Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-34766 | ||
Entity Registrant Name | ARMOUR RESIDENTIAL REIT, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 1,088,759,660 | ||
Entity Common Stock, Shares Outstanding | 58,877,848 | ||
Documents Incorporated by Reference | Certain portions of the registrant’s definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 for its 2020 annual meeting of stockholders are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001428205 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Series B Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock, 7.875% Series B Cumulative Redeemable | ||
Trading Symbol | ARR-PRBCL | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock, 7.00% Series C Cumulative Redeemable | ||
Trading Symbol | ARR-PRC | ||
Security Exchange Name | NYSE | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | ARR | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash | $ 181,395 | $ 221,668 |
Cash collateral posted to counterparties | 91,771 | 10,531 |
Agency Securities (including pledged securities of $11,188,502 at December 31, 2019 and $6,743,689 at December 31, 2018) | 11,941,766 | 7,051,954 |
Securities, trading, at fair value | 883,601 | 939,184 |
Derivatives, at fair value | 24,751 | 111,913 |
Accrued interest receivable | 35,085 | 22,505 |
Prepaid and other | 9,051 | 1,855 |
Subordinated loan to BUCKLER | 105,000 | 105,000 |
Total Assets | 13,272,420 | 8,464,610 |
Liabilities: | ||
Repurchase agreements | 11,354,547 | 7,037,651 |
Cash collateral posted by counterparties | 14,958 | 97,213 |
Payable for unsettled purchases | 358,712 | 166,052 |
Derivatives, at fair value | 71,974 | 24,505 |
Accrued interest payable- repurchase agreements | 31,932 | 10,268 |
Accounts payable and other accrued expenses | 3,590 | 3,608 |
Total Liabilities | 11,835,713 | 7,339,297 |
Commitments and contingencies (Note 9) | ||
Preferred stock, $0.001 par value, 50,000 shares authorized; | ||
Common stock, $0.001 par value, 125,000 shares authorized, 58,877 and 43,702 shares issued and outstanding at December 31, 2019 and December 31, 2018 | 59 | 44 |
Additional paid-in capital | 3,054,604 | 2,752,376 |
Accumulated deficit | (1,973,437) | (1,583,245) |
Accumulated other comprehensive income (loss) | 355,473 | (43,870) |
Total Stockholders’ Equity | 1,436,707 | 1,125,313 |
Total Liabilities and Stockholders’ Equity | 13,272,420 | 8,464,610 |
Series A Preferred Stock | ||
Preferred stock, $0.001 par value, 50,000 shares authorized; | ||
Preferred stock | 0 | 2 |
Series B Preferred Stock | ||
Preferred stock, $0.001 par value, 50,000 shares authorized; | ||
Preferred stock | 8 | 6 |
Credit Risk and Non-Agency Securities | ||
Assets | ||
Securities, trading, at fair value | 883,601 | 819,915 |
Interest-Only Securities | ||
Assets | ||
Securities, trading, at fair value | 0 | 20,623 |
U.S. Treasury Securities | ||
Assets | ||
Securities, trading, at fair value | $ 0 | $ 98,646 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Agency securities pledged | $ 11,188,502 | $ 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) | 58,877,000 | 43,702,000 |
Common stock, shares outstanding (in shares) | 58,876,984 | 43,702,000 |
Series A Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, shares issued (in shares) | 2,181,000 | |
Preferred stock, shares outstanding (in shares) | 2,180,572 | 2,180,572 |
Preferred stock, aggregate liquidation preference | $ 54,514 | |
Preferred stock, dividend rate | 8.25% | 8.25% |
Series B Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 17,970,000 | |
Preferred stock, shares issued (in shares) | 8,383,000 | 6,369,000 |
Preferred stock, shares outstanding (in shares) | 8,383,000 | 6,369,000 |
Preferred stock, aggregate liquidation preference | $ 209,584 | $ 159,232 |
Preferred stock, dividend rate | 7.875% | 7.875% |
Credit Risk and Non-Agency Securities | ||
Credit risk and non-agency securities pledged | $ 810,549 | $ 698,255 |
U.S. Treasury Securities | ||
Credit risk and non-agency securities pledged | $ 20,748 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Interest Income: | ||||
Agency Securities, net of amortization of premium and fees | $ 382,811 | $ 218,391 | $ 196,301 | |
Total Interest Income | 439,565 | 283,148 | 254,433 | |
Interest expense- repurchase agreements | (288,229) | (154,230) | (94,558) | |
Net Interest Income | 151,336 | 128,918 | 159,875 | |
Other Income (Loss): | ||||
Realized gain (loss) on sale of Agency Securities (reclassified from Other comprehensive income (loss)) | 9,611 | (152,950) | (8,486) | |
Other than temporary impairment of Agency Securities (reclassified from Other comprehensive income (loss)) | 0 | (12,090) | (13,707) | |
Subtotal | (12,638) | (199,678) | 40,513 | |
Realized loss on derivatives | [1] | (213,996) | (47,497) | (22,675) |
Unrealized gain (loss) on derivatives | (136,127) | 49,316 | 39,272 | |
Subtotal | (350,123) | 1,819 | 16,597 | |
Total Other Income (Loss) | (362,761) | (197,859) | 57,110 | |
Expenses: | ||||
Management fees | 29,571 | 27,246 | 26,582 | |
Professional fees | 2,808 | 4,978 | 4,578 | |
Insurance | 713 | 660 | 836 | |
Compensation | 3,889 | 3,774 | 2,298 | |
Other | 1,499 | 367 | 1,537 | |
Total Expenses | 38,480 | 37,025 | 35,831 | |
Net Income (Loss) | (249,905) | (105,966) | 181,154 | |
Dividends on preferred stock | (15,634) | (17,032) | (15,880) | |
Net Income (Loss) available (related) to common stockholders | $ (265,539) | $ (122,998) | $ 165,274 | |
Net Income (Loss) per share available (related) to common stockholders (Note 12): | ||||
Basic (in dollars per share) | $ (4.59) | $ (2.92) | $ 4.22 | |
Diluted (in dollars per share) | (4.59) | (2.92) | 4.17 | |
Dividends declared per common share (in dollars per share) | $ 2.16 | $ 2.28 | $ 2.28 | |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 57,833 | 42,128 | 39,170 | |
Diluted (in shares) | 57,833 | 42,128 | 39,642 | |
Credit Risk and Non-Agency Securities | ||||
Interest Income: | ||||
Debt securities, trading | $ 52,919 | $ 56,427 | $ 55,969 | |
Other Income (Loss): | ||||
Debt securities, trading | (24,396) | (27,266) | 65,672 | |
Interest-Only Securities | ||||
Interest Income: | ||||
Debt securities, trading | 596 | 1,667 | 2,163 | |
Other Income (Loss): | ||||
Debt securities, trading | 123 | (1,007) | (2,966) | |
U.S. Treasury Securities | ||||
Interest Income: | ||||
Debt securities, trading | 1,353 | 4,644 | 0 | |
Other Income (Loss): | ||||
Debt securities, trading | 2,024 | (6,365) | 0 | |
Corporate Debt Securities | ||||
Interest Income: | ||||
Debt securities, trading | $ 1,886 | $ 2,019 | $ 0 | |
[1] | Interest expense related to our interest rate swap contracts is recorded as realized loss on derivatives on the consolidated statements of operations. For additional information, see Note 8 to the consolidated financial statements. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ (249,905) | $ (105,966) | $ 181,154 |
Other comprehensive income (loss): | |||
Reclassification adjustment for realized (gain) loss on sale of available for sale Agency Securities | (9,611) | 152,950 | 8,486 |
Reclassification adjustment for other than temporary impairment of available for sale Agency Securities | 0 | 12,090 | 13,707 |
Net unrealized gain (loss) on available for sale Agency Securities | 408,954 | (188,799) | (13,170) |
Other comprehensive income (loss) | 399,343 | (23,759) | 9,023 |
Total Comprehensive Income (Loss) | $ 149,438 | $ (129,725) | $ 190,177 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 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 | Total Additional Paid-in Capital | Total Additional Paid-in CapitalSeries A Preferred Stock | Total 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 (in shares) at Dec. 31, 2016 | 2,181 | 5,650 | 36,723 | ||||||||||
Beginning balance at Dec. 31, 2016 | $ 1,092,065 | $ 2 | $ 6 | $ 37 | $ 2,560,242 | $ (1,439,088) | $ (29,134) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Preferred dividends | $ (4,498) | $ (11,382) | $ (4,498) | $ (11,382) | |||||||||
Common stock dividends | (89,409) | (89,409) | |||||||||||
Issuance of Series B Preferred stock, net (in shares) | 612 | ||||||||||||
Issuance of Series B Preferred stock, net | 14,968 | $ 14,968 | |||||||||||
Issuance of common stock, net (in shares) | 5,119 | ||||||||||||
Issuance of common stock, net | 133,193 | $ 5 | 133,188 | ||||||||||
Stock based compensation, net of withholding requirements (in shares) | 35 | ||||||||||||
Stock based compensation, net of withholding requirements | 937 | 937 | |||||||||||
Net Income (Loss) | 181,154 | 181,154 | |||||||||||
Other comprehensive income (loss) | 9,023 | 9,023 | |||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 2,181 | 6,262 | 41,877 | ||||||||||
Ending balance at Dec. 31, 2017 | 1,326,051 | $ 2 | $ 6 | $ 42 | 2,709,335 | (1,363,223) | (20,111) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Preferred dividends | (4,498) | (12,534) | (4,498) | (12,534) | |||||||||
Common stock dividends | (97,024) | (97,024) | |||||||||||
Issuance of Series B Preferred stock, net (in shares) | 107 | ||||||||||||
Issuance of Series B Preferred stock, net | 2,632 | 2,632 | |||||||||||
Issuance of common stock, net (in shares) | 1,723 | ||||||||||||
Issuance of common stock, net | 38,014 | $ 2 | 38,012 | ||||||||||
Stock based compensation, net of withholding requirements (in shares) | 102 | ||||||||||||
Stock based compensation, net of withholding requirements | 2,397 | 2,397 | |||||||||||
Net Income (Loss) | (105,966) | (105,966) | |||||||||||
Other comprehensive income (loss) | (23,759) | (23,759) | |||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 2,181 | 6,369 | 43,702 | ||||||||||
Ending 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) | $ (13,385) | $ (2,249) | $ (13,385) | |||||||||
Common stock dividends | (124,477) | (124,477) | |||||||||||
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 (in shares) | 2,014 | ||||||||||||
Issuance of Series B Preferred stock, net | 49,795 | $ 2 | $ 49,793 | ||||||||||
Issuance of common stock, net (in shares) | 16,064 | ||||||||||||
Issuance of common stock, net | 321,860 | $ 16 | 321,844 | ||||||||||
Stock based compensation, net of withholding requirements (in shares) | 111 | ||||||||||||
Stock based compensation, net of withholding requirements | 2,694 | 2,694 | |||||||||||
Common stock repurchased (in shares) | (1,000) | ||||||||||||
Common stock repurchased | (17,768) | $ (1) | (17,767) | ||||||||||
Net Income (Loss) | (249,905) | (249,905) | |||||||||||
Other comprehensive income (loss) | 399,343 | 399,343 | |||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 0 | 8,383 | 58,877 | ||||||||||
Ending balance at Dec. 31, 2019 | $ 1,436,707 | $ 0 | $ 8 | $ 59 | $ 3,054,604 | $ (1,973,437) | $ 355,473 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parenthetical) | 12 Months Ended | |
Dec. 31, 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 - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income (Loss) | $ (249,905,000) | $ (105,966,000) | $ 181,154,000 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net amortization of premium on Agency Securities | 53,909,000 | 32,989,000 | 44,838,000 |
Realized (gain) loss on sale of Agency Securities | (9,611,000) | 152,950,000 | 8,486,000 |
Other than temporary impairment of Agency Securities | 0 | 12,090,000 | 13,707,000 |
Stock based compensation | 2,694,000 | 2,397,000 | 937,000 |
Changes in operating assets and liabilities: | |||
Increase in accrued interest receivable | (12,443,000) | (53,000) | (3,713,000) |
Increase in prepaid and other assets | (1,690,000) | (255,000) | (100,000) |
Change in derivatives, at fair value | 134,631,000 | (58,145,000) | (69,081,000) |
Increase (decrease) in accrued interest payable- repurchase agreements | 21,664,000 | 3,816,000 | (482,000) |
Increase (decrease) in accounts payable and other accrued expenses | (821,000) | 652,000 | (4,003,000) |
Net cash and cash collateral posted to counterparties provided by (used in) operating activities | (40,717,000) | 75,223,000 | 110,079,000 |
Cash Flows From Investing Activities: | |||
Purchases of Agency Securities | (8,937,989,000) | (4,816,961,000) | (5,813,389,000) |
Principal repayments of Agency Securities | 1,701,406,000 | 691,934,000 | 775,181,000 |
Principal repayments of Credit Risk and Non-Agency Securities | 53,641,000 | 33,837,000 | 145,731,000 |
Proceeds from sales of Agency Securities | 2,894,339,000 | 4,496,015,000 | 4,012,398,000 |
Increase (decrease) in cash collateral posted by counterparties | (82,255,000) | 67,620,000 | 25,819,000 |
Subordinated loan to BUCKLER | 0 | 0 | (105,000,000) |
Net cash and cash collateral posted to counterparties provided by (used in) investing activities | (4,389,771,000) | 466,258,000 | (959,112,000) |
Cash Flows From Financing Activities: | |||
Issuance of common stock, net of expenses | 321,860,000 | 38,014,000 | 133,193,000 |
Proceeds from repurchase agreements | 173,216,266,000 | 185,437,769,000 | 141,685,213,000 |
Principal repayments on repurchase agreements | (168,899,370,000) | (185,956,035,000) | (140,947,749,000) |
Common stock dividends paid | (124,477,000) | (97,024,000) | (89,409,000) |
Common stock repurchased | (16,965,000) | 0 | 0 |
Net cash and cash collateral posted to counterparties provided by (used in) financing activities | 4,471,455,000 | (591,676,000) | 780,183,000 |
Net increase (decrease) in cash and cash collateral posted to counterparties | 40,967,000 | (50,195,000) | (68,850,000) |
Cash and cash collateral posted to counterparties - beginning of year | 232,199,000 | 282,394,000 | 351,244,000 |
Cash and cash collateral posted to counterparties - end of year | 273,166,000 | 232,199,000 | 282,394,000 |
Supplemental Disclosure: | |||
Cash paid during the year for interest | 425,746,000 | 252,393,000 | 164,913,000 |
Non-Cash Investing Activities: | |||
Payable for unsettled purchases | 358,712,000 | 166,052,000 | 0 |
Net unrealized gain (loss) on available for sale Agency Securities | 408,954,000 | (188,799,000) | (13,170,000) |
Amounts receivable for issuance of preferred stock | 5,506,000 | 0 | 153,000 |
Amounts payable for common stock repurchased | (803,000) | 0 | 0 |
Series A Preferred Stock | |||
Cash Flows From Financing Activities: | |||
Redemption of Series A Preferred stock, net of expenses | (54,514,000) | 0 | 0 |
Preferred dividends paid | (2,249,000) | (4,498,000) | (4,498,000) |
Series B Preferred Stock | |||
Cash Flows From Financing Activities: | |||
Issuance of Series B Preferred stock, net of expenses | 44,289,000 | 2,632,000 | 14,815,000 |
Preferred dividends paid | (13,385,000) | (12,534,000) | (11,382,000) |
Credit Risk and Non-Agency Securities | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Accretion of net discount on Credit Risk and Non-Agency Securities | (2,956,000) | (2,946,000) | (3,866,000) |
(Gain) loss on trading securities | 24,396,000 | 27,266,000 | (65,672,000) |
Cash Flows From Investing Activities: | |||
Purchases of trading securities | (138,767,000) | 0 | (8,224,000) |
Principal repayments of Credit Risk and Non-Agency Securities | 53,641,000 | 33,837,000 | |
Proceeds from sale of trading securities | 0 | 97,758,000 | 8,372,000 |
Interest-Only Securities | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Accretion of net discount on Credit Risk and Non-Agency Securities | 1,924,000 | 4,122,000 | 4,908,000 |
(Gain) loss on trading securities | (123,000) | 1,007,000 | 2,966,000 |
Cash Flows From Investing Activities: | |||
Purchases of trading securities | 0 | 0 | |
Principal repayments of Credit Risk and Non-Agency Securities | 0 | 0 | |
Proceeds from sale of trading securities | 18,822,000 | 0 | 0 |
U.S. Treasury Securities | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Accretion of net discount on Credit Risk and Non-Agency Securities | (362,000) | (1,066,000) | 0 |
(Gain) loss on trading securities | (2,024,000) | 6,365,000 | 0 |
Cash Flows From Investing Activities: | |||
Purchases of trading securities | (1,685,058,000) | (765,828,000) | 0 |
Principal repayments of Credit Risk and Non-Agency Securities | 0 | 0 | |
Proceeds from sale of trading securities | $ 1,786,090,000 | $ 661,883,000 | $ 0 |
Organization and Nature of Busi
Organization and Nature of Business Operations | 12 Months Ended |
Dec. 31, 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 SEC (see Note 9 - Commitments and Contingencies and Note 15 - 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 Conso
Basis of Presentation and Consolidation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation | Note 2 - Basis of Presentation and Consolidation |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 Our investments in securities are generally classified as either available for sale or trading 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. Available for Sale Securities represent investments that we intend to hold for extended periods of time 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). Trading Securities are reported at their estimated fair values with gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. 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 and interest on unsettled sales of securities. Accrued interest payable includes interest on unsettled purchases of securities, interest on 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 short-term 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, which accrues over the life of the repurchase agreement. 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 December 31, 2019 and December 31, 2018 . Derivatives, at Fair Value We recognize all derivatives individually 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). 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. Impairment of Assets We evaluate available for sale 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 available for sale 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 available for sale securities . Revenue Recognition Available for Sale 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. Purchase and sale transactions (including TBA Agency Securities) are recorded on the trade date to the extent it is probable that we will take or make timely physical delivery of the related securities. Gains or losses realized from the sale of securities are reclassified into income from other comprehensive income and are determined using the specific identification method. Trading 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. 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 | 12 Months Ended |
Dec. 31, 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 ("ASU") 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. Accounting Standard Description ASU 2018–07, Improvements to Non-employee 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 non-employees. Equity–classified share–based payment awards issued to non-employees 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 impact on the Company's financial condition or results of operations. ASU 2016-18 , Statement of Cash Flows (Topic 230) - Restricted Cash This standard was adopted in 2018, 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. ASU 2016-13, Financial Instruments–Credit Losses (Topic 326) The standard introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The standard will apply to (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off–balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The standard is effective for fiscal years beginning after December 15, 2019. The adoption of the standard did not have a significant impact on the Company's Agency Securities as the contractual cash flows of these federal agency mortgage backed securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than their amortized cost. The Company does not intend to sell the investments and it is not more likely than not that it will be required to sell the investments before recovery of their amortized cost bases. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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. Agency Securities, Credit Risk and Non-Agency Securities, Interest-Only Securities and U.S. Treasury Securities: Fair value for these securities are based on obtaining a valuation for each 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 a 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 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. U.S. Treasury Securities are classified as Level 1, as quoted unadjusted prices were available in active markets for identical assets. Derivatives: 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 derivatives are classified as Level 2. The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2019 and December 31, 2018 . December 31, 2019 (Level 1) (Level 2) (Level 3) Balance Assets at Fair Value: Agency Securities $ — $ 11,941,766 $ — $ 11,941,766 Credit Risk and Non-Agency Securities $ — $ 883,601 $ — $ 883,601 Derivatives $ — $ 24,751 $ — $ 24,751 Liabilities at Fair Value: Derivatives $ — $ 71,974 $ — $ 71,974 December 31, 2018 (Level 1) (Level 2) (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 year ended December 31, 2019 or for the year ended December 31, 2018 . Excluded from the tables above are financial instruments, including cash, cash collateral posted to/by counterparties, receivables, subordinated loan to BUCKLER, payables and borrowings under repurchase agreements, which are presented in our consolidated financial statements at cost. The estimated fair value of these instruments is measured using "Level 1" or "Level 2" inputs at December 31, 2019 and December 31, 2018 . |
Investment In Securities
Investment In Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment In Securities | Note 6 - Investment in Securities As of December 31, 2019 and December 31, 2018 , our securities portfolio consisted of $12,825,367 and $7,991,138 of investment securities, at fair value, respectively, and $1,006,280 and $933,420 of TBA Agency Securities, at fair value, respectively. Our TBA Agency Securities are reported at net carrying value of $(592) and $4,236 , at December 31, 2019 and December 31, 2018 , respectively, and are reported in Derivatives, at fair value on our consolidated balance sheets. See Note 8 for additional information. The net carrying value of our TBA Agency Securities represents the difference between the fair value of the underlying Agency Security in the TBA contract and the cost basis or the forward price to be paid or received for the underlying Agency Security. The following tables summarize our investment in securities as of December 31, 2019 and December 31, 2018 , excluding TBA Agency Securities. See Note 8 for additional information. Available for Sale Securities Trading Securities Agency Credit Risk and Non-Agency Interest-Only U.S. Treasuries Totals December 31, 2019 Beginning balance $ 7,051,954 $ 819,915 $ 20,623 $ 98,646 $ 7,991,138 Purchases (1) 9,130,512 138,767 — 1,685,058 10,954,337 Proceeds from sales (2,894,339 ) — (18,822 ) (1,786,090 ) (4,699,251 ) Principal repayments (1,701,406 ) (53,641 ) — — (1,755,047 ) Gains (losses) 408,954 (24,396 ) 123 2,024 386,705 Amortization/accretion (53,909 ) 2,956 (1,924 ) 362 (52,515 ) Ending balance $ 11,941,766 $ 883,601 $ — $ — $ 12,825,367 Percentage of Portfolio 93.11 % 6.89 % — % — % 100.00 % December 31, 2018 Beginning balance $ 7,478,966 $ 975,830 $ 25,752 $ — $ 8,480,548 Purchases (1) 4,982,725 — — 765,828 $ 5,748,553 Sales (4,496,015 ) (97,758 ) — (661,883 ) $ (5,255,656 ) Principal Repayments (691,934 ) (33,837 ) — — $ (725,771 ) Losses (176,709 ) (27,266 ) (1,007 ) (6,365 ) $ (211,347 ) OTTI (12,090 ) — — — $ (12,090 ) Amortization/accretion (32,989 ) 2,946 (4,122 ) 1,066 $ (33,099 ) Ending balance $ 7,051,954 $ 819,915 $ 20,623 $ 98,646 $ 7,991,138 Percentage of Portfolio 88.25 % 10.26 % 0.26 % 1.23 % 100.00 % (1) Purchases include cash paid during the period, plus payable for investment securities purchased during the period as of period end. Available for Sale Securities: We evaluated our available for sale securities with unrealized losses at December 31, 2019 , December 31, 2018 and December 31, 2017 , to determine whether there was an OTTI. At those dates, we also considered whether we intended to sell available for sale securities and whether it was more likely than not that we could meet our liquidity requirements and contractual obligations without selling available for sale securities. OTTI evaluation results: • No OTTI was recognized for the year ended December 31, 2019 . • 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 as of December 31, 2018 • During the second quarter of 2017, we identified certain low yielding Agency Securities that we replaced with securities having more attractive returns as market conditions permitted. Accordingly, we recognized losses totaling $(13,707) in our consolidated financial statements of operations for the year ended December 31, 2017 . We determined that there was no OTTI of our remaining Agency Securities as of December 31, 2017 . The table below presents the components of the carrying value and the unrealized gain or loss position of our Agency Securities at December 31, 2019 and December 31, 2018 . Our Agency Securities had a weighted average coupon of 3.76% and 3.94% at December 31, 2019 and December 31, 2018 . Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2019 Total Fannie Mae $ 8,779,331 $ 8,975,140 $ (291 ) $ 294,937 $ 9,269,786 Total Freddie Mac 2,522,870 2,587,512 (40 ) 61,323 2,648,795 Total Ginnie Mae 22,504 23,641 (461 ) 5 23,185 Total $ 11,324,705 $ 11,586,293 $ (792 ) $ 356,265 $ 11,941,766 December 31, 2018 Total Fannie Mae $ 5,200,450 $ 5,337,466 $ (46,758 ) $ 16,760 $ 5,307,468 Total Freddie Mac 1,362,771 1,417,313 (13,815 ) 657 1,404,155 Total Ginnie Mae 328,571 341,045 (722 ) 8 340,331 Total $ 6,891,792 $ 7,095,824 $ (61,295 ) $ 17,425 $ 7,051,954 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 December 31, 2019 and December 31, 2018 . All of our Agency Securities are issued and guaranteed by GSEs or Ginnie Mae. The GSEs have a long term credit rating of AA+. Unrealized Loss Position For: < 12 Months ≥ 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 $ 2,136 $ (10 ) $ 43,939 $ (782 ) $ 46,075 $ (792 ) December 31, 2018 $ 2,651,518 $ (18,135 ) $ 1,197,533 $ (43,160 ) $ 3,849,051 $ (61,295 ) 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, 2019 we had investment related payables with respect to unsettled purchases of Agency Securities of $358,712 . We did not have any investment related receivables at December 31, 2019 . 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 . 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 December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Weighted Average Life of all Agency Securities Fair Value Amortized Fair Value Amortized < 1 year $ — $ — $ 75 $ 77 ≥ 1 year and < 3 years 22,237 22,254 25,841 26,264 ≥ 3 years and < 5 years 6,542,389 6,365,623 1,334,663 1,331,577 ≥ 5 years 5,377,140 5,198,416 5,691,375 5,737,906 Total Agency Securities $ 11,941,766 $ 11,586,293 $ 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 December 31, 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. Trading Securities: 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 Non-Agency Securities are collaterized by residential mortgage loans not guaranteed by any agency and include legacy securities issued between 2005-2007. The components of the carrying value of our Trading Securities at December 31, 2019 and December 31, 2018 are presented in the table below. We did not have any U.S. Treasury Securities or Interest-Only Securities at December 31, 2019 . Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2019 Credit Risk Transfer $ 754,729 $ 751,940 $ — $ 52,024 $ 803,964 Non-Agency Securities 93,723 72,904 (3 ) 6,736 79,637 Total Credit Risk and Non-Agency Securities $ 848,452 $ 824,844 $ (3 ) $ 58,760 $ 883,601 December 31, 2018 Credit Risk Transfer $ 661,181 $ 653,681 $ — $ 76,303 $ 729,984 Non-Agency Securities 105,942 83,150 (13 ) 6,794 89,931 Total Credit Risk and Non-Agency Securities $ 767,123 $ 736,831 $ (13 ) $ 83,097 $ 819,915 U.S. Treasury Securities 100,000 98,703 (57 ) — 98,646 Interest-Only Securities 108,169 20,198 — 425 20,623 Total $ 975,292 $ 855,732 $ (70 ) $ 83,522 $ 939,184 The following table presents the unrealized losses and estimated fair value of our Trading Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2019 and December 31, 2018 . Our Credit Risk and Non-Agency Securities are subject to risk of loss with regard to principal and interest payments. 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. Unrealized Loss Position For: < 12 Months ≥ 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Credit Risk and Non-Agency Securities $ 362 $ (3 ) $ — $ — $ 362 $ (3 ) December 31, 2018 Credit Risk and Non-Agency Securities $ 1,860 $ (13 ) $ — $ — $ 1,860 $ (13 ) U.S. Treasury Securities $ 98,646 $ (57 ) $ — $ — $ 98,646 $ (57 ) The following table summarizes the weighted average lives of our Trading Securities at December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Estimated Weighted Average Life of Trading Securities Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ — $ — $ 98,646 $ 98,703 ≥ 1 year and < 3 years 389,883 369,600 — — ≥ 3 years and < 5 years 407,656 375,030 201,811 183,025 ≥ 5 years 86,062 80,214 638,727 574,004 Total $ 883,601 $ 824,844 $ 939,184 $ 855,732 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 December 31, 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. |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Repurchase Agreements [Abstract] | |
Repurchase Agreements | Note 7 - Repurchase Agreements At December 31, 2019 , we had MRAs with 49 counterparties and had $11,354,547 in outstanding borrowings with 25 of those counterparties. At December 31, 2018 , we had MRAs with 48 counterparties and had $7,037,651 in outstanding borrowings with 23 of those counterparties. The following table represents the contractual repricing regarding our repurchase agreements to finance MBS purchases at December 31, 2019 and December 31, 2018 . No amounts below are subject to offsetting. Balance Weighted Average Contractual Rate Weighted Average Maturity in days Haircut (1) December 31, 2019 Agency Securities ≤ 30 days $ 10,241,137 2.56 % 8 4.35 % > 30 days to ≤ 60 days 426,147 1.99 % 34 4.61 % Total or Weighted Average 10,667,284 2.54 % 9 4.36 % Credit Risk and Non-Agency Securities ≤ 30 days 687,263 2.45 % 15 16.25 % Total or Weighted Average $ 11,354,547 2.54 % 9 5.16 % December 31, 2018 Agency Securities ≤ 30 days $ 5,213,145 3.03 % 10 4.25 % > 30 days to ≤ 60 days 1,243,678 2.60 % 34 4.10 % Total or Weighted Average 6,456,823 2.95 % 14 4.22 % Credit Risk and Non-Agency Securities ≤ 30 days 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. At December 31, 2019 and December 31, 2018 , BUCKLER accounted for 45.0% and 49.8% , respectively, of our aggregate borrowings and had an amount at risk of 14.8% and 13.0% , respectively, of our total stockholders' equity with a weighted average maturity of 7 days and 14 days , respectively, on repurchase agreements (See Note 15 - Related Party Transactions ). In addition, at December 31, 2019 , we had 2 repurchase agreement counterparties that individually accounted for between 5% and 10% of our aggregate borrowings. In total, these counterparties accounted for approximately 12.7% of our repurchase agreement borrowings outstanding at December 31, 2019 . At December 31, 2018 , we had 1 repurchase agreement counterparty that individually accounted for between 5% and 10% of our aggregate borrowings. In total, this counterparty accounted for 6.8% of our repurchase agreement borrowings at December 31, 2018 . |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 8 - Derivatives We enter into derivative transactions to manage our interest rate risk and agency mortgage rate exposures. We have agreements with our derivative counterparties that provide for the posting of collateral based on the fair values of our derivatives. Through this margin process, either we or our counterparties 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 contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty. Interest rate swap contracts 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. 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. Basis swap contracts allow us to exchange one floating interest rate basis for another, thereby allowing us to diversify our floating rate basis exposures. 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. 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 our derivatives if we were to offset the assets and liabilities on the accompanying consolidated balance sheets. We currently present these financial instruments at their gross amounts and they are included in derivatives, at fair value on the accompanying consolidated balance sheets at December 31, 2019 and December 31, 2018 . Gross Amounts Not Offset Assets Gross Amounts (1) Financial Instruments Cash Collateral Total Net December 31, 2019 Interest rate swap contracts $ 23,659 $ (70,290 ) $ 83,066 $ 36,435 TBA Agency Securities 1,092 (1,092 ) — — Totals $ 24,751 $ (71,382 ) $ 83,066 $ 36,435 December 31, 2018 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 (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Instruments Cash Collateral Total Net December 31, 2019 Interest rate swap contracts $ (70,290 ) $ 70,290 $ — $ — TBA Agency Securities (1,684 ) 1,092 377 (215 ) Totals $ (71,974 ) $ 71,382 $ 377 $ (215 ) December 31, 2018 Interest rate swap contracts $ (24,505 ) $ 24,505 $ — $ — Totals $ (24,505 ) $ 24,505 $ — $ — (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. The following table represents the location and information regarding our derivatives which are included in Other Income (Loss) in the accompanying consolidated statements of operations for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . Income (Loss) Recognized For the Years Ended Derivatives Location on consolidated statements of operations December 31, 2019 December 31, 2018 December 31, 2017 Interest rate swap contracts: Realized gain (loss) Realized loss on derivatives $ (237,725 ) 2,655 990 Interest income Realized loss on derivatives 187,899 124,714 50,464 Interest expense Realized loss on derivatives (162,529 ) (124,241 ) (83,797 ) Changes in fair value Unrealized gain (loss) on derivatives (132,303 ) 43,755 39,388 $ (344,658 ) 46,883 $ 7,045 TBA Agency Securities: Realized gain (loss) Realized loss on derivatives (1,641 ) (50,625 ) 9,668 Changes in fair value Unrealized gain (loss) on derivatives (3,824 ) 5,561 (116 ) $ (5,465 ) (45,064 ) 9,552 Totals $ (350,123 ) 1,819 16,597 The following tables present information about our derivatives at December 31, 2019 and December 31, 2018 . Interest Rate Swaps (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate December 31, 2019 < 3 years $ 2,750,000 19 1.66 % ≥ 3 years and < 5 years 2,850,000 47 1.84 % ≥ 5 years and < 7 years 1,200,000 83 1.86 % ≥ 7 years and < 10 years 1,175,000 118 1.54 % Total or Weighted Average (2) $ 7,975,000 53 1.74 % December 31, 2018 < 3 years $ 2,225,000 20 1.67 % ≥ 3 years and < 5 years 1,725,000 54 1.95 % ≥ 5 years and < 7 years 925,000 69 2.06 % ≥ 7 years and < 10 years 2,475,000 104 2.25 % Total or Weighted Average $ 7,350,000 62 1.98 % (1) Pay Fixed/Receive Variable (2) Of this amount, $1,025,000 notional are LIBOR based swaps, the last of which matures in 2023 ; $375,000 notional are SOFR based swaps, the last of which matures in 2024 ; and $6,575,000 notional are Fed Funds based swaps, the last of which matures in 2029 TBA Agency Securities Notional Amount Cost Basis Fair Value December 31, 2019 15 Year Long 3.0% $ 500,000 $ 511,055 $ 511,885 30 Year Long 2.5% 500,000 494,813 494,395 Total (1) $ 1,000,000 $ 1,005,868 $ 1,006,280 December 31, 2018 30 Year Long 4.5% $ 500,000 $ 514,270 $ 517,123 5.0% 400,000 414,914 416,297 Total $ 900,000 $ 929,184 $ 933,420 (1) $1,000,000 notional are forward settling. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 - Commitments and Contingencies Management The Company is managed by ACM, pursuant to management agreements (see also Note 15 , “ Related Party Transactions ” ) . The management agreements entitle ACM to receive a management fee 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 December 31, 2019 , December 31, 2018 and December 31, 2017 , the effective ARMOUR management fee was 1.00% , 1.03% and 1.04% based on gross equity raised of $2,965,163 , $2,658,969 and $2,618,020 , respectively. 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 December 31, 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. On September 27, 2019 the court further deferred the matter for six months. 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 | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Note 10 - 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 December 31, 2019 , there were 1,131 shares available for future issuance under the Plan. In January 2020, we granted 310 RSU's to ACM and 144 RSU's to the Board, leaving 677 shares available for future issuance. Activity related to awards for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 are summarized below: December 31, 2019 December 31, 2018 December 31, 2017 Number of Awards Weighted Number of Awards Weighted Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 360 $ 24.82 472 $ 24.82 32 $ 39.80 Granted (1) 6 $ 18.71 — $ — 472 $ 24.82 Vested (119 ) $ 18.05 (112 ) $ 22.70 (32 ) $ 39.80 Unvested RSU Awards Outstanding end of period 247 $ 24.82 360 $ 24.82 472 $ 24.82 (1) On July 24, 2019, we granted newly appointed Board member, 6 RSU shares under the Plan, these shares fully vested on November 20, 2019. At December 31, 2019 , there was approximately $6,150 of unvested stock based compensation related to the Awards (based on a weighted average grant date price of $24.82 per share), that we expect to recognize as an expense over the remaining average service period of 2.9 years . Our policy is to account for forfeitures as they occur. We also pay our non-executive Board quarterly fees of $33 , which is payable in cash, common stock, or a combination of common stock and cash at the option of the director. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Note 11 - 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. Pursuant to this redemption, each share of Series A Preferred Stock was canceled and represented 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 received the full monthly dividend for July. The final dividend amount of $375 was paid on July 29, 2019 and was recorded as other expense in our consolidated statements of operations. 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 7,429 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. Preferred Stock At December 31, 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 (the “Department”) 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 December 31, 2019 , a total of 32,030 shares of our authorized preferred stock remained available for designation as future series. On January 28, 2020, we filed Articles Supplementary with the Department to designate 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share, as shares of 7.00% Series C Preferred Stock with the powers, designations, preferences and other rights as set forth therein. Series B Cumulative Preferred Stock - Called for redemption, (February 27, 2020) “Series B Preferred Stock” On January 24, 2020, the Company mailed a notice of full redemption (the “Notice”) of all 8,383 issued and outstanding shares of its Series B Preferred Stock ( $25.00 liquidation preference per share, CUSIP 042315408) to the holders of record of its Series B Preferred Stock as of January 13, 2020. Pursuant to the redemption, each share of Series B Preferred Stock will be canceled and represent solely the right to receive cash in the amount of $25.00 per share of Series B Preferred Stock on February 27, 2020. Pursuant to the terms of the Series B Preferred Stock, holders of record of the Series B Preferred Stock on February 15, 2020 will be entitled to receive the full monthly dividend of $0.16 per outstanding share of Series B Preferred Stock for February, which will be the final dividend and will be paid in the regular course of business on February 27, 2020. At December 31, 2019 and December 31, 2018 , we had 8,383 and 6,369 shares of Series B Preferred Stock, respectively, issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $209,584 and $159,232 , respectively, in the aggregate. Shares designated as Series B Preferred Stock but unissued totaled 9,587 at December 31, 2019 . At December 31, 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, the Company 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. Prior to the termination, 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 year ended December 31, 2019 , we sold 1,914 shares under this agreement for proceeds of $47,306 , net of issuance costs and commissions of approximately $689 . 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. During the year ended December 31, 2019 , we issued sixteen shares under the DRIP Offering. Series C Cumulative Redeemable Preferred Stock "Series C Preferred Stock" On January 23, 2020, the Company and ACM, entered into an Underwriting Agreement (the “Underwriting Agreement”) with B. Riley FBR, Inc., as representative of the several underwriters named therein (collectively, the “Underwriters”), including, but not limited to, BUCKLER, with respect to (i) the sale by the Company of 3,000 shares (the “Firm Shares”) of the Company’s new 7.00% Series C Preferred Stock ( $25.00 liquidation preference per share), $0.001 par value, to the Underwriters with an offering price to the public of $25.00 per share, and (ii) the grant by the Company to the Underwriters of an option to purchase all or part of 450 additional shares of the Series C Preferred Stock during the 30 -day period following the execution of the Underwriting Agreement with the same offering price per share to the public to cover over-allotments. On January 24, 2020, the Underwriters exercised the Option to purchase all of the Option Shares. On January 28, 2020, the Company completed the sale of the Shares for total gross proceeds of approximately $86,250 before deduction of underwriting discounts and commissions and offering expenses payable by the Company. On January 29, 2020, the Company entered into an Equity Sales Agreement with B. Riley FBR, Inc. and BUCKLER, as sales agents (individually and collectively, the “Agents’), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one of more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Equity Sales Agreement relates to a proposed “at-the-market” offering. The Company intends to use the net proceeds from the offering as a portion of the funds used to redeem 100% of the outstanding Series B Preferred Stock as described above. Common Stock At December 31, 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 58,877 shares of common stock issued and outstanding at December 31, 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 year ended December 31, 2019 , we sold 884 shares under this agreement. Proceeds from the sale of the 884 shares were $18,540 , net of issuance costs 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 year ended December 31, 2019 . See Note 15 - 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 December 31, 2019 we repurchased 750 common shares. At December 31, 2019 , there were 8,250 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 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. Equity Capital Raising Activities The following tables present our equity transactions for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds December 31, 2019 Preferred B ATM Sales Agreement June 6, 2019-June 19, 2019 100 $ 24.81 $ 2,489 Preferred B ATM Sales Agreement June 25, 2019-December 31, 2019 1,914 $ 24.74 $ 47,306 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 $ 165,374 Common stock repurchases May 31, 2019-December 31, 2019 (1,000 ) $ 17.77 $ (17,768 ) December 31, 2018 Series B Preferred equity distribution agreement January 2, 2018-January 26, 2018 107 $ 24.62 $ 2,632 DRIP August 21, 2018-December 10, 2018 840 $ 22.61 $ 19,001 Common stock ATM Sales Agreement December 11, 2018-December 19, 2018 883 $ 21.53 $ 19,013 December 31, 2017 Series B Preferred ATM Sales Agreement August 31, 2017-December 30, 2017 612 $ 24.44 $ 14,968 Common stock follow-on public offering June 30, 2017 4,500 $ 25.96 $ 116,693 DRIP September 12, 2017-October 6, 2017 619 $ 26.44 $ 16,500 (1) Weighted average price Dividends The following table presents our Series A Preferred Stock dividend transactions prior to full redemption for the year ended December 31, 2019 . The table below does not include the final dividend amount of $375 that was paid on July 29, 2019 to holders of record on July 15, 2019. This amount was recorded in other expense in our consolidated statements of operations. 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 29, 2019 $ 0.17 374.8 May 15, 2019 May 28, 2019 $ 0.17 374.8 June 15, 2019 June 27, 2019 $ 0.17 374.8 Total dividends paid $ 2,249 The following tables present our Series A Preferred Stock dividend transactions for the years ended December 31, 2018 and December 31, 2017 . 2018 Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2018 January 29, 2018 $ 0.17 $ 374.8 February 15, 2018 February 27, 2018 $ 0.17 374.8 March 15, 2018 March 27, 2018 $ 0.17 374.8 April 15, 2018 April 27, 2018 $ 0.17 374.8 May 15, 2018 May 29, 2018 $ 0.17 374.8 June 15, 2018 June 27, 2018 $ 0.17 374.8 July 15, 2018 July 27, 2018 $ 0.17 374.8 August 15, 2018 August 27, 2018 $ 0.17 374.8 September 15, 2018 September 27, 2018 $ 0.17 374.8 October 15, 2018 October 29, 2018 $ 0.17 374.8 November 15, 2018 November 27, 2018 $ 0.17 374.8 December 15, 2018 December 27, 2018 $ 0.17 374.8 Total dividends paid $ 4,498 2017 Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2017 January 27, 2017 $ 0.17 $ 374.8 February 15, 2017 February 27, 2017 $ 0.17 374.8 March 15, 2017 March 27, 2017 $ 0.17 374.8 April 15, 2017 April 27, 2017 $ 0.17 374.8 May 15, 2017 May 30, 2017 $ 0.17 374.8 June 15, 2017 June 27, 2017 $ 0.17 374.8 July 15, 2017 July 27, 2017 $ 0.17 374.8 August 15, 2017 August 28, 2017 $ 0.17 374.8 September 15, 2017 September 27, 2017 $ 0.17 374.8 October 15, 2017 October 27, 2017 $ 0.17 374.8 November 15, 2017 November 27, 2017 $ 0.17 374.8 December 15, 2017 December 27, 2017 $ 0.17 374.8 Total dividends paid $ 4,498 The following tables present our Series B Preferred Stock dividend transactions for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . 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 29, 2019 $ 0.16 1,045 May 15, 2019 May 28, 2019 $ 0.16 1,045 June 15, 2019 June 27, 2019 $ 0.16 1,059 July 15, 2019 July 29, 2019 $ 0.16 1,100 August 15, 2019 August 27, 2019 $ 0.16 1,142 September 15, 2019 September 27, 2019 $ 0.16 1,168 October 15, 2019 October 28, 2019 $ 0.16 1,190 November 15, 2019 November 27, 2019 $ 0.16 1,210 December 15, 2019 December 27, 2019 $ 0.16 1,291 Total dividends paid $ 13,385 2018 Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2018 January 29, 2018 $ 0.16 $ 1,039 February 15, 2018 February 27, 2018 $ 0.16 1,045 March 15, 2018 March 27, 2018 $ 0.16 1,045 April 15, 2018 April 27, 2018 $ 0.16 1,045 May 15, 2018 May 29, 2018 $ 0.16 1,045 June 15, 2018 June 27, 2018 $ 0.16 1,045 July 15, 2018 July 27, 2018 $ 0.16 1,045 August 15, 2018 August 27, 2018 $ 0.16 1,045 September 15, 2018 September 27, 2018 $ 0.16 1,045 October 15, 2018 October 29, 2018 $ 0.16 1,045 November 15, 2018 November 27, 2018 $ 0.16 1,045 December 15, 2018 December 27, 2018 $ 0.16 1,045 Total dividends paid $ 12,534 2017 Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2017 January 27, 2017 $ 0.16 $ 927 February 15, 2017 February 27, 2017 $ 0.16 927 March 15, 2017 March 27, 2017 $ 0.16 927 April 15, 2017 April 27, 2017 $ 0.16 927 May 15, 2017 May 30, 2017 $ 0.16 927 June 15, 2017 June 27, 2017 $ 0.16 927 July 15, 2017 July 27, 2017 $ 0.16 927 August 15, 2017 August 28, 2017 $ 0.16 927 September 15, 2017 September 27, 2017 $ 0.16 962 October 15, 2017 October 27, 2017 $ 0.16 987 November 15, 2017 November 27, 2017 $ 0.16 998 December 15, 2017 December 27, 2017 $ 0.16 1,019 Total dividends paid $ 11,382 The following tables present our common stock dividend transactions for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . 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 July 16, 2019 July 29, 2019 $ 0.17 10,114 August 15, 2019 August 27, 2019 $ 0.17 10,099 September 16, 2019 September 27, 2019 $ 0.17 10,075 October 15, 2019 October 28, 2019 $ 0.17 10,059 November 15, 2019 November 27, 2019 $ 0.17 10,059 December 16, 2019 December 27, 2019 $ 0.17 10,059 Total dividends paid $ 124,477 2018 Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 16, 2018 January 29, 2018 $ 0.19 $ 8,046 February 15, 2018 February 27, 2018 $ 0.19 8,046 March 15, 2018 March 28, 2018 $ 0.19 8,045 April 13, 2018 April 27, 2018 $ 0.19 8,046 May 15, 2018 May 30, 2018 $ 0.19 8,046 June 15, 2018 June 28, 2018 $ 0.19 8,045 July 16, 2018 July 27, 2018 $ 0.19 8,045 August 15, 2018 August 28, 2018 $ 0.19 8,045 September 17, 2018 September 27, 2018 $ 0.19 8,117 October 15, 2018 October 29, 2018 $ 0.19 8,118 November 15, 2018 November 27, 2018 $ 0.19 8,118 December 17, 2018 December 27, 2018 $ 0.19 8,307 Total dividends paid $ 97,024 2017 Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 17, 2017 January 30, 2017 $ 0.19 $ 6,984 February 15, 2017 February 27, 2017 $ 0.19 6,984 March 15, 2017 March 30, 2017 $ 0.19 6,983 April 17, 2017 April 28, 2017 $ 0.19 6,984 May 15, 2017 May 30, 2017 $ 0.19 6,984 June 15, 2017 June 29, 2017 $ 0.19 6,983 July 17, 2017 July 27, 2017 $ 0.19 7,839 August 15, 2017 August 28, 2017 $ 0.19 7,839 September 15, 2017 September 28, 2017 $ 0.19 7,870 October 16, 2017 October 27, 2017 $ 0.19 7,956 November 15, 2017 November 27, 2017 $ 0.19 7,957 December 15, 2017 December 28, 2017 $ 0.19 8,046 Total dividends paid $ 89,409 |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | Note 12 - 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 years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Net Income (Loss) $ (249,905 ) $ (105,966 ) $ 181,154 Less: Preferred dividends (15,634 ) (17,032 ) (15,880 ) Net Income (Loss) available (related) to common stockholders $ (265,539 ) $ (122,998 ) $ 165,274 Weighted average common shares outstanding – basic 57,833 42,128 39,170 Add: Effect of dilutive non-vested awards, assumed vested — — 472 Weighted average common shares outstanding – diluted 57,833 42,128 39,642 Note 13 - Comprehensive Income (Loss) per Common Share The following table presents a reconciliation of comprehensive net income (loss) and the shares used in calculating weighted average basic and diluted comprehensive income (loss) per common share for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Comprehensive Income (Loss) $ 149,438 $ (129,725 ) $ 190,177 Less: Preferred dividends (15,634 ) (17,032 ) (15,880 ) Comprehensive Income (Loss) available (related) to common stockholders $ 133,804 $ (146,757 ) $ 174,297 Net Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ 2.31 $ (3.48 ) $ 4.45 Diluted $ 2.30 $ (3.48 ) $ 4.40 Weighted average common shares outstanding: Basic 57,833 42,128 39,170 Add: Effect of dilutive non-vested awards, assumed vested 247 — 472 Diluted 58,080 42,128 39,642 |
Comprehensive Income (Loss) per
Comprehensive Income (Loss) per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Comprehensive Income (Loss) per Common Share | Note 12 - 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 years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Net Income (Loss) $ (249,905 ) $ (105,966 ) $ 181,154 Less: Preferred dividends (15,634 ) (17,032 ) (15,880 ) Net Income (Loss) available (related) to common stockholders $ (265,539 ) $ (122,998 ) $ 165,274 Weighted average common shares outstanding – basic 57,833 42,128 39,170 Add: Effect of dilutive non-vested awards, assumed vested — — 472 Weighted average common shares outstanding – diluted 57,833 42,128 39,642 Note 13 - Comprehensive Income (Loss) per Common Share The following table presents a reconciliation of comprehensive net income (loss) and the shares used in calculating weighted average basic and diluted comprehensive income (loss) per common share for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Comprehensive Income (Loss) $ 149,438 $ (129,725 ) $ 190,177 Less: Preferred dividends (15,634 ) (17,032 ) (15,880 ) Comprehensive Income (Loss) available (related) to common stockholders $ 133,804 $ (146,757 ) $ 174,297 Net Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ 2.31 $ (3.48 ) $ 4.45 Diluted $ 2.30 $ (3.48 ) $ 4.40 Weighted average common shares outstanding: Basic 57,833 42,128 39,170 Add: Effect of dilutive non-vested awards, assumed vested 247 — 472 Diluted 58,080 42,128 39,642 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 - Income Taxes The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 GAAP net income (loss) $ (249,905 ) $ (105,966 ) $ 181,154 Book to tax differences: TRS income (147 ) (265 ) — Premium amortization expense — (1,132 ) (468 ) Credit Risk and Non-Agency Securities 24,459 26,509 (68,505 ) Interest-Only Securities 85 318 1,216 U.S. Treasury Securities (2,024 ) 6,365 — Changes in interest rate contracts 375,493 (1,346 ) (49,930 ) (Gain) Loss on sales of Agency Securities (9,611 ) 152,950 8,486 Other than temporary loss on Agency Securities — 12,090 13,707 Amortization of deferred hedging costs (69,302 ) (56,378 ) (59,930 ) Series A Cumulative Preferred Stock dividend- Called for redemption 375 — — Other 18 16 15 Estimated taxable income $ 69,441 $ 33,161 $ 25,745 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 though 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 TRS is taxable as a domestic C corporation and subject to federal, state, and local income taxes based upon its taxable income. During the year ended December 31, 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 December 31, 2019 , by approximately $818 , or approximately $0.01 per common share (based on the 58,877 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 $140,486 (including the final dividend on the Series A Preferred Stock, called for redemption of $375 paid on July 29, 2019 to holders of record on July 15, 2019), $114,056 and $105,289 for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 , respectively. Our estimated REIT taxable income available for distribution as dividends was $69,441 , $33,161 and $25,745 for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 , 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. The portion of the dividends on our common stock which represented non-taxable return of capital was approximately 56.8% in 2019 , 83.2% in 2018 and 89.0% in 2017 . 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 | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 - Related Party Transactions ACM Management: 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 term 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 automatically renew 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 the ARMOUR management agreement, we incurred $29,513 , $27,190 and $26,518 in management fees for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . In accordance with the JAVELIN management agreement, we paid management fees of one dollar for the years ended December 31, 2019 and December 31, 2018 and $1,718 for the year ended December 31, 2017 , respectively. We are required to take actions as may be reasonably required to permit and enable ACM to carry out its duties and obligations. We are also responsible for any costs and expenses that ACM incurred solely on our behalf other than the various overhead expenses specified in the terms of the management agreements. For the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 we reimbursed ACM $114 , $206 and $764 , respectively for other expenses incurred on our behalf. At December 31, 2019, we had a receivable of $552 due from ACM. In 2013 and 2017, we elected to grant 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 grant restricted stock unit awards to the Board. We recognized stock based compensation expense of $348 , $436 and $339 for the years ended , December 31, 2019 , December 31, 2018 and December 31, 2017 , respectively. BUCKLER In March 2017, we contributed $352 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 $381 at December 31, 2019 and $113 at December 31, 2018 reflecting our total investment plus our share of BUCKLER’s 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. To date, we have received $767 , of which $258 was received subsequent to December 31, 2019 , from BUCKLER as an allocated share of Financing Gross Profit for a reduction of interest on repurchase agreements charged to the Company. Financing Gross Profit is defined in the operating agreement, subject to a contractually required reduction in our share of the Financing Gross Profit of $306 per annum until the end of the first quarter of 2020. See Note 11 - Stockholders' Equity for discussion of equity transactions with BUCKLER. We previously entered into three subordinated loan agreements with BUCKLER, totaling $105,000 . On March 18, 2019, these three subordinated loan agreements were consolidated into one loan of $105,000 , maturing on April 1, 2022, with automatic renewals. 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 years ended December 31, 2019 , December 31, 2018 and December 31, 2017, the Company earned $1,886 , $2,019 and $280 in interest on this loan. The table below summarizes other transactions with BUCKLER for the years ended December 31, 2019 and December 31, 2018 . Transactions with BUCKLER December 31, 2019 December 31, 2018 Repurchase agreements (1) $ 5,107,101 $ 3,503,750 Interest on repurchase agreements $ 120,090 $ 67,156 Collateral posted on repurchase agreements $ 5,341,487 $ 3,652,899 U.S. Treasury Securities Purchased $ — $ 815,765 U.S. Treasury Securities Sold $ — $ 563,258 (1) See also Note 7 , Repurchase Agreements |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 - Subsequent Events 7.875% Series B Preferred Stock - Called for redemption On January 24, 2020, the Company mailed a notice of full redemption (the “Notice”) of all 8,383 issued and outstanding shares of its Series B Preferred Stock ( $25.00 liquidation preference per share, CUSIP 042315408) to the holders of record of its Series B Preferred Stock as of January 13, 2020. See Note 11 for additional information. On January 27, 2020, a cash dividend of $0.16 per outstanding share of Series B Preferred Stock, or $1,375 in the aggregate, was paid to holders of record on January 15, 2020. Pursuant to the terms of the Series B Preferred Stock, holders of record of the Series B Preferred Stock on February 15, 2020, will be entitled to receive the full monthly dividend of $0.16 per outstanding share of Series B Preferred Stock for February, which will be the final dividend and will be paid in the regular course of business on February 27, 2020. Series C Preferred Stock Between January 23, 2020 and February 14, 2020, we issued 1,200 shares for proceeds of $29,853 , net of issuance costs and commissions of approximately $327 . See Note 11 for additional information. We also declared a cash dividend of $0.15 per outstanding share of Series C Preferred Stock, payable February 27, 2020 and March 27, 2020 to holders of record on February 15, 2020 and March 15, 2020, respectively. Common Stock On January 30, 2020, a cash dividend of $0.17 per outstanding common share, or $10,126 in the aggregate, was paid to holders of record on January 15, 2020. We have also declared cash dividends of $0.17 per outstanding common share payable February 27, 2020 to holders of record on February 14, 2020 and payable March 27, 2020 to holders of record on March 16, 2020. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Note 17 - Quarterly Financial Data (unaudited) The following tables are a comparative breakdown of our unaudited quarterly financial results for the immediately preceding eight quarters. Quarter Ended March 31, June 30, September 30, December 31, Agency Securities, net of amortization of premium and fees $ 79,832 $ 113,438 $ 102,134 $ 87,407 Credit Risk and Non-Agency Securities, including discount accretion 13,592 13,383 13,158 12,785 Interest-Only Securities 345 251 — — U.S. Treasury Securities 482 744 128 — BUCKLER Subordinated loans 539 544 479 324 Interest expense- repurchase agreements (60,978 ) (87,504 ) (80,293 ) (59,454 ) Net Interest Income $ 33,812 $ 40,856 $ 35,606 $ 41,062 Realized loss on sale of Agency Securities (reclassified from Other comprehensive income (loss)) (2,910 ) (44 ) 4,569 7,996 Gain (Loss) on Credit Risk and Non-Agency Securities 496 (17,699 ) (8,842 ) 1,650 Gain (Loss) on Interest-Only Securities (368 ) 490 — — Gain (loss) U.S. Treasury Securities (693 ) 3,453 (736 ) — Realized gain (loss) on derivatives (1) (22,131 ) (92,990 ) (85,076 ) (13,799 ) Unrealized gain (loss) on derivatives (113,067 ) (107,304 ) 3,845 80,399 Expenses (9,520 ) (10,012 ) (10,321 ) (8,627 ) Net Income (Loss) $ (114,381 ) $ (183,250 ) $ (60,955 ) $ 108,681 Dividends declared on preferred stock (4,259 ) (4,274 ) (3,410 ) (3,691 ) Net Income (Loss) available (related) to common stockholders $ (118,640 ) $ (187,524 ) $ (64,365 ) 104,990 Net income (loss) available (related) per share to common stockholders – Basic $ (2.21 ) $ (3.14 ) $ (1.09 ) $ 1.78 Net income (loss) available (related) per share to common stockholders – Diluted $ (2.21 ) $ (3.14 ) $ (1.09 ) $ 1.78 Dividends declared per common share $ 0.57 $ 0.57 $ 0.51 $ 0.51 Weighted average common shares outstanding – Basic 53,630 59,654 59,077 58,902 Weighted average common shares outstanding – Diluted 53,630 59,654 59,077 59,149 Quarter Ended March 31, June 30, September 30, December 31, Agency Securities, net of amortization of premium and fees $ 52,253 $ 47,809 $ 56,787 $ 61,542 Credit Risk and Non-Agency Securities, including discount accretion 14,006 14,330 14,573 13,518 Interest-Only Securities 442 417 413 395 U.S. Treasury Securities 844 2,805 404 591 BUCKLER Subordinated loans 624 430 457 508 Interest expense- repurchase agreements (32,018 ) (35,706 ) (40,359 ) (46,147 ) Net Interest Income $ 36,151 $ 30,085 $ 32,275 $ 30,407 Realized loss on sale of Agency Securities (reclassified from Other comprehensive income (loss)) (32,603 ) (25,316 ) (31,136 ) (63,895 ) OTTI of Agency Securities (12,090 ) — — — Gain (Loss) on Credit Risk and Non-Agency Securities 1,283 (3,234 ) (2,115 ) (23,200 ) Gain (Loss) on Interest-Only Securities 298 (450 ) 210 (1,065 ) Gain (loss) U.S. Treasury Securities 2,576 (8,884 ) (84 ) 27 Realized gain (loss) on derivatives (1) (38,604 ) (14,341 ) 3,739 1,709 Unrealized gain (loss) on derivatives 97,201 45,054 54,169 (147,108 ) Expenses (9,465 ) (9,352 ) (9,354 ) (8,854 ) Net Income (Loss) $ 44,747 $ 13,562 $ 47,704 $ (211,979 ) Dividends declared on preferred stock (4,253 ) (4,259 ) (4,259 ) (4,261 ) Net Income (Loss) available (related) to common stockholders $ 40,494 $ 9,303 $ 43,445 $ (216,240 ) Net income (loss) available (related) per share to common stockholders – Basic $ 0.97 $ 0.22 $ 1.03 $ (5.07 ) Net income (loss) available (related) per share to common stockholders – Diluted $ 0.96 $ 0.22 $ 1.02 $ (5.07 ) Dividends declared per common share $ 0.57 $ 0.57 $ 0.57 $ 0.57 Weighted average common shares outstanding – Basic 41,887 41,912 42,047 42,656 Weighted average common shares outstanding – Diluted 42,331 42,328 42,435 42,656 (1) Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the consolidated statements of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The 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 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 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. |
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"). |
Credit Risk, Non-Agency, and Interest-only Securities, Trading | Investments in Securities, at Fair Value Our investments in securities are generally classified as either available for sale or trading 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. Available for Sale Securities represent investments that we intend to hold for extended periods of time 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). Trading Securities are reported at their estimated fair values with gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations. |
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 and interest on unsettled sales of securities. Accrued interest payable includes interest on unsettled purchases of securities, interest on 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 short-term 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, which accrues over the life of the repurchase agreement. 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. |
Derivatives, at Fair Value | Derivatives, at Fair Value We recognize all derivatives individually 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). 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. |
Impairment of Assets | Impairment of Assets We evaluate available for sale 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 available for sale 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 available for sale securities . |
Revenue Recognition | Revenue Recognition Available for Sale Securities - Trading 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. 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) 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 ("ASU") 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. Accounting Standard Description ASU 2018–07, Improvements to Non-employee 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 non-employees. Equity–classified share–based payment awards issued to non-employees 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 impact on the Company's financial condition or results of operations. ASU 2016-18 , Statement of Cash Flows (Topic 230) - Restricted Cash This standard was adopted in 2018, 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. ASU 2016-13, Financial Instruments–Credit Losses (Topic 326) The standard introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The standard will apply to (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off–balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The standard is effective for fiscal years beginning after December 15, 2019. The adoption of the standard did not have a significant impact on the Company's Agency Securities as the contractual cash flows of these federal agency mortgage backed securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than their amortized cost. The Company does not intend to sell the investments and it is not more likely than not that it will be required to sell the investments before recovery of their amortized cost bases. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2019 and December 31, 2018 . December 31, 2019 (Level 1) (Level 2) (Level 3) Balance Assets at Fair Value: Agency Securities $ — $ 11,941,766 $ — $ 11,941,766 Credit Risk and Non-Agency Securities $ — $ 883,601 $ — $ 883,601 Derivatives $ — $ 24,751 $ — $ 24,751 Liabilities at Fair Value: Derivatives $ — $ 71,974 $ — $ 71,974 December 31, 2018 (Level 1) (Level 2) (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 |
Investment In Securities (Table
Investment In Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment in Securities | The following tables summarize our investment in securities as of December 31, 2019 and December 31, 2018 , excluding TBA Agency Securities. See Note 8 for additional information. Available for Sale Securities Trading Securities Agency Credit Risk and Non-Agency Interest-Only U.S. Treasuries Totals December 31, 2019 Beginning balance $ 7,051,954 $ 819,915 $ 20,623 $ 98,646 $ 7,991,138 Purchases (1) 9,130,512 138,767 — 1,685,058 10,954,337 Proceeds from sales (2,894,339 ) — (18,822 ) (1,786,090 ) (4,699,251 ) Principal repayments (1,701,406 ) (53,641 ) — — (1,755,047 ) Gains (losses) 408,954 (24,396 ) 123 2,024 386,705 Amortization/accretion (53,909 ) 2,956 (1,924 ) 362 (52,515 ) Ending balance $ 11,941,766 $ 883,601 $ — $ — $ 12,825,367 Percentage of Portfolio 93.11 % 6.89 % — % — % 100.00 % December 31, 2018 Beginning balance $ 7,478,966 $ 975,830 $ 25,752 $ — $ 8,480,548 Purchases (1) 4,982,725 — — 765,828 $ 5,748,553 Sales (4,496,015 ) (97,758 ) — (661,883 ) $ (5,255,656 ) Principal Repayments (691,934 ) (33,837 ) — — $ (725,771 ) Losses (176,709 ) (27,266 ) (1,007 ) (6,365 ) $ (211,347 ) OTTI (12,090 ) — — — $ (12,090 ) Amortization/accretion (32,989 ) 2,946 (4,122 ) 1,066 $ (33,099 ) Ending balance $ 7,051,954 $ 819,915 $ 20,623 $ 98,646 $ 7,991,138 Percentage of Portfolio 88.25 % 10.26 % 0.26 % 1.23 % 100.00 % (1) Purchases include cash paid during the period, plus payable for investment securities purchased during the period as of period end. |
Available-for-sale Securities in an Unrealized Gain or Loss Position | The table below presents the components of the carrying value and the unrealized gain or loss position of our Agency Securities at December 31, 2019 and December 31, 2018 . Our Agency Securities had a weighted average coupon of 3.76% and 3.94% at December 31, 2019 and December 31, 2018 . Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2019 Total Fannie Mae $ 8,779,331 $ 8,975,140 $ (291 ) $ 294,937 $ 9,269,786 Total Freddie Mac 2,522,870 2,587,512 (40 ) 61,323 2,648,795 Total Ginnie Mae 22,504 23,641 (461 ) 5 23,185 Total $ 11,324,705 $ 11,586,293 $ (792 ) $ 356,265 $ 11,941,766 December 31, 2018 Total Fannie Mae $ 5,200,450 $ 5,337,466 $ (46,758 ) $ 16,760 $ 5,307,468 Total Freddie Mac 1,362,771 1,417,313 (13,815 ) 657 1,404,155 Total Ginnie Mae 328,571 341,045 (722 ) 8 340,331 Total $ 6,891,792 $ 7,095,824 $ (61,295 ) $ 17,425 $ 7,051,954 |
Investments Classified by Contractual Maturity Date | The following table summarizes the weighted average lives of our Agency Securities at December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Weighted Average Life of all Agency Securities Fair Value Amortized Fair Value Amortized < 1 year $ — $ — $ 75 $ 77 ≥ 1 year and < 3 years 22,237 22,254 25,841 26,264 ≥ 3 years and < 5 years 6,542,389 6,365,623 1,334,663 1,331,577 ≥ 5 years 5,377,140 5,198,416 5,691,375 5,737,906 Total Agency Securities $ 11,941,766 $ 11,586,293 $ 7,051,954 $ 7,095,824 The following table summarizes the weighted average lives of our Trading Securities at December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Estimated Weighted Average Life of Trading Securities Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ — $ — $ 98,646 $ 98,703 ≥ 1 year and < 3 years 389,883 369,600 — — ≥ 3 years and < 5 years 407,656 375,030 201,811 183,025 ≥ 5 years 86,062 80,214 638,727 574,004 Total $ 883,601 $ 824,844 $ 939,184 $ 855,732 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table presents the unrealized losses and estimated fair value of our Agency Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2019 and December 31, 2018 . All of our Agency Securities are issued and guaranteed by GSEs or Ginnie Mae. The GSEs have a long term credit rating of AA+. Unrealized Loss Position For: < 12 Months ≥ 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 $ 2,136 $ (10 ) $ 43,939 $ (782 ) $ 46,075 $ (792 ) December 31, 2018 $ 2,651,518 $ (18,135 ) $ 1,197,533 $ (43,160 ) $ 3,849,051 $ (61,295 ) |
Debt Securities, Trading, and Equity Securities, FV-NI | The components of the carrying value of our Trading Securities at December 31, 2019 and December 31, 2018 are presented in the table below. We did not have any U.S. Treasury Securities or Interest-Only Securities at December 31, 2019 . Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2019 Credit Risk Transfer $ 754,729 $ 751,940 $ — $ 52,024 $ 803,964 Non-Agency Securities 93,723 72,904 (3 ) 6,736 79,637 Total Credit Risk and Non-Agency Securities $ 848,452 $ 824,844 $ (3 ) $ 58,760 $ 883,601 December 31, 2018 Credit Risk Transfer $ 661,181 $ 653,681 $ — $ 76,303 $ 729,984 Non-Agency Securities 105,942 83,150 (13 ) 6,794 89,931 Total Credit Risk and Non-Agency Securities $ 767,123 $ 736,831 $ (13 ) $ 83,097 $ 819,915 U.S. Treasury Securities 100,000 98,703 (57 ) — 98,646 Interest-Only Securities 108,169 20,198 — 425 20,623 Total $ 975,292 $ 855,732 $ (70 ) $ 83,522 $ 939,184 |
Trading Securities, Continuous Unrealized Loss Position, Fair Value | The following table presents the unrealized losses and estimated fair value of our Trading Securities by length of time that such securities have been in a continuous unrealized loss position at December 31, 2019 and December 31, 2018 . Our Credit Risk and Non-Agency Securities are subject to risk of loss with regard to principal and interest payments. 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. Unrealized Loss Position For: < 12 Months ≥ 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Credit Risk and Non-Agency Securities $ 362 $ (3 ) $ — $ — $ 362 $ (3 ) December 31, 2018 Credit Risk and Non-Agency Securities $ 1,860 $ (13 ) $ — $ — $ 1,860 $ (13 ) U.S. Treasury Securities $ 98,646 $ (57 ) $ — $ — $ 98,646 $ (57 ) |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Repurchase Agreements [Abstract] | |
Schedule of Repurchase Agreements | The following table represents the contractual repricing regarding our repurchase agreements to finance MBS purchases at December 31, 2019 and December 31, 2018 . No amounts below are subject to offsetting. Balance Weighted Average Contractual Rate Weighted Average Maturity in days Haircut (1) December 31, 2019 Agency Securities ≤ 30 days $ 10,241,137 2.56 % 8 4.35 % > 30 days to ≤ 60 days 426,147 1.99 % 34 4.61 % Total or Weighted Average 10,667,284 2.54 % 9 4.36 % Credit Risk and Non-Agency Securities ≤ 30 days 687,263 2.45 % 15 16.25 % Total or Weighted Average $ 11,354,547 2.54 % 9 5.16 % December 31, 2018 Agency Securities ≤ 30 days $ 5,213,145 3.03 % 10 4.25 % > 30 days to ≤ 60 days 1,243,678 2.60 % 34 4.10 % Total or Weighted Average 6,456,823 2.95 % 14 4.22 % Credit Risk and Non-Agency Securities ≤ 30 days 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) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting Assets | The following tables present information about the potential effects of netting our derivatives if we were to offset the assets and liabilities on the accompanying consolidated balance sheets. We currently present these financial instruments at their gross amounts and they are included in derivatives, at fair value on the accompanying consolidated balance sheets at December 31, 2019 and December 31, 2018 . Gross Amounts Not Offset Assets Gross Amounts (1) Financial Instruments Cash Collateral Total Net December 31, 2019 Interest rate swap contracts $ 23,659 $ (70,290 ) $ 83,066 $ 36,435 TBA Agency Securities 1,092 (1,092 ) — — Totals $ 24,751 $ (71,382 ) $ 83,066 $ 36,435 December 31, 2018 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 (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. |
Offsetting Liabilities | Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Instruments Cash Collateral Total Net December 31, 2019 Interest rate swap contracts $ (70,290 ) $ 70,290 $ — $ — TBA Agency Securities (1,684 ) 1,092 377 (215 ) Totals $ (71,974 ) $ 71,382 $ 377 $ (215 ) December 31, 2018 Interest rate swap contracts $ (24,505 ) $ 24,505 $ — $ — Totals $ (24,505 ) $ 24,505 $ — $ — (1) See Note 5 , “ Fair Value of Financial Instruments ” for additional discussion. |
Derivative Instruments, Gain (Loss) | The following table represents the location and information regarding our derivatives which are included in Other Income (Loss) in the accompanying consolidated statements of operations for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . Income (Loss) Recognized For the Years Ended Derivatives Location on consolidated statements of operations December 31, 2019 December 31, 2018 December 31, 2017 Interest rate swap contracts: Realized gain (loss) Realized loss on derivatives $ (237,725 ) 2,655 990 Interest income Realized loss on derivatives 187,899 124,714 50,464 Interest expense Realized loss on derivatives (162,529 ) (124,241 ) (83,797 ) Changes in fair value Unrealized gain (loss) on derivatives (132,303 ) 43,755 39,388 $ (344,658 ) 46,883 $ 7,045 TBA Agency Securities: Realized gain (loss) Realized loss on derivatives (1,641 ) (50,625 ) 9,668 Changes in fair value Unrealized gain (loss) on derivatives (3,824 ) 5,561 (116 ) $ (5,465 ) (45,064 ) 9,552 Totals $ (350,123 ) 1,819 16,597 |
Schedule of Derivative Instruments | The following tables present information about our derivatives at December 31, 2019 and December 31, 2018 . Interest Rate Swaps (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate December 31, 2019 < 3 years $ 2,750,000 19 1.66 % ≥ 3 years and < 5 years 2,850,000 47 1.84 % ≥ 5 years and < 7 years 1,200,000 83 1.86 % ≥ 7 years and < 10 years 1,175,000 118 1.54 % Total or Weighted Average (2) $ 7,975,000 53 1.74 % December 31, 2018 < 3 years $ 2,225,000 20 1.67 % ≥ 3 years and < 5 years 1,725,000 54 1.95 % ≥ 5 years and < 7 years 925,000 69 2.06 % ≥ 7 years and < 10 years 2,475,000 104 2.25 % Total or Weighted Average $ 7,350,000 62 1.98 % (1) Pay Fixed/Receive Variable (2) Of this amount, $1,025,000 notional are LIBOR based swaps, the last of which matures in 2023 ; $375,000 notional are SOFR based swaps, the last of which matures in 2024 ; and $6,575,000 notional are Fed Funds based swaps, the last of which matures in 2029 TBA Agency Securities Notional Amount Cost Basis Fair Value December 31, 2019 15 Year Long 3.0% $ 500,000 $ 511,055 $ 511,885 30 Year Long 2.5% 500,000 494,813 494,395 Total (1) $ 1,000,000 $ 1,005,868 $ 1,006,280 December 31, 2018 30 Year Long 4.5% $ 500,000 $ 514,270 $ 517,123 5.0% 400,000 414,914 416,297 Total $ 900,000 $ 929,184 $ 933,420 (1) $1,000,000 notional are forward settling. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | related to awards for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 are summarized below: December 31, 2019 December 31, 2018 December 31, 2017 Number of Awards Weighted Number of Awards Weighted Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 360 $ 24.82 472 $ 24.82 32 $ 39.80 Granted (1) 6 $ 18.71 — $ — 472 $ 24.82 Vested (119 ) $ 18.05 (112 ) $ 22.70 (32 ) $ 39.80 Unvested RSU Awards Outstanding end of period 247 $ 24.82 360 $ 24.82 472 $ 24.82 (1) On July 24, 2019, we granted newly appointed Board member, 6 RSU shares under the Plan, these shares fully vested on November 20, 2019. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stock Issuances | The following tables present our equity transactions for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds December 31, 2019 Preferred B ATM Sales Agreement June 6, 2019-June 19, 2019 100 $ 24.81 $ 2,489 Preferred B ATM Sales Agreement June 25, 2019-December 31, 2019 1,914 $ 24.74 $ 47,306 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 $ 165,374 Common stock repurchases May 31, 2019-December 31, 2019 (1,000 ) $ 17.77 $ (17,768 ) December 31, 2018 Series B Preferred equity distribution agreement January 2, 2018-January 26, 2018 107 $ 24.62 $ 2,632 DRIP August 21, 2018-December 10, 2018 840 $ 22.61 $ 19,001 Common stock ATM Sales Agreement December 11, 2018-December 19, 2018 883 $ 21.53 $ 19,013 December 31, 2017 Series B Preferred ATM Sales Agreement August 31, 2017-December 30, 2017 612 $ 24.44 $ 14,968 Common stock follow-on public offering June 30, 2017 4,500 $ 25.96 $ 116,693 DRIP September 12, 2017-October 6, 2017 619 $ 26.44 $ 16,500 (1) Weighted average price |
Dividends Transactions | The following table presents our Series A Preferred Stock dividend transactions prior to full redemption for the year ended December 31, 2019 . The table below does not include the final dividend amount of $375 that was paid on July 29, 2019 to holders of record on July 15, 2019. This amount was recorded in other expense in our consolidated statements of operations. 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 29, 2019 $ 0.17 374.8 May 15, 2019 May 28, 2019 $ 0.17 374.8 June 15, 2019 June 27, 2019 $ 0.17 374.8 Total dividends paid $ 2,249 The following tables present our Series A Preferred Stock dividend transactions for the years ended December 31, 2018 and December 31, 2017 . 2018 Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2018 January 29, 2018 $ 0.17 $ 374.8 February 15, 2018 February 27, 2018 $ 0.17 374.8 March 15, 2018 March 27, 2018 $ 0.17 374.8 April 15, 2018 April 27, 2018 $ 0.17 374.8 May 15, 2018 May 29, 2018 $ 0.17 374.8 June 15, 2018 June 27, 2018 $ 0.17 374.8 July 15, 2018 July 27, 2018 $ 0.17 374.8 August 15, 2018 August 27, 2018 $ 0.17 374.8 September 15, 2018 September 27, 2018 $ 0.17 374.8 October 15, 2018 October 29, 2018 $ 0.17 374.8 November 15, 2018 November 27, 2018 $ 0.17 374.8 December 15, 2018 December 27, 2018 $ 0.17 374.8 Total dividends paid $ 4,498 2017 Record Date Payment Date Rate per Series A Preferred Share Aggregate amount paid to holders of record January 15, 2017 January 27, 2017 $ 0.17 $ 374.8 February 15, 2017 February 27, 2017 $ 0.17 374.8 March 15, 2017 March 27, 2017 $ 0.17 374.8 April 15, 2017 April 27, 2017 $ 0.17 374.8 May 15, 2017 May 30, 2017 $ 0.17 374.8 June 15, 2017 June 27, 2017 $ 0.17 374.8 July 15, 2017 July 27, 2017 $ 0.17 374.8 August 15, 2017 August 28, 2017 $ 0.17 374.8 September 15, 2017 September 27, 2017 $ 0.17 374.8 October 15, 2017 October 27, 2017 $ 0.17 374.8 November 15, 2017 November 27, 2017 $ 0.17 374.8 December 15, 2017 December 27, 2017 $ 0.17 374.8 Total dividends paid $ 4,498 The following tables present our Series B Preferred Stock dividend transactions for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . 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 29, 2019 $ 0.16 1,045 May 15, 2019 May 28, 2019 $ 0.16 1,045 June 15, 2019 June 27, 2019 $ 0.16 1,059 July 15, 2019 July 29, 2019 $ 0.16 1,100 August 15, 2019 August 27, 2019 $ 0.16 1,142 September 15, 2019 September 27, 2019 $ 0.16 1,168 October 15, 2019 October 28, 2019 $ 0.16 1,190 November 15, 2019 November 27, 2019 $ 0.16 1,210 December 15, 2019 December 27, 2019 $ 0.16 1,291 Total dividends paid $ 13,385 2018 Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2018 January 29, 2018 $ 0.16 $ 1,039 February 15, 2018 February 27, 2018 $ 0.16 1,045 March 15, 2018 March 27, 2018 $ 0.16 1,045 April 15, 2018 April 27, 2018 $ 0.16 1,045 May 15, 2018 May 29, 2018 $ 0.16 1,045 June 15, 2018 June 27, 2018 $ 0.16 1,045 July 15, 2018 July 27, 2018 $ 0.16 1,045 August 15, 2018 August 27, 2018 $ 0.16 1,045 September 15, 2018 September 27, 2018 $ 0.16 1,045 October 15, 2018 October 29, 2018 $ 0.16 1,045 November 15, 2018 November 27, 2018 $ 0.16 1,045 December 15, 2018 December 27, 2018 $ 0.16 1,045 Total dividends paid $ 12,534 2017 Record Date Payment Date Rate per Series B Preferred Share Aggregate amount paid to holders of record January 15, 2017 January 27, 2017 $ 0.16 $ 927 February 15, 2017 February 27, 2017 $ 0.16 927 March 15, 2017 March 27, 2017 $ 0.16 927 April 15, 2017 April 27, 2017 $ 0.16 927 May 15, 2017 May 30, 2017 $ 0.16 927 June 15, 2017 June 27, 2017 $ 0.16 927 July 15, 2017 July 27, 2017 $ 0.16 927 August 15, 2017 August 28, 2017 $ 0.16 927 September 15, 2017 September 27, 2017 $ 0.16 962 October 15, 2017 October 27, 2017 $ 0.16 987 November 15, 2017 November 27, 2017 $ 0.16 998 December 15, 2017 December 27, 2017 $ 0.16 1,019 Total dividends paid $ 11,382 The following tables present our common stock dividend transactions for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . 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 July 16, 2019 July 29, 2019 $ 0.17 10,114 August 15, 2019 August 27, 2019 $ 0.17 10,099 September 16, 2019 September 27, 2019 $ 0.17 10,075 October 15, 2019 October 28, 2019 $ 0.17 10,059 November 15, 2019 November 27, 2019 $ 0.17 10,059 December 16, 2019 December 27, 2019 $ 0.17 10,059 Total dividends paid $ 124,477 2018 Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 16, 2018 January 29, 2018 $ 0.19 $ 8,046 February 15, 2018 February 27, 2018 $ 0.19 8,046 March 15, 2018 March 28, 2018 $ 0.19 8,045 April 13, 2018 April 27, 2018 $ 0.19 8,046 May 15, 2018 May 30, 2018 $ 0.19 8,046 June 15, 2018 June 28, 2018 $ 0.19 8,045 July 16, 2018 July 27, 2018 $ 0.19 8,045 August 15, 2018 August 28, 2018 $ 0.19 8,045 September 17, 2018 September 27, 2018 $ 0.19 8,117 October 15, 2018 October 29, 2018 $ 0.19 8,118 November 15, 2018 November 27, 2018 $ 0.19 8,118 December 17, 2018 December 27, 2018 $ 0.19 8,307 Total dividends paid $ 97,024 2017 Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 17, 2017 January 30, 2017 $ 0.19 $ 6,984 February 15, 2017 February 27, 2017 $ 0.19 6,984 March 15, 2017 March 30, 2017 $ 0.19 6,983 April 17, 2017 April 28, 2017 $ 0.19 6,984 May 15, 2017 May 30, 2017 $ 0.19 6,984 June 15, 2017 June 29, 2017 $ 0.19 6,983 July 17, 2017 July 27, 2017 $ 0.19 7,839 August 15, 2017 August 28, 2017 $ 0.19 7,839 September 15, 2017 September 28, 2017 $ 0.19 7,870 October 16, 2017 October 27, 2017 $ 0.19 7,956 November 15, 2017 November 27, 2017 $ 0.19 7,957 December 15, 2017 December 28, 2017 $ 0.19 8,046 Total dividends paid $ 89,409 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Net Income (Loss) $ (249,905 ) $ (105,966 ) $ 181,154 Less: Preferred dividends (15,634 ) (17,032 ) (15,880 ) Net Income (Loss) available (related) to common stockholders $ (265,539 ) $ (122,998 ) $ 165,274 Weighted average common shares outstanding – basic 57,833 42,128 39,170 Add: Effect of dilutive non-vested awards, assumed vested — — 472 Weighted average common shares outstanding – diluted 57,833 42,128 39,642 |
Comprehensive Income (Loss) p_2
Comprehensive Income (Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of comprehensive net income (loss) and the shares used in calculating weighted average basic and diluted comprehensive income (loss) per common share for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 Comprehensive Income (Loss) $ 149,438 $ (129,725 ) $ 190,177 Less: Preferred dividends (15,634 ) (17,032 ) (15,880 ) Comprehensive Income (Loss) available (related) to common stockholders $ 133,804 $ (146,757 ) $ 174,297 Net Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ 2.31 $ (3.48 ) $ 4.45 Diluted $ 2.30 $ (3.48 ) $ 4.40 Weighted average common shares outstanding: Basic 57,833 42,128 39,170 Add: Effect of dilutive non-vested awards, assumed vested 247 — 472 Diluted 58,080 42,128 39,642 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . For the Years Ended December 31, 2019 December 31, 2018 December 31, 2017 GAAP net income (loss) $ (249,905 ) $ (105,966 ) $ 181,154 Book to tax differences: TRS income (147 ) (265 ) — Premium amortization expense — (1,132 ) (468 ) Credit Risk and Non-Agency Securities 24,459 26,509 (68,505 ) Interest-Only Securities 85 318 1,216 U.S. Treasury Securities (2,024 ) 6,365 — Changes in interest rate contracts 375,493 (1,346 ) (49,930 ) (Gain) Loss on sales of Agency Securities (9,611 ) 152,950 8,486 Other than temporary loss on Agency Securities — 12,090 13,707 Amortization of deferred hedging costs (69,302 ) (56,378 ) (59,930 ) Series A Cumulative Preferred Stock dividend- Called for redemption 375 — — Other 18 16 15 Estimated taxable income $ 69,441 $ 33,161 $ 25,745 |
Schedule of Tax Credit Carryforwards | Net capital losses realized Amount Available to offset capital gains though 2015 (5,182 ) 2020 2016 (31,204 ) 2021 2017 (7,375 ) 2022 2018 (216,634 ) 2023 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The table below summarizes other transactions with BUCKLER for the years ended December 31, 2019 and December 31, 2018 . Transactions with BUCKLER December 31, 2019 December 31, 2018 Repurchase agreements (1) $ 5,107,101 $ 3,503,750 Interest on repurchase agreements $ 120,090 $ 67,156 Collateral posted on repurchase agreements $ 5,341,487 $ 3,652,899 U.S. Treasury Securities Purchased $ — $ 815,765 U.S. Treasury Securities Sold $ — $ 563,258 (1) See also Note 7 , Repurchase Agreements for transactions with BUCKLER. |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables are a comparative breakdown of our unaudited quarterly financial results for the immediately preceding eight quarters. Quarter Ended March 31, June 30, September 30, December 31, Agency Securities, net of amortization of premium and fees $ 79,832 $ 113,438 $ 102,134 $ 87,407 Credit Risk and Non-Agency Securities, including discount accretion 13,592 13,383 13,158 12,785 Interest-Only Securities 345 251 — — U.S. Treasury Securities 482 744 128 — BUCKLER Subordinated loans 539 544 479 324 Interest expense- repurchase agreements (60,978 ) (87,504 ) (80,293 ) (59,454 ) Net Interest Income $ 33,812 $ 40,856 $ 35,606 $ 41,062 Realized loss on sale of Agency Securities (reclassified from Other comprehensive income (loss)) (2,910 ) (44 ) 4,569 7,996 Gain (Loss) on Credit Risk and Non-Agency Securities 496 (17,699 ) (8,842 ) 1,650 Gain (Loss) on Interest-Only Securities (368 ) 490 — — Gain (loss) U.S. Treasury Securities (693 ) 3,453 (736 ) — Realized gain (loss) on derivatives (1) (22,131 ) (92,990 ) (85,076 ) (13,799 ) Unrealized gain (loss) on derivatives (113,067 ) (107,304 ) 3,845 80,399 Expenses (9,520 ) (10,012 ) (10,321 ) (8,627 ) Net Income (Loss) $ (114,381 ) $ (183,250 ) $ (60,955 ) $ 108,681 Dividends declared on preferred stock (4,259 ) (4,274 ) (3,410 ) (3,691 ) Net Income (Loss) available (related) to common stockholders $ (118,640 ) $ (187,524 ) $ (64,365 ) 104,990 Net income (loss) available (related) per share to common stockholders – Basic $ (2.21 ) $ (3.14 ) $ (1.09 ) $ 1.78 Net income (loss) available (related) per share to common stockholders – Diluted $ (2.21 ) $ (3.14 ) $ (1.09 ) $ 1.78 Dividends declared per common share $ 0.57 $ 0.57 $ 0.51 $ 0.51 Weighted average common shares outstanding – Basic 53,630 59,654 59,077 58,902 Weighted average common shares outstanding – Diluted 53,630 59,654 59,077 59,149 Quarter Ended March 31, June 30, September 30, December 31, Agency Securities, net of amortization of premium and fees $ 52,253 $ 47,809 $ 56,787 $ 61,542 Credit Risk and Non-Agency Securities, including discount accretion 14,006 14,330 14,573 13,518 Interest-Only Securities 442 417 413 395 U.S. Treasury Securities 844 2,805 404 591 BUCKLER Subordinated loans 624 430 457 508 Interest expense- repurchase agreements (32,018 ) (35,706 ) (40,359 ) (46,147 ) Net Interest Income $ 36,151 $ 30,085 $ 32,275 $ 30,407 Realized loss on sale of Agency Securities (reclassified from Other comprehensive income (loss)) (32,603 ) (25,316 ) (31,136 ) (63,895 ) OTTI of Agency Securities (12,090 ) — — — Gain (Loss) on Credit Risk and Non-Agency Securities 1,283 (3,234 ) (2,115 ) (23,200 ) Gain (Loss) on Interest-Only Securities 298 (450 ) 210 (1,065 ) Gain (loss) U.S. Treasury Securities 2,576 (8,884 ) (84 ) 27 Realized gain (loss) on derivatives (1) (38,604 ) (14,341 ) 3,739 1,709 Unrealized gain (loss) on derivatives 97,201 45,054 54,169 (147,108 ) Expenses (9,465 ) (9,352 ) (9,354 ) (8,854 ) Net Income (Loss) $ 44,747 $ 13,562 $ 47,704 $ (211,979 ) Dividends declared on preferred stock (4,253 ) (4,259 ) (4,259 ) (4,261 ) Net Income (Loss) available (related) to common stockholders $ 40,494 $ 9,303 $ 43,445 $ (216,240 ) Net income (loss) available (related) per share to common stockholders – Basic $ 0.97 $ 0.22 $ 1.03 $ (5.07 ) Net income (loss) available (related) per share to common stockholders – Diluted $ 0.96 $ 0.22 $ 1.02 $ (5.07 ) Dividends declared per common share $ 0.57 $ 0.57 $ 0.57 $ 0.57 Weighted average common shares outstanding – Basic 41,887 41,912 42,047 42,656 Weighted average common shares outstanding – Diluted 42,331 42,328 42,435 42,656 (1) Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the consolidated statements of operations. |
Organization and Nature of Bu_2
Organization and Nature of Business Operations Organization and Nature of Business Operations (Details) | Dec. 31, 2019 |
Corporate Joint Venture | BUCKLER Securities, LLC | |
Investments in and Advances to Affiliates [Line Items] | |
Ownership percentage | 10.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019dealer | |
Fair Value Disclosures [Abstract] | |
Trading securities, number of dealers | 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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets at Fair Value: | |||
Agency Securities | $ 11,941,766 | $ 7,051,954 | |
Securities, trading, at fair value | 883,601 | 939,184 | |
Derivatives, at fair value | 24,751 | 111,913 | |
Liabilities at Fair Value: | |||
Derivatives, at fair value | 71,974 | 24,505 | |
Fair Value, Measurements, Recurring | |||
Assets at Fair Value: | |||
Agency Securities | 11,941,766 | 7,051,954 | |
Derivatives, at fair value | 24,751 | 111,913 | |
Liabilities at Fair Value: | |||
Derivatives, at fair value | 71,974 | 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, at fair value | 0 | 0 | |
Liabilities at Fair Value: | |||
Derivatives, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | |||
Assets at Fair Value: | |||
Agency Securities | 11,941,766 | 7,051,954 | |
Derivatives, at fair value | 24,751 | 111,913 | |
Liabilities at Fair Value: | |||
Derivatives, at fair value | 71,974 | 24,505 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Assets at Fair Value: | |||
Agency Securities | 0 | 0 | |
Derivatives, at fair value | 0 | 0 | |
Liabilities at Fair Value: | |||
Derivatives, at fair value | 0 | 0 | |
Credit Risk and Non-Agency Securities | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 883,601 | 819,915 | $ 975,830 |
Credit Risk and Non-Agency Securities | Fair Value, Measurements, Recurring | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 883,601 | 819,915 | |
Credit Risk and Non-Agency Securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 0 | 0 | |
Credit Risk and Non-Agency Securities | Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 883,601 | 819,915 | |
Credit Risk and Non-Agency Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 0 | 0 | |
Interest-Only Securities | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 0 | 20,623 | 25,752 |
Interest-Only Securities | Fair Value, Measurements, Recurring | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 20,623 | ||
Interest-Only Securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 0 | ||
Interest-Only Securities | Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 20,623 | ||
Interest-Only Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 0 | ||
U.S. Treasury Securities | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | $ 0 | 98,646 | $ 0 |
U.S. Treasury Securities | Fair Value, Measurements, Recurring | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 98,646 | ||
U.S. Treasury Securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 98,646 | ||
U.S. Treasury Securities | Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | 0 | ||
U.S. Treasury Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Assets at Fair Value: | |||
Securities, trading, at fair value | $ 0 |
Investment In Securities - Addi
Investment In Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||||||
Debt securities | $ 7,991,138,000 | $ 12,825,367,000 | $ 7,991,138,000 | $ 8,480,548,000 | |||
Securities, trading, at fair value | 939,184,000 | 883,601,000 | 939,184,000 | ||||
OTTI, Available-for-sale | 0 | $ 0 | $ 0 | $ (12,090,000) | 0 | (12,090,000) | (13,707,000) |
TBA Agency Securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities, trading, at fair value | $ 933,420,000 | 1,006,280,000 | 933,420,000 | ||||
Agency securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
OTTI, Available-for-sale | $ (12,090,000) | $ 0 | (13,707,000) | ||||
Agency Securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
OTTI, Available-for-sale | $ (12,090,000) | ||||||
Weighted average coupon rate | 3.94% | 3.76% | 3.94% | ||||
Investment-related payables | $ 166,052,000 | $ 358,712,000 | $ 166,052,000 | ||||
U.S. Treasury Securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities, trading, at fair value | 98,646,000 | 0 | 98,646,000 | $ 0 | |||
TBA Agency Securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Derivative assets (liabilities), net | $ 4,236,000 | $ (592,000) | $ 4,236,000 |
Investment In Securities - Summ
Investment In Securities - Summary of Investment in Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Available for Sale Securities | |||||||
Available-for-sale, beginning balance | $ 7,051,954 | ||||||
Purchases, Available-for-sale | 8,937,989 | $ 4,816,961 | $ 5,813,389 | ||||
Proceeds from sales, Available-for-sale | (2,894,339) | (4,496,015) | (4,012,398) | ||||
Principal repayments, Available-for-sale | (1,701,406) | (691,934) | (775,181) | ||||
OTTI, Available-for-sale | $ 0 | $ 0 | $ 0 | $ (12,090) | 0 | (12,090) | (13,707) |
Amortization (accretion), Available-for-sale | (53,909) | (32,989) | (44,838) | ||||
Available-for-sale, ending balance | 7,051,954 | 11,941,766 | 7,051,954 | ||||
Trading Securities | |||||||
Trading, beginning balance | 939,184 | ||||||
Principal repayments, Trading | (53,641) | (33,837) | (145,731) | ||||
Trading, ending balance | 939,184 | 883,601 | 939,184 | ||||
Totals | |||||||
Total, beginning balance | 8,480,548 | 7,991,138 | 8,480,548 | ||||
Purchases, Total | 10,954,337 | 5,748,553 | |||||
Proceeds from sales, Total | 4,699,251 | 5,255,656 | |||||
Principal repayments, Total | 1,755,047 | 725,771 | |||||
(Gain) loss, Total | 386,705 | (211,347) | |||||
Amortization (accretion), Total | (52,515) | (33,099) | |||||
Total, ending balance | $ 7,991,138 | $ 12,825,367 | $ 7,991,138 | 8,480,548 | |||
Percentage of Portfolio | 100.00% | 100.00% | 100.00% | ||||
Agency Securities | |||||||
Available for Sale Securities | |||||||
Available-for-sale, beginning balance | 7,478,966 | $ 7,051,954 | $ 7,478,966 | ||||
Purchases, Available-for-sale | 9,130,512 | 4,982,725 | |||||
Proceeds from sales, Available-for-sale | (2,894,339) | (4,496,015) | |||||
Principal repayments, Available-for-sale | (1,701,406) | (691,934) | |||||
Gain (losses), Available-for-sale | 408,954 | (176,709) | |||||
OTTI, Available-for-sale | (12,090) | ||||||
Amortization (accretion), Available-for-sale | (53,909) | (32,989) | |||||
Available-for-sale, ending balance | $ 7,051,954 | $ 11,941,766 | $ 7,051,954 | 7,478,966 | |||
Totals | |||||||
Percentage of Portfolio | 88.25% | 93.11% | 88.25% | ||||
Credit Risk and Non-Agency Securities | |||||||
Trading Securities | |||||||
Trading, beginning balance | 975,830 | $ 819,915 | $ 975,830 | ||||
Purchases, Trading | 138,767 | 0 | 8,224 | ||||
Proceeds from sales, Trading | 0 | (97,758) | (8,372) | ||||
Principal repayments, Trading | (53,641) | (33,837) | |||||
(Gain) loss, Trading | (24,396) | (27,266) | 65,672 | ||||
Amortization (accretion), Trading | 2,956 | 2,946 | 3,866 | ||||
Trading, ending balance | $ 819,915 | $ 883,601 | $ 819,915 | 975,830 | |||
Totals | |||||||
Percentage of Portfolio | 10.26% | 6.89% | 10.26% | ||||
Interest-Only Securities | |||||||
Trading Securities | |||||||
Trading, beginning balance | 25,752 | $ 20,623 | $ 25,752 | ||||
Purchases, Trading | 0 | 0 | |||||
Proceeds from sales, Trading | (18,822) | 0 | 0 | ||||
Principal repayments, Trading | 0 | 0 | |||||
(Gain) loss, Trading | 123 | (1,007) | (2,966) | ||||
Amortization (accretion), Trading | (1,924) | (4,122) | (4,908) | ||||
Trading, ending balance | $ 20,623 | $ 0 | $ 20,623 | 25,752 | |||
Totals | |||||||
Percentage of Portfolio | 0.26% | 0.00% | 0.26% | ||||
U.S. Treasury Securities | |||||||
Trading Securities | |||||||
Trading, beginning balance | $ 0 | $ 98,646 | $ 0 | ||||
Purchases, Trading | 1,685,058 | 765,828 | 0 | ||||
Proceeds from sales, Trading | (1,786,090) | (661,883) | 0 | ||||
Principal repayments, Trading | 0 | 0 | |||||
(Gain) loss, Trading | 2,024 | (6,365) | 0 | ||||
Amortization (accretion), Trading | 362 | 1,066 | 0 | ||||
Trading, ending balance | $ 98,646 | $ 0 | $ 98,646 | $ 0 | |||
Totals | |||||||
Percentage of Portfolio | 1.23% | 0.00% | 1.23% |
Investment In Securities - Unre
Investment In Securities - Unrealized Gain or Loss Position and Components of Carrying Value of Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Principal Amount | $ 11,324,705 | $ 6,891,792 |
Amortized Cost | 11,586,293 | 7,095,824 |
Gross Unrealized Loss | (792) | (61,295) |
Gross Unrealized Gain | 356,265 | 17,425 |
Fair Value | 11,941,766 | 7,051,954 |
Fannie Mae | ||
Debt Securities, Available-for-sale [Line Items] | ||
Principal Amount | 8,779,331 | 5,200,450 |
Amortized Cost | 8,975,140 | 5,337,466 |
Gross Unrealized Loss | (291) | (46,758) |
Gross Unrealized Gain | 294,937 | 16,760 |
Fair Value | 9,269,786 | 5,307,468 |
Freddie Mac | ||
Debt Securities, Available-for-sale [Line Items] | ||
Principal Amount | 2,522,870 | 1,362,771 |
Amortized Cost | 2,587,512 | 1,417,313 |
Gross Unrealized Loss | (40) | (13,815) |
Gross Unrealized Gain | 61,323 | 657 |
Fair Value | 2,648,795 | 1,404,155 |
Ginnie Mae | ||
Debt Securities, Available-for-sale [Line Items] | ||
Principal Amount | 22,504 | 328,571 |
Amortized Cost | 23,641 | 341,045 |
Gross Unrealized Loss | (461) | (722) |
Gross Unrealized Gain | 5 | 8 |
Fair Value | $ 23,185 | $ 340,331 |
Investment In Securities - Gros
Investment In Securities - Gross Unrealized Losses and Estimated Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value | ||
12 Months | $ 2,136 | $ 2,651,518 |
≥ 12 Months | 43,939 | 1,197,533 |
Fair Value | 46,075 | 3,849,051 |
Unrealized Losses | ||
12 Months | (10) | (18,135) |
≥ 12 Months | (782) | (43,160) |
Unrealized Losses | $ (792) | $ (61,295) |
Investment In Securities - Su_2
Investment In Securities - Summary of Weighted Average Lives of Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value | ||
1 year | $ 0 | $ 75 |
≥ 1 year and 3 years | 22,237 | 25,841 |
≥ 3 years and 5 years | 6,542,389 | 1,334,663 |
≥ 5 years | 5,377,140 | 5,691,375 |
Total Agency Securities | 11,941,766 | 7,051,954 |
Amortized Cost | ||
1 year | 0 | 77 |
≥ 1 year and 3 years | 22,254 | 26,264 |
≥ 3 years and 5 years | 6,365,623 | 1,331,577 |
≥ 5 years | 5,198,416 | 5,737,906 |
Amortized Cost | $ 11,586,293 | $ 7,095,824 |
Investment In Securities - Carr
Investment In Securities - Carrying Value of Trading Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt and Equity Securities, FV-NI [Line Items] | |||
Principal Amount | $ 975,292 | ||
Amortized Cost | $ 824,844 | 855,732 | |
Gross Unrealized Loss | (70) | ||
Gross Unrealized Gain | 83,522 | ||
Fair Value | 883,601 | 939,184 | |
Credit Risk Transfer | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Principal Amount | 754,729 | 661,181 | |
Amortized Cost | 751,940 | 653,681 | |
Gross Unrealized Loss | 0 | 0 | |
Gross Unrealized Gain | 52,024 | 76,303 | |
Fair Value | 803,964 | 729,984 | |
Non-Agency Securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Principal Amount | 93,723 | 105,942 | |
Amortized Cost | 72,904 | 83,150 | |
Gross Unrealized Loss | (3) | (13) | |
Gross Unrealized Gain | 6,736 | 6,794 | |
Fair Value | 79,637 | 89,931 | |
Credit Risk and Non-Agency Securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Principal Amount | 848,452 | 767,123 | |
Amortized Cost | 824,844 | 736,831 | |
Gross Unrealized Loss | (3) | (13) | |
Gross Unrealized Gain | 58,760 | 83,097 | |
Fair Value | 883,601 | 819,915 | $ 975,830 |
U.S. Treasury Securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Principal Amount | 100,000 | ||
Amortized Cost | 98,703 | ||
Gross Unrealized Loss | (57) | ||
Gross Unrealized Gain | 0 | ||
Fair Value | 0 | 98,646 | 0 |
Interest-Only Securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Principal Amount | 108,169 | ||
Amortized Cost | 20,198 | ||
Gross Unrealized Loss | 0 | ||
Gross Unrealized Gain | 425 | ||
Fair Value | $ 0 | $ 20,623 | $ 25,752 |
Investment In Securities - Trad
Investment In Securities - Trading Securities, Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Credit Risk and Non-Agency Securities | ||
Fair Value | ||
Less than 12 months, fair value | $ 362 | $ 1,860 |
12 months or more, fair value | 0 | 0 |
Total, fair value | 362 | 1,860 |
Unrealized Losses | ||
Less than 12 months, unrealized loss | (3) | (13) |
12 months or more, unrealized loss | 0 | 0 |
Total, unrealized loss | $ (3) | (13) |
U.S. Treasury Securities | ||
Fair Value | ||
Less than 12 months, fair value | 98,646 | |
12 months or more, fair value | 0 | |
Total, fair value | 98,646 | |
Unrealized Losses | ||
Less than 12 months, unrealized loss | (57) | |
12 months or more, unrealized loss | 0 | |
Total, unrealized loss | $ (57) |
Investment In Securities - Weig
Investment In Securities - Weighted Average Lives of Trading Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value | |||
1 year | $ 0 | $ 98,646 | |
≥ 1 year and 3 years | 389,883 | 0 | |
≥ 3 years and 5 years | 407,656 | 201,811 | |
≥ 5 years | 86,062 | 638,727 | |
Total | 883,601 | 939,184 | |
Amortized Cost | |||
1 year | 0 | 98,703 | |
≥ 1 year and 3 years | 369,600 | 0 | |
≥ 3 years and 5 years | 375,030 | 183,025 | |
≥ 5 years | 80,214 | 574,004 | |
Total | 824,844 | 855,732 | |
Credit Risk and Non-Agency Securities | |||
Fair Value | |||
Total | 883,601 | 819,915 | $ 975,830 |
Amortized Cost | |||
Total | $ 824,844 | $ 736,831 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)counterparty | Dec. 31, 2018USD ($)counterparty | |
Concentration Risk [Line Items] | ||
Number of counterparties with master repurchase agreements | 49 | 48 |
Repurchase agreements, carrying amount | $ | $ 11,354,547 | $ 7,037,651 |
Number of counterparties with repurchase agreements outstanding | 25 | 23 |
Counterparty Concentration Risk | Repurchase Agreement Borrowings | ||
Concentration Risk [Line Items] | ||
Number of counterparties | 2 | 1 |
Counterparty Concentration Risk | Stockholders' Equity, Total | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 12.70% | |
Counterparty Concentration Risk | Repurchase Agreement Borrowings | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 6.80% | |
Counterparty Concentration Risk | BUCKLER Securities, LLC | Repurchase Agreement Borrowings | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 45.00% | 49.80% |
Counterparty Concentration Risk | BUCKLER Securities, LLC | Stockholders' Equity, Total | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 14.80% | 13.00% |
Weighted average maturity | 7 days | 14 days |
Maximum | ||
Concentration Risk [Line Items] | ||
Ratio of indebtedness to net capital | 12 | |
Maximum | Counterparty Concentration Risk | Repurchase Agreement Borrowings | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 10.00% | 10.00% |
Minimum | Counterparty Concentration Risk | Repurchase Agreement Borrowings | ||
Concentration Risk [Line Items] | ||
Percentage of concentration risk | 5.00% | 5.00% |
Repurchase Agreements - Contrac
Repurchase Agreements - Contractual Repricing, Master Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 11,354,547 | $ 7,037,651 |
Agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 10,667,284 | $ 6,456,823 |
Weighted Average Contractual Rate | 2.54% | 2.95% |
Weighted Average Maturity in days | 9 days | 14 days |
Haircut for Repurchase Agreements | 4.36% | 4.22% |
Credit Risk and Non-Agency Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 11,354,547 | $ 7,037,651 |
Weighted Average Contractual Rate | 2.54% | 2.97% |
Weighted Average Maturity in days | 9 days | 14 days |
Haircut for Repurchase Agreements | 5.16% | 5.48% |
Maturity up to 30 days | Agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 10,241,137 | $ 5,213,145 |
Weighted Average Contractual Rate | 2.56% | 3.03% |
Weighted Average Maturity in days | 8 days | 10 days |
Haircut for Repurchase Agreements | 4.35% | 4.25% |
Maturity up to 30 days | Credit Risk and Non-Agency Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 687,263 | $ 580,828 |
Weighted Average Contractual Rate | 2.45% | 3.23% |
Weighted Average Maturity in days | 15 days | 14 days |
Haircut for Repurchase Agreements | 16.25% | 17.79% |
Maturity 31 to 60 Days | Agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 426,147 | $ 1,243,678 |
Weighted Average Contractual Rate | 1.99% | 2.60% |
Weighted Average Maturity in days | 34 days | 34 days |
Haircut for Repurchase Agreements | 4.61% | 4.10% |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value, net | $ 24,751 | $ 111,913 |
Derivative asset, fair value, gross | 24,751 | 111,913 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | (71,382) | (24,505) |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Cash Collateral Held | 83,066 | (85,431) |
Total Net | 36,435 | 1,977 |
Interest rate swap contracts | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value, net | 23,659 | 107,677 |
Derivative asset, fair value, gross | 23,659 | 107,677 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | (70,290) | (24,505) |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Cash Collateral Held | 83,066 | (82,838) |
Total Net | 36,435 | 334 |
TBA Agency Securities | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value, net | 1,092 | 4,236 |
Derivative asset, fair value, gross | 1,092 | 4,236 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | (1,092) | 0 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Net Cash Collateral Held | 0 | (2,593) |
Total Net | $ 0 | $ 1,643 |
Derivatives - Offsetting Liabil
Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Liabilities [Line Items] | ||
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | $ (71,974) | $ (24,505) |
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | (71,974) | (24,505) |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | 71,382 | 24,505 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted | 377 | 0 |
Total Net | (215) | 0 |
Interest rate swap contracts | ||
Offsetting Liabilities [Line Items] | ||
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | (70,290) | (24,505) |
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | (70,290) | (24,505) |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | 70,290 | 24,505 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted | 0 | 0 |
Total Net | 0 | 0 |
TBA Agency Securities | ||
Offsetting Liabilities [Line Items] | ||
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | (1,684) | |
Gross Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | (1,684) | $ 0 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Financial Instruments | 1,092 | |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet, Cash Collateral Posted | 377 | |
Total Net | $ (215) |
Derivatives - Location and Info
Derivatives - Location and Information of Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Realized gain (loss) | $ (13,799) | $ (85,076) | $ (92,990) | $ (22,131) | $ 1,709 | $ 3,739 | $ (14,341) | $ (38,604) | $ (213,996) | [1] | $ (47,497) | [1] | $ (22,675) | [1] |
Unrealized gain (loss) on derivatives | $ 80,399 | $ 3,845 | $ (107,304) | $ (113,067) | $ (147,108) | $ 54,169 | $ 45,054 | $ 97,201 | (136,127) | 49,316 | 39,272 | |||
Subtotal | (350,123) | 1,819 | 16,597 | |||||||||||
Interest rate swap contracts | ||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Realized gain (loss) | (237,725) | 2,655 | 990 | |||||||||||
Interest income | 187,899 | 124,714 | 50,464 | |||||||||||
Interest expense | (162,529) | (124,241) | (83,797) | |||||||||||
Unrealized gain (loss) on derivatives | (132,303) | 43,755 | 39,388 | |||||||||||
Subtotal | (344,658) | 46,883 | 7,045 | |||||||||||
TBA Agency Securities | ||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Realized gain (loss) | (1,641) | (50,625) | 9,668 | |||||||||||
Unrealized gain (loss) on derivatives | (3,824) | 5,561 | (116) | |||||||||||
Subtotal | $ (5,465) | $ (45,064) | $ 9,552 | |||||||||||
[1] | Interest expense related to our interest rate swap contracts is recorded as realized loss on derivatives on the consolidated statements of operations. For additional information, see Note 8 to the consolidated financial statements. |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swap Contracts, Swaptions and Futures Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 7,975,000 | $ 7,350,000 |
Weighted Average Remaining Term (Months) | 53 months | 62 months |
Weighted Average Rate | 1.74% | 1.98% |
London Interbank Offered Rate (LIBOR) Swap Rate | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,025,000 | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Derivative [Line Items] | ||
Notional Amount | 375,000 | |
Fed Funds Effective Rate Overnight Index Swap Rate | ||
Derivative [Line Items] | ||
Notional Amount | 6,575,000 | |
3 years | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,750,000 | $ 2,225,000 |
Weighted Average Remaining Term (Months) | 19 months | 20 months |
Weighted Average Rate | 1.66% | 1.67% |
≥ 3 years and 5 years | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,850,000 | $ 1,725,000 |
Weighted Average Remaining Term (Months) | 47 months | 54 months |
Weighted Average Rate | 1.84% | 1.95% |
≥ 5 years and 7 years | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,200,000 | $ 925,000 |
Weighted Average Remaining Term (Months) | 83 months | 69 months |
Weighted Average Rate | 1.86% | 2.06% |
≥ 7 years and 10 years | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,175,000 | $ 2,475,000 |
Weighted Average Remaining Term (Months) | 118 months | 104 months |
Weighted Average Rate | 1.54% | 2.25% |
Minimum | ≥ 3 years and 5 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 3 years | 3 years |
Minimum | ≥ 5 years and 7 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 5 years | 5 years |
Minimum | ≥ 7 years and 10 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 7 years | 7 years |
Maximum | 3 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 3 years | 3 years |
Maximum | ≥ 3 years and 5 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 5 years | 5 years |
Maximum | ≥ 5 years and 7 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 7 years | 7 years |
Maximum | ≥ 7 years and 10 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 10 years | 10 years |
Maximum | ≥ 10 years | ||
Derivative [Line Items] | ||
Remaining / Underlying Term | 10 years | 10 years |
Derivatives - TBA Agency Securi
Derivatives - TBA Agency Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Notional Amount | $ 7,975,000 | $ 7,350,000 |
TBA Agency Securities, 15-year, 3.0% | ||
Derivative [Line Items] | ||
Notional Amount | 500,000 | |
Cost Basis | 511,055 | |
Fair Value | 511,885 | |
TBA Agency Securities, 30-year, 2.5% | ||
Derivative [Line Items] | ||
Notional Amount | 500,000 | |
Cost Basis | 494,813 | |
Fair Value | 494,395 | |
TBA Agency Securities, 30-year, 4.5% | ||
Derivative [Line Items] | ||
Notional Amount | 500,000 | |
Cost Basis | 514,270 | |
Fair Value | 517,123 | |
TBA Agency Securities, 30-year, 5.0% | ||
Derivative [Line Items] | ||
Notional Amount | 400,000 | |
Cost Basis | 414,914 | |
Fair Value | 416,297 | |
TBA Agency Securities | ||
Derivative [Line Items] | ||
Notional Amount | 1,000,000 | 900,000 |
Cost Basis | 1,005,868 | 929,184 |
Fair Value | 1,006,280 | $ 933,420 |
Notional amount, forward settling | $ 1,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Apr. 25, 2016lawsuit | Apr. 24, 2016defendant | Mar. 01, 2016lawsuit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Other Commitments [Line Items] | ||||||
Monthly percentage of effective management fee percentage | 8.33% | |||||
Gross equity raised | $ | $ 2,965,163 | $ 2,658,969 | $ 2,618,020 | |||
Transactions Case | ||||||
Other Commitments [Line Items] | ||||||
Number of new claims filed | 9 | |||||
Number of defendants, current directors | defendant | 8 | |||||
Number of consolidated claims | 1 | |||||
ARRM | ||||||
Other Commitments [Line Items] | ||||||
Percentage of gross equity raised used in calculation of management fee up to 1 Billion | 1.50% | |||||
Percentage of gross equity raised used in calculation of management fee in excess of 1 Billion | 0.75% | |||||
Effective management fee | 1.00% | 1.03% | 1.04% |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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] | |||||
Capital shares reserved for future issuance (in shares) | 1,131,000 | ||||
Compensation cost not yet recognized | $ 6,150 | ||||
Period for recognition for compensation cost not yet recognized | 2 years 10 months 24 days | ||||
The 2009 Stock Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 6,000 | 0 | 472,000 | ||
Unvested RSU awards outstanding (in dollars per share) | $ 24.82 | $ 24.82 | $ 24.82 | $ 39.80 | |
Subsequent Event | The 2009 Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 677,000 | ||||
Subsequent Event | Armour Capital Management | The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 310,000 | ||||
Subsequent Event | Board of Directors | The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 144,000 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units (Details) - The 2009 Stock Incentive Plan - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Awards | |||
Unvested RSU Awards Outstanding beginning of period (in shares) | 360 | 472 | 32 |
Granted (in shares) | 6 | 0 | 472 |
Vested (in shares) | (119) | (112) | (32) |
Unvested RSU Awards Outstanding end of period (in shares) | 247 | 360 | 472 |
Weighted Average Grant Date Fair Value per Award | |||
Unvested RSU Awards Outstanding beginning of period (in dollars per share) | $ 24.82 | $ 24.82 | $ 39.80 |
Granted (in dollars per share) | 18.71 | 0 | 24.82 |
Vested (in dollars per share) | 18.05 | 22.70 | 39.80 |
Unvested RSU Awards Outstanding end of period (in dollars per share) | $ 24.82 | $ 24.82 | $ 24.82 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | Feb. 27, 2020$ / shares | Jan. 29, 2020shares | Jan. 28, 2020USD ($)$ / sharesshares | Jan. 27, 2020USD ($)$ / shares | Jan. 24, 2020$ / sharesshares | Jan. 23, 2020$ / sharesshares | Dec. 27, 2019USD ($)$ / shares | Nov. 27, 2019USD ($)$ / shares | Oct. 28, 2019USD ($)$ / shares | Sep. 27, 2019USD ($)$ / shares | Aug. 27, 2019USD ($)$ / shares | Jul. 29, 2019USD ($)$ / shares | Jun. 27, 2019USD ($)$ / shares | Jun. 25, 2019shares | Jun. 24, 2019$ / sharesshares | Jun. 19, 2019USD ($)$ / sharesshares | Jun. 04, 2019shares | May 28, 2019USD ($)$ / shares | Apr. 29, 2019USD ($)$ / shares | Mar. 27, 2019USD ($)$ / shares | Feb. 27, 2019USD ($)$ / shares | Feb. 27, 2019USD ($)$ / shares | Jan. 28, 2019USD ($)$ / shares | Jan. 17, 2019USD ($)$ / shares | Jan. 11, 2019USD ($)$ / shares | Dec. 27, 2018USD ($)$ / shares | Dec. 19, 2018USD ($)$ / shares | Nov. 27, 2018USD ($)$ / shares | Oct. 29, 2018USD ($)$ / shares | Sep. 27, 2018USD ($)$ / shares | Aug. 27, 2018USD ($)$ / shares | Jul. 27, 2018USD ($)$ / shares | Jun. 27, 2018USD ($)$ / shares | May 29, 2018USD ($)$ / shares | Apr. 27, 2018USD ($)$ / shares | Mar. 27, 2018USD ($)$ / shares | Feb. 27, 2018USD ($)$ / shares | Jan. 29, 2018USD ($)$ / shares | Dec. 27, 2017USD ($)$ / shares | Nov. 27, 2017USD ($)$ / shares | Oct. 27, 2017USD ($)$ / shares | Sep. 27, 2017USD ($)$ / shares | Aug. 28, 2017USD ($)$ / shares | Jul. 27, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Jun. 27, 2017USD ($)$ / shares | May 30, 2017USD ($)$ / shares | Apr. 27, 2017USD ($)$ / shares | Mar. 27, 2017USD ($)$ / shares | Feb. 27, 2017USD ($)$ / shares | Jan. 27, 2017USD ($)$ / shares | Feb. 14, 2020USD ($) | Jan. 26, 2018USD ($)$ / sharesshares | Oct. 06, 2017USD ($)$ / sharesshares | Jun. 03, 2019shares | Dec. 10, 2018USD ($)$ / sharesshares | Dec. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)director$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Jun. 20, 2019USD ($)shares | 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 | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares authorized, increase (decrease) (in shares) | 10,320,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, undesignated shares authorized (in shares) | 32,030,000 | 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 | 125,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares issued (in shares) | 58,877,000 | 58,877,000 | 58,877,000 | 58,877,000 | 43,702,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares outstanding (in shares) | 58,876,984 | 58,876,984 | 58,876,984 | 58,876,984 | 43,702,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 49,795,000 | $ 2,632,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining shares authorized to be repurchased (in shares) | 8,250,000 | 8,250,000 | 8,250,000 | 8,250,000 | 1,874,000 | 1,874,343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares authorized, increase (decrease) (in shares) | 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased (in shares) | 250,000 | 750,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At-The-Market Offering Program | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized (in shares) | 7,000 | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock, commission rate | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, called for redemption (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 | $ | $ 54,514,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of dividends | $ | $ 375,000 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 2,249,000 | $ 4,498,000 | $ 4,498,000 | |||||||||||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | 2,181,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, designated but unissued shares authorized (in shares) | 7,429,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ / shares | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | |||||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 2,180,572 | 2,180,572 | 2,180,572 | 2,180,572 | 2,180,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 7.875% | 7.875% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | $ 25 | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, aggregate liquidation preference | $ | $ 209,584,000 | $ 209,584,000 | $ 209,584,000 | $ 209,584,000 | $ 159,232,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of dividends | $ | $ 1,291,000 | $ 1,210,000 | $ 1,190,000 | $ 1,168,000 | $ 1,142,000 | $ 1,100,000 | $ 1,059,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,039,000 | $ 1,019,000 | $ 998,000 | $ 987,000 | $ 962,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 13,385,000 | $ 12,534,000 | 11,382,000 | ||||||||||||||||||||||||||||
Preferred stock, shares issued (in shares) | 8,383,000 | 8,383,000 | 8,383,000 | 8,383,000 | 6,369,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, designated but unissued shares authorized (in shares) | 9,587,000 | 9,587,000 | 9,587,000 | 9,587,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 17,970,000 | 17,970,000 | 17,970,000 | 17,970,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ / shares | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | |||||||||||||||||||||||||||||||
Preferred stock, period stock receives voting rights if dividends are not paid (in months) | 18 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of additional directors elected | director | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued (in shares) | 100,000 | 107,000 | 619,000 | 840,000 | 612,000 | 1,914,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 8,383,000 | 8,383,000 | 8,383,000 | 8,383,000 | 6,369,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock, net | $ | $ 2,489,000 | $ 2,632,000 | $ 16,500,000 | $ 19,001,000 | $ 14,968,000 | $ 47,306,000 | $ 44,289,000 | $ 2,632,000 | 14,815,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share price (in dollars per share) | $ / shares | $ 24.81 | $ 24.62 | $ 26.44 | $ 22.61 | $ 24.44 | $ 24.74 | $ 24.74 | $ 24.74 | $ 24.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 14,968,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | August 30, 2017, Preferred B ATM Sales Agreement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued (in shares) | 884,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of stock issuance costs | $ | $ 263,000 | $ 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock, net | $ | $ 2,489,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | June 24, 2019, Preferred B ATM Sales Agreement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued (in shares) | 1,914,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of stock issuance costs | $ | $ 689,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock, net | $ | $ 47,306,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | Dividend Reinvestment Program | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued (in shares) | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | Scenario, Forecast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ / shares | $ 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, called for redemption (in shares) | 8,383,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of dividends | $ | $ 1,375,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ / shares | $ 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of outstanding shares intended to be redeemed | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | Subsequent Event | Scenario, Forecast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ / shares | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of stock issuance costs | $ | $ 327,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock, net | $ | $ 29,853,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock | Subsequent Event | January 23, 2020 Underwriting Agreement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share price (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration received on transaction | $ | $ 86,250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock | Subsequent Event | January 29, 2020, Equity Sales Agreement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 6,550,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock | Subsequent Event | Over-Allotment Option | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized (in shares) | 450,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Over-allotment option term | 30 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock | Subsequent Event | Scenario, Forecast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ / shares | $ 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share price (in dollars per share) | $ / shares | $ 19.98 | $ 19.98 | $ 20 | $ 20.98 | $ 21.53 | $ 25.96 | $ 17.77 | $ 17.77 | $ 17.77 | $ 17.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 165,374,000 | $ 137,946,000 | $ 18,540,000 | $ 19,013,000 | $ 116,693,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased (in shares) | 1,000,000 |
Stockholders' Equity - Equity T
Stockholders' Equity - Equity Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 19, 2019 | Feb. 27, 2019 | Jan. 17, 2019 | Jan. 11, 2019 | Dec. 19, 2018 | Jun. 30, 2017 | Jan. 26, 2018 | Oct. 06, 2017 | Jun. 03, 2019 | Dec. 10, 2018 | Dec. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ 49,795 | $ 2,632 | |||||||||||||||
Common stock repurchased (in shares) | 250 | 750 | |||||||||||||||
Payments for common stock repurchased | $ (16,965) | 0 | $ 0 | ||||||||||||||
Series B Preferred Stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock issued (in shares) | 100 | 107 | 619 | 840 | 612 | 1,914 | |||||||||||
Per Share price (in dollars per share) | $ 24.81 | $ 24.62 | $ 26.44 | $ 22.61 | $ 24.44 | $ 24.74 | $ 24.74 | $ 24.74 | $ 24.74 | ||||||||
Proceeds from issuance of preferred stock, net | $ 2,489 | $ 2,632 | $ 16,500 | $ 19,001 | $ 14,968 | $ 47,306 | $ 44,289 | $ 2,632 | 14,815 | ||||||||
Proceeds from issuance of common stock | $ 14,968 | ||||||||||||||||
Common Stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Per Share price (in dollars per share) | $ 19.98 | $ 20 | $ 20.98 | $ 21.53 | $ 25.96 | $ 17.77 | $ 17.77 | $ 17.77 | $ 17.77 | ||||||||
Common stock issued (in shares) | 8,280 | 6,900 | 884 | 883 | 4,500 | ||||||||||||
Proceeds from issuance of common stock | $ 165,374 | $ 137,946 | $ 18,540 | $ 19,013 | $ 116,693 | ||||||||||||
Common stock repurchased (in shares) | 1,000 | ||||||||||||||||
Payments for common stock repurchased | $ (17,768) |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividend Transactions (Details) - USD ($) | Dec. 27, 2019 | Nov. 27, 2019 | Oct. 28, 2019 | Sep. 27, 2019 | Aug. 27, 2019 | Jul. 29, 2019 | Jun. 27, 2019 | May 28, 2019 | Apr. 29, 2019 | Mar. 27, 2019 | Feb. 28, 2019 | Feb. 27, 2019 | Jan. 28, 2019 | Dec. 27, 2018 | Nov. 27, 2018 | Oct. 29, 2018 | Sep. 27, 2018 | Aug. 28, 2018 | Aug. 27, 2018 | Jul. 27, 2018 | Jun. 28, 2018 | Jun. 27, 2018 | May 30, 2018 | May 29, 2018 | Apr. 27, 2018 | Mar. 28, 2018 | Mar. 27, 2018 | Feb. 27, 2018 | Jan. 29, 2018 | Dec. 28, 2017 | Dec. 27, 2017 | Nov. 27, 2017 | Oct. 27, 2017 | Sep. 28, 2017 | Sep. 27, 2017 | Aug. 28, 2017 | Jul. 27, 2017 | Jun. 29, 2017 | Jun. 27, 2017 | May 30, 2017 | Apr. 28, 2017 | Apr. 27, 2017 | Mar. 30, 2017 | Mar. 27, 2017 | Feb. 27, 2017 | Jan. 30, 2017 | Jan. 27, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount paid to holders of record | $ 124,477,000 | $ 97,024,000 | $ 89,409,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | ||||||||||||||||||||
Payments of dividends | $ 375,000 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | 2,249,000 | 4,498,000 | 4,498,000 | ||||||||||||||||
Series B Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | ||||||||||||||
Payments of dividends | $ 1,291,000 | $ 1,210,000 | $ 1,190,000 | $ 1,168,000 | $ 1,142,000 | $ 1,100,000 | $ 1,059,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,045,000 | $ 1,039,000 | $ 1,019,000 | $ 998,000 | $ 987,000 | $ 962,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | $ 927,000 | 13,385,000 | 12,534,000 | 11,382,000 | |||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends cash paid (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||||||||
Aggregate amount paid to holders of record | $ 10,059,000 | $ 10,059,000 | $ 10,059,000 | $ 10,075,000 | $ 10,099,000 | $ 10,114,000 | $ 11,350,000 | $ 11,424,000 | $ 11,424,000 | $ 11,423,000 | $ 9,851,000 | $ 8,540,000 | $ 8,307,000 | $ 8,118,000 | $ 8,118,000 | $ 8,117,000 | $ 8,045,000 | $ 8,045,000 | $ 8,045,000 | $ 8,046,000 | $ 8,046,000 | $ 8,045,000 | $ 8,046,000 | $ 8,046,000 | $ 8,046,000 | $ 7,957,000 | $ 7,956,000 | $ 7,870,000 | $ 7,839,000 | $ 7,839,000 | $ 6,983,000 | $ 6,984,000 | $ 6,984,000 | $ 6,983,000 | $ 6,984,000 | $ 6,984,000 | $ 124,477,000 | $ 97,024,000 | $ 89,409,000 |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share - Reconciliation of Net Income (Loss) and Shares Used in Calculating Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) | $ 108,681 | $ (60,955) | $ (183,250) | $ (114,381) | $ (211,979) | $ 47,704 | $ 13,562 | $ 44,747 | $ (249,905) | $ (105,966) | $ 181,154 |
Less: Preferred dividends | (3,691) | (3,410) | (4,274) | (4,259) | (4,261) | (4,259) | (4,259) | (4,253) | (15,634) | (17,032) | (15,880) |
Net Income (Loss) available (related) to common stockholders | $ 104,990 | $ (64,365) | $ (187,524) | $ (118,640) | $ (216,240) | $ 43,445 | $ 9,303 | $ 40,494 | $ (265,539) | $ (122,998) | $ 165,274 |
Basic (in shares) | 58,902 | 59,077 | 59,654 | 53,630 | 42,656 | 42,047 | 41,912 | 41,887 | 57,833 | 42,128 | 39,170 |
Add: Effect of dilutive non-vested awards, assumed vested (in shares) | 0 | 0 | 472 | ||||||||
Weighted average common shares outstanding – diluted (in shares) | 59,149 | 59,077 | 59,654 | 53,630 | 42,656 | 42,435 | 42,328 | 42,331 | 57,833 | 42,128 | 39,642 |
Comprehensive Income (Loss) p_3
Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Comprehensive Income (Loss) | $ 149,438 | $ (129,725) | $ 190,177 | ||||||||
Less: Preferred dividends | $ (3,691) | $ (3,410) | $ (4,274) | $ (4,259) | $ (4,261) | $ (4,259) | $ (4,259) | $ (4,253) | (15,634) | (17,032) | (15,880) |
Comprehensive Income (Loss) available (related) to common stockholders | $ 133,804 | $ (146,757) | $ 174,297 | ||||||||
Net Comprehensive Income (Loss) per share available (related) to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 2.31 | $ (3.48) | $ 4.45 | ||||||||
Diluted (in dollars per share) | $ 2.30 | $ (3.48) | $ 4.40 | ||||||||
Weighted average common shares outstanding: | |||||||||||
Basic (in shares) | 58,902 | 59,077 | 59,654 | 53,630 | 42,656 | 42,047 | 41,912 | 41,887 | 57,833 | 42,128 | 39,170 |
Add: Effect of dilutive non-vested awards, assumed vested (in shares) | 247 | ||||||||||
Add: Effect of dilutive non-vested awards, assumed vested (in shares) | 0 | 0 | 472 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 58,080 | ||||||||||
Weighted average common shares outstanding – diluted (in shares) | 59,149 | 59,077 | 59,654 | 53,630 | 42,656 | 42,435 | 42,328 | 42,331 | 57,833 | 42,128 | 39,642 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
GAAP net income (loss) | $ 108,681 | $ (60,955) | $ (183,250) | $ (114,381) | $ (211,979) | $ 47,704 | $ 13,562 | $ 44,747 | $ (249,905) | $ (105,966) | $ 181,154 |
Book to tax differences: | |||||||||||
TRS income | (147) | (265) | 0 | ||||||||
Premium amortization expense | 0 | (1,132) | (468) | ||||||||
Credit Risk and Non-Agency Securities | 24,459 | 26,509 | (68,505) | ||||||||
Interest-Only Securities | 85 | 318 | 1,216 | ||||||||
U.S. Treasury Securities | (2,024) | 6,365 | 0 | ||||||||
Changes in interest rate contracts | 375,493 | (1,346) | (49,930) | ||||||||
(Gain) Loss on sales of Agency Securities | (9,611) | 152,950 | 8,486 | ||||||||
Other than temporary loss on Agency Securities | 0 | 12,090 | 13,707 | ||||||||
Amortization of deferred hedging costs | (69,302) | (56,378) | (59,930) | ||||||||
Series A Cumulative Preferred Stock dividend- Called for redemption | 375 | 0 | 0 | ||||||||
Other | 18 | 16 | 15 | ||||||||
Estimated taxable income | $ 69,441 | $ 33,161 | $ 25,745 |
Income Taxes - Capital Gains (L
Income Taxes - Capital Gains (Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Loss Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward | $ (216,634) | $ (7,375) | $ (31,204) | $ (5,182) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jul. 29, 2019 | Jun. 27, 2019 | May 28, 2019 | Apr. 29, 2019 | Mar. 27, 2019 | Feb. 27, 2019 | Jan. 28, 2019 | Dec. 27, 2018 | Nov. 27, 2018 | Oct. 29, 2018 | Sep. 27, 2018 | Aug. 27, 2018 | Jul. 27, 2018 | Jun. 27, 2018 | May 29, 2018 | Apr. 27, 2018 | Mar. 27, 2018 | Feb. 27, 2018 | Jan. 29, 2018 | Dec. 27, 2017 | Nov. 27, 2017 | Oct. 27, 2017 | Sep. 27, 2017 | Aug. 28, 2017 | Jul. 27, 2017 | Jun. 27, 2017 | May 30, 2017 | Apr. 27, 2017 | Mar. 27, 2017 | Feb. 27, 2017 | Jan. 27, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | ||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | $ 25,000 | |||||||||||||||||||||||||||||||||
Aggregate tax basis of stockholders' equity in excess of assets and liabilities | $ 818,000 | |||||||||||||||||||||||||||||||||
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share) | $ 0.01 | |||||||||||||||||||||||||||||||||
Common stock, shares issued (in shares) | 58,877,000 | 43,702,000 | ||||||||||||||||||||||||||||||||
Payment of dividends | $ 140,486,000 | $ 114,056,000 | $ 105,289,000 | |||||||||||||||||||||||||||||||
Estimated REIT taxable Income | $ 69,441,000 | $ 33,161,000 | $ 25,745,000 | |||||||||||||||||||||||||||||||
Percent of dividends that represent nontaxable return of capital | 56.80% | 83.20% | 89.00% | |||||||||||||||||||||||||||||||
Series A Preferred Stock | ||||||||||||||||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||||||||||||||||||||||||
Payments of dividends | $ 375,000 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 374,800 | $ 2,249,000 | $ 4,498,000 | $ 4,498,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | 14 Months Ended | ||||
Mar. 31, 2017USD ($) | Feb. 19, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 18, 2020USD ($) | Mar. 18, 2019loan | Mar. 17, 2019loan | |
Related Party Transaction [Line Items] | ||||||||
Management fees | $ 29,571,000 | $ 27,246,000 | $ 26,582,000 | |||||
Due from related parties | 105,000,000 | 105,000,000 | ||||||
Number of loans | loan | 1 | 3 | ||||||
ARRM | ||||||||
Related Party Transaction [Line Items] | ||||||||
Annual management fee | $ 1 | |||||||
Period of written notice of termination | 180 days | |||||||
Management fees | $ 29,513,000 | 27,190,000 | 26,518,000 | |||||
Due from related parties | $ 552,000 | |||||||
ARRM | Restricted Stock Units (RSUs) | ||||||||
Related Party Transaction [Line Items] | ||||||||
Award vesting period | 5 years | |||||||
ARRM | Armour Management Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Automatic renewal period of management agreement | 5 years | |||||||
ARRM | Javelin Management Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Automatic renewal period of management agreement | 1 year | |||||||
Management agreement, term | 1 year | |||||||
ARRM | Other Expense | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management fees | $ 114,000 | 206,000 | 764,000 | |||||
ARRM | Stock Based Compensation Expense | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management fees | 348,000 | 436,000 | 339,000 | |||||
Javelin Mortgage Investment Corp. | Management Fee | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management fees | $ 1 | 1,718,000 | ||||||
Corporate Joint Venture | BUCKLER Securities, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage | 10.00% | |||||||
Corporate Joint Venture | BUCKLER Securities, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payments to acquire equity method investments | $ 352,000 | |||||||
Ownership percentage | 10.00% | |||||||
Equity method investments, value | $ 381,000 | 113,000 | ||||||
Corporate Joint Venture | BUCKLER Securities, LLC | Subsequent Event | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from divestiture of interest in joint venture | $ 258,000 | $ 767,000 | ||||||
Required annual reduction in share of gross financing profit | $ 306,000 | |||||||
Corporate Joint Venture | Required Regulatory Capital Requirement of Related Party | BUCKLER Securities, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Loans receivable related parties | $ 105,000,000 | |||||||
Related party transaction, rate | 0.00% | |||||||
Related parties loans, proceeds | $ 1,886,000 | $ 2,019,000 | $ 280,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
BUCKLER Securities, LLC | Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Repurchase agreements | $ 5,107,101 | $ 3,503,750 | |
Interest on repurchase agreements | 120,090 | 67,156 | |
Collateral posted on repurchase agreements | 5,341,487 | 3,652,899 | |
U.S. Treasury Securities | |||
Related Party Transaction [Line Items] | |||
U.S. Treasury Securities Purchased | 1,685,058 | 765,828 | $ 0 |
U.S. Treasury Securities Sold | 1,786,090 | 661,883 | $ 0 |
U.S. Treasury Securities | BUCKLER Securities, LLC | Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
U.S. Treasury Securities Purchased | 0 | 815,765 | |
U.S. Treasury Securities Sold | $ 0 | $ 563,258 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 27, 2020 | Feb. 27, 2020 | Jan. 30, 2020 | Jan. 28, 2020 | Jan. 27, 2020 | Jan. 24, 2020 | Dec. 27, 2019 | Nov. 27, 2019 | Oct. 28, 2019 | Sep. 27, 2019 | Aug. 27, 2019 | Jul. 29, 2019 | Jun. 27, 2019 | Jun. 19, 2019 | May 28, 2019 | Apr. 29, 2019 | Mar. 27, 2019 | Feb. 27, 2019 | Jan. 28, 2019 | Dec. 27, 2018 | Nov. 27, 2018 | Oct. 29, 2018 | Sep. 27, 2018 | Aug. 27, 2018 | Jul. 27, 2018 | Jun. 27, 2018 | May 29, 2018 | Apr. 27, 2018 | Mar. 27, 2018 | Feb. 27, 2018 | Jan. 29, 2018 | Dec. 27, 2017 | Nov. 27, 2017 | Oct. 27, 2017 | Sep. 27, 2017 | Aug. 28, 2017 | Jul. 27, 2017 | Jun. 27, 2017 | May 30, 2017 | Apr. 27, 2017 | Mar. 27, 2017 | Feb. 27, 2017 | Jan. 27, 2017 | Feb. 14, 2020 | Jan. 26, 2018 | Oct. 06, 2017 | Dec. 10, 2018 | Dec. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount paid to holders of record | $ 124,477 | $ 97,024 | $ 89,409 | |||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 7.875% | 7.875% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 | $ 25 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | ||||||||||||||||
Payments of dividends | $ 1,291 | $ 1,210 | $ 1,190 | $ 1,168 | $ 1,142 | $ 1,100 | $ 1,059 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,045 | $ 1,039 | $ 1,019 | $ 998 | $ 987 | $ 962 | $ 927 | $ 927 | $ 927 | $ 927 | $ 927 | $ 927 | $ 927 | $ 927 | $ 13,385 | $ 12,534 | 11,382 | |||||||||||||
Proceeds from issuance of preferred stock, net | $ 2,489 | $ 2,632 | $ 16,500 | $ 19,001 | $ 14,968 | $ 47,306 | $ 44,289 | $ 2,632 | $ 14,815 | |||||||||||||||||||||||||||||||||||||||||||
Scenario, Forecast | Series B Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ 0.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends cash paid (in dollars per share) | $ 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount paid to holders of record | $ 10,126 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Series B Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, called for redemption (in shares) | 8,383 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ 0.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of dividends | $ 1,375 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Series C Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | 7.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued (in shares) | 1,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred stock, net | $ 29,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of stock issuance costs | $ 327 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Scenario, Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends cash paid (in dollars per share) | $ 0.17 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Scenario, Forecast | Series B Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | 0.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Scenario, Forecast | Series C Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends cash paid (in dollars per share) | $ 0.15 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Agency Securities, net of amortization of premium and fees | $ 87,407 | $ 102,134 | $ 113,438 | $ 79,832 | $ 61,542 | $ 56,787 | $ 47,809 | $ 52,253 | $ 382,811 | $ 218,391 | $ 196,301 | |||
Debt securities, trading | 508 | 457 | 430 | 624 | ||||||||||
Interest expense- repurchase agreements | (59,454) | (80,293) | (87,504) | (60,978) | (46,147) | (40,359) | (35,706) | (32,018) | (288,229) | (154,230) | (94,558) | |||
Net Interest Income | 41,062 | 35,606 | 40,856 | 33,812 | 30,407 | 32,275 | 30,085 | 36,151 | 151,336 | 128,918 | 159,875 | |||
Realized gain (loss) on sale of Agency Securities (reclassified from Other comprehensive income (loss)) | 7,996 | 4,569 | (44) | (2,910) | (63,895) | (31,136) | (25,316) | (32,603) | 9,611 | (152,950) | (8,486) | |||
Other than temporary impairment of Agency Securities (reclassified from Other comprehensive income (loss)) | 0 | 0 | 0 | (12,090) | 0 | (12,090) | (13,707) | |||||||
Debt securities, trading | 27 | (84) | (8,884) | 2,576 | ||||||||||
Realized gain (loss) on derivatives | (13,799) | (85,076) | (92,990) | (22,131) | 1,709 | 3,739 | (14,341) | (38,604) | (213,996) | [1] | (47,497) | [1] | (22,675) | [1] |
Unrealized gain (loss) on derivatives | 80,399 | 3,845 | (107,304) | (113,067) | (147,108) | 54,169 | 45,054 | 97,201 | (136,127) | 49,316 | 39,272 | |||
Expenses | (8,627) | (10,321) | (10,012) | (9,520) | (8,854) | (9,354) | (9,352) | (9,465) | (38,480) | (37,025) | (35,831) | |||
Net Income (Loss) | 108,681 | (60,955) | (183,250) | (114,381) | (211,979) | 47,704 | 13,562 | 44,747 | (249,905) | (105,966) | 181,154 | |||
Dividends on preferred stock | (3,691) | (3,410) | (4,274) | (4,259) | (4,261) | (4,259) | (4,259) | (4,253) | (15,634) | (17,032) | (15,880) | |||
Net Income (Loss) available (related) to common stockholders | $ 104,990 | $ (64,365) | $ (187,524) | $ (118,640) | $ (216,240) | $ 43,445 | $ 9,303 | $ 40,494 | $ (265,539) | $ (122,998) | $ 165,274 | |||
Net income (loss) available (related) per share to common stockholders - Basic (in dollars per share) | $ 1.78 | $ (1.09) | $ (3.14) | $ (2.21) | $ (5.07) | $ 1.03 | $ 0.22 | $ 0.97 | $ (4.59) | $ (2.92) | $ 4.22 | |||
Net income (loss) available (related) per share to common stockholders - Diluted (in dollars per share) | 1.78 | (1.09) | (3.14) | (2.21) | (5.07) | 1.02 | 0.22 | 0.96 | (4.59) | (2.92) | 4.17 | |||
Dividends declared per common share (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.16 | $ 2.28 | $ 2.28 | |||
Weighted average common shares outstanding – basic (in shares) | 58,902 | 59,077 | 59,654 | 53,630 | 42,656 | 42,047 | 41,912 | 41,887 | 57,833 | 42,128 | 39,170 | |||
Weighted average common shares outstanding - diluted (in shares) | 59,149 | 59,077 | 59,654 | 53,630 | 42,656 | 42,435 | 42,328 | 42,331 | 57,833 | 42,128 | 39,642 | |||
Credit Risk and Non-Agency Securities | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Debt securities, trading | $ 12,785 | $ 13,158 | $ 13,383 | $ 13,592 | $ 13,518 | $ 14,573 | $ 14,330 | $ 14,006 | $ 52,919 | $ 56,427 | $ 55,969 | |||
Debt securities, trading | 1,650 | (8,842) | (17,699) | 496 | (23,200) | (2,115) | (3,234) | 1,283 | (24,396) | (27,266) | 65,672 | |||
Interest-Only Securities | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Debt securities, trading | 0 | 0 | 251 | 345 | 395 | 413 | 417 | 442 | 596 | 1,667 | 2,163 | |||
Debt securities, trading | 0 | 0 | 490 | (368) | (1,065) | 210 | (450) | 298 | 123 | (1,007) | (2,966) | |||
U.S. Treasury Securities | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Debt securities, trading | 0 | 128 | 744 | 482 | $ 591 | $ 404 | $ 2,805 | $ 844 | 1,353 | 4,644 | 0 | |||
Debt securities, trading | 0 | (736) | 3,453 | (693) | 2,024 | (6,365) | 0 | |||||||
Corporate Debt Securities | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Debt securities, trading | $ 324 | $ 479 | $ 544 | $ 539 | $ 1,886 | $ 2,019 | $ 0 | |||||||
[1] | Interest expense related to our interest rate swap contracts is recorded as realized loss on derivatives on the consolidated statements of operations. For additional information, see Note 8 to the consolidated financial statements. |
Uncategorized Items - arr123120
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 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 44,000 |
Shares, Outstanding | us-gaap_SharesOutstanding | 43,702,000 |
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 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (43,870,000) |
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) |
Series A Preferred Stock [Member] | Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 2,000 |
Shares, Outstanding | us-gaap_SharesOutstanding | 2,181,000 |
Series B Preferred Stock [Member] | Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 6,000 |
Shares, Outstanding | us-gaap_SharesOutstanding | 6,369,000 |