricted stock award to our executive officers and other ACM employees through ACM. The award vests through 2017 and resulted in our recognizing stock based compensation expense of $158 and $336 , respectively, for the quarter and six months ended June 30, 2015 and $264 and $636 , respectively for the quarter and six months ended June 30, 2014 . Pursuant to a Sub-Management Agreement between ARMOUR, ACM and Staton Bell Blank Check LLC (“SBBC”), ACM 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 ACM, net of expenses. In October 2014, SBBC elected to continue to act as sub-managers for ACM. As part of the Company’s founding in 2009, SBBC had the option to relinquish its sub-management agreement in exchange for a lump sum cash payment from us in November 2014. The option formula would have resulted in ARMOUR paying SBBC $33,559 in cash and receiving the ongoing sub-management fee. SBBC allowed the option to expire unexercised. In connection with the Conversion, SBBC became substantially wholly owned by ACM, effective January 1, 2015.

Interest Rate Risk

Interest Rate Risk	6 Months Ended
	Jun. 30, 2015
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	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 7, 2015, our wholly owned insurance subsidiary, SABRE Business Insurance LLC, became a member of the Federal Home Loan Bank of Des Moines. On July 27, 2015, 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 July 15, 2015. We have also declared cash dividends of $0.17 and $0.16 per outstanding share of Series A Preferred Stock and Series B Preferred Stock, respectively, payable August 27, 2015 to holders of record on August 15, 2015 and payable September 28, 2015 to holders of record on September 15, 2015. We have declared cash dividends of $0.04 per outstanding common share which were paid on July 27, 2015 to holders of record on July15, 2015. The expected July 2015 dividend rate of $0.04 per common share does not reflect the effect of the pending Reverse Stock Split and would be equivalent to $0.32 per common share on a basis reflecting the pending Reverse Stock Split. We also have declared cash dividends of $0.33 (post-split) per outstanding common share payable on August 27, 2015 to holders of record on August 17, 2015 and payable September 28, 2015 to holders of record on September 15, 2015.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated 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 10-01 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 six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2015 . 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, 2014 . The condensed consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiary. All intercompany accounts and transactions have been eliminated. 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 consolidated financial statements include the valuation of Agency Securities (as defined below) and derivative instruments.
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 To/By Counterparties	Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents cash posted by us to counterparties or posted by counterparties to us as collateral for our interest rate swap contracts (including swaptions and basis swap contracts), Eurodollar Futures Contracts (“Futures Contracts”) and repurchase agreements on our Agency Securities and to-be-announced (“TBA”) Agency Securities.
Agency Securities, Available for Sale	Agency Securities, Available For Sale 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. At June 30, 2015 and December 31, 2014 , all of our Agency Securities were classified as available for sale securities. 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 consolidated statements of comprehensive income (loss).
Receivables and Payable for Unsettled Sales and Purchases	Receivables and Payables for Unsettled Sales and Purchases We account for purchases and sales of securities on the trade date, including purchases and sales for forward settlement. Receivables and payables for unsettled trades represent the agreed trade price multiplied by the outstanding balance of the securities at the balance sheet date.
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 and may, at certain times, contain interest payable on U.S. Treasury Securities sold short.
Repurchase Agreements and 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 consolidated balance sheets. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities sold short on an accrual basis and presented as 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. 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.
Derivatives, at Fair Value	Derivatives, at Fair Value We recognize all derivatives as either assets or liabilities at fair value on our condensed consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our condensed consolidated statements of operations. We designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income. These transactions include interest rate swap contracts, interest rate swaptions and basis swap contracts. We also utilize forward contracts for the purchase or sale of TBA Agency Securities. We account for TBA Agency Securities as derivative instruments if it is reasonably possible that we will not take or make physical delivery of the Agency Security upon settlement of the contract. We may also enter into TBA Agency Securities as a means of investing in and financing Agency Securities (thereby increasing our "at risk" leverage) or as a means of disposing of or reducing our exposure to Agency Securities (thereby reducing our "at risk" leverage). Pursuant to TBA Agency Securities, we agree to purchase or sell, for future delivery, Agency Securities with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency Security for a later settlement date. This transaction is commonly referred to as a "dollar roll." When it is reasonably possible that we will pair off a TBA Agency Security, we account for that contract as a derivative.
Preferred Stock and Common Stock	Preferred Stock At June 30, 2015 , 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. We have designated 9,610 shares as 8.250% Series A Preferred Stock and 6,210 shares as 7.875% Series B Preferred Stock. At June 30, 2015 , a total of 34,180 shares of our authorized preferred stock remain available for designation as future series. Series A Preferred Stock At June 30, 2015 and December 31, 2014 , we had 2,181 shares of Series A Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $54,514 in the aggregate. At June 30, 2015 and December 31, 2014 , there were no accrued or unpaid dividends on the Series A Preferred Stock. The Series A Preferred Stock is entitled to a dividend at a rate of 8.250% per year based on the $25.00 per share 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 Preferred Stock At June 30, 2015 and December 31, 2014 , we had 5,650 shares of Series B Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $141,250 in the aggregate. At June 30, 2015 and December 31, 2014 , there were no accrued or unpaid dividends on the Series B Preferred Stock. The Series B Preferred Stock is entitled to a dividend at a rate of 7.875% per year based on the $25.00 per share 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 ranks 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 June 30, 2015 , 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 350,271 shares of common stock issued and outstanding at June 30, 2015 and 353,159 shares of common stock issued and outstanding at December 31, 2014 . Common Stock Repurchased On March 5, 2014, our Board increased the authorization under our Repurchase Program 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 six months ended June 30, 2015 , we repurchased 3,075 shares of our common stock under the Repurchase Program for an aggregate of $9,497 .
Revenue Recognition	Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Premiums and discounts associated with the purchase of Multi-Family mortgage backed securities (“MBS”), which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur.
Fair Value of Agency Securities	Fair Value of Agency Securities : We invest in Agency Securities representing interests in or obligations backed by pools of fixed rate, hybrid adjustable rate and adjustable rate mortgage loans. The authoritative literature requires us to classify our investments as either trading, available for sale or held to maturity securities. 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. We currently classify all of our Agency Securities 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 statements of comprehensive income (loss). Security purchase and sale transactions, including purchase of TBA Agency Securities, are recorded on the trade date to the extent it is probable that we will take or make timely physical delivery of the related securities. Gains or losses realized from the sale of securities are included in income and are determined using the specific identification method.
Impairment of Assets	Impairment of Assets : 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.
Comprehensive Income (Loss)	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.
New Accounting Pronouncements	In June 2014, the Financial Accounting Standards Board issued ASU 2014-11, Repurchase-to Maturity Transactions, Repurchase Financing, and Disclosures, Transfers and Servicing (Topic 860). We do not have repurchase-to-maturity transactions or repurchase financing arrangements of the type covered by ASU 2014-11, therefore this amendment to the accounting standards will not affect our condensed consolidated balance sheets or statements of operations. The amendment also requires certain additional disclosures about repurchase agreements beginning with these second quarter 2015 financial statements, See Note 7 , “ Repurchase Agreements ” .

Fair Value of Financial Instr26

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2014 Assets at Fair Value: Agency Securities, available for sale $ — $ 15,297,529 $ — $ 15,297,529 Derivatives $ — $ 60,518 $ — $ 60,518 Liabilities at Fair Value: Derivatives $ 180 $ 137,213 $ — $ 137,393 The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 . Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2015 Assets at Fair Value: Agency Securities, available for sale $ — $ 13,795,986 $ — $ 13,795,986 Derivatives $ — $ 32,609 $ — $ 32,609 Liabilities at Fair Value: Derivatives $ — $ 107,954 $ — $ 107,954
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 at June 30, 2015 and December 31, 2014 . June 30, 2015 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash $ 363,212 $ 363,212 $ 363,212 $ — $ — Cash collateral posted to counterparties $ 137,657 $ 137,657 $ — $ 137,657 $ — Receivable for unsettled sales $ 752,773 $ 752,773 $ — $ 752,773 $ — Principal payments receivable $ 398 $ 398 $ — $ 398 $ — Accrued interest receivable $ 39,935 $ 39,935 $ — $ 39,935 $ — Financial Liabilities: Repurchase agreements $ 13,422,795 $ 13,422,795 $ — $ 13,422,795 $ — Cash collateral posted by counterparties $ 162 $ 162 $ — $ 162 $ — Accrued interest payable- repurchase agreements $ 5,050 $ 5,050 $ — $ 5,050 $ — December 31, 2014 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash $ 494,561 $ 494,561 $ 494,561 $ — $ — Cash collateral posted to counterparties $ 129,004 $ 129,004 $ — $ 129,004 $ — Receivable for unsettled sales $ 260,598 $ 260,598 $ — $ 260,598 $ — Principal payments receivable $ 93 $ 93 $ — $ 93 $ — Accrued interest receivable $ 41,915 $ 41,915 $ — $ 41,915 $ — Financial Liabilities: Repurchase agreements $ 13,881,921 $ 13,881,921 $ — $ 13,881,921 $ — Cash collateral posted by counterparties $ 48,240 $ 48,240 $ — $ 48,240 $ — Payable for unsettled purchases $ 445,292 $ 445,292 $ — $ 445,292 $ — Accrued interest payable- repurchase agreements $ 7,012 $ 7,012 $ — $ 7,012 $ —

Agency Securities, Available 27

Agency Securities, Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	At June 30, 2015 , 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 at June 30, 2015 are also presented below. Our Agency Securities had a weighted average coupon of 3.45% at June 30, 2015 . June 30, 2015 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 50,962 $ (121 ) $ 685 $ 51,526 0.37 % Multi-Family MBS 2,341,459 (36,706 ) 10,496 2,315,249 16.78 10 Year Fixed 24,486 (39 ) 424 24,871 0.18 15 Year Fixed 5,178,206 (1,744 ) 25,944 5,202,406 37.71 20 Year Fixed 3,091,571 (33,318 ) 5,915 3,064,168 22.21 25 Year Fixed 34,379 (222 ) — 34,157 0.25 30 Year Fixed 1,104,916 (3,777 ) 14 1,101,153 7.98 Total Fannie Mae $ 11,825,979 $ (75,927 ) $ 43,478 $ 11,793,530 85.48 % Freddie Mac ARMs & Hybrids 13,460 (30 ) 233 13,663 0.10 % 10 Year Fixed 21,684 (43 ) 403 22,044 0.16 15 Year Fixed 210,300 (557 ) 1,480 211,223 1.53 20 Year Fixed 1,706,015 (22,051 ) 3,920 1,687,884 12.23 Total Freddie Mac $ 1,951,459 $ (22,681 ) $ 6,036 $ 1,934,814 14.02 % Ginnie Mae ARMs & Hybrids 67,432 (384 ) 244 67,292 0.50 % 15 Year Fixed 326 — 24 350 0.00 Total Ginnie Mae $ 67,758 $ (384 ) $ 268 $ 67,642 0.50 % Total Agency Securities $ 13,845,196 $ (98,992 ) $ 49,782 $ 13,795,986 100.00 % At December 31, 2014 , 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 at December 31, 2014 are also presented below. Our Agency Securities had a weighted average coupon of 3.47% at December 31, 2014 . December 31, 2014 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs&Hybrids $ 40,410 $ (119 ) $ 729 $ 41,020 0.27 % Multi-Family MBS 1,239,227 — 22,676 1,261,903 8.25 10 Year Fixed 5,336 (3 ) 201 5,534 0.04 15 Year Fixed 7,394,694 (539 ) 54,041 7,448,196 48.69 20 Year Fixed 3,050,676 (13,867 ) 16,756 3,053,565 19.96 25 Year Fixed 21,194 (55 ) — 21,139 0.14 30 Year Fixed 1,249,696 (227 ) 5,765 1,255,234 8.21 Total Fannie Mae $ 13,001,233 $ (14,810 ) $ 100,168 $ 13,086,591 85.56 % Freddie Mac ARMs&Hybrids 14,049 (33 ) 246 14,262 0.09 10 Year Fixed 600 (3 ) 8 605 0.00 15 Year Fixed 239,438 (315 ) 2,499 241,622 1.58 20 Year Fixed 1,881,496 (12,258 ) 8,346 1,877,584 12.27 Total Freddie Mac $ 2,135,583 $ (12,609 ) $ 11,099 $ 2,134,073 13.94 % Ginnie Mae ARMs&Hybrids 75,962 (187 ) 665 76,440 0.50 15 Year Fixed 397 — 28 425 0.00 Total Ginnie Mae $ 76,359 $ (187 ) $ 693 $ 76,865 0.50 % Total Agency Securities $ 15,213,175 $ (27,606 ) $ 111,960 $ 15,297,529 100.00 %
Investments Classified by Contractual Maturity Date	The following table summarizes the weighted average lives of our Agency Securities at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Weighted Average Life of all Agency Securities Fair Value Amortized Cost Fair Value Amortized Cost Less than one year $ 26 $ 27 $ — $ — Greater than or equal to one year and less than three years 38,730 38,659 48,298 47,929 Greater than or equal to three years and less than five years 7,282,891 7,257,422 10,712,331 10,667,135 Greater than or equal to five years 6,474,339 6,549,088 4,536,900 4,498,111 Total Agency Securities $ 13,795,986 $ 13,845,196 $ 15,297,529 $ 15,213,175
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 at June 30, 2015 and December 31, 2014 . Unrealized Loss Position For: Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2015 $ 5,302,050 $ (54,015 ) $ 2,117,182 $ (44,977 ) $ 7,419,232 $ (98,992 ) December 31, 2014 $ 895,382 $ (2,324 ) $ 2,463,523 $ (25,282 ) $ 3,358,905 $ (27,606 )

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
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 at June 30, 2015 and December 31, 2014 . No amounts below are subject to offsetting. June 30, 2015 December 31, 2014 Repurchase Agreements Weighted Average Contractual Rate Repurchase Agreements Weighted Average Contractual Rate Within 30 days $ 4,464,914 0.38 % $ 3,994,656 0.36 % 31 days to 60 days 5,339,228 0.39 % 5,631,858 0.37 % 61 days to 90 days 1,976,610 0.42 % 2,348,839 0.39 % Greater than 90 days 1,642,043 0.46 % 1,906,568 0.44 % Total or Weighted Average $ 13,422,795 0.40 % $ 13,881,921 0.38 % Our repurchase agreements require that we maintain adequate pledged collateral. 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. We manage this risk by maintaining an adequate balance of available cash and unpledged securities. We also may receive cash or securities as collateral from our derivative counterparties which we may use as additional collateral for repurchase agreements. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty. The following table represents the MRAs and other information regarding our repurchase agreements to finance Agency Security purchases at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Number of MRAs 37 40 Number of counterparties with repurchase agreements outstanding 29 28 Weighted average maturity in days 52 60 Haircut for repurchase agreements (1) 4.81 % 4.81 % (1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount. Among other things, it is a measure of our unsecured credit risk to our lenders.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative [Line Items]
Schedule of Derivative Instruments	The following tables present information about our derivatives on the accompanying condensed consolidated balance sheets at June 30, 2015 and December 31, 2014 . June 30, 2015 Derivative Type Remaining / Underlying Term Weighted Average Remaining Swap / Option Term (Months) Weighted Average Rate Notional Amount (3) Asset Fair Value (1) Liability Fair Value (1) Interest rate swap contracts 0-12 Months 8 1.16 % $ 2,725,000 $ — $ (26,269 ) Interest rate swap contracts 13-24 Months 13 1.24 % 550,000 — (10,939 ) Interest rate swap contracts 25-36 Months 30 0.99 % 1,050,000 — (1,439 ) Interest rate swap contracts 49-60 Months 53 1.47 % 2,350,000 2,871 (481 ) Interest rate swap contracts 73-84 Months 81 2.05 % 1,025,000 1,163 (1,679 ) Interest rate swap contracts 85-96 Months 92 2.13 % 1,625,000 1,088 (1,581 ) Interest rate swap contracts 109-120 Months 114 2.66 % 1,000,000 — (55,433 ) Interest rate swap contracts 121-132 Months 129 2.29 % 2,350,000 27,476 (191 ) Basis swap contracts (2) 0-60 Months 28 0.22 % 2,000,000 11 (327 ) TBA Agency Securities — — — 1,600,000 — (9,615 ) Total or Weighted Average $ 16,275,000 $ 32,609 $ (107,954 ) (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. (2) Weighted average rate is the spread over the pay index. (3) Notional amount includes $6,375,000 of forward starting interest rate swap contracts which become effective within 12 months . December 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 5 1.13 % $ 920,000 $ — $ (9,349 ) Interest rate swap contracts 13-24 Months 16 1.23 % 2,900,000 — (54,396 ) Interest rate swap contracts 25-36 Months 31 0.63 % 350,000 2,083 — Interest rate swap contracts 37-48 Months 37 1.00 % 300,000 2,090 — Interest rate swap contracts 49-60 Months 59 1.56 % 2,000,000 — (7,414 ) Interest rate swap contracts 61-72 Months 61 1.48 % 300,000 2,921 — Interest rate swap contracts 85-96 Months 91 1.47 % 2,450,000 50,650 — Interest rate swap contracts 97-108 Months 98 2.08 % 2,800,000 2,774 (7,534 ) Interest rate swap contracts 121-132 Months 120 2.66 % 1,000,000 — (58,520 ) Futures Contracts 0-15 Months 9 2.11 % 10,000 — (180 ) Total or Weighted Average 63 1.60 % $ 13,030,000 $ 60,518 $ (137,393 ) (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion.
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 consolidated statements of operations for the quarter and six months ended June 30, 2015 and June 30, 2014 . Income (Loss) Recognized For the Quarter For the Six Months Ended Derivatives Location on Condensed Consolidated Statements of Operations June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Interest rate swap contracts: Realized gain (loss) Realized loss on derivatives $ (20,585 ) $ — $ 28,346 $ — Interest income Realized loss on derivatives 3,247 3,505 7,425 6,742 Interest expense Realized loss on derivatives (32,041 ) (37,536 ) (76,961 ) (75,388 ) Changes in fair value Unrealized gain (loss) on derivatives 204,346 (98,356 ) (12,080 ) (201,663 ) $ 154,967 $ (132,387 ) $ (53,270 ) $ (270,309 ) Interest rate swaptions: Realized gain Realized loss on derivatives — — — 23,318 Changes in fair value Unrealized gain (loss) on derivatives — (18,372 ) — (91,830 ) $ — $ (18,372 ) $ — $ (68,512 ) Futures Contracts: Realized loss Realized loss on derivatives (93 ) (467 ) (184 ) (908 ) Changes in fair value Unrealized gain (loss) on derivatives 92 455 180 864 $ (1 ) $ (12 ) $ (4 ) $ (44 ) Basis swap contracts: Changes in fair value Unrealized gain (loss) on derivatives (316 ) — (316 ) — $ (316 ) $ — $ (316 ) $ — TBA Agency Securities: Realized loss Realized loss on derivatives (10,506 ) — (10,506 ) — Changes in fair value Unrealized gain (loss) on derivatives (9,615 ) — (9,615 ) — $ (20,121 ) $ — $ (20,121 ) $ — Totals $ 134,529 $ (150,771 ) $ (73,711 ) $ (338,865 )
Derivative
Derivative [Line Items]
Offsetting Assets	The following tables present information about our derivatives and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed consolidated 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 consolidated balance sheet at December 31, 2014 . December 31, 2014 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 60,518 $ (137,213 ) $ 119,561 $ 42,866 Totals $ 60,518 $ (137,213 ) $ 119,561 $ 42,866 The following tables present information about our derivatives and the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying condensed consolidated 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 consolidated balance sheet at June 30, 2015 . June 30, 2015 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 32,598 $ (98,012 ) $ 98,572 $ 33,158 Basis swap contracts 11 (11 ) — — Totals $ 32,609 $ (98,023 ) $ 98,572 $ 33,158
Offsetting Liabilities	December 31, 2014 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (137,213 ) $ 137,213 $ — $ — Futures Contracts (180 ) — 227 47 Totals $ (137,393 ) $ 137,213 $ 227 $ 47 June 30, 2015 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (98,012 ) $ 98,012 $ — $ — Basis swap contracts (327 ) 11 — (316 ) TBA Agency Securities (9,615 ) — 12,027 2,412 Totals $ (107,954 ) $ 98,023 $ 12,027 $ 2,096

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to awards issued under the Plan for the six months ended June 30, 2015 are summarized below: June 30, 2015 Number of Awards Weighted Average Grant Date Fair Value per Award Unvested Awards Outstanding-beginning of period 1,055 $ 6.47 Vested (212 ) $ 7.06 Unvested Awards Outstanding-end of period 843 $ 6.34

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Dividends Transactions	The following table presents our common stock dividend transactions for the six months ended June 30, 2015 . Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 15, 2015 January 27, 2015 $ 0.04 $ 14,168 February 13, 2015 February 27, 2015 $ 0.04 14,169 March 13, 2015 March 27, 2015 $ 0.04 14,149 April 15, 2015 April 27, 2015 $ 0.04 14,133 May 15, 2015 May 27, 2015 $ 0.04 14,089 June 15, 2015 June 29, 2015 $ 0.04 14,045 Total dividends paid $ 84,753 The following table presents our Series A Preferred Stock dividend transactions for the six months ended June 30, 2015 . Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2015 January 27, 2015 $ 0.17 $ 374.8 February 15, 2015 February 27, 2015 $ 0.17 374.8 March 15, 2015 March 27, 2015 $ 0.17 374.8 April 15, 2015 April 27, 2015 $ 0.17 374.8 May 15, 2015 May 27, 2015 $ 0.17 374.8 June 15, 2015 June 29, 2015 $ 0.17 374.8 Total dividends paid $ 2,248.8 The following table presents our Series B Preferred Stock dividend transactions for the six months ended June 30, 2015 . Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2015 January 27, 2015 $ 0.16 $ 927 February 15, 2015 February 27, 2015 $ 0.16 927 March 15, 2015 March 27, 2015 $ 0.16 927 April 15, 2015 April 27, 2015 $ 0.16 927 May 15, 2015 May 27, 2015 $ 0.16 927 June 15, 2015 June 29, 2015 $ 0.16 927 Total dividends paid $ 5,562
Schedule of Stockholders Equity	The following table presents our equity transactions for the six months ended June 30, 2015 . Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds Common stock dividend reinvestment program January 26, 2015 through June 29, 2015 27 $ 3.14 $ 85 (1) Weighted average price The following table presents our common stock repurchases for the six months ended June 30, 2015 . Transaction Type Completion Date Number of Per Share price (1) Net Cost Repurchased common shares March 5, 2015 through June 9, 2015 3,075 3.09 $ 9,497 (1) Weighted average price

Net Income (Loss) per Common 32

Net Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 quarter and six months ended June 30, 2015 and June 30, 2014 . For the Quarter For the Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Net Income (Loss) $ 198,018 $ (70,190 ) $ 72,549 $ (89,968 ) Less: Preferred dividends (3,905 ) (3,905 ) (7,810 ) (7,812 ) Net income (loss) related to common stockholders $ 194,113 $ (74,095 ) $ 64,739 $ (97,780 ) Weighted average common shares outstanding – basic 351,332 357,111 352,134 357,302 Add: Effect of dilutive non-vested awards, assumed vested 843 — 843 — Weighted average common shares outstanding – diluted 352,175 357,111 352,977 357,302

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the quarter and six months ended June 30, 2015 and June 30, 2014 . For the Quarter For the Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 GAAP net income (loss) $ 198,018 $ (70,190 ) $ 72,549 $ (89,968 ) Book to tax differences: Changes in interest rate contracts (163,416 ) 116,273 3,991 269,311 (Gain) Loss on Security Sales 5,051 4,614 (1,493 ) (65,255 ) Amortization of deferred hedging gains (costs) (1,216 ) 461 (3,093 ) 755 Net premium amortization differences — (266 ) — (5,609 ) Other 4 5 8 11 Estimated taxable income $ 38,441 $ 50,897 $ 71,962 $ 109,245

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) $ in Thousands	Jul. 31, 2015shares	Jul. 30, 2015shares	Jul. 28, 2015USD ($)	Jun. 30, 2015shares	Dec. 31, 2014shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)				350,271,000	353,159,000
Common stock, shares authorized (in shares)				1,000,000,000	1,000,000,000
Subsequent Event
Class of Stock [Line Items]
Reverse stock split, conversion ratio	0.125
Common stock, shares outstanding (in shares)	43,750,000	350,000,000
Common stock, shares authorized (in shares)	125,000,000	1,000,000,000
Subsequent Event | Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $			$ 9,000

Organization and Nature of Bu35

Organization and Nature of Business Operations (Details) - Portfolio Concentration Risk - Available-for-sale Securities	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Concentration Risk [Line Items]
Percentage of portfolio invested in agency securities	100.00%	100.00%
Expected percentage of portfolio invested in agency securities	100.00%

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 09, 2015USD ($)shares	Jun. 30, 2015USD ($)directormo$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Mar. 05, 2014shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
Preferred Stock, undesignated shares authorized		34,180,000
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000
Common stock, par value (in Dollars per share) | $ / shares		$ 0.001	$ 0.001
Common stock, shares issued (in Shares)		350,271,000	353,159,000
Common stock, shares outstanding (in shares)		350,271,000	353,159,000
Stock repurchase program, shares authorized (in Shares)				50,000,000
Common stock repurchased (in Shares)	3,075,000
Common stock repurchased | $	$ 9,497	$ 9,497
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		9,610,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
Preferred stock, dividend rate		8.25%	8.25%
Preferred stock, shares issued		2,181,000	2,181,000
Preferred stock, shares outstanding		2,181,000	2,181,000
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares		$ 25	$ 25
Preferred stock, aggregate liquidation preference | $		$ 54,514	$ 54,514
Preferred stock, redemption price per share (in dollars per share) | $ / shares		$ 25
Period stock receives voting rights if dividends are not paid | mo		18
Number of additional directors elected | director		2
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		6,210,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
Preferred stock, dividend rate		7.875%	7.875%
Preferred stock, shares issued		5,650,000	5,650,000
Preferred stock, shares outstanding		5,650,000	5,650,000
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares		$ 25	$ 25
Preferred stock, aggregate liquidation preference | $		$ 141,250	$ 141,250
Preferred stock, redemption price per share (in dollars per share) | $ / shares		$ 25
Period stock receives voting rights if dividends are not paid | mo		18
Number of additional directors elected | director		2
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in Shares)		3,075,000

Fair Value of Financial Instr37

Fair Value of Financial Instruments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2015dealer
Fair Value Disclosures [Abstract]
Number of dealers received quotes from	3

Fair Value of Financial Instr38

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets at Fair Value:
Derivatives	$ 32,609	$ 60,518
Liabilities at Fair Value:
Derivatives	107,954	137,393
Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities, available for sale	13,795,986	15,297,529
Derivatives	32,609	60,518
Liabilities at Fair Value:
Derivatives	107,954	137,393
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities at Fair Value:
Derivatives		180
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2)
Assets at Fair Value:
Agency Securities, available for sale	13,795,986	15,297,529
Derivatives	32,609	60,518
Liabilities at Fair Value:
Derivatives	$ 107,954	$ 137,213

Fair Value of Financial Instr39

Fair Value of Financial Instruments - Carrying Values and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial Assets:
Receivable for unsettled sales		$ 260,598
Financial Liabilities:
Payable for unsettled purchases		445,527
Carrying Value
Financial Assets:
Cash	$ 363,212
Cash collateral posted to counterparties	137,657
Receivable for unsettled sales	752,773
Principal payments receivable	398
Accrued interest receivable	39,935
Financial Liabilities:
Repurchase agreements	13,422,795
Cash collateral posted by counterparties	162
Accrued interest payable- repurchase agreements	5,050
Fair Value
Financial Assets:
Cash	363,212	494,561
Cash collateral posted to counterparties	137,657	129,004
Receivable for unsettled sales	752,773
Principal payments receivable	398	93
Accrued interest receivable	39,935	41,915
Financial Liabilities:
Repurchase agreements	13,422,795	13,881,921
Cash collateral posted by counterparties	162	48,240
Payable for unsettled purchases		445,292
Accrued interest payable- repurchase agreements	5,050	7,012
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Cash	363,212	494,561
Significant Observable Inputs (Level 2)
Financial Assets:
Cash collateral posted to counterparties	137,657	129,004
Receivable for unsettled sales	752,773	260,598
Principal payments receivable	398	93
Accrued interest receivable	39,935	41,915
Financial Liabilities:
Repurchase agreements	13,422,795	13,881,921
Cash collateral posted by counterparties	162	48,240
Payable for unsettled purchases		445,292
Accrued interest payable- repurchase agreements	$ 5,050	$ 7,012

Agency Securities, Available 40

Agency Securities, Available for Sale - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Other than temporary impairment losses	$ 0	$ 0	$ 0	$ 0	$ 0
Weighted average coupon rate	3.45%		3.45%		3.47%
Payable for unsettled purchases	$ 0		$ 0		$ 445,292,000
Payable for unsettled purchases, fair value					$ 445,527,000
Gross realized gains (losses) from sale proceeds	1,445,097,000	1,206,494,000	2,817,635,000	6,782,481,000
Realized gain (loss) on sale of Agency Securities	$ (5,051,000)	$ 11,167,000	$ 1,493,000	$ 81,036,000
Available-for-sale Securities | Portfolio Concentration Risk
Schedule of Available-for-sale Securities [Line Items]
Percentage of portfolio invested in agency securities			100.00%		100.00%

Agency Securities, Available 41

Agency Securities, Available for Sale - Unrealized Gain or Loss Position and Components of Carrying Value of Available for Sale Agency Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 13,845,196	$ 15,213,175
Gross Unrealized Loss	(98,992)	(27,606)
Gross Unrealized Gain	49,782	111,960
Fair Value	$ 13,795,986	$ 15,297,529
Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	100.00%	100.00%
Fannie Mae
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 11,825,979	$ 13,001,233
Gross Unrealized Loss	(75,927)	(14,810)
Gross Unrealized Gain	43,478	100,168
Fair Value	$ 11,793,530	$ 13,086,591
Fannie Mae | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	85.48%	85.56%
Fannie Mae | ARMs & Hybrids
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 50,962	$ 40,410
Gross Unrealized Loss	(121)	(119)
Gross Unrealized Gain	685	729
Fair Value	$ 51,526	$ 41,020
Fannie Mae | ARMs & Hybrids | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.37%	0.27%
Fannie Mae | Multi-Family MBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 2,341,459	$ 1,239,227
Gross Unrealized Loss	(36,706)	0
Gross Unrealized Gain	10,496	22,676
Fair Value	$ 2,315,249	$ 1,261,903
Fannie Mae | Multi-Family MBS | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	16.78%	8.25%
Fannie Mae | 10 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 24,486	$ 5,336
Gross Unrealized Loss	(39)	(3)
Gross Unrealized Gain	424	201
Fair Value	$ 24,871	$ 5,534
Fannie Mae | 10 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.18%	0.04%
Fannie Mae | 15 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 5,178,206	$ 7,394,694
Gross Unrealized Loss	(1,744)	(539)
Gross Unrealized Gain	25,944	54,041
Fair Value	$ 5,202,406	$ 7,448,196
Fannie Mae | 15 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	37.71%	48.69%
Fannie Mae | 20 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 3,091,571	$ 3,050,676
Gross Unrealized Loss	(33,318)	(13,867)
Gross Unrealized Gain	5,915	16,756
Fair Value	$ 3,064,168	$ 3,053,565
Fannie Mae | 20 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	22.21%	19.96%
Fannie Mae | 25 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 34,379	$ 21,194
Gross Unrealized Loss	(222)	(55)
Gross Unrealized Gain	0	0
Fair Value	$ 34,157	$ 21,139
Fannie Mae | 25 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.25%	0.14%
Fannie Mae | 30 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,104,916	$ 1,249,696
Gross Unrealized Loss	(3,777)	(227)
Gross Unrealized Gain	14	5,765
Fair Value	$ 1,101,153	$ 1,255,234
Fannie Mae | 30 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	7.98%	8.21%
Freddie Mac
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,951,459	$ 2,135,583
Gross Unrealized Loss	(22,681)	(12,609)
Gross Unrealized Gain	6,036	11,099
Fair Value	$ 1,934,814	$ 2,134,073
Freddie Mac | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	14.02%	13.94%
Freddie Mac | ARMs & Hybrids
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 13,460	$ 14,049
Gross Unrealized Loss	(30)	(33)
Gross Unrealized Gain	233	246
Fair Value	$ 13,663	$ 14,262
Freddie Mac | ARMs & Hybrids | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.10%	0.09%
Freddie Mac | 10 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 21,684	$ 600
Gross Unrealized Loss	(43)	(3)
Gross Unrealized Gain	403	8
Fair Value	$ 22,044	$ 605
Freddie Mac | 10 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.16%	0.00%
Freddie Mac | 15 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 210,300	$ 239,438
Gross Unrealized Loss	(557)	(315)
Gross Unrealized Gain	1,480	2,499
Fair Value	$ 211,223	$ 241,622
Freddie Mac | 15 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	1.53%	1.58%
Freddie Mac | 20 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,706,015	$ 1,881,496
Gross Unrealized Loss	(22,051)	(12,258)
Gross Unrealized Gain	3,920	8,346
Fair Value	$ 1,687,884	$ 1,877,584
Freddie Mac | 20 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	12.23%	12.27%
Ginnie Mae
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 67,758	$ 76,359
Gross Unrealized Loss	(384)	(187)
Gross Unrealized Gain	268	693
Fair Value	$ 67,642	$ 76,865
Ginnie Mae | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.50%	0.50%
Ginnie Mae | ARMs & Hybrids
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 67,432	$ 75,962
Gross Unrealized Loss	(384)	(187)
Gross Unrealized Gain	244	665
Fair Value	$ 67,292	$ 76,440
Ginnie Mae | ARMs & Hybrids | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.50%	0.50%
Ginnie Mae | 15 Year Fixed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 326	$ 397
Gross Unrealized Loss	0	0
Gross Unrealized Gain	24	28
Fair Value	$ 350	$ 425
Ginnie Mae | 15 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of concentration risk	0.00%	0.00%

Agency Securities, Available 42

Agency Securities, Available for Sale - Summary of Weighted Average Lives of Agency Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value
Less than one year	$ 26	$ 0
Greater than or equal to one year and less than three years	38,730	48,298
Greater than or equal to three years and less than five years	7,282,891	10,712,331
Greater than or equal to five years	6,474,339	4,536,900
Total Agency Securities	13,795,986	15,297,529
Amortized Cost
Less than one year	27	0
Greater than or equal to one year and less than three years	38,659	47,929
Greater than or equal to three years and less than five years	7,257,422	10,667,135
Greater than or equal to five years	6,549,088	4,498,111
Amortized Cost	$ 13,845,196	$ 15,213,175

Agency Securities, Available 43

Agency Securities, Available for Sale - Gross Unrealized Losses and Estimated Fair Value of Agency Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value
Less than 12 Months	$ 5,302,050	$ 895,382
12 Months or More	2,117,182	2,463,523
Total	7,419,232	3,358,905
Unrealized Losses
Less than 12 Months	(54,015)	(2,324)
12 Months or More	(44,977)	(25,282)
Unrealized Losses	$ (98,992)	$ (27,606)

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details) - counterparty	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Concentration Risk [Line Items]
Number of counterparties	29	28
Counterparty Concentration Risk | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Number of counterparties	8	7
Percentage of concentration risk	53.42%	48.11%
Counterparty Concentration Risk | Repurchase Agreement Borrowings | Minimum
Concentration Risk [Line Items]
Percentage of concentration risk	5.00%
Counterparty Concentration Risk | Repurchase Agreement Borrowings | Maximum
Concentration Risk [Line Items]
Percentage of concentration risk	10.00%

Repurchase Agreements - Contrac

Repurchase Agreements - Contractual Repricing, Master Repurchase Agreement and Other Information Regarding Repurchase Agreements (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)agreementcounterparty	Dec. 31, 2014USD ($)agreementcounterparty
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 13,422,795	$ 13,881,921
Weighted Average Contractual Rate	0.40%	0.38%
Number of MRAs | agreement	37	40
Number of counterparties with repurchase agreements outstanding | counterparty	29	28
Weighted average maturity in days	52 days	60 days
Haircut for repurchase agreements	4.81%	4.81%
Within 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 4,464,914	$ 3,994,656
Weighted Average Contractual Rate	0.38%	0.36%
31 days to 60 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 5,339,228	$ 5,631,858
Weighted Average Contractual Rate	0.39%	0.37%
61 days to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 1,976,610	$ 2,348,839
Weighted Average Contractual Rate	0.42%	0.39%
Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 1,642,043	$ 1,906,568
Weighted Average Contractual Rate	0.46%	0.44%

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swap Contracts, Swaptions and Futures Contracts (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Weighted Average Remaining Swap / Option Term (Months)		63 months
Weighted Average Rate		1.60%
Notional Amount (3)	$ 16,275,000,000	$ 13,030,000,000
Asset Fair Value	32,609,000	60,518,000
Liability Fair Value	$ (107,954,000)	$ (137,393,000)
Interest Rate Swap 0-12 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum
Remaining / Underlying Term-Maximum	12 months	12 months
Weighted Average Remaining Swap / Option Term (Months)	8 months	5 months
Weighted Average Rate	1.16%	1.13%
Notional Amount (3)	$ 2,725,000,000	$ 920,000,000
Asset Fair Value	0	0
Liability Fair Value	$ (26,269,000)	$ (9,349,000)
Interest Rate Swap 13-24 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum	13 months	13 months
Remaining / Underlying Term-Maximum	24 months	24 months
Weighted Average Remaining Swap / Option Term (Months)	13 months	16 months
Weighted Average Rate	1.24%	1.23%
Notional Amount (3)	$ 550,000,000	$ 2,900,000,000
Asset Fair Value	0	0
Liability Fair Value	$ (10,939,000)	$ (54,396,000)
Interest Rate Swap 25-36 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum	25 months	25 months
Remaining / Underlying Term-Maximum	36 months	36 months
Weighted Average Remaining Swap / Option Term (Months)	30 months	31 months
Weighted Average Rate	0.99%	0.63%
Notional Amount (3)	$ 1,050,000,000	$ 350,000,000
Asset Fair Value	0	2,083,000
Liability Fair Value	$ (1,439,000)	$ 0
Interest Rate Swap 37-48 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum		37 months
Remaining / Underlying Term-Maximum		48 months
Weighted Average Remaining Swap / Option Term (Months)		37 months
Weighted Average Rate		1.00%
Notional Amount (3)		$ 300,000,000
Asset Fair Value		2,090,000
Liability Fair Value		$ 0
Interest Rate Swap 49-60 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum	49 months	49 months
Remaining / Underlying Term-Maximum	60 months	60 months
Weighted Average Remaining Swap / Option Term (Months)	53 months	59 months
Weighted Average Rate	1.47%	1.56%
Notional Amount (3)	$ 2,350,000,000	$ 2,000,000,000
Asset Fair Value	2,871,000	0
Liability Fair Value	$ (481,000)	$ (7,414,000)
Interest Rate Swap 61-72 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum		61 months
Remaining / Underlying Term-Maximum		72 months
Weighted Average Remaining Swap / Option Term (Months)		61 months
Weighted Average Rate		1.48%
Notional Amount (3)		$ 300,000,000
Asset Fair Value		2,921,000
Liability Fair Value		$ 0
Interest Rate Swap 73-84 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum	73 months
Remaining / Underlying Term-Maximum	84 months
Weighted Average Remaining Swap / Option Term (Months)	81 months
Weighted Average Rate	2.05%
Notional Amount (3)	$ 1,025,000,000
Asset Fair Value	1,163,000
Liability Fair Value	$ (1,679,000)
Interest Rate Swap 85-96 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum	85 months	85 months
Remaining / Underlying Term-Maximum	96 months	96 months
Weighted Average Remaining Swap / Option Term (Months)	92 months	91 months
Weighted Average Rate	2.13%	1.47%
Notional Amount (3)	$ 1,625,000,000	$ 2,450,000,000
Asset Fair Value	1,088,000	50,650,000
Liability Fair Value	$ (1,581,000)	$ 0
Interest Rate Swap 97-108 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum		97 months
Remaining / Underlying Term-Maximum		108 months
Weighted Average Remaining Swap / Option Term (Months)		98 months
Weighted Average Rate		2.08%
Notional Amount (3)		$ 2,800,000,000
Asset Fair Value		2,774,000
Liability Fair Value		$ (7,534,000)
Interest Rate Swap 109-120 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum	109 months
Remaining / Underlying Term-Maximum	120 months
Weighted Average Remaining Swap / Option Term (Months)	114 months
Weighted Average Rate	2.66%
Notional Amount (3)	$ 1,000,000,000
Asset Fair Value	0
Liability Fair Value	$ (55,433,000)
Interest Rate Swap 121-132 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum	121 months	121 months
Remaining / Underlying Term-Maximum	132 months	132 months
Weighted Average Remaining Swap / Option Term (Months)	129 months	120 months
Weighted Average Rate	2.29%	2.66%
Notional Amount (3)	$ 2,350,000,000	$ 1,000,000,000
Asset Fair Value	27,476,000	0
Liability Fair Value	$ (191,000)	$ (58,520,000)
Basis Swap Contracts 0-60 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum
Remaining / Underlying Term-Maximum	60 months
Weighted Average Remaining Swap / Option Term (Months)	28 months
Weighted Average Rate	0.22%
Notional Amount (3)	$ 2,000,000,000
Asset Fair Value	11,000
Liability Fair Value	(327,000)
TBA Agency Securities
Derivative [Line Items]
Notional Amount (3)	1,600,000,000
Asset Fair Value	0
Liability Fair Value	(9,615,000)
Futures Contracts 0-15 Months
Derivative [Line Items]
Remaining / Underlying Term-Minimum
Remaining / Underlying Term-Maximum		15 months
Weighted Average Remaining Swap / Option Term (Months)		9 months
Weighted Average Rate		2.11%
Notional Amount (3)		$ 10,000,000
Asset Fair Value		0
Liability Fair Value		$ (180,000)
Interest rate swap contracts
Derivative [Line Items]
Notional amount, becoming effective in next twelve months	$ 6,375,000,000

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Offsetting Assets [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 107,954	$ 137,393
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	32,609	60,518
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet	32,609	60,518
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments	(98,023)	(137,213)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Cash Collateral Held	98,572	119,561
Net Amount	33,158	42,866
Interest rate swap contracts
Offsetting Assets [Line Items]
Derivative Liability, Fair Value, Gross Liability	98,012	137,213
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	32,598	60,518
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet	32,598	60,518
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments	(98,012)	(137,213)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Cash Collateral Held	98,572	119,561
Net Amount	33,158	$ 42,866
Basis swap contracts
Offsetting Assets [Line Items]
Derivative Liability, Fair Value, Gross Liability	327
Gross Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	11
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet	11
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments	(11)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Cash Collateral Held	0
Net Amount	$ 0

Derivatives - Offsetting Liabil

Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	$ (107,954)	$ (137,393)
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(107,954)	(137,393)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments	98,023	137,213
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted	12,027	227
Net Amount	2,096	47
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(98,012)	(137,213)
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(98,012)	(137,213)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments	98,012	137,213
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted	0	0
Net Amount	0	0
Basis swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(327)
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(327)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments	11
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted	0
Net Amount	(316)
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(9,615)
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(9,615)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted	12,027
Net Amount	$ 2,412
Eurodollar Future
Offsetting Liabilities [Line Items]
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet		(180)
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet		(180)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments		0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted		227
Net Amount		$ 47

Derivatives - Location and Info

Derivatives - Location and Information of Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	[1]	$ (59,978)	$ (34,498)	$ (51,880)	$ (46,236)
Unrealized gain (loss) on derivatives		194,507	(116,273)	(21,831)	(292,629)
Total		134,529	(150,771)	(73,711)	(338,865)
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total		154,967	(132,387)	(53,270)	(270,309)
Interest rate swap contracts | Realized loss on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)		(20,585)	0	28,346	0
Interest income		3,247	3,505	7,425	6,742
Interest expense		(32,041)	(37,536)	(76,961)	(75,388)
Interest rate swap contracts | Unrealized gain (loss) on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives		204,346	(98,356)	(12,080)	(201,663)
Interest Rate Swapations
Derivative Instruments, Gain (Loss) [Line Items]
Total		0	(18,372)	0	(68,512)
Interest Rate Swapations | Realized loss on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)		0	0	0	23,318
Interest Rate Swapations | Unrealized gain (loss) on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives		0	(18,372)	0	(91,830)
Futures Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total		(1)	(12)	(4)	(44)
Futures Contracts | Realized loss on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)		(93)	(467)	(184)	(908)
Futures Contracts | Unrealized gain (loss) on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives		92	455	180	864
Basis swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total		(316)	0	(316)	0
Basis swap contracts | Unrealized gain (loss) on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives		(316)	0	(316)	0
TBA Agency Securities
Derivative Instruments, Gain (Loss) [Line Items]
Total		(20,121)	0	(20,121)	0
TBA Agency Securities | Realized loss on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)		(10,506)	0	(10,506)	0
TBA Agency Securities | Unrealized gain (loss) on derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives		$ (9,615)	$ 0	$ (9,615)	$ 0
[1]	Interest expense related to our interest rate swap contracts is recorded as realized loss on derivatives on the condensed consolidated statements of operations. For additional information, see Note 8 to the condensed consolidated financial statements.

Commitments and Contingencies (

Commitments and Contingencies (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage	8.33%
Gross equity raised	$ 2,657,332
ARRM
Other Commitments [Line Items]
Percentage of gross equity raised used in calculation of management fee up to 1 Billion	1.50%
Percentage of gross equity raised used in calculation of management fee in excess of 1 Billion	0.75%
Effective management fee	1.03%

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	May. 08, 2014	May. 07, 2014
The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		15,000,000	2,000,000
Compensation cost not yet recognized	$ 2,369
Share price (in Dollars per share)	$ 2.81
Period for recognition for compensation cost not yet recognized	1 year 4 months
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly fee	$ 33

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Shares (Details) - 6 months ended Jun. 30, 2015 - The 2009 Stock Incentive Plan - Restricted Stock - $ / shares shares in Thousands	Total
Number of Awards
Unvested Awards Outstanding-beginning of period	1,055
Vested	(212)
Unvested Awards Outstanding-end of period	843
Weighted Average Grant Date Fair Value per Award
Unvested Awards Outstanding-beginning of period	$ 6.47
Vested	7.06
Unvested Awards Outstanding-end of period	$ 6.34

Shareholders' Equity - Dividend

Shareholders' Equity - Dividend Transactions (Details) - USD ($)	Jun. 29, 2015	Jun. 15, 2015	May. 27, 2015	May. 15, 2015	Apr. 27, 2015	Apr. 15, 2015	Mar. 27, 2015	Mar. 15, 2015	Mar. 13, 2015	Feb. 27, 2015	Feb. 15, 2015	Feb. 13, 2015	Jan. 27, 2015	Jan. 15, 2015	May. 27, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Common stock, dividends declared (in usd per share)		$ 0.04		$ 0.04		$ 0.04			$ 0.04			$ 0.04		$ 0.04		$ 0.12	$ 0.15	$ 0.24	$ 0.30
Rate per common share (in usd per share)	$ 0.04		$ 0.04		$ 0.04		$ 0.04			$ 0.04			$ 0.04
Common stock, aggregate paid to holders of record	$ 14,045,000		$ 14,089,000		$ 14,133,000		$ 14,149,000			$ 14,169,000			$ 14,168,000					$ 84,753,000	$ 107,626,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends declared (in usd per share)		0.17		0.17		0.17		$ 0.17			$ 0.17			0.17
Rate per preferred share (in usd per share)	$ 0.17				$ 0.17		$ 0.17			$ 0.17			$ 0.17		$ 0.17
Preferred stock, aggregate paid to holders of record	$ 374,800				$ 374,800		$ 374,800			$ 374,800			$ 374,800		$ 374,800			2,249,000	2,250,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends declared (in usd per share)		$ 0.16		$ 0.16		$ 0.16		$ 0.16			$ 0.16			$ 0.16
Rate per preferred share (in usd per share)	$ 0.16				$ 0.16		$ 0.16			$ 0.16			$ 0.16		$ 0.16
Preferred stock, aggregate paid to holders of record	$ 927,000				$ 927,000		$ 927,000			$ 927,000			$ 927,000		$ 927,000			$ 5,562,000	$ 5,562,000

Shareholders' Equity - Equity T

Shareholders' Equity - Equity Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	5 Months Ended	6 Months Ended
	Jun. 29, 2015	Jun. 30, 2015
Class of Stock [Line Items]
Number of Shares (in Shares)	27
Net Proceeds (in Dollars)	$ 85	$ 85
Weighted Average
Class of Stock [Line Items]
Per Share Price	$ 3.14

Shareholders' Equity - Common S

Shareholders' Equity - Common Stock Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 09, 2015	Jun. 30, 2015
Equity [Abstract]
Common stock repurchased (in Shares)	3,075
Common stock repurchased (in usd per share)	$ 3.09
Repurchase of Common Stock (in Dollars)	$ 9,497	$ 9,497

Net Income (Loss) per Common 56

Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net Income (Loss)	$ 198,018	$ (70,190)	$ 72,549	$ (89,968)
Less: Preferred dividends	(3,905)	(3,905)	(7,810)	(7,812)
Net Income (Loss) available (related) to common stockholders	$ 194,113	$ (74,095)	$ 64,739	$ (97,780)
Weighted average common shares outstanding – basic	351,332	357,111	352,134	357,302
Add: Effect of dilutive non-vested awards, assumed vested	843	0	843	0
Weighted average common shares outstanding – diluted	352,175	357,111	352,977	357,302

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Tax Credit Carryforward [Line Items]
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ (42,487)		$ (42,487)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (dollars per share)	$ (0.12)		$ (0.12)
Common Stock, Shares, Issued	350,271		350,271		353,159
Common stock, shares outstanding (in shares)	350,271		350,271		353,159
Payment of dividends			$ (92,564)
Estimated REIT taxable income	$ 38,441	$ 50,897	$ 71,962	$ 109,245
Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward					$ (341,850)	$ (579,322)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
GAAP net income (loss)	$ 198,018	$ (70,190)	$ 72,549	$ (89,968)
Book to tax differences:
Changes in interest rate contracts	(163,416)	116,273	3,991	269,311
(Gain) Loss on Security Sales	5,051	4,614	(1,493)	(65,255)
Amortization of deferred hedging gains (costs)	(1,216)	461	(3,093)	755
Net premium amortization differences	0	(266)	0	(5,609)
Other	4	5	8	11
Estimated taxable income	$ 38,441	$ 50,897	$ 71,962	$ 109,245

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Management fee	$ 6,867	$ 6,964	$ 13,744	$ 13,929
Lump sum cash payment option			$ 33,559
ARRM
Related Party Transaction [Line Items]
Initial term of management agreement			10 years
Automatic renewal period of management agreement			5 years
Period of written notice of termination			180 days
Management fee	6,867	6,964	$ 13,744	13,929
ARRM | Other Expense
Related Party Transaction [Line Items]
Management fee	489	419	871	878
ARRM | Stock Based Compensation Expense
Related Party Transaction [Line Items]
Management fee	$ 158	$ 0	$ 336	$ 636
ARRM
Related Party Transaction [Line Items]
Fee payable percent of monthly management fee earned			25.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Aug. 17, 2015	Aug. 15, 2015	Jul. 27, 2015	Jul. 15, 2015	Jun. 29, 2015	Jun. 15, 2015	May. 15, 2015	Apr. 27, 2015	Apr. 15, 2015	Mar. 27, 2015	Mar. 13, 2015	Feb. 27, 2015	Feb. 13, 2015	Jan. 27, 2015	Jan. 15, 2015	May. 27, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Common stock, dividends declared (in usd per share)						$ 0.04	$ 0.04		$ 0.04		$ 0.04		$ 0.04		$ 0.04		$ 0.12	$ 0.15	$ 0.24	$ 0.30
Series A Preferred Stock
Subsequent Event [Line Items]
Rate per preferred share cash paid (in usd per share)					$ 0.17			$ 0.17		$ 0.17		$ 0.17		$ 0.17		$ 0.17
Preferred stock, aggregate paid to holders of record					$ 374,800			$ 374,800		$ 374,800		$ 374,800		$ 374,800		$ 374,800			$ 2,249,000	$ 2,250,000
Series B Preferred Stock
Subsequent Event [Line Items]
Rate per preferred share cash paid (in usd per share)					$ 0.16			$ 0.16		$ 0.16		$ 0.16		$ 0.16		$ 0.16
Preferred stock, aggregate paid to holders of record					$ 927,000			$ 927,000		$ 927,000		$ 927,000		$ 927,000		$ 927,000			$ 5,562,000	$ 5,562,000
Scenario, Forecast
Subsequent Event [Line Items]
Common stock, dividends declared (in usd per share)	$ 0.33
Scenario, Forecast | Series A Preferred Stock
Subsequent Event [Line Items]
Rate per preferred share dividends declared (in usd per share)		$ 0.17
Scenario, Forecast | Series B Preferred Stock
Subsequent Event [Line Items]
Rate per preferred share dividends declared (in usd per share)		$ 0.16
Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends declared (in usd per share)				$ 0.04
Common stock, dividends declared stock split equivalent (in usd per share)				$ 0.32
Subsequent Event | Series A Preferred Stock
Subsequent Event [Line Items]
Rate per preferred share cash paid (in usd per share)			$ 0.17
Preferred stock, aggregate paid to holders of record			$ 375,000
Subsequent Event | Series B Preferred Stock
Subsequent Event [Line Items]
Rate per preferred share cash paid (in usd per share)			$ 0.16
Preferred stock, aggregate paid to holders of record			$ 927,000