ARMOUR Residential REIT (ARR) 10-Q 24 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 23, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity Registrant Name	ARMOUR RESIDENTIAL REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34766
Entity Tax Identification Number	26-1908763
Entity Address, Address Line One	3001 Ocean Drive, Suite 201
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	617-4340
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,192,390
Entity Central Index Key	0001428205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Preferred Class A
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 8.250% Series A Cumulative Redeemable
Trading Symbol	ARR-PACL
Security Exchange Name	NYSE
Preferred Class B
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.875% Series B Cumulative Redeemable
Trading Symbol	ARR-PB
Security Exchange Name	NYSE
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ARR
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash	$ 211,656	$ 221,668
Cash collateral posted to counterparties	137,166	10,531
Agency Securities (including pledged securities of $13,413,839 at June 30, 2019 and $6,743,689 at December 31, 2018)	13,623,509	7,051,954
Derivatives, at fair value	12,736	111,913
Accrued interest receivable	42,241	22,505
Prepaid and other	2,796	1,855
Subordinated loan to BUCKLER	105,000	105,000
Total Assets	14,923,675	8,464,610
Liabilities:
Repurchase agreements	13,296,846	7,037,651
Cash collateral posted by counterparties	18,701	97,213
Payable for unsettled purchases	0	166,052
Derivatives, at fair value	128,157	24,505
Accrued interest payable- repurchase agreements	43,349	10,268
8.250% Series A Cumulative Preferred Stock - Called for redemption	54,514	0
Accounts payable and other accrued expenses	6,060	3,608
Total Liabilities	13,547,627	7,339,297
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000 shares authorized;
Common stock, $0.001 par value, 125,000 shares authorized, 59,192 and 43,702 shares issued and outstanding at June 30, 2019 and December 31, 2018	59	44
Additional paid-in capital	3,013,233	2,752,376
Accumulated deficit	(1,953,597)	(1,583,245)
Accumulated other comprehensive income (loss)	316,347	(43,870)
Total Stockholders’ Equity	1,376,048	1,125,313
Total Liabilities and Stockholders’ Equity	14,923,675	8,464,610
Series A Preferred Stock
Preferred stock, $0.001 par value, 50,000 shares authorized;
Preferred stock: 8.250% Series A Cumulative Preferred Stock; 2,181 issued and outstanding ($54,514 aggregate liquidation preference) at December 31, 2018; 7.875% Series B Cumulative Preferred Stock; 6,505 and 6,369 shares issued and outstanding ($162,637 and $159,232 aggregate liquidation preference) at June 30, 2019 and December 31, 2018	0	2
Series B Preferred Stock
Preferred stock, $0.001 par value, 50,000 shares authorized;
Preferred stock: 8.250% Series A Cumulative Preferred Stock; 2,181 issued and outstanding ($54,514 aggregate liquidation preference) at December 31, 2018; 7.875% Series B Cumulative Preferred Stock; 6,505 and 6,369 shares issued and outstanding ($162,637 and $159,232 aggregate liquidation preference) at June 30, 2019 and December 31, 2018	6	6
Credit Risk and Non-Agency Securities
Assets
Securities, trading, at fair value	788,571	819,915
Interest-Only Securities
Assets
Securities, trading, at fair value	0	20,623
US Treasury Securities
Assets
Securities, trading, at fair value	$ 0	$ 98,646

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Agency Securities (including pledged securities of $13,413,839 at June 30, 2019 and $6,743,689 at December 31, 2018)	$ 13,413,839	$ 6,743,689
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)	125,000,000	125,000,000
Common stock, shares issued (in shares)	59,192,000	43,702,000
Common stock, shares outstanding (in shares)	59,192,000	43,702,000
Series A Preferred Stock
Preferred stock, par value (in dollars per share)		$ 0.001
Preferred stock, dividend rate	8.25%	8.25%
Preferred stock, shares issued (in shares)		2,181,000
Preferred stock, shares outstanding (in shares)		2,181,000
Preferred stock, aggregate liquidation preference		$ 54,514
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	17,970,000
Preferred stock, dividend rate	7.875%	7.875%
Preferred stock, shares issued (in shares)	6,505,000	6,369,000
Preferred stock, shares outstanding (in shares)	6,505,000	6,369,000
Preferred stock, aggregate liquidation preference	$ 162,637	$ 159,232
Credit Risk and Non-Agency Securities
Trading securities pledged	$ 614,455	698,255
US Treasury Securities
Trading securities pledged		$ 20,748

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest Income:
Agency Securities, net of amortization of premium and fees		$ 113,438	$ 47,809	$ 193,270	$ 100,062
Total Interest Income		128,360	65,791	223,150	133,960
Interest expense- repurchase agreements		(87,504)	(35,706)	(148,482)	(67,724)
Net Interest Income		40,856	30,085	74,668	66,236
Other Income (Loss):
Realized loss on sale of Agency Securities (reclassified from Other comprehensive income (loss))		(44)	(25,316)	(2,953)	(57,919)
Other than temporary impairment of Agency Securities (reclassified from Other comprehensive income (loss))		0	0	0	(12,090)
Subtotal		(13,800)	(37,884)	(17,273)	(78,420)
Realized loss on derivatives	[1]	(92,990)	(14,341)	(115,122)	(52,945)
Unrealized gain (loss) on derivatives		(107,304)	45,054	(220,371)	142,255
Subtotal		(200,294)	30,713	(335,493)	89,310
Total Other Income (Loss)		(214,094)	(7,171)	(352,766)	10,890
Expenses:
Management fees		7,485	6,803	14,743	13,604
Professional fees		912	1,340	1,947	2,512
Insurance		183	165	348	330
Compensation		995	995	1,782	1,972
Other		437	49	713	399
Total Expenses		10,012	9,352	19,533	18,817
Net Income (Loss)		(183,250)	13,562	(297,631)	58,309
Dividends on preferred stock		(4,274)	(4,259)	(8,533)	(8,513)
Net Income (Loss) available (related) to common stockholders		$ (187,524)	$ 9,303	$ (306,164)	$ 49,796
Net Income (Loss) per share available (related) to common stockholders (Note 14):
Basic (in dollars per share)		$ (3.14)	$ 0.22	$ (5.40)	$ 1.19
Diluted (in dollars per share)		(3.14)	0.22	(5.40)	1.18
Dividends declared per common share (in dollars per share)		$ 0.57	$ 0.57	$ 1.14	$ 1.14
Weighted average common shares outstanding:
Basic (in shares)		59,654	41,912	56,658	41,900
Diluted (in shares)		59,654	42,328	56,658	42,316
Credit Risk and Non-Agency Securities
Interest Income:
Interest income, trading		$ 13,383	$ 14,330	$ 26,975	$ 28,336
Other Income (Loss):
Gain (loss) on securities		(17,699)	(3,234)	(17,203)	(1,951)
Interest-Only Securities
Interest Income:
Interest income, trading		251	417	596	859
Other Income (Loss):
Gain (loss) on securities		490	(450)	123	(152)
US Treasury Securities
Interest Income:
Interest income, trading		744	2,805	1,226	3,649
Other Income (Loss):
Gain (loss) on securities		3,453	(8,884)	2,760	(6,308)
Subordinated Loans
Interest Income:
Interest income, trading		$ 544	$ 430	$ 1,083	$ 1,054
[1]	Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the consolidated statements of operations. For additional information, see financial statement Note 10 .

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (183,250)	$ 13,562	$ (297,631)	$ 58,309
Other comprehensive income (loss):
Reclassification adjustment for realized loss on sale of available for sale Agency Securities	44	25,316	2,953	57,919
Reclassification adjustment for other than temporary impairment of available for sale Agency Securities	0	0	0	12,090
Net unrealized gain (loss) on available for sale Agency Securities	173,015	(49,587)	357,264	(194,997)
Other comprehensive income (loss)	173,059	(24,271)	360,217	(124,988)
Comprehensive Income (Loss)	$ (10,191)	$ (10,709)	$ 62,586	$ (66,679)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalSeries A Preferred Stock	Additional Paid-in CapitalSeries B Preferred Stock	Accumulated Deficit	Accumulated DeficitSeries A Preferred Stock	Accumulated DeficitSeries B Preferred Stock	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2017	$ 1,326,051
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		$ (1,124)	$ (3,129)
Common stock dividends	(24,138)
Series A Preferred stock, called for redemption	0
Issuance of Series B Preferred stock, net of expenses			2,632
Stock based compensation, net of withholding requirements	644
Common stock repurchased	0
Net Income (Loss)	44,747
Other comprehensive income	(100,717)
Ending balance at Mar. 31, 2018	1,244,966
Beginning balance at Dec. 31, 2017	1,326,051
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	58,309
Other comprehensive income	(124,988)
Ending balance at Jun. 30, 2018	1,206,508
Beginning balance at Mar. 31, 2018	1,244,966
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		(1,125)	(3,135)
Common stock dividends	(24,136)
Series A Preferred stock, called for redemption	0
Issuance of Series B Preferred stock, net of expenses			0
Stock based compensation, net of withholding requirements	647
Common stock repurchased	0
Net Income (Loss)	13,562
Other comprehensive income	(24,271)
Ending balance at Jun. 30, 2018	1,206,508
Beginning balance (in shares) at Dec. 31, 2018				2,181	6,369	43,702
Beginning balance at Dec. 31, 2018	1,125,313			$ 2	$ 6	$ 44	$ 2,752,376			$ (1,583,245)			$ (43,870)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		(1,124)	(3,135)
Common stock dividends	(29,814)
Series A Preferred stock, called for redemption	0
Issuance of Series B Preferred stock, net of expenses			0
Stock based compensation, net of withholding requirements	644
Common stock repurchased	0
Net Income (Loss)	(114,381)
Other comprehensive income	187,158
Ending balance at Mar. 31, 2019	1,486,553
Beginning balance (in shares) at Dec. 31, 2018				2,181	6,369	43,702
Beginning balance at Dec. 31, 2018	1,125,313			$ 2	$ 6	$ 44	2,752,376			(1,583,245)			(43,870)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		(2,249)	(6,284)								$ (2,249)	$ (6,284)
Common stock dividends	(64,012)									(64,012)
Series A Preferred stock, called for redemption (in shares)				(2,181)
Series A Preferred stock, called for redemption		(54,514)		$ (2)				$ (54,512)
Issuance of Series B Preferred stock, net of expenses (in shares)					136
Issuance of Series B Preferred stock, net of expenses			3,354						$ 3,354
Issuance of common stock, net (in shares)						16,064
Issuance of common stock, net	321,892					$ 16	321,876
Stock based compensation, net of withholding requirements (in shares)						51
Stock based compensation, net of withholding requirements	1,302						1,302
Common stock repurchased (in shares)						(625)
Common stock repurchased	(11,340)					$ (1)	(11,339)
Net Income (Loss)	(297,631)									(297,631)
Other comprehensive income	360,217												360,217
Ending balance (in shares) at Jun. 30, 2019				0	6,505	59,192
Ending balance at Jun. 30, 2019	1,376,048			$ 0	$ 6	$ 59	3,013,233			(1,953,597)			316,347
Beginning balance at Mar. 31, 2019	1,486,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		$ (1,125)	(3,149)
Common stock dividends	(34,198)
Series A Preferred stock, called for redemption	(54,514)
Issuance of Series B Preferred stock, net of expenses			$ 3,354
Stock based compensation, net of withholding requirements	658
Common stock repurchased	(11,340)
Net Income (Loss)	(183,250)
Other comprehensive income	173,059
Ending balance (in shares) at Jun. 30, 2019				0	6,505	59,192
Ending balance at Jun. 30, 2019	$ 1,376,048			$ 0	$ 6	$ 59	$ 3,013,233			$ (1,953,597)			$ 316,347

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Series A Preferred Stock
Preferred stock, dividend rate	8.25%	8.25%
Series B Preferred Stock
Preferred stock, dividend rate	7.875%	7.875%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows From Operating Activities:
Net Income (Loss)	$ (297,631,000)	$ 58,309,000
Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Net amortization of premiums on investments	17,470,000	18,551,000
Accretion of net discount on Credit Risk and Non-Agency Securities	(1,505,000)	(1,603,000)
Realized loss on sale of Agency Securities	2,953,000	57,919,000
Other than temporary impairment of Agency Securities	0	12,090,000
Stock based compensation	1,302,000	1,291,000
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	(20,024,000)	3,394,000
Increase in prepaid and other assets	(337,000)	(1,214,000)
Change in derivatives, at fair value	202,829,000	(144,423,000)
Increase (decrease) in accrued interest payable- repurchase agreements	33,081,000	(415,000)
Increase in accounts payable and other accrued expenses	2,452,000	2,852,000
Net cash and cash collateral posted to counterparties provided by (used in) operating activities	(43,546,000)	17,277,000
Cash Flows From Investing Activities:
Purchases of Agency Securities	(7,971,429,000)	(1,230,132,000)
Principal repayments of Agency Securities	459,784,000	330,498,000
Principal repayments of Credit Risk and Non-Agency Securities	15,646,000	17,728,000
Proceeds from sales of Agency Securities	1,114,121,000	2,157,215,000
(Decrease) increase in cash collateral posted by counterparties	(78,512,000)	132,341,000
Net cash and cash collateral posted to counterparties provided by (used in) investing activities	(6,339,783,000)	1,401,413,000
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses	321,892,000	0
Proceeds from repurchase agreements	96,704,891,000	89,018,914,000
Principal repayments on repurchase agreements	(90,445,696,000)	(90,320,642,000)
Common stock dividends paid	(64,012,000)	(48,274,000)
Common stock repurchased	(11,340,000)	0
Net cash and cash collateral posted to counterparties provided by (used in) financing activities	6,499,952,000	(1,355,883,000)
Net Increase in cash and cash collateral posted to counterparties	116,623,000	62,807,000
Cash and cash collateral posted to counterparties - beginning of period	232,199,000	282,394,000
Cash and cash collateral posted to counterparties - end of period	348,822,000	345,201,000
Supplemental Disclosure:
Cash paid during the period for interest	187,005,000	91,941,000
Non-Cash Investing and Financing Activities:
Receivable for unsettled sales	0	216,292,000
Payable for unsettled purchases	0	462,325,000
Net unrealized gain (loss) on available for sale Agency Securities	357,264,000	(194,997,000)
Amounts payable for Series A Preferred stock, called for redemption	(54,514,000)	0
Amounts receivable for issuance of Preferred B stock	604,000	0
Series B Preferred Stock
Cash Flows From Financing Activities:
Issuance of Series B Preferred stock, net of expenses	2,750,000	2,632,000
Preferred stock dividends paid	(6,284,000)	(6,264,000)
Series A Preferred Stock
Cash Flows From Financing Activities:
Preferred stock dividends paid	(2,249,000)	(2,249,000)
Interest-Only Securities
Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Net amortization of premiums on investments	1,923,000	2,186,000
Gain (loss) on securities	(123,000)	152,000
Cash Flows From Investing Activities:
Proceeds from sales of held-for-investment securities	18,822,000	0
US Treasury Securities
Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Net amortization of premiums on investments	(379,000)	(71,000)
Gain (loss) on securities	(2,760,000)	6,308,000
(Gain) loss on U.S. Treasury Securities	(2,760,000)	6,308,000
Cash Flows From Investing Activities:
Purchases of U.S. Treasury Securities	(1,427,320,000)	(668,120,000)
Proceeds from sales of held-for-investment securities	1,529,105,000	661,883,000
Credit Risk and Non-Agency Securities
Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Gain (loss) on securities	$ 17,203,000	$ 1,951,000

Organization and Nature of Busi

Organization and Nature of Business Operations	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business Operations	Note 1 - Organization and Nature of Business Operations References to "we," "us," "our," or the "Company" are to ARMOUR Residential REIT, Inc. ("ARMOUR") and its subsidiaries. References to "ACM" are to ARMOUR Capital Management LP, a Delaware limited partnership. References to "BUCKLER" are to BUCKLER Securities, LLC, a Delaware limited liability company and a FINRA-regulated broker-dealer, controlled by ACM and certain executive officers of ARMOUR. ARMOUR owns a 10% equity interest in BUCKLER. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report. ARMOUR is an externally managed Maryland corporation incorporated in 2008. The Company is managed by ACM, an investment advisor registered with the Securities and Exchange Commission (the "SEC"), (see Note 11 - Commitments and Contingencies and Note 16 - Related Party Transactions for additional discussion). We have elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, 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 U.S. federal income tax purposes, we may still be subject to some federal, state and local taxes on our income.

Basis of Presentation and Calcu

Basis of Presentation and Calculation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 2 - Basis of Presentation and Consolidation The accompanying unaudited 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 SEC. Accordingly, the condensed financial statements 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 three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2019 . These unaudited consolidated 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, 2018 . The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of the consolidated 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 MBS (as defined below), including an assessment of whether other-than-temporary impairment ("OTTI") exists, and derivative instruments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 - 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. Cash collateral posted to/by counterparties may include collateral for interest rate swap contracts (including swaptions and basis swap contracts), and repurchase agreements on our MBS and our Agency Securities purchased or sold on a to-be-announced basis ("TBA Agency Securities"). Investments in Securities, at Fair Value We generally intend to hold most of our securities for extended periods of time. We may, from time to time, sell any of our 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. Purchases and sales of our securities are recorded on the trade date. Agency Securities - At June 30, 2019 and December 31, 2018 , all of our Agency Securities were classified as available for sale securities and are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of the consolidated statements of comprehensive income (loss). Credit Risk and Non-Agency Securities - At June 30, 2019 and December 31, 2018 , all of our Credit Risk and Non-Agency Securities were classified as trading securities and are reported at their estimated fair values with unrealized gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. Interest-Only Securities - At December 31, 2018 , all of our Interest-Only Securities were classified as trading securities and were reported at their estimated fair values with unrealized gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. Interest-Only Securities represent the right to receive a specified proportion of the contractual interest flows of specific Agency MBS. We did not have any Interest-Only Securities at June 30, 2019 . U.S. Treasury Securities - At December 31, 2018 , all of our U.S. Treasury Securities were classified as trading securities and were reported at their estimated fair values with unrealized gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. We did not have any U.S. Treasury Securities at June 30, 2019 . 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 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 the majority of our MBS through the use of repurchase agreements. Our repurchase agreements are secured by our MBS 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 MBS to a lender and agree to repurchase the same MBS 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 MBS 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, 2019 and December 31, 2018 . Derivatives, at Fair Value We recognize all derivatives as either assets or liabilities at fair value on our consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our 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 may 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 account for TBA dollar roll transactions as a series of derivative transactions. We may also purchase and sell 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. Revenue Recognition Agency Securities - 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 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. GAAP 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). • Agency Security purchase and sale transactions (including purchase of TBA Agency Securities): Purchases and Sales 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 OTTI 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. Credit Risk and Non-Agency Securities and Interest-Only Securities - Interest income on Credit Risk and Non-Agency Securities and Interest-Only Securities is recognized using the effective yield method over the life of the securities based on the future cash flows expected to be received. Future cash flow projections and related effective yields are determined for each security and updated quarterly. OTTI establishes a new cost basis in the security for purposes of calculating effective yields, are recognized when the fair value of a security is less than its cost basis and there has been an adverse change in the future cash flows expected to be received. Other changes in future cash flows expected to be received are recognized prospectively over the remaining life of the security. U.S. Treasury Securities - Interest income on U.S. Treasury Securities is recognized 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. 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, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 4 - Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board. Those not listed below were deemed to be either not applicable, are not expected to have a significant impact on our consolidated financial statements when adopted, or did not have a significant impact on our consolidated financial statements upon adoption. In the current year we have adopted Accounting Standard ASU 2018–07, Improvements to Nonemployee Share–Based Payment Accounting (Topic 718) . The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The standard largely aligns the accounting for share–based payment awards issued to employees and nonemployees. Equity–classified share–based payment awards issued to nonemployees are measured on the grant date, instead of being remeasured through the performance completion date (generally the vesting date). The standard was applied on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year when adopted. The cumulative effective adjustment was recorded in our consolidated statement of stockholders' equity as of January 1, 2019, and did not have a material to the Company's financial condition or results of operations. In 2018, we adopted Accounting Standards ASU 2016-18 , Statement of Cash Flows (Topic 230) - Restricted Cash which resulted in the presentation of cash collateral posted to counterparties with cash on the consolidated statements of cash flows when reconciling the total beginning and ending amounts. Prior period results have been revised to conform to the current presentation. In July 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 5 - 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. At the beginning of each quarter, we assess the assets and liabilities that are measured at fair value on a recurring basis to determine if any transfers between levels in the fair value hierarchy are needed. 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 and Cash Collateral - 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 - 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 pricing indications from up to three dealers who make markets in similar Agency Securities. 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 pricing indications 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 pricing indications 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 and classify it as a Level 3 security. At June 30, 2019 and December 31, 2018 , 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. Credit Risk and Non-Agency Securities - The fair value for the Credit Risk and Non-Agency Securities in our securities portfolio is based on obtaining a valuation for each Credit Risk and Non-Agency Security from third party pricing services and/or dealer quotes. The third party pricing services incorporate such factors as collateral type, bond structure and priority of payments, coupons, prepayment speeds, defaults, delinquencies and severities. If the fair value of a Credit Risk and Non-Agency Security is not available from the third party pricing services or such data appears unreliable, we obtain pricing indications from up to three dealers who make markets in similar Credit Risk and Non-Agency Securities. 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 pricing indications and comparisons to fair value determined using 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 pricing indications 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 and classify it as a Level 3 security. At June 30, 2019 and December 31, 2018 , all of our Credit Risk and Non-Agency Securities are classified as Level 2 based on the inputs used by our third party pricing services and dealer quotes. Interest-Only Securities - The fair value for the Interest-Only Securities in our securities portfolio is based on obtaining a valuation for each Interest-Only 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 consistent with those models used to price Agency Securities underlying the Interest-Only Securities 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 Interest-Only Security is not available from the third party pricing services or such data appears unreliable, we obtain pricing indications from up to three dealers who make markets in similar Interest-Only Securities. 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 pricing indications 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 pricing indications 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 and classify it as a Level 3 security. At December 31, 2018 , all of our Interest-Only Security fair values were classified as Level 2 based on the inputs used by our third party pricing services and dealer quotes. We did not have any Interest-Only Securities at June 30, 2019 . U.S. Treasury Securities - Fair value for the U.S. Treasury Securities in our securities portfolio is based on obtaining a valuation for each U.S. Treasury Securities from third party pricing services and/or dealer quotes. At December 31, 2018 , all of our U.S. Treasury Securities are classified as Level 1, as quoted unadjusted prices are available in active markets for identical assets. We did not have any U.S. Treasury Securities at June 30, 2019 . 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. Derivative Transactions - The fair values of our interest rate swap contracts, interest rate swaptions and basis swaps are valued using information provided by 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 the pricing information received 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, 2019 and December 31, 2018 . June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Assets at Fair Value: Agency Securities $ — $ 13,623,509 $ — $ 13,623,509 Credit Risk and Non-Agency Securities $ — $ 788,571 $ — $ 788,571 Derivatives $ — $ 12,736 $ — $ 12,736 Liabilities at Fair Value: Derivatives $ — $ 128,157 $ — $ 128,157 December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Assets at Fair Value: Agency Securities $ — $ 7,051,954 $ — $ 7,051,954 Credit Risk and Non-Agency Securities $ — $ 819,915 $ — $ 819,915 Interest-Only Securities $ — $ 20,623 $ — $ 20,623 U.S. Treasury Securities $ 98,646 $ — $ — $ 98,646 Derivatives $ — $ 111,913 $ — $ 111,913 Liabilities at Fair Value: Derivatives $ — $ 24,505 $ — $ 24,505 There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the six months ended June 30, 2019 or during the year ended December 31, 2018 . 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, 2019 and December 31, 2018 . Fair Value Measurements using: June 30, 2019 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 $ 211,656 $ 211,656 $ 211,656 $ — $ — Cash collateral posted to counterparties $ 137,166 $ 137,166 $ — $ 137,166 $ — Accrued interest receivable $ 42,241 $ 42,241 $ — $ 42,241 $ — Subordinated loan to BUCKLER $ 105,000 $ 105,000 $ — $ 105,000 $ — Financial Liabilities: Repurchase agreements $ 13,296,846 $ 13,296,846 $ — $ 13,296,846 $ — Cash collateral posted by counterparties $ 18,701 $ 18,701 $ — $ 18,701 $ — Accrued interest payable- repurchase agreements $ 43,349 $ 43,349 $ — $ 43,349 $ — Fair Value Measurements using: December 31, 2018 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 $ 221,668 $ 221,668 $ 221,668 $ — $ — Cash collateral posted to counterparties $ 10,531 $ 10,531 $ — $ 10,531 $ — Accrued interest receivable $ 22,505 $ 22,505 $ — $ 22,505 $ — Subordinated loans to BUCKLER $ 105,000 105,000 $ — $ 105,000 $ — Financial Liabilities: Repurchase agreements $ 7,037,651 $ 7,037,651 $ — $ 7,037,651 $ — Cash collateral posted by counterparties $ 97,213 $ 97,213 $ — $ 97,213 $ — Payable for unsettled purchases $ 166,052 $ 166,052 $ — $ 166,052 $ — Accrued interest payable- repurchase agreements $ 10,268 $ 10,268 $ — $ 10,268 $ —

Agency Securities

Agency Securities	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Agency Securities	Note 6 - Agency Securities At June 30, 2019 and December 31, 2018 , investments in Agency Securities accounted for 94.5% and 88.2% of our securities portfolio. We evaluated our Agency Securities with unrealized losses at June 30, 2019 , June 30, 2018 and December 31, 2018 , to determine whether there was an OTTI. 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. Results of this evaluation for the three and six months ended June 30, 2019 - No OTTI was recognized for the three and six months ended June 30, 2019 . Results of this evaluation for the three and six months ended June 30, 2018 and for the year ended December 31, 2018 - During the first quarter of 2018, we recognized additional losses on Agency Securities, previously identified during 2017, totaling $12,090 in our consolidated financial statements of operations. We determined that there was no OTTI of our remaining Agency Securities at June 30, 2018 and December 31, 2018 . At June 30, 2019 , 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, 2019 are also presented below. Our Agency Securities had a weighted average coupon of 3.91% at June 30, 2019 . June 30, 2019 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 17,570 $ (174 ) $ 90 $ 17,486 0.13 % Multi-Family MBS 2,748,945 — 134,098 2,883,043 21.16 10 Year Fixed 11,421 (128 ) 69 11,362 0.08 15 Year Fixed 932,248 (2 ) 28,343 960,589 7.05 20 Year Fixed 3,143 (61 ) — 3,082 0.02 25 Year Fixed 9,345 (143 ) — 9,202 0.07 30 Year Fixed 6,013,008 (3,097 ) 104,540 6,114,451 44.88 Total Fannie Mae $ 9,735,680 $ (3,605 ) $ 267,140 $ 9,999,215 73.39 % Freddie Mac 10 Year Fixed 8,343 (38 ) 141 8,446 0.06 15 Year Fixed 228,741 (29 ) 5,534 234,246 1.72 30 Year Fixed 2,490,760 (2,147 ) 43,698 2,532,311 18.59 Total Freddie Mac $ 2,727,844 $ (2,214 ) $ 49,373 $ 2,775,003 20.37 % Ginnie Mae ARMs & Hybrids 27,139 (373 ) 2 26,768 0.20 10 Year Fixed 214 — — 214 0.00 30 Year Fixed 816,285 — 6,024 822,309 6.04 Total Ginnie Mae $ 843,638 $ (373 ) $ 6,026 $ 849,291 6.24 % Total Agency Securities $ 13,307,162 $ (6,192 ) $ 322,539 $ 13,623,509 100.00 % At December 31, 2018 , 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, 2018 are also presented below. Our Agency Securities had a weighted average coupon of 3.94% at December 31, 2018 . December 31, 2018 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 19,929 $ (249 ) $ 73 $ 19,753 0.28 % Multi-Family MBS 1,710,346 (17,128 ) 9,345 1,702,563 24.14 10 Year Fixed 115,654 (292 ) 129 115,491 1.64 15 Year Fixed 684,678 (388 ) 3,864 688,154 9.76 20 Year Fixed 3,734 (156 ) — 3,578 0.05 30 Year Fixed 2,803,125 (28,545 ) 3,349 2,777,929 39.39 Total Fannie Mae $ 5,337,466 $ (46,758 ) $ 16,760 $ 5,307,468 75.26 % Freddie Mac 10 Year Fixed 9,515 (68 ) — 9,447 0.13 15 Year Fixed 70,164 (272 ) 157 70,049 0.99 25 Year Fixed 37,939 (1,668 ) — 36,271 0.51 30 Year Fixed 1,299,695 (11,807 ) 500 1,288,388 18.28 Total Freddie Mac $ 1,417,313 $ (13,815 ) $ 657 $ 1,404,155 19.91 % Ginnie Mae ARMs & Hybrids 30,708 (466 ) 1 30,243 0.43 10 Year Fixed 231 (1 ) — 230 0.00 30 Year Fixed 310,106 (255 ) 7 309,858 4.40 Total Ginnie Mae $ 341,045 $ (722 ) $ 8 $ 340,331 4.83 % Total Agency Securities $ 7,095,824 $ (61,295 ) $ 17,425 $ 7,051,954 100.00 % Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. At December 31, 2018 , we had investment related payables with respect to unsettled purchases of Agency Securities of $166,052 . We did not have any investment related receivables at December 31, 2018 . At June 30, 2019 , we did not have any investment related payables or receivables. 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, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Agency Securities Fair Value Amortized Cost Fair Value Amortized Less than one year $ — $ — $ 75 $ 77 Greater than or equal to one year and less than three years 1,256,612 1,245,809 25,841 26,264 Greater than or equal to three years and less than five years 6,980,676 6,848,579 1,334,663 1,331,577 Greater than or equal to five years 5,386,221 5,212,774 5,691,375 5,737,906 Total Agency Securities $ 13,623,509 $ 13,307,162 $ 7,051,954 $ 7,095,824 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, 2019 and December 31, 2018 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, 2019 and December 31, 2018 . 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, 2019 $ 237 $ — $ 583,201 $ (6,192 ) $ 583,438 $ (6,192 ) December 31, 2018 $ 2,651,518 $ (18,135 ) $ 1,197,533 $ (43,160 ) $ 3,849,051 $ (61,295 ) During the three and six months ended June 30, 2019 , we sold $96,725 and $1,114,121 of Agency Securities, which resulted in realized losses of $(44) and $(2,953) . During the three and six months ended June 30, 2018 , we sold $1,236,423 and $2,373,507 of Agency Securities, inclusive of ( $216,292 receivable for unsettled sales in the second quarter, which resulted in realized losses of $(25,316) and (57,919) Note 7 - Credit Risk and Non-Agency Securities At June 30, 2019 and December 31, 2018 , investments in Credit Risk and Non-Agency Securities accounted for 5.5% and 10.3% of our securities portfolio. The components of the carrying value of our Credit Risk and Non-Agency Securities at June 30, 2019 are presented in the table below. Credit Risk and Non-Agency Securities June 30, 2019 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 701,898 $ 644,166 $ 650,225 6.81% Legacy Prime Fixed 13,045 11,923 15,157 6.02% Legacy ALT-A Fixed 44,899 40,020 55,760 5.83% Legacy Prime Hybrid 8,123 7,423 8,733 3.87% Legacy ALT-A Hybrid 3,574 3,022 3,733 4.39% New Issue Prime Fixed 17,032 16,068 16,949 3.69% Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 750,557 6.63% The components of the carrying value of our Credit Risk and Non-Agency Securities at December 31, 2018 are presented in the table below. Credit Risk and Non-Agency Securities December 31, 2018 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 729,983 $ 653,681 $ 661,181 6.92% Legacy Prime Fixed 13,394 12,698 16,051 6.02% Legacy ALT-A Fixed 46,853 42,534 58,730 5.84% Legacy Prime Hybrid 8,623 7,987 9,479 3.62% Legacy ALT-A Hybrid 3,724 3,164 3,967 4.06% New Issue Prime Fixed 17,338 16,767 17,714 3.69% Total Credit Risk and Non-Agency Securities $ 819,915 $ 736,831 $ 767,122 6.73% Our Credit Risk Transfer securities are collaterized by residential mortgage loans meeting agency criteria. However, our securities principal and interest are not guaranteed by the agencies. Credit Risk Transfer securities include tranches issued since 2014. Our Legacy and New Issue Prime Fixed securities are collaterized by residential mortgage loans not guaranteed by any agency. Legacy securities include tranches issued between 2005-2007. New Issue Prime Fixed securities include tranches issued in 2013. The following table summarizes the weighted average lives of our Credit Risk and Non-Agency Securities at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Credit Risk and Non-Agency Securities Fair Value Amortized Cost Fair Value Amortized Cost Less than one year $ — $ — $ — $ — Greater than or equal to one year and less than three years 14,856 13,711 — — Greater than or equal to three years and less than five years 713,286 654,530 188,063 169,692 Greater than or equal to five years 60,429 54,381 631,852 567,139 Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 819,915 $ 736,831 We use a third party model to calculate the weighted average lives of our Credit Risk and Non-Agency Securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our Credit Risk and Non-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 Credit Risk and Non-Agency Securities at June 30, 2019 and December 31, 2018 , in the tables 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 Credit Risk and Non-Agency Securities could be longer or shorter than estimated. The following table presents the unrealized losses and estimated fair value of our Credit Risk and Non-Agency Securities by length of time that such securities have been in a continuous unrealized loss position at June 30, 2019 and December 31, 2018 . Unrealized Loss Position For: Less than 12 Months 12 Months or More Total As of Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019 $ — $ — $ — $ — $ — $ — December 31, 2018 $ 1,860 $ (13 ) $ — $ — $ 1,860 $ (13 ) Our Credit Risk and Non-Agency Securities are subject to risk of loss with regard to principal and interest payments and at June 30, 2019 and December 31, 2018 , have generally either been assigned below investment grade ratings by rating agencies, or have not been rated. We evaluate each investment based on the characteristics of the underlying collateral and securitization structure, rather than relying on the ratings assigned by rating agencies. Note 8 - U.S. Treasury Securities We did not have any U.S. Treasury Securities at June 30, 2019 . At December 31, 2018 , investments in U.S. Treasury Securities accounted for 1.2% of our securities portfolio. At December 31, 2018 , we had the following U.S. Treasury Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our U.S. Treasury Securities at December 31, 2018 are also presented below. U.S. Treasury Securities Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2018 $ 98,703 $ (57 ) $ — $ 98,646 The following table presents the unrealized losses and estimated fair value of our U.S. Treasury Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 . 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 December 31, 2018 $ 98,646 $ (57 ) $ — $ — $ 98,646 $ (57 ) During the three and six months ended June 30, 2019 , we sold $1,329,660 and $1,529,105 of U.S. Treasury Securities, which resulted in realized gains of $3,453 and $2,703 , respectively. During the three and six months ended June 30, 2018 , we sold $661,883 of U.S. Treasury Securities, which resulted in a realized loss of $(6,308)

Credit Risk and Non-Agency Secu

Credit Risk and Non-Agency Securities	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Credit Risk and Non-Agency Securities	Note 6 - Agency Securities At June 30, 2019 and December 31, 2018 , investments in Agency Securities accounted for 94.5% and 88.2% of our securities portfolio. We evaluated our Agency Securities with unrealized losses at June 30, 2019 , June 30, 2018 and December 31, 2018 , to determine whether there was an OTTI. 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. Results of this evaluation for the three and six months ended June 30, 2019 - No OTTI was recognized for the three and six months ended June 30, 2019 . Results of this evaluation for the three and six months ended June 30, 2018 and for the year ended December 31, 2018 - During the first quarter of 2018, we recognized additional losses on Agency Securities, previously identified during 2017, totaling $12,090 in our consolidated financial statements of operations. We determined that there was no OTTI of our remaining Agency Securities at June 30, 2018 and December 31, 2018 . At June 30, 2019 , 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, 2019 are also presented below. Our Agency Securities had a weighted average coupon of 3.91% at June 30, 2019 . June 30, 2019 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 17,570 $ (174 ) $ 90 $ 17,486 0.13 % Multi-Family MBS 2,748,945 — 134,098 2,883,043 21.16 10 Year Fixed 11,421 (128 ) 69 11,362 0.08 15 Year Fixed 932,248 (2 ) 28,343 960,589 7.05 20 Year Fixed 3,143 (61 ) — 3,082 0.02 25 Year Fixed 9,345 (143 ) — 9,202 0.07 30 Year Fixed 6,013,008 (3,097 ) 104,540 6,114,451 44.88 Total Fannie Mae $ 9,735,680 $ (3,605 ) $ 267,140 $ 9,999,215 73.39 % Freddie Mac 10 Year Fixed 8,343 (38 ) 141 8,446 0.06 15 Year Fixed 228,741 (29 ) 5,534 234,246 1.72 30 Year Fixed 2,490,760 (2,147 ) 43,698 2,532,311 18.59 Total Freddie Mac $ 2,727,844 $ (2,214 ) $ 49,373 $ 2,775,003 20.37 % Ginnie Mae ARMs & Hybrids 27,139 (373 ) 2 26,768 0.20 10 Year Fixed 214 — — 214 0.00 30 Year Fixed 816,285 — 6,024 822,309 6.04 Total Ginnie Mae $ 843,638 $ (373 ) $ 6,026 $ 849,291 6.24 % Total Agency Securities $ 13,307,162 $ (6,192 ) $ 322,539 $ 13,623,509 100.00 % At December 31, 2018 , 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, 2018 are also presented below. Our Agency Securities had a weighted average coupon of 3.94% at December 31, 2018 . December 31, 2018 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 19,929 $ (249 ) $ 73 $ 19,753 0.28 % Multi-Family MBS 1,710,346 (17,128 ) 9,345 1,702,563 24.14 10 Year Fixed 115,654 (292 ) 129 115,491 1.64 15 Year Fixed 684,678 (388 ) 3,864 688,154 9.76 20 Year Fixed 3,734 (156 ) — 3,578 0.05 30 Year Fixed 2,803,125 (28,545 ) 3,349 2,777,929 39.39 Total Fannie Mae $ 5,337,466 $ (46,758 ) $ 16,760 $ 5,307,468 75.26 % Freddie Mac 10 Year Fixed 9,515 (68 ) — 9,447 0.13 15 Year Fixed 70,164 (272 ) 157 70,049 0.99 25 Year Fixed 37,939 (1,668 ) — 36,271 0.51 30 Year Fixed 1,299,695 (11,807 ) 500 1,288,388 18.28 Total Freddie Mac $ 1,417,313 $ (13,815 ) $ 657 $ 1,404,155 19.91 % Ginnie Mae ARMs & Hybrids 30,708 (466 ) 1 30,243 0.43 10 Year Fixed 231 (1 ) — 230 0.00 30 Year Fixed 310,106 (255 ) 7 309,858 4.40 Total Ginnie Mae $ 341,045 $ (722 ) $ 8 $ 340,331 4.83 % Total Agency Securities $ 7,095,824 $ (61,295 ) $ 17,425 $ 7,051,954 100.00 % Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. At December 31, 2018 , we had investment related payables with respect to unsettled purchases of Agency Securities of $166,052 . We did not have any investment related receivables at December 31, 2018 . At June 30, 2019 , we did not have any investment related payables or receivables. 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, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Agency Securities Fair Value Amortized Cost Fair Value Amortized Less than one year $ — $ — $ 75 $ 77 Greater than or equal to one year and less than three years 1,256,612 1,245,809 25,841 26,264 Greater than or equal to three years and less than five years 6,980,676 6,848,579 1,334,663 1,331,577 Greater than or equal to five years 5,386,221 5,212,774 5,691,375 5,737,906 Total Agency Securities $ 13,623,509 $ 13,307,162 $ 7,051,954 $ 7,095,824 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, 2019 and December 31, 2018 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, 2019 and December 31, 2018 . 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, 2019 $ 237 $ — $ 583,201 $ (6,192 ) $ 583,438 $ (6,192 ) December 31, 2018 $ 2,651,518 $ (18,135 ) $ 1,197,533 $ (43,160 ) $ 3,849,051 $ (61,295 ) During the three and six months ended June 30, 2019 , we sold $96,725 and $1,114,121 of Agency Securities, which resulted in realized losses of $(44) and $(2,953) . During the three and six months ended June 30, 2018 , we sold $1,236,423 and $2,373,507 of Agency Securities, inclusive of ( $216,292 receivable for unsettled sales in the second quarter, which resulted in realized losses of $(25,316) and (57,919) Note 7 - Credit Risk and Non-Agency Securities At June 30, 2019 and December 31, 2018 , investments in Credit Risk and Non-Agency Securities accounted for 5.5% and 10.3% of our securities portfolio. The components of the carrying value of our Credit Risk and Non-Agency Securities at June 30, 2019 are presented in the table below. Credit Risk and Non-Agency Securities June 30, 2019 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 701,898 $ 644,166 $ 650,225 6.81% Legacy Prime Fixed 13,045 11,923 15,157 6.02% Legacy ALT-A Fixed 44,899 40,020 55,760 5.83% Legacy Prime Hybrid 8,123 7,423 8,733 3.87% Legacy ALT-A Hybrid 3,574 3,022 3,733 4.39% New Issue Prime Fixed 17,032 16,068 16,949 3.69% Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 750,557 6.63% The components of the carrying value of our Credit Risk and Non-Agency Securities at December 31, 2018 are presented in the table below. Credit Risk and Non-Agency Securities December 31, 2018 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 729,983 $ 653,681 $ 661,181 6.92% Legacy Prime Fixed 13,394 12,698 16,051 6.02% Legacy ALT-A Fixed 46,853 42,534 58,730 5.84% Legacy Prime Hybrid 8,623 7,987 9,479 3.62% Legacy ALT-A Hybrid 3,724 3,164 3,967 4.06% New Issue Prime Fixed 17,338 16,767 17,714 3.69% Total Credit Risk and Non-Agency Securities $ 819,915 $ 736,831 $ 767,122 6.73% Our Credit Risk Transfer securities are collaterized by residential mortgage loans meeting agency criteria. However, our securities principal and interest are not guaranteed by the agencies. Credit Risk Transfer securities include tranches issued since 2014. Our Legacy and New Issue Prime Fixed securities are collaterized by residential mortgage loans not guaranteed by any agency. Legacy securities include tranches issued between 2005-2007. New Issue Prime Fixed securities include tranches issued in 2013. The following table summarizes the weighted average lives of our Credit Risk and Non-Agency Securities at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Credit Risk and Non-Agency Securities Fair Value Amortized Cost Fair Value Amortized Cost Less than one year $ — $ — $ — $ — Greater than or equal to one year and less than three years 14,856 13,711 — — Greater than or equal to three years and less than five years 713,286 654,530 188,063 169,692 Greater than or equal to five years 60,429 54,381 631,852 567,139 Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 819,915 $ 736,831 We use a third party model to calculate the weighted average lives of our Credit Risk and Non-Agency Securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our Credit Risk and Non-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 Credit Risk and Non-Agency Securities at June 30, 2019 and December 31, 2018 , in the tables 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 Credit Risk and Non-Agency Securities could be longer or shorter than estimated. The following table presents the unrealized losses and estimated fair value of our Credit Risk and Non-Agency Securities by length of time that such securities have been in a continuous unrealized loss position at June 30, 2019 and December 31, 2018 . Unrealized Loss Position For: Less than 12 Months 12 Months or More Total As of Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019 $ — $ — $ — $ — $ — $ — December 31, 2018 $ 1,860 $ (13 ) $ — $ — $ 1,860 $ (13 ) Our Credit Risk and Non-Agency Securities are subject to risk of loss with regard to principal and interest payments and at June 30, 2019 and December 31, 2018 , have generally either been assigned below investment grade ratings by rating agencies, or have not been rated. We evaluate each investment based on the characteristics of the underlying collateral and securitization structure, rather than relying on the ratings assigned by rating agencies. Note 8 - U.S. Treasury Securities We did not have any U.S. Treasury Securities at June 30, 2019 . At December 31, 2018 , investments in U.S. Treasury Securities accounted for 1.2% of our securities portfolio. At December 31, 2018 , we had the following U.S. Treasury Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our U.S. Treasury Securities at December 31, 2018 are also presented below. U.S. Treasury Securities Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2018 $ 98,703 $ (57 ) $ — $ 98,646 The following table presents the unrealized losses and estimated fair value of our U.S. Treasury Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 . 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 December 31, 2018 $ 98,646 $ (57 ) $ — $ — $ 98,646 $ (57 ) During the three and six months ended June 30, 2019 , we sold $1,329,660 and $1,529,105 of U.S. Treasury Securities, which resulted in realized gains of $3,453 and $2,703 , respectively. During the three and six months ended June 30, 2018 , we sold $661,883 of U.S. Treasury Securities, which resulted in a realized loss of $(6,308)

U.S. Treasury Securities

U.S. Treasury Securities	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
U.S. Treasury Securities	Note 6 - Agency Securities At June 30, 2019 and December 31, 2018 , investments in Agency Securities accounted for 94.5% and 88.2% of our securities portfolio. We evaluated our Agency Securities with unrealized losses at June 30, 2019 , June 30, 2018 and December 31, 2018 , to determine whether there was an OTTI. 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. Results of this evaluation for the three and six months ended June 30, 2019 - No OTTI was recognized for the three and six months ended June 30, 2019 . Results of this evaluation for the three and six months ended June 30, 2018 and for the year ended December 31, 2018 - During the first quarter of 2018, we recognized additional losses on Agency Securities, previously identified during 2017, totaling $12,090 in our consolidated financial statements of operations. We determined that there was no OTTI of our remaining Agency Securities at June 30, 2018 and December 31, 2018 . At June 30, 2019 , 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, 2019 are also presented below. Our Agency Securities had a weighted average coupon of 3.91% at June 30, 2019 . June 30, 2019 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 17,570 $ (174 ) $ 90 $ 17,486 0.13 % Multi-Family MBS 2,748,945 — 134,098 2,883,043 21.16 10 Year Fixed 11,421 (128 ) 69 11,362 0.08 15 Year Fixed 932,248 (2 ) 28,343 960,589 7.05 20 Year Fixed 3,143 (61 ) — 3,082 0.02 25 Year Fixed 9,345 (143 ) — 9,202 0.07 30 Year Fixed 6,013,008 (3,097 ) 104,540 6,114,451 44.88 Total Fannie Mae $ 9,735,680 $ (3,605 ) $ 267,140 $ 9,999,215 73.39 % Freddie Mac 10 Year Fixed 8,343 (38 ) 141 8,446 0.06 15 Year Fixed 228,741 (29 ) 5,534 234,246 1.72 30 Year Fixed 2,490,760 (2,147 ) 43,698 2,532,311 18.59 Total Freddie Mac $ 2,727,844 $ (2,214 ) $ 49,373 $ 2,775,003 20.37 % Ginnie Mae ARMs & Hybrids 27,139 (373 ) 2 26,768 0.20 10 Year Fixed 214 — — 214 0.00 30 Year Fixed 816,285 — 6,024 822,309 6.04 Total Ginnie Mae $ 843,638 $ (373 ) $ 6,026 $ 849,291 6.24 % Total Agency Securities $ 13,307,162 $ (6,192 ) $ 322,539 $ 13,623,509 100.00 % At December 31, 2018 , 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, 2018 are also presented below. Our Agency Securities had a weighted average coupon of 3.94% at December 31, 2018 . December 31, 2018 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 19,929 $ (249 ) $ 73 $ 19,753 0.28 % Multi-Family MBS 1,710,346 (17,128 ) 9,345 1,702,563 24.14 10 Year Fixed 115,654 (292 ) 129 115,491 1.64 15 Year Fixed 684,678 (388 ) 3,864 688,154 9.76 20 Year Fixed 3,734 (156 ) — 3,578 0.05 30 Year Fixed 2,803,125 (28,545 ) 3,349 2,777,929 39.39 Total Fannie Mae $ 5,337,466 $ (46,758 ) $ 16,760 $ 5,307,468 75.26 % Freddie Mac 10 Year Fixed 9,515 (68 ) — 9,447 0.13 15 Year Fixed 70,164 (272 ) 157 70,049 0.99 25 Year Fixed 37,939 (1,668 ) — 36,271 0.51 30 Year Fixed 1,299,695 (11,807 ) 500 1,288,388 18.28 Total Freddie Mac $ 1,417,313 $ (13,815 ) $ 657 $ 1,404,155 19.91 % Ginnie Mae ARMs & Hybrids 30,708 (466 ) 1 30,243 0.43 10 Year Fixed 231 (1 ) — 230 0.00 30 Year Fixed 310,106 (255 ) 7 309,858 4.40 Total Ginnie Mae $ 341,045 $ (722 ) $ 8 $ 340,331 4.83 % Total Agency Securities $ 7,095,824 $ (61,295 ) $ 17,425 $ 7,051,954 100.00 % Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. At December 31, 2018 , we had investment related payables with respect to unsettled purchases of Agency Securities of $166,052 . We did not have any investment related receivables at December 31, 2018 . At June 30, 2019 , we did not have any investment related payables or receivables. 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, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Agency Securities Fair Value Amortized Cost Fair Value Amortized Less than one year $ — $ — $ 75 $ 77 Greater than or equal to one year and less than three years 1,256,612 1,245,809 25,841 26,264 Greater than or equal to three years and less than five years 6,980,676 6,848,579 1,334,663 1,331,577 Greater than or equal to five years 5,386,221 5,212,774 5,691,375 5,737,906 Total Agency Securities $ 13,623,509 $ 13,307,162 $ 7,051,954 $ 7,095,824 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, 2019 and December 31, 2018 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, 2019 and December 31, 2018 . 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, 2019 $ 237 $ — $ 583,201 $ (6,192 ) $ 583,438 $ (6,192 ) December 31, 2018 $ 2,651,518 $ (18,135 ) $ 1,197,533 $ (43,160 ) $ 3,849,051 $ (61,295 ) During the three and six months ended June 30, 2019 , we sold $96,725 and $1,114,121 of Agency Securities, which resulted in realized losses of $(44) and $(2,953) . During the three and six months ended June 30, 2018 , we sold $1,236,423 and $2,373,507 of Agency Securities, inclusive of ( $216,292 receivable for unsettled sales in the second quarter, which resulted in realized losses of $(25,316) and (57,919) Note 7 - Credit Risk and Non-Agency Securities At June 30, 2019 and December 31, 2018 , investments in Credit Risk and Non-Agency Securities accounted for 5.5% and 10.3% of our securities portfolio. The components of the carrying value of our Credit Risk and Non-Agency Securities at June 30, 2019 are presented in the table below. Credit Risk and Non-Agency Securities June 30, 2019 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 701,898 $ 644,166 $ 650,225 6.81% Legacy Prime Fixed 13,045 11,923 15,157 6.02% Legacy ALT-A Fixed 44,899 40,020 55,760 5.83% Legacy Prime Hybrid 8,123 7,423 8,733 3.87% Legacy ALT-A Hybrid 3,574 3,022 3,733 4.39% New Issue Prime Fixed 17,032 16,068 16,949 3.69% Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 750,557 6.63% The components of the carrying value of our Credit Risk and Non-Agency Securities at December 31, 2018 are presented in the table below. Credit Risk and Non-Agency Securities December 31, 2018 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 729,983 $ 653,681 $ 661,181 6.92% Legacy Prime Fixed 13,394 12,698 16,051 6.02% Legacy ALT-A Fixed 46,853 42,534 58,730 5.84% Legacy Prime Hybrid 8,623 7,987 9,479 3.62% Legacy ALT-A Hybrid 3,724 3,164 3,967 4.06% New Issue Prime Fixed 17,338 16,767 17,714 3.69% Total Credit Risk and Non-Agency Securities $ 819,915 $ 736,831 $ 767,122 6.73% Our Credit Risk Transfer securities are collaterized by residential mortgage loans meeting agency criteria. However, our securities principal and interest are not guaranteed by the agencies. Credit Risk Transfer securities include tranches issued since 2014. Our Legacy and New Issue Prime Fixed securities are collaterized by residential mortgage loans not guaranteed by any agency. Legacy securities include tranches issued between 2005-2007. New Issue Prime Fixed securities include tranches issued in 2013. The following table summarizes the weighted average lives of our Credit Risk and Non-Agency Securities at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Credit Risk and Non-Agency Securities Fair Value Amortized Cost Fair Value Amortized Cost Less than one year $ — $ — $ — $ — Greater than or equal to one year and less than three years 14,856 13,711 — — Greater than or equal to three years and less than five years 713,286 654,530 188,063 169,692 Greater than or equal to five years 60,429 54,381 631,852 567,139 Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 819,915 $ 736,831 We use a third party model to calculate the weighted average lives of our Credit Risk and Non-Agency Securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our Credit Risk and Non-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 Credit Risk and Non-Agency Securities at June 30, 2019 and December 31, 2018 , in the tables 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 Credit Risk and Non-Agency Securities could be longer or shorter than estimated. The following table presents the unrealized losses and estimated fair value of our Credit Risk and Non-Agency Securities by length of time that such securities have been in a continuous unrealized loss position at June 30, 2019 and December 31, 2018 . Unrealized Loss Position For: Less than 12 Months 12 Months or More Total As of Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019 $ — $ — $ — $ — $ — $ — December 31, 2018 $ 1,860 $ (13 ) $ — $ — $ 1,860 $ (13 ) Our Credit Risk and Non-Agency Securities are subject to risk of loss with regard to principal and interest payments and at June 30, 2019 and December 31, 2018 , have generally either been assigned below investment grade ratings by rating agencies, or have not been rated. We evaluate each investment based on the characteristics of the underlying collateral and securitization structure, rather than relying on the ratings assigned by rating agencies. Note 8 - U.S. Treasury Securities We did not have any U.S. Treasury Securities at June 30, 2019 . At December 31, 2018 , investments in U.S. Treasury Securities accounted for 1.2% of our securities portfolio. At December 31, 2018 , we had the following U.S. Treasury Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our U.S. Treasury Securities at December 31, 2018 are also presented below. U.S. Treasury Securities Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2018 $ 98,703 $ (57 ) $ — $ 98,646 The following table presents the unrealized losses and estimated fair value of our U.S. Treasury Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 . 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 December 31, 2018 $ 98,646 $ (57 ) $ — $ — $ 98,646 $ (57 ) During the three and six months ended June 30, 2019 , we sold $1,329,660 and $1,529,105 of U.S. Treasury Securities, which resulted in realized gains of $3,453 and $2,703 , respectively. During the three and six months ended June 30, 2018 , we sold $661,883 of U.S. Treasury Securities, which resulted in a realized loss of $(6,308)

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2019
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Note 9 - Repurchase Agreements At June 30, 2019 , we had MRAs with 49 counterparties and outstanding borrowings with 26 of those counterparties. At December 31, 2018 , we had MRAs with 48 counterparties and outstanding borrowings with 23 of those counterparties. The following tables represent the contractual repricing regarding our repurchase agreements to finance our MBS at June 30, 2019 and December 31, 2018 . No amounts below are subject to offsetting. June 30, 2019 Repurchase Agreements Weighted Average Contractual Rate Weighted Average Maturity in days Haircut for Repurchase Agreements (1) Agency Securities $ 12,774,252 2.68 % 16 4.35 % Credit Risk and Non-Agency Securities 522,594 3.12 % 14 16.95 % Total or Weighted Average $ 13,296,846 2.70 % 16 4.91 % (1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount. December 31, 2018 Repurchase Agreements Weighted Average Contractual Rate Weighted Average Maturity in days Haircut for Repurchase Agreements (1) Agency Securities $ 6,456,823 2.95 % 14 4.22 % Credit Risk and Non-Agency Securities 580,828 3.23 % 14 17.79 % Total or Weighted Average $ 7,037,651 2.97 % 14 5.48 % (1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount. Our repurchase agreements require that we maintain adequate pledged collateral. A decline in the value of the MBS 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. An event of default or termination event under the standard MRA would give our counterparty the option to terminate all repurchase transactions existing with us and require any amount due to be payable immediately. In addition, certain of our MRAs contain a restriction that prohibits our leverage from exceeding twelve times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital. 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 summarizes the maturity or repricing and the weighted average contractual rates of our repurchase agreements to finance our MBS at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Maturing or Repricing Repurchase Agreements Weighted Average Contractual Rate Repurchase Agreements Weighted Average Contractual Rate Within 30 days $ 11,998,332 2.71 % $ 5,793,973 3.05 % 31 days to 60 days 1,298,514 2.61 % 1,243,678 2.60 % Total or Weighted Average $ 13,296,846 2.70 % $ 7,037,651 2.97 % At June 30, 2019 and December 31, 2018 , BUCKLER (See Note 16 - Related Party Transactions ) accounted for 41.6% and 49.8% of our aggregate borrowings and had an amount at risk of 16.8% and 13.0% , respectively, of our total stockholders' equity with a weighted average maturity of 16 days and 14 days , respectively, on repurchase agreements. In addition, at December 31, 2018 , we had 1 other repurchase agreement counterparty that individually accounted for between 5% and 10% of our aggregate borrowings. In total, this counterparty accounted for approximately 6.8% of our repurchase agreement borrowings outstanding at December 31, 2018 .

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 10 - Derivatives We enter into derivative transactions to manage our interest rate risk exposure. These transactions may include entering into interest rate swap contracts, swaptions and basis swaps. 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 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. 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 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 at June 30, 2019 and December 31, 2018 . June 30, 2019 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 1.21 % $ 550,000 $ 5,696 $ — Interest rate swap contracts 13-24 Months 17 1.83 % 1,675,000 7,040 (5,731 ) Interest rate swap contracts 25-36 Months 33 2.30 % 950,000 — (19,887 ) Interest rate swap contracts 37-48 Months 44 2.11 % 1,025,000 — (18,584 ) Interest rate swap contracts 49-60 Months 54 1.91 % 1,150,000 — (17,542 ) Interest rate swap contracts 61-72 Months 63 1.95 % 575,000 — (11,216 ) Interest rate swap contracts 73-84 Months 81 1.95 % 50,000 — (1,135 ) Interest rate swap contracts 85-96 Months 89 1.93 % 1,000,000 — (19,997 ) Interest rate swap contracts 97-108 Months 103 2.29 % 450,000 — (23,212 ) Interest rate swap contracts 109-120 Months 118 2.30 % 200,000 — (10,853 ) Total or Weighted Average $ 7,625,000 $ 12,736 $ (128,157 ) (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. December 31, 2018 Derivative Type Remaining / Underlying Term Weighted Average Remaining Swap / Option Term (Months) Weighted Average Rate Notional Amount Asset Fair Value (1) Liability Fair Value (1) Interest rate swap contracts 0-12 Months 11 1.21 % $ 550,000 $ 6,620 $ — Interest rate swap contracts 13-24 Months 18 1.48 % 675,000 11,136 — Interest rate swap contracts 25-36 Months 25 2.06 % 1,000,000 5,568 — Interest rate swap contracts 49-60 Months 54 1.95 % 1,725,000 32,723 — Interest rate swap contracts 61-72 Months 67 1.89 % 575,000 12,009 — Interest rate swap contracts 73-84 Months 73 2.33 % 350,000 — (1,709 ) Interest rate swap contracts 85-96 Months 95 1.93 % 1,050,000 32,240 — Interest rate swap contracts 97-108 Months 102 2.10 % 375,000 7,381 — Interest rate swap contracts 109-120 Months 114 2.62 % 1,050,000 — (22,796 ) TBA Agency Securities (2) 0-60 Months n/a n/a 900,000 4,236 — Total or Weighted Average $ 8,250,000 $ 111,913 $ (24,505 ) (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. (2) Implied cost basis of $929,184 and implied market value of $933,420 . 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 the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying 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 consolidated balance sheet at June 30, 2019 . June 30, 2019 Gross Amounts Not Offset in the consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 12,736 $ (128,157 ) $ 129,682 $ 14,261 Totals $ 12,736 $ (128,157 ) $ 129,682 $ 14,261 June 30, 2019 Gross Amounts Not Offset in the consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (128,157 ) $ 128,157 $ — $ — TBA Agency Securities — — (8 ) (8 ) Totals $ (128,157 ) $ 128,157 $ (8 ) $ (8 ) The following tables present information about the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying 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 consolidated balance sheet at December 31, 2018 . December 31, 2018 Gross Amounts Not Offset in the consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 107,677 $ (24,505 ) $ (82,838 ) $ 334 TBA Agency Securities 4,236 — (2,593 ) 1,643 Totals $ 111,913 $ (24,505 ) $ (85,431 ) $ 1,977 December 31, 2018 Gross Amounts Not Offset in the consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (24,505 ) $ 24,505 $ — $ — Totals $ (24,505 ) $ 24,505 $ — $ — The following table represents the location and information regarding our derivatives which are included in Other Income in the accompanying consolidated statements of operations for the three and six months ended June 30, 2019 and June 30, 2018 . Income (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, Derivatives Location on consolidated statements of operations 2019 2018 2019 2018 Interest rate swap contracts: Realized gain (loss) Realized loss on derivatives $ (104,801 ) $ — $ (144,347 ) $ 2,655 Interest income Realized loss on derivatives 58,047 28,558 111,792 50,727 Interest expense Realized loss on derivatives (48,355 ) (29,833 ) (93,463 ) (57,681 ) Changes in fair value Unrealized gain (loss) on derivatives (106,791 ) 46,522 (216,135 ) 138,851 $ (201,900 ) $ 45,247 $ (342,153 ) $ 134,552 TBA Agency Securities: Realized gain (loss) Realized loss on derivatives 2,119 (13,066 ) 10,896 (48,646 ) Changes in fair value Unrealized gain (loss) on derivatives (513 ) (1,468 ) (4,236 ) 3,404 $ 1,606 $ (14,534 ) $ 6,660 $ (45,242 ) Totals $ (200,294 ) $ 30,713 $ (335,493 ) $ 89,310

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 - Commitments and Contingencies Management Agreements with ACM The Company is managed by ACM, pursuant to management agreements with ARMOUR and JAVELIN (see also Note 16 , “ Related Party Transactions ”). The management agreements entitle ACM to receive management fees payable monthly in arrears. Currently, the monthly ARMOUR 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, 2019 , the effective ARMOUR management fee was 1.00% based on gross equity raised of $2,979,026 . At June 30, 2018 , the effective ARMOUR management fee was 1.04% based on gross equity raised of $2,620,693 . The ACM monthly management fees are not calculated based on the performance of our assets. Accordingly, the payment of our monthly management fees 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 or JAVELIN other than the various overhead expenses specified in the terms of the management agreements. ACM is further entitled to receive termination fees from ARMOUR and JAVELIN 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, 2019 and December 31, 2018 . Nine putative class action lawsuits have been filed in connection with the tender offer (the “Tender Offer”) and merger (the “Merger”) for JAVELIN. The Tender Offer and Merger are collectively defined herein as the “Transactions.” All nine suits name ARMOUR, the previous members of JAVELIN’s board of directors prior to the Merger (of which eight are current members of ARMOUR’s board of directors) (the “Individual Defendants”) and JMI Acquisition Corporation (“Acquisition” ) as defendants. Certain cases also name ACM and JAVELIN as additional defendants. The lawsuits were brought by purported holders of JAVELIN’s common stock, both individually and on behalf of a putative class of JAVELIN’s stockholders, alleging that the Individual Defendants breached their fiduciary duties owed to the plaintiffs and the putative class of JAVELIN stockholders, including claims that the Individual Defendants failed to properly value JAVELIN; failed to take steps to maximize the value of JAVELIN to its stockholders; ignored or failed to protect against conflicts of interest; failed to disclose material information about the Transactions; took steps to avoid competitive bidding and to give ARMOUR an unfair advantage by failing to adequately solicit other potential acquirors or alternative transactions; and erected unreasonable barriers to other third-party bidders. The suits also allege that ARMOUR, JAVELIN, ACM and Acquisition aided and abetted the alleged breaches of fiduciary duties by the Individual Defendants. The lawsuits seek equitable relief, including, among other relief, to enjoin consummation of the Transactions, or rescind or unwind the Transactions if already consummated, and award costs and disbursements, including reasonable attorneys’ fees and expenses. The sole Florida lawsuit was never served on the defendants, and that case was voluntarily dismissed and closed on January 20, 2017 . On April 25, 2016, the Maryland court issued an order consolidating the eight Maryland cases into one action, captioned In re JAVELIN Mortgage Investment Corp. Shareholder Litigation (Case No. 24-C-16-001542), and designated counsel for one of the Maryland cases as interim lead co-counsel. On May 26, 2016, interim lead counsel filed the Consolidated Amended Class Action Complaint for Breach of Fiduciary Duty asserting consolidated claims of breach of fiduciary duty, aiding and abetting the breaches of fiduciary duty, and waste. On June 27, 2016, defendants filed a Motion to Dismiss the Consolidated Amended Class Action Complaint for failing to state a claim upon which relief can be granted. A hearing was held on the Motion to Dismiss on March 3, 2017, and the Court reserved ruling. To date, the Court has not issued an order on the Motion to Dismiss. Each of ARMOUR, JAVELIN, ACM and the Individual Defendants intends to defend the claims made in these lawsuits vigorously; however, there can be no assurance that any of ARMOUR, JAVELIN, ACM or the Individual Defendants will prevail in its defense of any of these lawsuits to which it is a party. An unfavorable resolution of any such litigation surrounding the Transactions may result in monetary damages being awarded to the plaintiffs and the putative class of former stockholders of JAVELIN and the cost of defending the litigation, even if resolved favorably, could be substantial. Due to the preliminary nature all of these suits, ARMOUR is not able at this time to estimate their outcome.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Note 12 - 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 (“RSUs”), 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. At June 30, 2019 , there were 1,137 shares available for future issuance under the Plan. Transactions related to awards for the six months ended June 30, 2019 are summarized below: June 30, 2019 Number of Awards Weighted Average Grant Date Fair Value per Award Unvested RSU Awards Outstanding beginning of period 360 $ 24.82 Vested (56 ) $ 19.18 Unvested RSU Awards Outstanding end of period 304 $ 24.82 At June 30, 2019 , there was approximately $7,560 of unvested stock based compensation related to the Awards (based on a stock price of $24.82 per share), that we expect to recognize as an expense over the remaining average service period of 2.1 years . Our policy is to account for forfeitures as they occur. We also pay each of our non-executive Board members 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.

Series A Cumulative Preferred S

Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity	Note 13 - Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity 8.250% Series A Cumulative Preferred Stock - Called for redemption “Series A Preferred Stock” On June 25, 2019, the Company mailed a notice of full redemption (the “Notice”) of all 2,181 issued and outstanding shares of its 8.250% Series A Cumulative Redeemable Preferred Stock ( $25.00 per share, $54,514 in the aggregate liquidation preference) to the holders of record of its Series A Preferred Stock as of June 14, 2019. Accordingly, the Series A Preferred Stock, including the liquidation preference, has been accounted for as a liability on our consolidated balance sheet at June 30, 2019 . Pursuant to this redemption, each share of Series A Preferred Stock will be canceled and represent solely the right to receive cash in the amount of $25.00 per share of Series A Preferred Stock on July 26, 2019. Pursuant to the terms of the Series A Preferred Stock, holders of record of the Series A Preferred Stock on July 15, 2019 will be entitled to receive the full monthly dividend for July, which will be the final dividend and will be paid in the regular course of business on July 29, 2019. At December 31, 2018 , 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. Shares designated as Series A Preferred Stock but unissued totaled 9,610 at December 31, 2018 . At December 31, 2018 , there were no accrued or unpaid dividends on the Series A Preferred Stock and the Series A Preferred Stock was 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 was entitled to receive any dividends. Commencing on June 7, 2017, the Series A Preferred Stock was redeemable at $25.00 per share plus accrued and unpaid dividends exclusively at our option (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. Changes in Stockholders' Equity The following table presents the changes in Stockholders' Equity for the following interim periods. Stockholders' Equity March 31, 2019 June 30, 2019 March 31, 2018 June 30, 2018 Balance, beginning of quarter $ 1,125,313 $ 1,486,553 $ 1,326,051 $ 1,244,966 Series A Preferred dividends ($0.171875 per share) (1,124 ) (1,125 ) (1,124 ) (1,125 ) Series B Preferred dividends ($0.1640625 per share) (3,135 ) (3,149 ) (3,129 ) (3,135 ) Common stock dividends ($0.19 per share) (29,814 ) (34,198 ) (24,138 ) (24,136 ) Series A Preferred Stock, called for redemption — (54,514 ) — — Issuance of Series B Preferred Stock — 3,354 2,632 — Issuance of Common stock, net 321,892 — — — Stock based compensation, net of withholding requirements 644 658 644 647 Common Stock repurchased — (11,340 ) — — Net income (loss) (114,381 ) (183,250 ) 44,747 13,562 Other comprehensive income (loss) 187,158 173,059 (100,717 ) (24,271 ) Balance, end of quarter $ 1,486,553 $ 1,376,048 $ 1,244,966 $ 1,206,508 Preferred Stock At June 30, 2019 and December 31, 2018 , 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. On June 24, 2019, we filed Articles Supplementary with the State Department of Assessments and Taxation of the State of Maryland to designate 10,320 shares of the Company’s authorized preferred stock, par value $0.001 per share, as additional shares of 7.875% Series B Preferred Stock, thereby increasing the aggregate number of shares of preferred stock designated as Series B Preferred Stock to 17,970 shares. At June 30, 2019 , a total of 32,030 shares of our authorized preferred stock remain available for designation as future series. Series B Cumulative Preferred Shares (“Series B Preferred Stock”) At June 30, 2019 and December 31, 2018 , we had 6,505 and 6,369 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 $162,637 and $159,232 , in the aggregate, respectively, at June 30, 2019 and December 31, 2018 . Shares designated as Series B Preferred Stock but unissued totaled 11,465 at June 30, 2019 . At June 30, 2019 and December 31, 2018 , 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 rank on parity with the Series A Preferred Stock. In the event of liquidation, dissolution or winding up, the Series B Preferred Stock will receive a liquidation preference of $25.00 per share plus accumulated and unpaid dividends before distributions are paid to holders of our common stock, with no right or claim to any of our remaining assets thereafter. The Series B Preferred Stock generally does not have voting rights, except if we fail to pay dividends on the Series B Preferred Stock for eighteen months , whether or not consecutive. Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Board, until all unpaid dividends have been paid or declared and set aside for payment. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a change of control by the holders of Series B Preferred Stock. On August 30, 2017, we entered into an ATM Equity Offering Sales Agreement (the “Preferred B ATM Sales Agreement”) relating to an "at-the-market" offering program for our Series B Preferred Stock. In accordance with the terms of the Preferred B ATM Sales Agreement, we may offer and sell over a period of time and from time to time, up to 2,000 shares of our Series B Preferred Stock. On June 21, 2019, the agreement was terminated. During the six months ended June 30, 2019 , we sold 100 shares under this agreement for proceeds of $2,489 , net of issuance costs and commissions of approximately $25 . On June 24, 2019, we entered into an Equity Sales Agreement (the “Preferred B ATM Sales Agreement”) with BUCKLER, and B. Riley FBR, Inc. ("FBR"), as sales agents, relating to an "at-the-market" offering program for our Series B Preferred Stock. In accordance with the terms of the Preferred B ATM Sales Agreement, we may offer and sell over a period of time and from time to time, up to 9,000 shares of our Series B Preferred Stock. During the six months ended June 30, 2019 , we sold 36 shares under this agreement for proceeds of $865 , net of issuance costs and commissions of approximately $34 . Also on June 24, 2019, we adopted a 2019 Series B Preferred Stock Dividend Reinvestment and Stock Purchase Plan (the “2019 Plan”) relating to the offer and sale of up to 2,500 shares of our Series B Preferred Stock pursuant to the terms of the 2019 Plan (the “DRIP Offering”). The 2019 Plan permits (i) current holders of our Series B Preferred Stock to reinvest all or a portion of the cash dividends on their shares of Series B Preferred Stock into shares of Series B Preferred Stock and to separately purchase additional shares of Series B Preferred Stock and (ii) other interested investors to purchase shares of Series B Preferred Stock. As of June 30, 2019 , we had not issued any shares under the DRIP Offering. Common Stock At June 30, 2019 and December 31, 2018 , we were authorized to issue up to 125,000 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 59,192 shares of common stock issued and outstanding at June 30, 2019 and 43,702 shares of common stock issued and outstanding at December 31, 2018 . On May 26, 2017, we entered into an ATM Equity Offering Sales Agreement (the “Common stock ATM Sales Agreement”) relating to the shares of our common stock. In accordance with the terms of the Common stock ATM Sales Agreement, we could offer and sell over a period of time and from time to time, up to 5,000 shares of our common stock par value $0.001 per share. The Common stock ATM Sales Agreement related to a proposed "at-the-market" offering program. On October 2, 2017, the Sales Agreement was amended and on February 16, 2019 the agreement was terminated . For the six months ended June 30, 2019 , we sold 884 shares under this agreement for proceeds of $18,540 , net of issuance costs and commissions of approximately $263 . On February 15, 2019, we entered into an Equity Sales Agreement (the “Common stock ATM Sales Agreement”) with BUCKLER, JMP Securities LLC and Ladenburg Thalmann & Co. Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the Common stock ATM Sales Agreement, we may offer and sell over a period of time and from time to time, up to 7,000 shares of our common stock par value $0.001 per share. The Common stock ATM Sales Agreement relates to an "at-the-market" offering program. Under the agreement, we will pay the agent designated to sell our shares, an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent, under the agreement. We did not sell any shares or pay any fees under this agreement during the six months ended June 30, 2019 . See Note 16 - Related Party Transactions for discussion of additional transactions with BUCKLER. Common Stock Repurchased At December 31, 2018 , there were 1,874 authorized shares remaining under our common stock repurchase program (the “Repurchase Program”). On June 4, 2019, the Board increased the repurchase authorization under the Repurchase Program to 9,000 shares. From April 1, 2019 to June 3, 2019, we repurchased 250 common shares and during the period from June 4, 2019 to June 30, 2019 we repurchased 375 common shares. At June 30, 2019 , there were 8,625 authorized shares remaining under the current repurchase authorization. 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. Dividends The following table presents our common stock dividend transactions for the six months ended June 30, 2019 . Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 15, 2019 January 28, 2019 $ 0.19 $ 8,540 February 15, 2019 February 28, 2019 $ 0.19 9,851 March 15, 2019 March 27, 2019 $ 0.19 11,423 April 15, 2019 April 29, 2019 $ 0.19 11,424 May 15, 2019 May 28, 2019 $ 0.19 11,424 June 17, 2019 June 27, 2019 $ 0.19 11,350 Total dividends paid $ 64,012 The following table presents our Series A Preferred Stock dividend transactions for the six months ended June 30, 2019 . Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2019 January 28, 2019 $ 0.17 $ 374.8 February 15, 2019 February 27, 2019 $ 0.17 374.8 March 15, 2019 March 27, 2019 $ 0.17 374.8 April 15, 2019 April 28, 2018 $ 0.17 374.8 May 15, 2019 May 27, 2019 $ 0.17 374.8 June 15, 2019 June 27, 2019 $ 0.17 374.8 Total dividends paid $ 2,249 The following table presents our Series B Preferred Stock dividend transactions for the six months ended June 30, 2019 . Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2019 January 28, 2019 $ 0.16 $ 1,045 February 15, 2019 February 27, 2019 $ 0.16 1,045 March 15, 2019 March 27, 2019 $ 0.16 1,045 April 15, 2019 April 28, 2018 $ 0.16 1,045 May 15, 2019 May 27, 2019 $ 0.16 1,045 June 15, 2019 June 27, 2019 $ 0.16 1,059 Total dividends paid $ 6,284 Equity Capital Raising Activities The following table presents our equity transactions for the six months ended June 30, 2019 . Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Cost) Common Stock ATM Sales Agreement January 4, 2019-January 11, 2019 884 $ 20.98 $ 18,540 January Public Offering January 17, 2019 6,900 $ 20.00 $ 137,946 February Public Offering February 22, 2019-February 27, 2019 8,280 $ 19.98 $ 165,406 Preferred B ATM Sales Agreement June 6, 2019-June 19, 2019 100 $ 24.81 $ 2,489 Preferred B ATM Sales Agreement June 25, 2019-June 28, 2019 36 $ 24.09 $ 865 Common stock repurchases May 31, 2019-June 17, 2019 (625 ) $ 18.14 $ (11,340 ) (1) Weighted average price.

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Note 14 - 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 three and six months ended June 30, 2019 and June 30, 2018 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net Income (Loss) $ (183,250 ) $ 13,562 $ (297,631 ) $ 58,309 Less: Preferred dividends (4,274 ) (4,259 ) (8,533 ) (8,513 ) Net Income (Loss) available (related) to common stockholders $ (187,524 ) $ 9,303 $ (306,164 ) $ 49,796 Weighted average common shares outstanding – basic 59,654 41,912 56,658 41,900 Add: Effect of dilutive non-vested awards, assumed vested — 416 — 416 Weighted average common shares outstanding – diluted 59,654 42,328 56,658 42,316

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 15 - Income Taxes The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the three and six months ended June 30, 2019 and June 30, 2018 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 GAAP net income (loss) $ (183,250 ) $ 13,562 $ (297,631 ) $ 58,309 Book to tax differences: TRS (income) loss 79 (119 ) (153 ) (287 ) Premium amortization expense — (697 ) — (1,132 ) Credit Risk and Non-Agency Securities 17,194 2,729 15,922 1,533 Interest-Only Securities (463 ) 267 85 (140 ) U.S. Treasury Securities (3,453 ) 8,884 (2,760 ) 6,308 Changes in interest rate contracts 209,985 (31,988 ) 353,821 (96,264 ) OTTI loss on Agency Securities — — — 12,090 Losses on Security Sales 44 25,316 2,953 57,919 Amortization of deferred hedging costs (15,405 ) (14,067 ) (29,051 ) (28,651 ) Other 5 4 9 6 Estimated REIT taxable income $ 24,736 $ 3,891 $ 43,195 $ 9,691 Interest rate contracts are treated as hedging transactions for U. S. federal income 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 REIT taxable income. Net capital losses realized Amount Available to offset capital gains through 2014 $ (341,850 ) 2019 2015 $ (5,182 ) 2020 2016 $ (31,204 ) 2021 2017 $ (7,375 ) 2022 2018 $ (216,634 ) 2023 The Company's subsidiary, ARMOUR TRS, Inc. has made an election as a taxable REIT subsidiary (“TRS”). As such, the Company's TRS is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. The Company's TRS is subject to federal, state and local taxes. During the six months ended June 30, 2019 , we recorded $25 of income tax expense attributable to our TRS. The aggregate tax basis of our assets and liabilities was greater than our total Stockholders’ Equity at June 30, 2019 by approximately $48,326 , or approximately $0.82 per common share (based on the 59,192 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 $38,472 and $72,545 for the three and six months ended June 30, 2019 and $28,391 and $56,787 for the three and six months ended June 30, 2018 , respectively. Our estimated REIT taxable income available for distribution as dividends was $24,736 and $43,195 for the three and six months ended June 30, 2019 and $3,891 and $9,691 for the three and six months ended June 30, 2018 , respectively. Our REIT taxable income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends paid in excess of current tax earnings and profits for the year 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, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 16 - Related Party Transactions ACM The Company is managed by ACM, pursuant to management agreements with ARMOUR and JAVELIN. 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 ARMOUR management agreement runs through June 18, 2024 and is thereafter automatically renewed for an additional five -year terms unless terminated under certain circumstances. The JAVELIN Management Agreement renewed on October 5, 2017, for a one -year period, with the base management fee thereunder reduced to one dollar for the entirety of the renewal term. It will be automatically renewed annually for successive one- year terms unless terminated under certain circumstances. Either party must provide 180 days prior written notice of any such termination. Under the terms of the management agreements, 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 management agreements, we incurred $7,485 and $14,743 in management fees for the three and six months ended June 30, 2019 . For the three and six months ended June 30, 2018 , we incurred $6,803 and $13,604 in management fees. 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 agreements. For the three and six months ended June 30, 2019 , we reimbursed ACM $39 and $67 for other expenses incurred on our behalf. For the three and six months ended June 30, 2018 , we reimbursed ACM $66 and $113 for other expenses incurred on our behalf. In 2017, we elected to make restricted stock unit awards to our executive officers and other ACM employees through ACM that vest over 5 years . In November 2017, we elected to make restricted stock unit awards to the Board. We recognized stock based compensation expense of $87 and $184 and $109 and $217 for the three and six months ended June 30, 2019 and June 30, 2018 , respectively. BUCKLER At June 30, 2019 we have contributed $485 for a 10% ownership interest in BUCKLER. The investment is included in prepaid and other assets in our consolidated balance sheet and is accounted for using the equity method as BUCKLER maintains specific ownership accounts. The value of the investment was $224 at June 30, 2019 and $113 at December 31, 2018 , reflecting our total investment less our share of BUCKLER’s startup costs and operating results, in accordance with the terms of the operating agreement of BUCKLER that our independent directors negotiated. The primary purpose of our investment in BUCKLER is to facilitate our access to repurchase financing, on potentially attractive terms (considering rate, term, size, haircut, relationship and funding commitment) compared to other suitable repurchase financing counterparties. Our operating agreement with BUCKLER contains certain provisions to benefit and protect the Company, including (1) sharing in any (a) defined profits realized by BUCKLER from the anticipated financing spreads resulting from repurchase financing facilitated by BUCKLER, and (b) distributions from BUCKLER to its members of net cash receipts, and (2) the realization of anticipated savings from reduced clearing, brokerage, trading and administrative fees. In addition, the independent directors of the Company, must approve in their sole discretion, any third-party business engaged by BUCKLER and may cause BUCKLER to wind up and dissolve and promptly return certain subordinated loans we provide to BUCKLER as regulatory capital (as described more fully below) if the independent directors reasonably determine that BUCKLER’s ability to provide attractive securities transactions for the Company is materially adversely affected. Subsequent to June 30, 2019 , we received $275 from BUCKLER as an allocated share of Gross Financing Profit for a reduction of interest on repurchase agreements charged to the Company. Gross Financing Profit is defined in the operating agreement, subject to a contractually required reduction in our share of the Gross Financing Profit of $306 per annum until the end of the first quarter of 2020. We previously entered into three subordinated loan agreements with BUCKLER, totaling $105.0 million . On March 18, 2019, these three subordinated loan agreements were consolidated into one loan of $105.0 million , maturing on April 1, 2022. BUCKLER may at its option after obtaining the approval of the Financial Industry Regulatory Authority repay all or a portion of the principal amount of the loan. The loan has a stated interest rate of zero , plus additional interest payable to the Company in an amount equal to the amount of interest earned by BUCKLER on the investment of the loan proceeds, generally in government securities funds. For the three and six months ended June 30, 2019 , the Company earned $544 and $1,083 respectively, of interest. For the three and six months ended June 30, 2018 , the Company earned $430 and $1,054 , respectively, of interest. We had outstanding borrowings under repurchase agreements with BUCKLER totaling $5,531,913 and $3,503,750 at June 30, 2019 and December 31, 2018 , respectively. See also Note 9 , “ Repurchase Agreements ” for transactions with BUCKLER. During the three and six months ended June 30, 2019 , we incurred approximately $34,944 and $60,793 in interest payments to BUCKLER on the repurchase agreements we entered into with BUCKLER. We purchased $255,688 and sold $406,578 of U.S. Treasury Securities with BUCKLER during the six months ended June 30, 2019 and had $5,760,672 of collateral posted with BUCKLER securitizing the $5,531,913 of repurchase agreements at June 30, 2019 . See Note 13 - Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity for discussion of equity transactions with BUCKLER.

Interest Rate Risk

Interest Rate Risk	6 Months Ended
	Jun. 30, 2019
Interest Rate Risk [Abstract]
Interest Rate Risk	Note 17 - 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 MBS and our ability to realize gains from the sale of these assets. A decline in the value of the MBS 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, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 18 - Subsequent Events From July 1, 2019 to July 12, 2019, we sold 202 shares of Series B Preferred Stock under the Preferred B ATM Sales Agreement for proceeds of $4,981 , net of issuance costs and commissions of approximately $82 . A cash dividend of $0.17 per outstanding share of Series A Preferred Stock, or $375 in the aggregate, is payable on July 29, 2019 to holders of record on July 15, 2019. Holders of record on July 15, 2019 of the Series A Preferred Stock will be entitled to receive the full monthly dividend for July, which will be the final dividend and will be paid in the regular course of business on July 29, 2019. A cash dividend of $0.16 per outstanding share of Series B Preferred Stock, or $1,100 in the aggregate, is payable on July 29, 2019 to holders of record on July 15, 2019. We have also declared cash dividends of $0.16 per outstanding share of Series B Preferred Stock payable August 27, 2019 to holders of record on August 15, 2019 and payable September 27, 2019 to holders of record on September 15, 2019. A cash dividend of $0.17 per outstanding common share, or $10,114 in the aggregate, is payable on July 29, 2019 to holders of record on July 15, 2019. We have also declared a cash dividend of $0.17

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited 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 SEC. Accordingly, the condensed financial statements 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.
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. Cash collateral posted to/by counterparties may include collateral for interest rate swap contracts (including swaptions and basis swap contracts), and repurchase agreements on our MBS and our Agency Securities purchased or sold on a to-be-announced basis ("TBA Agency Securities").
Investments in Securities, at Fair Value	Investments in Securities, at Fair Value We generally intend to hold most of our securities for extended periods of time. We may, from time to time, sell any of our 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. Purchases and sales of our securities are recorded on the trade date. Agency Securities - At June 30, 2019 and December 31, 2018 , all of our Agency Securities were classified as available for sale securities and are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of the consolidated statements of comprehensive income (loss). Credit Risk and Non-Agency Securities - At June 30, 2019 and December 31, 2018 , all of our Credit Risk and Non-Agency Securities were classified as trading securities and are reported at their estimated fair values with unrealized gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. Interest-Only Securities - At December 31, 2018 , all of our Interest-Only Securities were classified as trading securities and were reported at their estimated fair values with unrealized gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. Interest-Only Securities represent the right to receive a specified proportion of the contractual interest flows of specific Agency MBS. We did not have any Interest-Only Securities at June 30, 2019 . U.S. Treasury Securities - At December 31, 2018 , all of our U.S. Treasury Securities were classified as trading securities and were reported at their estimated fair values with unrealized gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. We did not have any U.S. Treasury Securities at June 30, 2019 . 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. GAAP 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). • Agency Security purchase and sale transactions (including purchase of TBA Agency Securities): Purchases and Sales 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.
Receivables and Payables 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 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	Repurchase Agreements We finance the acquisition of the majority of our MBS through the use of repurchase agreements. Our repurchase agreements are secured by our MBS 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 MBS to a lender and agree to repurchase the same MBS 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 MBS 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, 2019 and December 31, 2018 .
Derivatives, at Fair Value	Derivatives, at Fair Value We recognize all derivatives as either assets or liabilities at fair value on our consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our 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 may 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 account for TBA dollar roll transactions as a series of derivative transactions. We may also purchase and sell 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.
Revenue Recognition	Credit Risk and Non-Agency Securities and Interest-Only Securities - Interest income on Credit Risk and Non-Agency Securities and Interest-Only Securities is recognized using the effective yield method over the life of the securities based on the future cash flows expected to be received. Future cash flow projections and related effective yields are determined for each security and updated quarterly. OTTI establishes a new cost basis in the security for purposes of calculating effective yields, are recognized when the fair value of a security is less than its cost basis and there has been an adverse change in the future cash flows expected to be received. Other changes in future cash flows expected to be received are recognized prospectively over the remaining life of the security. U.S. Treasury Securities - Interest income on U.S. Treasury Securities is recognized 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. Revenue Recognition Agency Securities - 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 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.
Impairment of Assets	Impairment of Assets: We evaluate Agency Securities for OTTI 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.
Recent Accounting Pronouncements	We consider the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board. Those not listed below were deemed to be either not applicable, are not expected to have a significant impact on our consolidated financial statements when adopted, or did not have a significant impact on our consolidated financial statements upon adoption. In the current year we have adopted Accounting Standard ASU 2018–07, Improvements to Nonemployee Share–Based Payment Accounting (Topic 718) . The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The standard largely aligns the accounting for share–based payment awards issued to employees and nonemployees. Equity–classified share–based payment awards issued to nonemployees are measured on the grant date, instead of being remeasured through the performance completion date (generally the vesting date). The standard was applied on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year when adopted. The cumulative effective adjustment was recorded in our consolidated statement of stockholders' equity as of January 1, 2019, and did not have a material to the Company's financial condition or results of operations. In 2018, we adopted Accounting Standards ASU 2016-18 , Statement of Cash Flows (Topic 230) - Restricted Cash which resulted in the presentation of cash collateral posted to counterparties with cash on the consolidated statements of cash flows when reconciling the total beginning and ending amounts. Prior period results have been revised to conform to the current presentation. In July 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2019 and December 31, 2018 . June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Assets at Fair Value: Agency Securities $ — $ 13,623,509 $ — $ 13,623,509 Credit Risk and Non-Agency Securities $ — $ 788,571 $ — $ 788,571 Derivatives $ — $ 12,736 $ — $ 12,736 Liabilities at Fair Value: Derivatives $ — $ 128,157 $ — $ 128,157 December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Assets at Fair Value: Agency Securities $ — $ 7,051,954 $ — $ 7,051,954 Credit Risk and Non-Agency Securities $ — $ 819,915 $ — $ 819,915 Interest-Only Securities $ — $ 20,623 $ — $ 20,623 U.S. Treasury Securities $ 98,646 $ — $ — $ 98,646 Derivatives $ — $ 111,913 $ — $ 111,913 Liabilities at Fair Value: Derivatives $ — $ 24,505 $ — $ 24,505
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, 2019 and December 31, 2018 . Fair Value Measurements using: June 30, 2019 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 $ 211,656 $ 211,656 $ 211,656 $ — $ — Cash collateral posted to counterparties $ 137,166 $ 137,166 $ — $ 137,166 $ — Accrued interest receivable $ 42,241 $ 42,241 $ — $ 42,241 $ — Subordinated loan to BUCKLER $ 105,000 $ 105,000 $ — $ 105,000 $ — Financial Liabilities: Repurchase agreements $ 13,296,846 $ 13,296,846 $ — $ 13,296,846 $ — Cash collateral posted by counterparties $ 18,701 $ 18,701 $ — $ 18,701 $ — Accrued interest payable- repurchase agreements $ 43,349 $ 43,349 $ — $ 43,349 $ — Fair Value Measurements using: December 31, 2018 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 $ 221,668 $ 221,668 $ 221,668 $ — $ — Cash collateral posted to counterparties $ 10,531 $ 10,531 $ — $ 10,531 $ — Accrued interest receivable $ 22,505 $ 22,505 $ — $ 22,505 $ — Subordinated loans to BUCKLER $ 105,000 105,000 $ — $ 105,000 $ — Financial Liabilities: Repurchase agreements $ 7,037,651 $ 7,037,651 $ — $ 7,037,651 $ — Cash collateral posted by counterparties $ 97,213 $ 97,213 $ — $ 97,213 $ — Payable for unsettled purchases $ 166,052 $ 166,052 $ — $ 166,052 $ — Accrued interest payable- repurchase agreements $ 10,268 $ 10,268 $ — $ 10,268 $ —

Agency Securities, Available fo

Agency Securities, Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities in an Unrealized Gain or Loss Position	At June 30, 2019 , 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, 2019 are also presented below. Our Agency Securities had a weighted average coupon of 3.91% at June 30, 2019 . June 30, 2019 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 17,570 $ (174 ) $ 90 $ 17,486 0.13 % Multi-Family MBS 2,748,945 — 134,098 2,883,043 21.16 10 Year Fixed 11,421 (128 ) 69 11,362 0.08 15 Year Fixed 932,248 (2 ) 28,343 960,589 7.05 20 Year Fixed 3,143 (61 ) — 3,082 0.02 25 Year Fixed 9,345 (143 ) — 9,202 0.07 30 Year Fixed 6,013,008 (3,097 ) 104,540 6,114,451 44.88 Total Fannie Mae $ 9,735,680 $ (3,605 ) $ 267,140 $ 9,999,215 73.39 % Freddie Mac 10 Year Fixed 8,343 (38 ) 141 8,446 0.06 15 Year Fixed 228,741 (29 ) 5,534 234,246 1.72 30 Year Fixed 2,490,760 (2,147 ) 43,698 2,532,311 18.59 Total Freddie Mac $ 2,727,844 $ (2,214 ) $ 49,373 $ 2,775,003 20.37 % Ginnie Mae ARMs & Hybrids 27,139 (373 ) 2 26,768 0.20 10 Year Fixed 214 — — 214 0.00 30 Year Fixed 816,285 — 6,024 822,309 6.04 Total Ginnie Mae $ 843,638 $ (373 ) $ 6,026 $ 849,291 6.24 % Total Agency Securities $ 13,307,162 $ (6,192 ) $ 322,539 $ 13,623,509 100.00 % At December 31, 2018 , 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, 2018 are also presented below. Our Agency Securities had a weighted average coupon of 3.94% at December 31, 2018 . December 31, 2018 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 19,929 $ (249 ) $ 73 $ 19,753 0.28 % Multi-Family MBS 1,710,346 (17,128 ) 9,345 1,702,563 24.14 10 Year Fixed 115,654 (292 ) 129 115,491 1.64 15 Year Fixed 684,678 (388 ) 3,864 688,154 9.76 20 Year Fixed 3,734 (156 ) — 3,578 0.05 30 Year Fixed 2,803,125 (28,545 ) 3,349 2,777,929 39.39 Total Fannie Mae $ 5,337,466 $ (46,758 ) $ 16,760 $ 5,307,468 75.26 % Freddie Mac 10 Year Fixed 9,515 (68 ) — 9,447 0.13 15 Year Fixed 70,164 (272 ) 157 70,049 0.99 25 Year Fixed 37,939 (1,668 ) — 36,271 0.51 30 Year Fixed 1,299,695 (11,807 ) 500 1,288,388 18.28 Total Freddie Mac $ 1,417,313 $ (13,815 ) $ 657 $ 1,404,155 19.91 % Ginnie Mae ARMs & Hybrids 30,708 (466 ) 1 30,243 0.43 10 Year Fixed 231 (1 ) — 230 0.00 30 Year Fixed 310,106 (255 ) 7 309,858 4.40 Total Ginnie Mae $ 341,045 $ (722 ) $ 8 $ 340,331 4.83 % Total Agency Securities $ 7,095,824 $ (61,295 ) $ 17,425 $ 7,051,954 100.00 % The following table presents the unrealized losses and estimated fair value of our U.S. Treasury Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 . 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 December 31, 2018 $ 98,646 $ (57 ) $ — $ — $ 98,646 $ (57 )
Summary of Weighted Average Lives of Agency Securities	The following table summarizes the weighted average lives of our Agency Securities at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Agency Securities Fair Value Amortized Cost Fair Value Amortized Less than one year $ — $ — $ 75 $ 77 Greater than or equal to one year and less than three years 1,256,612 1,245,809 25,841 26,264 Greater than or equal to three years and less than five years 6,980,676 6,848,579 1,334,663 1,331,577 Greater than or equal to five years 5,386,221 5,212,774 5,691,375 5,737,906 Total Agency Securities $ 13,623,509 $ 13,307,162 $ 7,051,954 $ 7,095,824
Unrealized Losses and Estimated Fair Value of Agency Securities	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, 2019 and December 31, 2018 . 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, 2019 $ 237 $ — $ 583,201 $ (6,192 ) $ 583,438 $ (6,192 ) December 31, 2018 $ 2,651,518 $ (18,135 ) $ 1,197,533 $ (43,160 ) $ 3,849,051 $ (61,295 )

Credit Risk and Non-Agency Se_2

Credit Risk and Non-Agency Securities (Tables)	6 Months Ended
	Jun. 30, 2019
Debt and Equity Securities, FV-NI [Line Items]
Summary of Weighted Average Lives of Credit Risk and Non-Agency Securities	The following table summarizes the weighted average lives of our Agency Securities at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Agency Securities Fair Value Amortized Cost Fair Value Amortized Less than one year $ — $ — $ 75 $ 77 Greater than or equal to one year and less than three years 1,256,612 1,245,809 25,841 26,264 Greater than or equal to three years and less than five years 6,980,676 6,848,579 1,334,663 1,331,577 Greater than or equal to five years 5,386,221 5,212,774 5,691,375 5,737,906 Total Agency Securities $ 13,623,509 $ 13,307,162 $ 7,051,954 $ 7,095,824
Trading Securities, Continuous Unrealized Loss Position, Fair Value	The following table presents the unrealized losses and estimated fair value of our Credit Risk and Non-Agency Securities by length of time that such securities have been in a continuous unrealized loss position at June 30, 2019 and December 31, 2018 . Unrealized Loss Position For: Less than 12 Months 12 Months or More Total As of Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019 $ — $ — $ — $ — $ — $ — December 31, 2018 $ 1,860 $ (13 ) $ — $ — $ 1,860 $ (13 )
Credit Risk and Non-Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Components of Carrying Value of Credit Risk and Non-Agency Securities	The components of the carrying value of our Credit Risk and Non-Agency Securities at June 30, 2019 are presented in the table below. Credit Risk and Non-Agency Securities June 30, 2019 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 701,898 $ 644,166 $ 650,225 6.81% Legacy Prime Fixed 13,045 11,923 15,157 6.02% Legacy ALT-A Fixed 44,899 40,020 55,760 5.83% Legacy Prime Hybrid 8,123 7,423 8,733 3.87% Legacy ALT-A Hybrid 3,574 3,022 3,733 4.39% New Issue Prime Fixed 17,032 16,068 16,949 3.69% Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 750,557 6.63% The components of the carrying value of our Credit Risk and Non-Agency Securities at December 31, 2018 are presented in the table below. Credit Risk and Non-Agency Securities December 31, 2018 Fair Value Amortized Cost Principal Amount Weighted Average Coupon Credit Risk Transfer $ 729,983 $ 653,681 $ 661,181 6.92% Legacy Prime Fixed 13,394 12,698 16,051 6.02% Legacy ALT-A Fixed 46,853 42,534 58,730 5.84% Legacy Prime Hybrid 8,623 7,987 9,479 3.62% Legacy ALT-A Hybrid 3,724 3,164 3,967 4.06% New Issue Prime Fixed 17,338 16,767 17,714 3.69% Total Credit Risk and Non-Agency Securities $ 819,915 $ 736,831 $ 767,122 6.73%
Summary of Weighted Average Lives of Credit Risk and Non-Agency Securities	The following table summarizes the weighted average lives of our Credit Risk and Non-Agency Securities at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Weighted Average Life of all Credit Risk and Non-Agency Securities Fair Value Amortized Cost Fair Value Amortized Cost Less than one year $ — $ — $ — $ — Greater than or equal to one year and less than three years 14,856 13,711 — — Greater than or equal to three years and less than five years 713,286 654,530 188,063 169,692 Greater than or equal to five years 60,429 54,381 631,852 567,139 Total Credit Risk and Non-Agency Securities $ 788,571 $ 722,622 $ 819,915 $ 736,831

U.S. Treasury Securities (Table

U.S. Treasury Securities (Tables)	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Unrealized Gain (Loss) on Investments	At December 31, 2018 , we had the following U.S. Treasury Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our U.S. Treasury Securities at December 31, 2018 are also presented below. U.S. Treasury Securities Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2018 $ 98,703 $ (57 ) $ — $ 98,646
Available-for-sale Securities in an Unrealized Gain or Loss Position	At June 30, 2019 , 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, 2019 are also presented below. Our Agency Securities had a weighted average coupon of 3.91% at June 30, 2019 . June 30, 2019 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 17,570 $ (174 ) $ 90 $ 17,486 0.13 % Multi-Family MBS 2,748,945 — 134,098 2,883,043 21.16 10 Year Fixed 11,421 (128 ) 69 11,362 0.08 15 Year Fixed 932,248 (2 ) 28,343 960,589 7.05 20 Year Fixed 3,143 (61 ) — 3,082 0.02 25 Year Fixed 9,345 (143 ) — 9,202 0.07 30 Year Fixed 6,013,008 (3,097 ) 104,540 6,114,451 44.88 Total Fannie Mae $ 9,735,680 $ (3,605 ) $ 267,140 $ 9,999,215 73.39 % Freddie Mac 10 Year Fixed 8,343 (38 ) 141 8,446 0.06 15 Year Fixed 228,741 (29 ) 5,534 234,246 1.72 30 Year Fixed 2,490,760 (2,147 ) 43,698 2,532,311 18.59 Total Freddie Mac $ 2,727,844 $ (2,214 ) $ 49,373 $ 2,775,003 20.37 % Ginnie Mae ARMs & Hybrids 27,139 (373 ) 2 26,768 0.20 10 Year Fixed 214 — — 214 0.00 30 Year Fixed 816,285 — 6,024 822,309 6.04 Total Ginnie Mae $ 843,638 $ (373 ) $ 6,026 $ 849,291 6.24 % Total Agency Securities $ 13,307,162 $ (6,192 ) $ 322,539 $ 13,623,509 100.00 % At December 31, 2018 , 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, 2018 are also presented below. Our Agency Securities had a weighted average coupon of 3.94% at December 31, 2018 . December 31, 2018 Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Percent of Total Fannie Mae ARMs & Hybrids $ 19,929 $ (249 ) $ 73 $ 19,753 0.28 % Multi-Family MBS 1,710,346 (17,128 ) 9,345 1,702,563 24.14 10 Year Fixed 115,654 (292 ) 129 115,491 1.64 15 Year Fixed 684,678 (388 ) 3,864 688,154 9.76 20 Year Fixed 3,734 (156 ) — 3,578 0.05 30 Year Fixed 2,803,125 (28,545 ) 3,349 2,777,929 39.39 Total Fannie Mae $ 5,337,466 $ (46,758 ) $ 16,760 $ 5,307,468 75.26 % Freddie Mac 10 Year Fixed 9,515 (68 ) — 9,447 0.13 15 Year Fixed 70,164 (272 ) 157 70,049 0.99 25 Year Fixed 37,939 (1,668 ) — 36,271 0.51 30 Year Fixed 1,299,695 (11,807 ) 500 1,288,388 18.28 Total Freddie Mac $ 1,417,313 $ (13,815 ) $ 657 $ 1,404,155 19.91 % Ginnie Mae ARMs & Hybrids 30,708 (466 ) 1 30,243 0.43 10 Year Fixed 231 (1 ) — 230 0.00 30 Year Fixed 310,106 (255 ) 7 309,858 4.40 Total Ginnie Mae $ 341,045 $ (722 ) $ 8 $ 340,331 4.83 % Total Agency Securities $ 7,095,824 $ (61,295 ) $ 17,425 $ 7,051,954 100.00 % The following table presents the unrealized losses and estimated fair value of our U.S. Treasury Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 . 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 December 31, 2018 $ 98,646 $ (57 ) $ — $ — $ 98,646 $ (57 )

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements	The following table summarizes the maturity or repricing and the weighted average contractual rates of our repurchase agreements to finance our MBS at June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Maturing or Repricing Repurchase Agreements Weighted Average Contractual Rate Repurchase Agreements Weighted Average Contractual Rate Within 30 days $ 11,998,332 2.71 % $ 5,793,973 3.05 % 31 days to 60 days 1,298,514 2.61 % 1,243,678 2.60 % Total or Weighted Average $ 13,296,846 2.70 % $ 7,037,651 2.97 % The following tables represent the contractual repricing regarding our repurchase agreements to finance our MBS at June 30, 2019 and December 31, 2018 . No amounts below are subject to offsetting. June 30, 2019 Repurchase Agreements Weighted Average Contractual Rate Weighted Average Maturity in days Haircut for Repurchase Agreements (1) Agency Securities $ 12,774,252 2.68 % 16 4.35 % Credit Risk and Non-Agency Securities 522,594 3.12 % 14 16.95 % Total or Weighted Average $ 13,296,846 2.70 % 16 4.91 % (1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount. December 31, 2018 Repurchase Agreements Weighted Average Contractual Rate Weighted Average Maturity in days Haircut for Repurchase Agreements (1) Agency Securities $ 6,456,823 2.95 % 14 4.22 % Credit Risk and Non-Agency Securities 580,828 3.23 % 14 17.79 % Total or Weighted Average $ 7,037,651 2.97 % 14 5.48 % (1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following tables present information about our derivatives at June 30, 2019 and December 31, 2018 . June 30, 2019 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 1.21 % $ 550,000 $ 5,696 $ — Interest rate swap contracts 13-24 Months 17 1.83 % 1,675,000 7,040 (5,731 ) Interest rate swap contracts 25-36 Months 33 2.30 % 950,000 — (19,887 ) Interest rate swap contracts 37-48 Months 44 2.11 % 1,025,000 — (18,584 ) Interest rate swap contracts 49-60 Months 54 1.91 % 1,150,000 — (17,542 ) Interest rate swap contracts 61-72 Months 63 1.95 % 575,000 — (11,216 ) Interest rate swap contracts 73-84 Months 81 1.95 % 50,000 — (1,135 ) Interest rate swap contracts 85-96 Months 89 1.93 % 1,000,000 — (19,997 ) Interest rate swap contracts 97-108 Months 103 2.29 % 450,000 — (23,212 ) Interest rate swap contracts 109-120 Months 118 2.30 % 200,000 — (10,853 ) Total or Weighted Average $ 7,625,000 $ 12,736 $ (128,157 ) (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. December 31, 2018 Derivative Type Remaining / Underlying Term Weighted Average Remaining Swap / Option Term (Months) Weighted Average Rate Notional Amount Asset Fair Value (1) Liability Fair Value (1) Interest rate swap contracts 0-12 Months 11 1.21 % $ 550,000 $ 6,620 $ — Interest rate swap contracts 13-24 Months 18 1.48 % 675,000 11,136 — Interest rate swap contracts 25-36 Months 25 2.06 % 1,000,000 5,568 — Interest rate swap contracts 49-60 Months 54 1.95 % 1,725,000 32,723 — Interest rate swap contracts 61-72 Months 67 1.89 % 575,000 12,009 — Interest rate swap contracts 73-84 Months 73 2.33 % 350,000 — (1,709 ) Interest rate swap contracts 85-96 Months 95 1.93 % 1,050,000 32,240 — Interest rate swap contracts 97-108 Months 102 2.10 % 375,000 7,381 — Interest rate swap contracts 109-120 Months 114 2.62 % 1,050,000 — (22,796 ) TBA Agency Securities (2) 0-60 Months n/a n/a 900,000 4,236 — Total or Weighted Average $ 8,250,000 $ 111,913 $ (24,505 ) (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. (2) Implied cost basis of $929,184 and implied market value of $933,420 .
Offsetting Assets	The following tables present information about the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying 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 consolidated balance sheet at December 31, 2018 . December 31, 2018 Gross Amounts Not Offset in the consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 107,677 $ (24,505 ) $ (82,838 ) $ 334 TBA Agency Securities 4,236 — (2,593 ) 1,643 Totals $ 111,913 $ (24,505 ) $ (85,431 ) $ 1,977 The following tables present information about the potential effects of netting if we were to offset the assets and liabilities of these financial instruments on the accompanying 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 consolidated balance sheet at June 30, 2019 . June 30, 2019 Gross Amounts Not Offset in the consolidated Balance Sheet Assets Gross and Net Amounts of Assets Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ 12,736 $ (128,157 ) $ 129,682 $ 14,261 Totals $ 12,736 $ (128,157 ) $ 129,682 $ 14,261
Offsetting Liabilities	June 30, 2019 Gross Amounts Not Offset in the consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (128,157 ) $ 128,157 $ — $ — TBA Agency Securities — — (8 ) (8 ) Totals $ (128,157 ) $ 128,157 $ (8 ) $ (8 ) December 31, 2018 Gross Amounts Not Offset in the consolidated Balance Sheet Liabilities Gross and Net Amounts of Liabilities Presented in the consolidated Balance Sheet Financial Instruments Cash Collateral Net Amount Interest rate swap contracts $ (24,505 ) $ 24,505 $ — $ — Totals $ (24,505 ) $ 24,505 $ — $ —
Derivative Instruments, Gain (Loss)	The following table represents the location and information regarding our derivatives which are included in Other Income in the accompanying consolidated statements of operations for the three and six months ended June 30, 2019 and June 30, 2018 . Income (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, Derivatives Location on consolidated statements of operations 2019 2018 2019 2018 Interest rate swap contracts: Realized gain (loss) Realized loss on derivatives $ (104,801 ) $ — $ (144,347 ) $ 2,655 Interest income Realized loss on derivatives 58,047 28,558 111,792 50,727 Interest expense Realized loss on derivatives (48,355 ) (29,833 ) (93,463 ) (57,681 ) Changes in fair value Unrealized gain (loss) on derivatives (106,791 ) 46,522 (216,135 ) 138,851 $ (201,900 ) $ 45,247 $ (342,153 ) $ 134,552 TBA Agency Securities: Realized gain (loss) Realized loss on derivatives 2,119 (13,066 ) 10,896 (48,646 ) Changes in fair value Unrealized gain (loss) on derivatives (513 ) (1,468 ) (4,236 ) 3,404 $ 1,606 $ (14,534 ) $ 6,660 $ (45,242 ) Totals $ (200,294 ) $ 30,713 $ (335,493 ) $ 89,310

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to awards for the six months ended June 30, 2019 are summarized below: June 30, 2019 Number of Awards Weighted Average Grant Date Fair Value per Award Unvested RSU Awards Outstanding beginning of period 360 $ 24.82 Vested (56 ) $ 19.18 Unvested RSU Awards Outstanding end of period 304 $ 24.82

Series A Cumulative Preferred_2

Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Stockholders Equity	The following table presents the changes in Stockholders' Equity for the following interim periods. Stockholders' Equity March 31, 2019 June 30, 2019 March 31, 2018 June 30, 2018 Balance, beginning of quarter $ 1,125,313 $ 1,486,553 $ 1,326,051 $ 1,244,966 Series A Preferred dividends ($0.171875 per share) (1,124 ) (1,125 ) (1,124 ) (1,125 ) Series B Preferred dividends ($0.1640625 per share) (3,135 ) (3,149 ) (3,129 ) (3,135 ) Common stock dividends ($0.19 per share) (29,814 ) (34,198 ) (24,138 ) (24,136 ) Series A Preferred Stock, called for redemption — (54,514 ) — — Issuance of Series B Preferred Stock — 3,354 2,632 — Issuance of Common stock, net 321,892 — — — Stock based compensation, net of withholding requirements 644 658 644 647 Common Stock repurchased — (11,340 ) — — Net income (loss) (114,381 ) (183,250 ) 44,747 13,562 Other comprehensive income (loss) 187,158 173,059 (100,717 ) (24,271 ) Balance, end of quarter $ 1,486,553 $ 1,376,048 $ 1,244,966 $ 1,206,508
Dividends Transactions	The following table presents our common stock dividend transactions for the six months ended June 30, 2019 . Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 15, 2019 January 28, 2019 $ 0.19 $ 8,540 February 15, 2019 February 28, 2019 $ 0.19 9,851 March 15, 2019 March 27, 2019 $ 0.19 11,423 April 15, 2019 April 29, 2019 $ 0.19 11,424 May 15, 2019 May 28, 2019 $ 0.19 11,424 June 17, 2019 June 27, 2019 $ 0.19 11,350 Total dividends paid $ 64,012 The following table presents our Series A Preferred Stock dividend transactions for the six months ended June 30, 2019 . Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2019 January 28, 2019 $ 0.17 $ 374.8 February 15, 2019 February 27, 2019 $ 0.17 374.8 March 15, 2019 March 27, 2019 $ 0.17 374.8 April 15, 2019 April 28, 2018 $ 0.17 374.8 May 15, 2019 May 27, 2019 $ 0.17 374.8 June 15, 2019 June 27, 2019 $ 0.17 374.8 Total dividends paid $ 2,249 The following table presents our Series B Preferred Stock dividend transactions for the six months ended June 30, 2019 . Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2019 January 28, 2019 $ 0.16 $ 1,045 February 15, 2019 February 27, 2019 $ 0.16 1,045 March 15, 2019 March 27, 2019 $ 0.16 1,045 April 15, 2019 April 28, 2018 $ 0.16 1,045 May 15, 2019 May 27, 2019 $ 0.16 1,045 June 15, 2019 June 27, 2019 $ 0.16 1,059 Total dividends paid $ 6,284
Schedule of Stock by Class	The following table presents our equity transactions for the six months ended June 30, 2019 . Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Cost) Common Stock ATM Sales Agreement January 4, 2019-January 11, 2019 884 $ 20.98 $ 18,540 January Public Offering January 17, 2019 6,900 $ 20.00 $ 137,946 February Public Offering February 22, 2019-February 27, 2019 8,280 $ 19.98 $ 165,406 Preferred B ATM Sales Agreement June 6, 2019-June 19, 2019 100 $ 24.81 $ 2,489 Preferred B ATM Sales Agreement June 25, 2019-June 28, 2019 36 $ 24.09 $ 865 Common stock repurchases May 31, 2019-June 17, 2019 (625 ) $ 18.14 $ (11,340 ) (1) Weighted average price.

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
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 three and six months ended June 30, 2019 and June 30, 2018 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net Income (Loss) $ (183,250 ) $ 13,562 $ (297,631 ) $ 58,309 Less: Preferred dividends (4,274 ) (4,259 ) (8,533 ) (8,513 ) Net Income (Loss) available (related) to common stockholders $ (187,524 ) $ 9,303 $ (306,164 ) $ 49,796 Weighted average common shares outstanding – basic 59,654 41,912 56,658 41,900 Add: Effect of dilutive non-vested awards, assumed vested — 416 — 416 Weighted average common shares outstanding – diluted 59,654 42,328 56,658 42,316

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2019
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 three and six months ended June 30, 2019 and June 30, 2018 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 GAAP net income (loss) $ (183,250 ) $ 13,562 $ (297,631 ) $ 58,309 Book to tax differences: TRS (income) loss 79 (119 ) (153 ) (287 ) Premium amortization expense — (697 ) — (1,132 ) Credit Risk and Non-Agency Securities 17,194 2,729 15,922 1,533 Interest-Only Securities (463 ) 267 85 (140 ) U.S. Treasury Securities (3,453 ) 8,884 (2,760 ) 6,308 Changes in interest rate contracts 209,985 (31,988 ) 353,821 (96,264 ) OTTI loss on Agency Securities — — — 12,090 Losses on Security Sales 44 25,316 2,953 57,919 Amortization of deferred hedging costs (15,405 ) (14,067 ) (29,051 ) (28,651 ) Other 5 4 9 6 Estimated REIT taxable income $ 24,736 $ 3,891 $ 43,195 $ 9,691
Summary of Tax Credit Carryforwards	Net capital losses realized Amount Available to offset capital gains through 2014 $ (341,850 ) 2019 2015 $ (5,182 ) 2020 2016 $ (31,204 ) 2021 2017 $ (7,375 ) 2022 2018 $ (216,634 ) 2023

Organization and Nature of Bu_2

Organization and Nature of Business Operations Organization and Nature of Business Operations (Details)	Jun. 30, 2019
BUCKLER Securities, LLC | Corporate Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of voting interests acquired	10.00%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019dealer
Fair Value Disclosures [Abstract]
Number of dealers received quotes from, trading	3

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets at Fair Value:
Agency Securities	$ 13,623,509	$ 7,051,954
Derivatives	12,736	111,913
Liabilities at Fair Value:
Derivatives	128,157	24,505
Credit Risk and Non-Agency Securities
Assets at Fair Value:
Securities, trading	788,571	819,915
Interest-Only Securities
Assets at Fair Value:
Securities, trading	0	20,623
US Treasury Securities
Assets at Fair Value:
Securities, trading	0	98,646
Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities	13,623,509	7,051,954
Derivatives	12,736	111,913
Liabilities at Fair Value:
Derivatives	128,157	24,505
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value:
Agency Securities	0	0
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2)
Assets at Fair Value:
Agency Securities	13,623,509	7,051,954
Derivatives	12,736	111,913
Liabilities at Fair Value:
Derivatives	128,157	24,505
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets at Fair Value:
Agency Securities	0	0
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring | Credit Risk and Non-Agency Securities
Assets at Fair Value:
Securities, trading	788,571	819,915
Fair Value, Measurements, Recurring | Credit Risk and Non-Agency Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value:
Securities, trading	0	0
Fair Value, Measurements, Recurring | Credit Risk and Non-Agency Securities | Significant Observable Inputs (Level 2)
Assets at Fair Value:
Securities, trading	788,571	819,915
Fair Value, Measurements, Recurring | Credit Risk and Non-Agency Securities | Significant Unobservable Inputs (Level 3)
Assets at Fair Value:
Securities, trading	$ 0	0
Fair Value, Measurements, Recurring | Interest-Only Securities
Assets at Fair Value:
Securities, trading		20,623
Fair Value, Measurements, Recurring | Interest-Only Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value:
Securities, trading		0
Fair Value, Measurements, Recurring | Interest-Only Securities | Significant Observable Inputs (Level 2)
Assets at Fair Value:
Securities, trading		20,623
Fair Value, Measurements, Recurring | Interest-Only Securities | Significant Unobservable Inputs (Level 3)
Assets at Fair Value:
Securities, trading		0
Fair Value, Measurements, Recurring | US Treasury Securities
Assets at Fair Value:
Securities, trading		98,646
Fair Value, Measurements, Recurring | US Treasury Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value:
Securities, trading		98,646
Fair Value, Measurements, Recurring | US Treasury Securities | Significant Observable Inputs (Level 2)
Assets at Fair Value:
Securities, trading		0
Fair Value, Measurements, Recurring | US Treasury Securities | Significant Unobservable Inputs (Level 3)
Assets at Fair Value:
Securities, trading		$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Carrying Values and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Cash	$ 211,656	$ 221,668
Cash collateral posted to counterparties	0	0
Accrued interest receivable	0	0
Subordinated loan to BUCKLER	0	0
Financial Liabilities:
Repurchase agreements	0	0
Cash collateral posted by counterparties	0	0
Payable for unsettled purchases		0
Accrued interest payable- repurchase agreements	0	0
Significant Observable Inputs (Level 2)
Financial Assets:
Cash	0	0
Cash collateral posted to counterparties	137,166	10,531
Accrued interest receivable	42,241	22,505
Subordinated loan to BUCKLER	105,000	105,000
Financial Liabilities:
Repurchase agreements	13,296,846	7,037,651
Cash collateral posted by counterparties	18,701	97,213
Payable for unsettled purchases		166,052
Accrued interest payable- repurchase agreements	43,349	10,268
Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash	0	0
Cash collateral posted to counterparties	0	0
Accrued interest receivable	0	0
Subordinated loan to BUCKLER	0	0
Financial Liabilities:
Repurchase agreements	0	0
Cash collateral posted by counterparties	0	0
Payable for unsettled purchases		0
Accrued interest payable- repurchase agreements	0	0
Carrying Value
Financial Assets:
Cash	211,656	221,668
Cash collateral posted to counterparties	137,166	10,531
Accrued interest receivable	42,241	22,505
Subordinated loan to BUCKLER	105,000	105,000
Financial Liabilities:
Repurchase agreements	13,296,846	7,037,651
Cash collateral posted by counterparties	18,701	97,213
Payable for unsettled purchases		166,052
Accrued interest payable- repurchase agreements	43,349	10,268
Fair Value
Financial Assets:
Cash	211,656	221,668
Cash collateral posted to counterparties	137,166	10,531
Accrued interest receivable	42,241	22,505
Subordinated loan to BUCKLER	105,000	105,000
Financial Liabilities:
Repurchase agreements	13,296,846	7,037,651
Cash collateral posted by counterparties	18,701	97,213
Payable for unsettled purchases		166,052
Accrued interest payable- repurchase agreements	$ 43,349	$ 10,268

Agency Securities - Additional

Agency Securities - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment of Agency Securities (reclassified from Other comprehensive income (loss))	$ 0	$ 0		$ 0	$ 12,090,000
Proceeds from sales of agency securities, net	96,725,000	1,236,423,000		1,114,121,000	2,373,507,000
Realized gain (loss) on AFS, excluding other-than-temporary impairment	(44,000)			(2,953,000)	(57,919,000)
Realized loss on sale of Agency Securities (reclassified from Other comprehensive income (loss))	(44,000)	(25,316,000)		(2,953,000)	(57,919,000)
Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Investment related receivables		$ 216,292,000			$ 216,292,000
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt Securities, Available-for-sale [Line Items]
Other than temporary impairment of Agency Securities (reclassified from Other comprehensive income (loss))	$ 0		$ 12,090,000	$ 0
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Credit Risk and Non-Agency Securities | Portfolio Concentration Risk
Debt Securities, Available-for-sale [Line Items]
Percentage of portfolio invested				94.50%		88.20%
Agency Securities
Debt Securities, Available-for-sale [Line Items]
Weighted average coupon rate	3.91%			3.91%		3.94%
Investment-related liabilities						$ 166,052,000

Agency Securities - Unrealized

Agency Securities - 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, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 13,307,162	$ 7,095,824
Gross Unrealized Loss	(6,192)	(61,295)
Gross Unrealized Gain	322,539	17,425
Fair Value	$ 13,623,509	$ 7,051,954
Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	100.00%	100.00%
Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 9,735,680	$ 5,337,466
Gross Unrealized Loss	(3,605)	(46,758)
Gross Unrealized Gain	267,140	16,760
Fair Value	$ 9,999,215	$ 5,307,468
Fannie Mae | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	73.39%	75.26%
Fannie Mae | ARMs & Hybrids
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 17,570	$ 19,929
Gross Unrealized Loss	(174)	(249)
Gross Unrealized Gain	90	73
Fair Value	$ 17,486	$ 19,753
Fannie Mae | ARMs & Hybrids | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	0.13%	0.28%
Fannie Mae | Multi-Family MBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,748,945	$ 1,710,346
Gross Unrealized Loss	0	(17,128)
Gross Unrealized Gain	134,098	9,345
Fair Value	$ 2,883,043	$ 1,702,563
Fannie Mae | Multi-Family MBS | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	21.16%	24.14%
Fannie Mae | 10 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 11,421	$ 115,654
Gross Unrealized Loss	(128)	(292)
Gross Unrealized Gain	69	129
Fair Value	$ 11,362	$ 115,491
Fannie Mae | 10 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	0.08%	1.64%
Fannie Mae | 15 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 932,248	$ 684,678
Gross Unrealized Loss	(2)	(388)
Gross Unrealized Gain	28,343	3,864
Fair Value	$ 960,589	$ 688,154
Fannie Mae | 15 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	7.05%	9.76%
Fannie Mae | 20 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,143	$ 3,734
Gross Unrealized Loss	(61)	(156)
Gross Unrealized Gain	0	0
Fair Value	$ 3,082	$ 3,578
Fannie Mae | 20 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	0.02%	0.05%
Fannie Mae | 25 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 9,345
Gross Unrealized Loss	(143)
Gross Unrealized Gain	0
Fair Value	$ 9,202
Fannie Mae | 25 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	0.07%
Fannie Mae | 30 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 6,013,008	$ 2,803,125
Gross Unrealized Loss	(3,097)	(28,545)
Gross Unrealized Gain	104,540	3,349
Fair Value	$ 6,114,451	$ 2,777,929
Fannie Mae | 30 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	44.88%	39.39%
Freddie Mac
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,727,844	$ 1,417,313
Gross Unrealized Loss	(2,214)	(13,815)
Gross Unrealized Gain	49,373	657
Fair Value	$ 2,775,003	$ 1,404,155
Freddie Mac | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	20.37%	19.91%
Freddie Mac | 10 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 8,343	$ 9,515
Gross Unrealized Loss	(38)	(68)
Gross Unrealized Gain	141	0
Fair Value	$ 8,446	$ 9,447
Freddie Mac | 10 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	0.06%	0.13%
Freddie Mac | 15 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 228,741	$ 70,164
Gross Unrealized Loss	(29)	(272)
Gross Unrealized Gain	5,534	157
Fair Value	$ 234,246	$ 70,049
Freddie Mac | 15 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	1.72%	0.99%
Freddie Mac | 25 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 37,939
Gross Unrealized Loss		(1,668)
Gross Unrealized Gain		0
Fair Value		$ 36,271
Freddie Mac | 25 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total		0.51%
Freddie Mac | 30 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,490,760	$ 1,299,695
Gross Unrealized Loss	(2,147)	(11,807)
Gross Unrealized Gain	43,698	500
Fair Value	$ 2,532,311	$ 1,288,388
Freddie Mac | 30 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	18.59%	18.28%
Ginnie Mae
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 843,638	$ 341,045
Gross Unrealized Loss	(373)	(722)
Gross Unrealized Gain	6,026	8
Fair Value	$ 849,291	$ 340,331
Ginnie Mae | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	6.24%	4.83%
Ginnie Mae | ARMs & Hybrids
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 27,139	$ 30,708
Gross Unrealized Loss	(373)	(466)
Gross Unrealized Gain	2	1
Fair Value	$ 26,768	$ 30,243
Ginnie Mae | ARMs & Hybrids | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	0.20%	0.43%
Ginnie Mae | 10 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 214	$ 231
Gross Unrealized Loss	0	(1)
Gross Unrealized Gain	0	0
Fair Value	$ 214	$ 230
Ginnie Mae | 10 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	0.00%	0.00%
Ginnie Mae | 30 Year Fixed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 816,285	$ 310,106
Gross Unrealized Loss	0	(255)
Gross Unrealized Gain	6,024	7
Fair Value	$ 822,309	$ 309,858
Ginnie Mae | 30 Year Fixed | Portfolio Concentration Risk | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Percent of Total	6.04%	4.40%

Agency Securities - Summary of

Agency Securities - Summary of Weighted Average Lives of Agency Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value
Less than one year	$ 0	$ 75
Greater than or equal to one year and less than three years	1,256,612	25,841
Greater than or equal to three years and less than five years	6,980,676	1,334,663
Greater than or equal to five years	5,386,221	5,691,375
Total Agency Securities	13,623,509	7,051,954
Amortized Cost
Less than one year	0	77
Greater than or equal to one year and less than three years	1,245,809	26,264
Greater than or equal to three years and less than five years	6,848,579	1,331,577
Greater than or equal to five years	5,212,774	5,737,906
Amortized Cost	$ 13,307,162	$ 7,095,824

Agency Securities - Gross Unrea

Agency Securities - Gross Unrealized Losses and Estimated Fair Value of Agency Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value
Less than 12 Months	$ 237	$ 2,651,518
12 Months or More	583,201	1,197,533
Total	583,438	3,849,051
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months	0	(18,135)
12 Months or More	(6,192)	(43,160)
Total	$ (6,192)	$ (61,295)

Credit Risk and Non-Agency Se_3

Credit Risk and Non-Agency Securities - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Credit Risk and Non-Agency Securities | Portfolio Concentration Risk | Credit Risk and Non-Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Percentage of portfolio invested	5.50%	10.30%

Credit Risk and Non-Agency Se_4

Credit Risk and Non-Agency Securities - Carrying Value of Non-Agency Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Credit Risk Transfer
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 701,898	$ 729,983
Credit risk and non-agency securities, amortized cost	644,166	653,681
Credit risk and non-agency securities, principal amount	$ 650,225	$ 661,181
Credit risk and non-agency securities, weighted average coupon	6.81%	6.92%
Legacy Prime Fixed
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 13,045	$ 13,394
Credit risk and non-agency securities, amortized cost	11,923	12,698
Credit risk and non-agency securities, principal amount	$ 15,157	$ 16,051
Credit risk and non-agency securities, weighted average coupon	6.02%	6.02%
Legacy ALT-A Fixed
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 44,899	$ 46,853
Credit risk and non-agency securities, amortized cost	40,020	42,534
Credit risk and non-agency securities, principal amount	$ 55,760	$ 58,730
Credit risk and non-agency securities, weighted average coupon	5.83%	5.84%
Legacy Prime Hybrid
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 8,123	$ 8,623
Credit risk and non-agency securities, amortized cost	7,423	7,987
Credit risk and non-agency securities, principal amount	$ 8,733	$ 9,479
Credit risk and non-agency securities, weighted average coupon	3.87%	3.62%
Legacy ALT-A Hybrid
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 3,574	$ 3,724
Credit risk and non-agency securities, amortized cost	3,022	3,164
Credit risk and non-agency securities, principal amount	$ 3,733	$ 3,967
Credit risk and non-agency securities, weighted average coupon	4.39%	4.06%
New Issue Prime Fixed
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 17,032	$ 17,338
Credit risk and non-agency securities, amortized cost	16,068	16,767
Credit risk and non-agency securities, principal amount	$ 16,949	$ 17,714
Credit risk and non-agency securities, weighted average coupon	3.69%	3.69%
Credit Risk and Non-Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 788,571	$ 819,915
Credit risk and non-agency securities, amortized cost	722,622	736,831
Credit risk and non-agency securities, principal amount	$ 750,557	$ 767,122
Credit risk and non-agency securities, weighted average coupon	6.63%	6.73%

Credit Risk and Non-Agency Se_5

Credit Risk and Non-Agency Securities - Weighted Average Life of all Non-Agency Securities (Details) - Credit Risk and Non-Agency Securities - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value
Less than one year	$ 0	$ 0
Greater than or equal to one year and less than three years	14,856	0
Greater than or equal to three years and less than five years	713,286	188,063
Greater than or equal to five years	60,429	631,852
Securities, trading	788,571	819,915
Amortized Cost
Less than one year	0	0
Greater than or equal to one year and less than three years	13,711	0
Greater than or equal to three years and less than five years	654,530	169,692
Greater than or equal to five years	54,381	567,139
Trading securities, amortized cost	$ 722,622	$ 736,831

Credit Risk and Non-Agency Se_6

Credit Risk and Non-Agency Securities - Continuous Unrealized Loss Position (Details) - Credit Risk and Non-Agency Securities - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value
Less than 12 Months	$ 0	$ 1,860
12 Months or More	0	0
Total	0	1,860
Unrealized Losses
Less than 12 Months	0	(13)
12 Months or More	0	0
Total	$ 0	$ (13)

U.S. Treasury Securities - Addi

U.S. Treasury Securities - Additional Information (Details) - US Treasury Securities - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of debt securities, trading	$ 1,329,660	$ 661,883	$ 1,529,105	$ 661,883
Debt securities, trading, realized gain	$ 3,453		$ 2,703
Debt securities, trading, realized loss		$ (6,308)		$ (6,308)
US Treasury Securities | Portfolio Concentration Risk
Debt Securities, Available-for-sale [Line Items]
Percentage of portfolio invested					1.20%

U.S. Treasury Securities - Unre

U.S. Treasury Securities - Unrealized Gain or (Loss) Position (Details) - US Treasury Securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019
Debt and Equity Securities, FV-NI [Line Items]
Amortized Cost	$ 98,703
Gross Unrealized Loss	(57)
Gross Unrealized Gain	0
Fair Value	$ 98,646	$ 0

U.S. Treasury Securities - Un_2

U.S. Treasury Securities - Unrealized Losses and Estimated Fair Value (Details) - US Treasury Securities $ in Thousands	Dec. 31, 2018USD ($)
Fair Value
Less than 12 Months	$ 98,646
12 Months or More	0
Total	98,646
Unrealized Losses
Less than 12 Months	(57)
12 Months or More	0
Total	$ (57)

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019counterparty	Dec. 31, 2018counterparty
Concentration Risk [Line Items]
Number of counterparties with MRAs	49	48
Number of counterparties with repurchase agreements outstanding	26	23
Counterparty Concentration Risk | Aggregate Borrowings
Concentration Risk [Line Items]
Number of counterparties		1
Counterparty Concentration Risk | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested		6.80%
Counterparty Concentration Risk | BUCKLER Securities, LLC | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested	41.60%	49.80%
Counterparty Concentration Risk | BUCKLER Securities, LLC | Stockholders' Equity
Concentration Risk [Line Items]
Percentage of portfolio invested	16.80%	13.00%
Weighted average maturity	16 days	14 days
Minimum | Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested		5.00%
Maximum
Concentration Risk [Line Items]
Ratio of indebtedness to net capital	12
Maximum | Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested		10.00%

Repurchase Agreements - Contrac

Repurchase Agreements - Contractual Repricing on Repurchase Agreements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 13,296,846	$ 7,037,651
Weighted Average Contractual Rate	2.70%	2.97%
Weighted Average Maturity in days	16 days	14 days
Haircut for Repurchase Agreements	4.91%	5.48%
Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 12,774,252	$ 6,456,823
Weighted Average Contractual Rate	2.68%	2.95%
Weighted Average Maturity in days	16 days	14 days
Haircut for Repurchase Agreements	4.35%	4.22%
Credit Risk and Non-Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 522,594	$ 580,828
Weighted Average Contractual Rate	3.12%	3.23%
Weighted Average Maturity in days	14 days	14 days
Haircut for Repurchase Agreements	16.95%	17.79%

Repurchase Agreements - Repurch

Repurchase Agreements - Repurchase Agreements by Maturity Period (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 13,296,846	$ 7,037,651
Weighted Average Contractual Rate	2.70%	2.97%
Within 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 11,998,332	$ 5,793,973
Weighted Average Contractual Rate	2.71%	3.05%
31 days to 60 days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 1,298,514	$ 1,243,678
Weighted Average Contractual Rate	2.61%	2.60%

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swap Contracts, Swaptions and Futures Contracts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 7,625,000	$ 8,250,000
Asset Fair Value	12,736	111,913
Liability Fair Value	$ (128,157)	$ (24,505)
Interest Rate Swap 0-12 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	5 months	11 months
Weighted Average Rate	1.21%	1.21%
Notional Amount	$ 550,000	$ 550,000
Asset Fair Value	5,696	6,620
Liability Fair Value	$ 0	$ 0
Interest Rate Swap 13-24 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	17 months	18 months
Weighted Average Rate	1.83%	1.48%
Notional Amount	$ 1,675,000	$ 675,000
Asset Fair Value	7,040	11,136
Liability Fair Value	$ (5,731)	$ 0
Interest Rate Swap 25-36 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	33 months	25 months
Weighted Average Rate	2.30%	2.06%
Notional Amount	$ 950,000	$ 1,000,000
Asset Fair Value	0	5,568
Liability Fair Value	$ (19,887)	$ 0
Interest Rate Swap, 37-48 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	44 months
Weighted Average Rate	2.11%
Notional Amount	$ 1,025,000
Asset Fair Value	0
Liability Fair Value	$ (18,584)
Interest Rate Swap, 49-60 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	54 months	54 months
Weighted Average Rate	1.91%	1.95%
Notional Amount	$ 1,150,000	$ 1,725,000
Asset Fair Value	0	32,723
Liability Fair Value	$ (17,542)	$ 0
Interest Rate Swap 61-72 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	63 months	67 months
Weighted Average Rate	1.95%	1.89%
Notional Amount	$ 575,000	$ 575,000
Asset Fair Value	0	12,009
Liability Fair Value	$ (11,216)	$ 0
Interest Rate Swap 73-84 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	81 months	73 months
Weighted Average Rate	1.95%	2.33%
Notional Amount	$ 50,000	$ 350,000
Asset Fair Value	0	0
Liability Fair Value	$ (1,135)	$ (1,709)
Interest Rate Swap 85-96 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	89 months	95 months
Weighted Average Rate	1.93%	1.93%
Notional Amount	$ 1,000,000	$ 1,050,000
Asset Fair Value	0	32,240
Liability Fair Value	$ (19,997)	$ 0
Interest Rate Swap 97-108 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	103 months	102 months
Weighted Average Rate	2.29%	2.10%
Notional Amount	$ 450,000	$ 375,000
Asset Fair Value	0	7,381
Liability Fair Value	$ (23,212)	$ 0
Interest Rate Swap 109-120 Months
Derivative [Line Items]
Weighted Average Remaining Swap/Option Term (Months)	118 months	114 months
Weighted Average Rate	2.30%	2.62%
Notional Amount	$ 200,000	$ 1,050,000
Asset Fair Value	0	0
Liability Fair Value	(10,853)	(22,796)
TBA Agency Securities
Derivative [Line Items]
Notional Amount		900,000
Asset Fair Value		4,236
Liability Fair Value	$ 0	0
Implied cost basis		929,184
Implied market value		$ 933,420
Minimum | Interest Rate Swap 0-12 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	0 months	0 months
Minimum | Interest Rate Swap 13-24 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	13 months	13 months
Minimum | Interest Rate Swap 25-36 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	25 months	25 months
Minimum | Interest Rate Swap, 37-48 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	37 months
Minimum | Interest Rate Swap, 49-60 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	49 months	49 months
Minimum | Interest Rate Swap 61-72 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	61 months	61 months
Minimum | Interest Rate Swap 73-84 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	73 months	73 months
Minimum | Interest Rate Swap 85-96 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	85 months	85 months
Minimum | Interest Rate Swap 97-108 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	97 months	97 months
Minimum | Interest Rate Swap 109-120 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	109 months	109 months
Minimum | TBA Agency Securities
Derivative [Line Items]
Derivative, remaining maturity (in months)	0 months	0 months
Maximum | Interest Rate Swap 0-12 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	12 months	12 months
Maximum | Interest Rate Swap 13-24 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	24 months	24 months
Maximum | Interest Rate Swap 25-36 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	36 months	36 months
Maximum | Interest Rate Swap, 37-48 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	48 months
Maximum | Interest Rate Swap, 49-60 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	60 months	60 months
Maximum | Interest Rate Swap 61-72 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	72 months	72 months
Maximum | Interest Rate Swap 73-84 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	84 months	84 months
Maximum | Interest Rate Swap 85-96 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	96 months	96 months
Maximum | Interest Rate Swap 97-108 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	108 months	108 months
Maximum | Interest Rate Swap 109-120 Months
Derivative [Line Items]
Derivative, remaining maturity (in months)	120 months	120 months
Maximum | TBA Agency Securities
Derivative [Line Items]
Derivative, remaining maturity (in months)	60 months	60 months

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Asset Fair Value	$ 12,736	$ 111,913
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	12,736	111,913
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments	(128,157)	(24,505)
Gross Amounts Not Offset in the Consolidated Balance Sheet, Net Cash Collateral Held	129,682	(85,431)
Net Amount	14,261	1,977
Interest rate swap contracts
Offsetting Assets [Line Items]
Asset Fair Value	12,736	107,677
Gross Amounts of Assets Presented in the Consolidated Balance Sheet	12,736	107,677
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments	(128,157)	(24,505)
Gross Amounts Not Offset in the Consolidated Balance Sheet, Net Cash Collateral Held	129,682	(82,838)
Net Amount	$ 14,261	334
TBA Agency Securities
Offsetting Assets [Line Items]
Asset Fair Value		4,236
Gross Amounts of Assets Presented in the Consolidated Balance Sheet		4,236
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Net Cash Collateral Held		(2,593)
Net Amount		$ 1,643

Derivatives - Offsetting Liabil

Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	$ (128,157)	$ (24,505)
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(128,157)	(24,505)
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments	128,157	24,505
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Posted	(8)	0
Net Amount	(8)	0
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(128,157)	(24,505)
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(128,157)	(24,505)
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments	128,157	24,505
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Posted	0	0
Net Amount	0	0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	0	$ 0
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments	0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Posted	(8)
Net Amount	$ (8)

Derivatives - Location and Info

Derivatives - Location and Information of Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	[1]	$ (92,990)	$ (14,341)	$ (115,122)	$ (52,945)
Changes in fair value		(107,304)	45,054	(220,371)	142,255
Subtotal		(200,294)	30,713	(335,493)	89,310
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)		(104,801)	0	(144,347)	2,655
Interest income		58,047	28,558	111,792	50,727
Interest expense		(48,355)	(29,833)	(93,463)	(57,681)
Changes in fair value		(106,791)	46,522	(216,135)	138,851
Subtotal		(201,900)	45,247	(342,153)	134,552
TBA Agency Securities
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)		2,119	(13,066)	10,896	(48,646)
Changes in fair value		(513)	(1,468)	(4,236)	3,404
Subtotal		$ 1,606	$ (14,534)	$ 6,660	$ (45,242)
[1]	Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the consolidated statements of operations. For additional information, see financial statement Note 10 .

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Apr. 25, 2016lawsuit	Apr. 24, 2016lawsuit	Mar. 01, 2016lawsuitdefendant	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage				8.33%
Gross equity raised | $				$ 2,979,026	$ 2,620,693
Transactions
Other Commitments [Line Items]
Number of new claims filed | lawsuit	1	8	9
Number of defendants that are current directors | defendant			8
ACM
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 percentage				1.00%	1.04%

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonemployee services transaction, quarterly fee	$ 33
The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	1,137,000
Compensation cost not yet recognized	$ 7,560
Period for recognition for compensation cost not yet recognized	2 years 1 month 6 days
Restricted Stock | The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 24.82	$ 24.82

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Shares (Details) - The 2009 Stock Incentive Plan - Restricted Stock shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares) | shares	360
Vested (in shares) | shares	(56)
Unvested RSU Awards Outstanding end of period (in shares) | shares	304
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share) | $ / shares	$ 24.82
Vested (in dollars per share) | $ / shares	19.18
Unvested RSU Awards Outstanding end of period (in dollars per share) | $ / shares	$ 24.82

Series A Cumulative Preferred_3

Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Jun. 28, 2019USD ($)shares	Jun. 25, 2019shares	Jun. 24, 2019$ / sharesshares	Jun. 19, 2019USD ($)shares	Jun. 04, 2019shares	Feb. 27, 2019USD ($)shares	Jan. 17, 2019USD ($)shares	Jan. 11, 2019USD ($)shares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 17, 2019shares	Jun. 03, 2019shares	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)director$ / sharesshares	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Feb. 15, 2019$ / sharesshares	Oct. 02, 2017$ / sharesshares	Aug. 30, 2017shares
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.001						$ 0.001			$ 0.001				$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares)									50,000,000			50,000,000				50,000,000		50,000,000
Shares authorized, increase (decrease) (in shares)			10,320
Preferred stock, undesignated shares authorized (in shares)									32,030,000			32,030,000				32,030,000
Common stock, shares authorized (in shares)									125,000,000			125,000,000				125,000,000		125,000,000
Common stock, par value (in dollars per share) | $ / shares									$ 0.001			$ 0.001				$ 0.001		$ 0.001
Common stock, shares issued (in shares)									59,192,000			59,192,000				59,192,000		43,702,000
Common stock, shares outstanding (in shares)									59,192,000			59,192,000				59,192,000		43,702,000
Remaining shares authorized to be repurchased (in shares)									8,625,000			8,625,000				8,625,000		1,874,000
Shares authorized, increase (decrease)					9,000,000
Common stock repurchased (in shares)									(375,000)		(250,000)
At-The-Market Offering Program
Class of Stock [Line Items]
Common stock, shares authorized (in shares)																			7,000	5,000,000
Common stock, par value (in dollars per share) | $ / shares																			$ 0.001	$ 0.001
Commission rate																			2.00%
Series A Preferred Stock
Class of Stock [Line Items]
Series A Preferred stock, called for redemption (in shares)		2,181,000
Preferred stock, shares issued (in shares)																		2,181,000
Preferred stock, shares outstanding (in shares)																		2,181,000
Preferred stock, dividend rate																8.25%		8.25%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares																		$ 25
Preferred stock, aggregate liquidation preference | $																		$ 54,514
Preferred stock, par value (in dollars per share) | $ / shares																		$ 0.001
Preferred stock, designated but unissued shares authorized (in shares)																		9,610,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)									6,505,000			6,505,000				6,505,000		6,369,000
Preferred stock, shares outstanding (in shares)									6,505,000			6,505,000				6,505,000		6,369,000
Preferred stock, dividend rate																7.875%		7.875%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares									$ 25			$ 25				$ 25		$ 25
Preferred stock, aggregate liquidation preference | $									$ 162,637			$ 162,637				$ 162,637		$ 159,232
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.001			$ 0.001				$ 0.001		$ 0.001
Preferred stock, designated but unissued shares authorized (in shares)									11,465,000			11,465,000				11,465,000
Preferred stock, shares authorized (in shares)									17,970,000			17,970,000				17,970,000
Preferred stock, period stock receives voting rights if dividends are not paid (in months)																18 months
Number of additional directors elected | director																2
Number of shares issued in transaction	36,000			100,000
Proceeds from issuance of preferred stock | $	$ 865			$ 2,489												$ 2,750	$ 2,632
Issuance of Series B Preferred stock, net of expenses | $												$ 3,354	$ 0	$ 0	$ 2,632	$ 3,354
Series B Preferred Stock | August 30, 2017, Preferred B ATM Sales Agreement [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																					2,000,000
Number of shares issued in transaction																100,000
Proceeds from issuance of preferred stock | $																$ 2,489
Payments of stock issuance costs | $																$ 25
Series B Preferred Stock | June 24, 2019, Preferred B ATM Sales Agreement [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			9,000,000
Number of shares issued in transaction																36,000
Proceeds from issuance of preferred stock | $																$ 865
Payments of stock issuance costs | $																34
Series B Preferred Stock | Dividend Reinvestment Program
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			2,500,000
Common Stock
Class of Stock [Line Items]
Payments of stock issuance costs | $																$ 263
Shares issued (in shares)						8,280,000	6,900,000	884,000
Issuance of Series B Preferred stock, net of expenses | $						$ 165,406	$ 137,946	$ 18,540				$ 0	$ 321,892	$ 0	$ 0
Common stock repurchased (in shares)										(625,000)

Series A Cumulative Preferred_4

Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 27, 2019	May 28, 2019	May 27, 2019	Apr. 29, 2019	Apr. 28, 2019	Mar. 27, 2019	Feb. 28, 2019	Feb. 27, 2019	Feb. 27, 2019	Jan. 28, 2019	Jan. 17, 2019	Jan. 11, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance													$ 1,486,553	$ 1,125,313	$ 1,244,966	$ 1,326,051	$ 1,125,313	$ 1,326,051
Common stock dividends													(34,198)	(29,814)	(24,136)	(24,138)	(64,012)
Series A Preferred stock, called for redemption													(54,514)	0	0	0
Stock based compensation, net of withholding requirements													658	644	647	644	1,302
Common stock repurchased													(11,340)	0	0	0	(11,340)
Net Income (Loss)													(183,250)	(114,381)	13,562	44,747	(297,631)	58,309
Other comprehensive income													173,059	187,158	(24,271)	(100,717)	360,217	(124,988)
Ending balance													$ 1,376,048	$ 1,486,553	$ 1,206,508	$ 1,244,966	1,376,048	$ 1,206,508
Common stock dividends cash paid (in dollars per share)	$ 0.19	$ 0.19		$ 0.19									$ 0.19	$ 0.19	$ 0.19	$ 0.19
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends													$ (1,125)	$ (1,124)	$ (1,125)	$ (1,124)	(2,249)
Series A Preferred stock, called for redemption																	(54,514)
Preferred stock, dividends declared (in dollars per share)	0.17		$ 0.17		$ 0.17	$ 0.17			$ 0.17	$ 0.17			$ 0.171875	$ 0.171875	$ 0.171875	$ 0.171875
Series B Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends													$ (3,149)	$ (3,135)	$ (3,135)	$ (3,129)	(6,284)
Preferred stock issued, net of expenses													$ 3,354	$ 0	$ 0	$ 2,632	$ 3,354
Preferred stock, dividends declared (in dollars per share)	$ 0.16		$ 0.16		$ 0.16	0.16			$ 0.16	0.16			$ 0.1640625	$ 0.1640625	$ 0.1640625	$ 0.1640625
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock issued, net of expenses								$ 165,406			$ 137,946	$ 18,540	$ 0	$ 321,892	$ 0	$ 0
Common stock dividends cash paid (in dollars per share)						$ 0.19	$ 0.19			$ 0.19

Series A Cumulative Preferred_5

Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity - Dividend Transactions (Details) - USD ($)	Jun. 27, 2019	May 28, 2019	May 27, 2019	Apr. 29, 2019	Apr. 28, 2019	Mar. 27, 2019	Feb. 28, 2019	Feb. 27, 2019	Jan. 28, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Class of Stock [Line Items]
Common stock dividends cash paid (in dollars per share)	$ 0.19	$ 0.19		$ 0.19						$ 0.19	$ 0.19	$ 0.19	$ 0.19
Aggregate amount paid to holders of record	$ 11,350,000	$ 11,424,000		$ 11,424,000										$ 64,012,000	$ 48,274,000
Common Stock
Class of Stock [Line Items]
Common stock dividends cash paid (in dollars per share)						$ 0.19	$ 0.19		$ 0.19
Aggregate amount paid to holders of record						$ 11,423,000	$ 9,851,000		$ 8,540,000					64,012,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends declared (in dollars per share)	$ 0.17		$ 0.17		$ 0.17	$ 0.17		$ 0.17	$ 0.17	0.171875	0.171875	0.171875	0.171875
Aggregate amount paid to holders of record	$ 374,800		$ 374,800		$ 374,800	$ 374,800		$ 374,800	$ 374,800					2,249,000	2,249,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends declared (in dollars per share)	$ 0.16		$ 0.16		$ 0.16	$ 0.16		$ 0.16	$ 0.16	$ 0.1640625	$ 0.1640625	$ 0.1640625	$ 0.1640625
Aggregate amount paid to holders of record	$ 1,059,000		$ 1,045,000		$ 1,045,000	$ 1,045,000		$ 1,045,000	$ 1,045,000					$ 6,284,000	$ 6,264,000

Series A Cumulative Preferred_6

Series A Cumulative Preferred Stock Called for Redemption and Stockholders' Equity - Equity Capital Raising Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 28, 2019	Jun. 19, 2019	Feb. 27, 2019	Jan. 17, 2019	Jan. 11, 2019	Jun. 30, 2019	Jun. 17, 2019	Jun. 03, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Class of Stock [Line Items]
Common stock repurchased (in shares)						(375,000)		(250,000)
Payments for common stock repurchased													$ (11,340)	$ 0
Common Stock
Class of Stock [Line Items]
Shares issued (in shares)			8,280,000	6,900,000	884,000
Price per share (in dollars per share)			$ 19.98	$ 20	$ 20.98		$ 18.14
Issuance of Series B Preferred stock, net of expenses			$ 165,406	$ 137,946	$ 18,540				$ 0	$ 321,892	$ 0	$ 0
Common stock repurchased (in shares)							(625,000)
Payments for common stock repurchased							$ (11,340)
Series B Preferred Stock
Class of Stock [Line Items]
Price per share (in dollars per share)	$ 24.09	$ 24.81
Issuance of Series B Preferred stock, net of expenses									$ 3,354	$ 0	$ 0	$ 2,632	3,354
Number of shares issued in transaction	36,000	100,000
Proceeds from issuance of preferred stock	$ 865	$ 2,489											$ 2,750	$ 2,632

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income (Loss)	$ (183,250)	$ (114,381)	$ 13,562	$ 44,747	$ (297,631)	$ 58,309
Less: Preferred dividends	(4,274)		(4,259)		(8,533)	(8,513)
Net Income (Loss) available (related) to common stockholders	$ (187,524)		$ 9,303		$ (306,164)	$ 49,796
Weighted average common shares outstanding – basic (in shares)	59,654		41,912		56,658	41,900
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0		416		0	416
Weighted average common shares outstanding – diluted (in shares)	59,654		42,328		56,658	42,316

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, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
GAAP net income (loss)	$ (183,250)	$ (114,381)	$ 13,562	$ 44,747	$ (297,631)	$ 58,309
Book to tax differences:
TRS (income) loss	79		(119)		(153)	(287)
Premium amortization expense	0		(697)		0	(1,132)
Credit Risk and Non-Agency Securities	17,194		2,729		15,922	1,533
Interest-Only Securities	(463)		267		85	(140)
U.S. Treasury Securities	(3,453)		8,884		(2,760)	6,308
Changes in interest rate contracts	209,985		(31,988)		353,821	(96,264)
OTTI loss on Agency Securities	0		0		0	12,090
Losses on Security Sales	44		25,316		2,953	57,919
Amortization of deferred hedging costs	(15,405)		(14,067)		(29,051)	(28,651)
Other	5		4		9	6
Estimated REIT taxable income	$ 24,736		$ 3,891		$ 43,195	$ 9,691

Income Taxes - Net Capital Loss

Income Taxes - Net Capital Losses Realized (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ (216,634)	$ (7,375)	$ (31,204)	$ (5,182)	$ (341,850)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)			$ 25
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ 48,326		$ 48,326
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ 0.82		$ 0.82
Common stock, shares issued (in shares)	59,192,000		59,192,000		43,702,000
Payment of dividends	$ 38,472	$ 28,391	$ 72,545	$ 56,787
Estimated REIT taxable income	$ 24,736	$ 3,891	$ 43,195	$ 9,691

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jun. 30, 2019	Jul. 24, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2018
Related Party Transaction [Line Items]
Management fees			$ 7,485,000	$ 6,803,000	$ 14,743,000	$ 13,604,000
US Treasury Securities
Related Party Transaction [Line Items]
Payments to acquire trading securities held-for-investment					1,427,320,000	668,120,000
Proceeds from sales of held-for-investment securities					1,529,105,000	661,883,000
ACM
Related Party Transaction [Line Items]
Management agreement, annual management fee					$ 1
Period of written notice of termination (in days)					180 days
Management fees			$ 7,485,000	6,803,000	$ 14,743,000	13,604,000
ACM | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Award vesting period (in years)							5 years
Corporate Joint Venture | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Payments to acquire equity method investments	$ 485,000
Percentage of voting interests acquired	10.00%		10.00%		10.00%
Equity method investments	$ 224,000		$ 224,000		$ 224,000			$ 113,000
Due to related parties	5,531,913,000		5,531,913,000		5,531,913,000			$ 3,503,750,000
Interest expense, related party			34,944,000		60,793,000
Collateral pledged	5,760,672,000		5,760,672,000		5,760,672,000
Corporate Joint Venture | BUCKLER Securities, LLC | US Treasury Securities
Related Party Transaction [Line Items]
Payments to acquire trading securities held-for-investment					255,688,000
Proceeds from sales of held-for-investment securities					$ 406,578,000
Corporate Joint Venture | BUCKLER Securities, LLC | Subsequent Event
Related Party Transaction [Line Items]
Proceeds from divestiture of interest in joint venture		$ 275,000
Required annual reduction in share of gross financing profit		$ 306,000
Armour Management Agreement | ACM
Related Party Transaction [Line Items]
Automatic renewal period of management agreement (in years)					5 years
Javelin Management Agreement | ACM
Related Party Transaction [Line Items]
Automatic renewal period of management agreement (in years)					1 year
Other Expense | ACM
Related Party Transaction [Line Items]
Management fees			39,000	66,000	$ 67,000	113,000
Stock Based Compensation Expense | ACM
Related Party Transaction [Line Items]
Management fees			87,000	109,000	184,000	217,000
Required Regulatory Capital Requirement of Related Party | Corporate Joint Venture | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Loans receivable, related parties	$ 105,000,000		105,000,000		$ 105,000,000
Related party transaction, rate					0.00%
Loans and leases receivable, related parties, proceeds			$ 544,000	$ 430,000	$ 1,083,000	$ 1,054,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands	Aug. 27, 2019	Jul. 29, 2019	Jul. 12, 2019	Jun. 27, 2019	May 28, 2019	May 27, 2019	Apr. 29, 2019	Apr. 28, 2019	Mar. 27, 2019	Feb. 27, 2019	Jan. 28, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Common stock dividends cash paid (in dollars per share)				$ 0.19	$ 0.19		$ 0.19					$ 0.19	$ 0.19	$ 0.19	$ 0.19
Aggregate amount paid to holders of record				$ 11,350,000	$ 11,424,000		$ 11,424,000									$ 64,012,000	$ 48,274,000
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock issued, net of expenses												$ 3,354,000	$ 0	$ 0	$ 2,632,000	3,354,000
Preferred stock, dividends declared (in dollars per share)				$ 0.16		$ 0.16		$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.1640625	$ 0.1640625	$ 0.1640625	$ 0.1640625
Aggregate amount paid to holders of record				$ 1,059,000		$ 1,045,000		$ 1,045,000	$ 1,045,000	$ 1,045,000	$ 1,045,000					6,284,000	6,264,000
Series A Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends declared (in dollars per share)				$ 0.17		$ 0.17		$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.171875	$ 0.171875	$ 0.171875	$ 0.171875
Aggregate amount paid to holders of record				$ 374,800		$ 374,800		$ 374,800	$ 374,800	$ 374,800	$ 374,800					$ 2,249,000	$ 2,249,000
Scenario, Forecast
Subsequent Event [Line Items]
Common stock dividends cash paid (in dollars per share)	$ 0.17	$ 0.17
Aggregate amount paid to holders of record		$ 10,114,000
Scenario, Forecast | Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends declared (in dollars per share)	$ 0.16	$ 0.16
Aggregate amount paid to holders of record		$ 1,100,000
Scenario, Forecast | Series A Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends declared (in dollars per share)		$ 0.17
Aggregate amount paid to holders of record		$ 375,000
Subsequent Event | Series B Preferred Stock
Subsequent Event [Line Items]
Shares issued (in shares)			202
Preferred stock issued, net of expenses			$ 4,981,000
Payments of stock issuance costs			$ 82,000

Uncategorized Items - arrq22019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,125,313,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(176,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(1,583,421,000)
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	176,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 2,752,552,000
Common Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	43,702,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 44,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (43,870,000)
Series A Preferred Stock [Member] | Preferred Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	2,181,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 2,000
Series B Preferred Stock [Member] | Preferred Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	6,369,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 6,000