ARMOUR Residential REIT (ARR) 10-Q 22 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 21, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity Registrant Name	ARMOUR RESIDENTIAL REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34766
Entity Tax Identification Number	26-1908763
Entity Address, Address Line One	3001 Ocean Drive, Suite 201
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	617-4340
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		83,098,691
Entity Central Index Key	0001428205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Preferred Stock, 7.00% Series C Cumulative Redeemable
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, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ARR
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash	$ 500,321	$ 167,671
Cash collateral posted to counterparties	29,983	3,997
Investments in securities, at fair value
Agency Securities (including pledged securities of $3,812,850 at June 30, 2021 and $4,726,584 at December 31, 2020)	4,351,478	5,178,322
Derivatives, at fair value	138,897	54,686
Accrued interest receivable	10,026	12,833
Prepaid and other	1,694	1,977
Subordinated loan to BUCKLER	105,000	105,000
Total Assets	5,137,399	5,524,486
Liabilities:
Repurchase agreements	3,661,367	4,536,065
Cash collateral posted by counterparties	106,898	44,704
Payable for unsettled purchases	206,126	0
Derivatives, at fair value	49,273	1,217
Accrued interest payable- repurchase agreements	548	1,625
Accounts payable and other accrued expenses	4,645	2,571
Total Liabilities	4,028,857	4,586,182
Commitments and contingencies (Note 9)
Stockholders’ Equity:
Common stock, $0.001 par value, 125,000 shares authorized, 83,098 and 65,290 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	83	65
Additional paid-in capital	3,284,218	3,033,025
Accumulated deficit	(2,320,405)	(2,273,822)
Accumulated other comprehensive income	144,639	179,031
Total Stockholders’ Equity	1,108,542	938,304
Total Liabilities and Stockholders’ Equity	5,137,399	5,524,486
7.00% Series C Cumulative Preferred Stock; 6,847 and 5,347 shares issued and outstanding ($171,175 and $133,675 aggregate liquidation preference) at June 30, 2021 and December 31. 2020, respectively
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized;	$ 7	$ 5

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Agency securities, pledged securities	$ 3,812,850	$ 4,726,584
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)	83,098,000	65,290,000
Common stock, shares outstanding (in shares)	83,098,000	65,290,000
7.00% Series C
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, dividend rate	7.00%	7.00%
Preferred stock, shares issued (in shares)	6,847,000	5,347,000
Preferred stock, shares outstanding (in shares)	6,847,000	5,347,000
Preferred stock, aggregate liquidation preference	$ 171,175	$ 133,675

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest Income:
Agency Securities, net of amortization of premium and fees		$ 18,205,000	$ 23,648,000	$ 36,763,000	$ 103,424,000
Total Interest Income		18,220,000	28,550,000	36,795,000	121,408,000
Interest expense- repurchase agreements		(1,548,000)	(5,389,000)	(3,975,000)	(56,909,000)
Interest expense- U.S. Treasury Securities sold short		0	(32,000)	(87,000)	(32,000)
Net Interest Income		16,672,000	23,129,000	32,733,000	64,467,000
Other Income (Loss):
Realized gain on sale of available for sale Agency Securities (reclassified from Other comprehensive income (loss))		0	36,008,000	7,354,000	129,333,000
Credit loss expense		0	0	0	(1,012,000)
Gain (loss) on Agency Securities, trading		19,183,000	7,911,000	(43,403,000)	7,911,000
Loss on short sale of U.S. Treasury Securities		0	(414,000)	(28,000)	(414,000)
Subtotal		19,183,000	43,695,000	(36,077,000)	(25,333,000)
Realized loss on derivatives	[1]	(3,649,000)	(180,567,000)	(31,009,000)	(415,716,000)
Unrealized gain (loss) on derivatives		(92,744,000)	173,325,000	53,236,000	39,438,000
Subtotal		(96,393,000)	(7,242,000)	22,227,000	(376,278,000)
Total Other Income (Loss)		(77,210,000)	36,453,000	(13,850,000)	(401,611,000)
Expenses:
Management fees		7,718,000	7,382,000	15,155,000	14,840,000
Professional fees		590,000	1,654,000	1,328,000	2,499,000
Insurance		195,000	183,000	388,000	366,000
Compensation		1,675,000	1,357,000	3,351,000	2,822,000
Other		558,000	205,000	1,008,000	187,000
Total Expenses		10,736,000	10,781,000	21,230,000	20,714,000
Less management fees waived		(2,100,000)	(2,947,000)	(4,500,000)	(2,947,000)
Total Expenses after fees waived		8,636,000	7,834,000	16,730,000	17,767,000
Net Income (Loss)		(69,174,000)	51,748,000	2,153,000	(354,911,000)
Dividends on preferred stock		(2,996,000)	(2,320,000)	(5,482,000)	(5,147,000)
Net Income (Loss) available (related) to common stockholders		$ (72,170,000)	$ 49,428,000	$ (3,329,000)	$ (360,058,000)
Net Income (Loss) per share available (related) to common stockholders (Note 12):
Basic (in dollars per share)		$ (0.95)	$ 0.78	$ (0.05)	$ (5.87)
Diluted (in dollars per share)		(0.95)	0.77	(0.05)	(5.87)
Dividends declared per common share (in dollars per share)		$ 0.30	$ 0.09	$ 0.60	$ 0.60
Weighted average common shares outstanding:
Basic (in shares)		76,064	63,741	71,041	61,312
Diluted (in shares)		76,064	64,340	71,041	61,312
Credit Risk and Non-Agency Securities
Interest Income:
Interest income, trading		$ 0	$ 4,873,000	$ 0	$ 17,228,000
Other Income (Loss):
Gain (loss) on securities		0	190,000	0	(182,922,000)
U.S. Treasury Securities
Interest Income:
Interest income, trading		0	0	0	469,000
Other Income (Loss):
Gain (loss) on securities		0	0	0	21,771,000
BUCKLER Subordinated loan
Interest Income:
Interest income, trading		$ 15,000	$ 29,000	$ 32,000	$ 287,000
[1]	Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the consolidated statements of operations. For additional information, see financial statement Note 8.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (69,174)	$ 51,748	$ 2,153	$ (354,911)
Other comprehensive income (loss):
Reclassification adjustment for realized gain on sale of available for sale Agency Securities	0	(36,008)	(7,354)	(129,333)
Reclassification adjustment for credit loss expense on available for sale Agency Securities	0	0	0	1,012
Net unrealized gain (loss) on available for sale Agency Securities	7,842	7,654	(27,038)	(30,489)
Other comprehensive income (loss)	7,842	(28,354)	(34,392)	(158,810)
Comprehensive Income (Loss)	$ (61,332)	$ 23,394	$ (32,239)	$ (513,721)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	7.00% Series C	Preferred Stock7.00% Series C	Common Stock	Total Additional Paid-in Capital	Total Additional Paid-in Capital7.00% Series C	Accumulated Deficit	Accumulated Deficit7.00% Series C	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2019	$ 1,436,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		$ (1,452)
Common stock dividends	(30,377)
Issuance of stock, net		129,221
Stock based compensation, net of withholding requirements	1,001
Net Income	(406,659)
Other comprehensive loss	(130,456)
Ending balance at Mar. 31, 2020	786,250
Beginning balance at Dec. 31, 2019	1,436,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	(354,911)
Other comprehensive loss	(158,810)
Ending balance at Jun. 30, 2020	851,231
Beginning balance at Dec. 31, 2019	1,436,707
Ending balance (in shares) at Dec. 31, 2020			5,347	65,290
Ending balance at Dec. 31, 2020	938,304		$ 5	$ 65	$ 3,033,025		$ (2,273,822)		$ 179,031
Beginning balance at Mar. 31, 2020	786,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		(2,320)
Common stock dividends	(5,876)
Issuance of stock, net		(125)
Stock based compensation, net of withholding requirements	1,022
Net Income	51,748
Other comprehensive loss	(28,354)
Ending balance at Jun. 30, 2020	851,231
Beginning balance at Dec. 31, 2020	938,304		$ 5	$ 65	3,033,025		(2,273,822)		179,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		(2,486)
Common stock dividends	(20,057)
Issuance of stock, net		28,173
Stock based compensation, net of withholding requirements	1,199
Net Income	71,327
Other comprehensive loss	(42,234)
Ending balance at Mar. 31, 2021	1,027,186
Beginning balance (in shares) at Dec. 31, 2020			5,347	65,290
Beginning balance at Dec. 31, 2020	938,304		$ 5	$ 65	3,033,025		(2,273,822)		179,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		(5,482)						$ (5,482)
Common stock dividends	(43,254)						(43,254)
Issuance of stock, net (in shares)			1,500	17,691
Issuance of stock, net	212,224	36,585	$ 2	$ 18	212,206	$ 36,583
Stock based compensation, net of withholding requirements (in shares)				117
Stock based compensation, net of withholding requirements	2,404				2,404
Net Income	2,153						2,153
Other comprehensive loss	(34,392)								(34,392)
Ending balance (in shares) at Jun. 30, 2021			6,847	83,098
Ending balance at Jun. 30, 2021	1,108,542		$ 7	$ 83	3,284,218		(2,320,405)		144,639
Beginning balance at Mar. 31, 2021	1,027,186
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends		(2,996)
Common stock dividends	(23,197)
Issuance of stock, net		$ 8,412
Stock based compensation, net of withholding requirements	1,205
Net Income	(69,174)
Other comprehensive loss	7,842
Ending balance (in shares) at Jun. 30, 2021			6,847	83,098
Ending balance at Jun. 30, 2021	$ 1,108,542		$ 7	$ 83	$ 3,284,218		$ (2,320,405)		$ 144,639

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical)	Jan. 28, 2020	Jun. 30, 2021	Dec. 31, 2020
Series C Preferred Stock
Preferred stock, dividend rate	7.00%	7.00%	7.00%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2020
Cash Flows From Operating Activities:
Net Income (Loss)	$ (69,174,000)	$ 71,327,000	$ 51,748,000	$ (406,659,000)	$ 2,153,000	$ (354,911,000)
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Net amortization of premium on Agency Securities					28,175,000	23,364,000
Realized gain on sale of Agency Securities, available for sale					(7,354,000)	(129,333,000)
Credit loss expense	0		0	1,012,000	0	1,012,000	$ 0
Agency Securities, trading	(19,183,000)		(7,911,000)		43,403,000	(7,911,000)
Loss on short sale of U.S. Treasury Securities					28,000	414,000
Stock based compensation					2,404,000	2,023,000
Changes in operating assets and liabilities:
Increase in accrued interest receivable					2,985,000	22,030,000
Increase in prepaid and other assets					283,000	6,603,000
Change in derivatives, at fair value					(36,155,000)	(39,645,000)
Decrease in accrued interest payable- repurchase agreements					(1,077,000)	(31,256,000)
Increase in accounts payable and other accrued expenses					2,074,000	977,000
Net cash and cash collateral posted to counterparties provided by (used in) operating activities					36,919,000	(347,927,000)
Cash Flows From Investing Activities:
Purchases of Agency Securities					(469,515,000)	(4,727,162,000)
Principal repayments of Agency Securities					502,638,000	666,156,000
Principal repayments of Credit Risk and Non-Agency Securities					0	43,768,000
Proceeds from sales of Agency Securities					901,053,000	10,855,465,000
Disbursements on reverse repurchase agreements					(391,125,000)	(858,156,000)
Receipts from reverse repurchase agreements					391,125,000	858,156,000
Increase (decrease) in cash collateral posted by counterparties					62,194,000	(6,769,000)
Net cash and cash collateral posted to counterparties provided by investing activities					996,342,000	7,446,201,000
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses					212,224,000	48,886,000
Proceeds from repurchase agreements					15,545,436,000	53,582,910,000
Principal repayments on repurchase agreements					(16,420,134,000)	(60,699,854,000)
Common stock dividends paid					(43,254,000)	(36,253,000)
Common stock repurchased, net					0	(777,000)
Net cash and cash collateral posted to counterparties used in financing activities					(674,625,000)	(7,190,722,000)
Net Increase (decrease) in cash and cash collateral posted to counterparties					358,636,000	(92,448,000)
Cash and cash collateral posted to counterparties - beginning of period		$ 171,668,000		$ 273,166,000	171,668,000	273,166,000		$ 273,166,000
Cash and cash collateral posted to counterparties - end of period	530,304,000		180,718,000		530,304,000	180,718,000	$ 171,668,000	$ 171,668,000
Supplemental Disclosure:
Cash paid during the period for interest					9,698,000	166,358,000
Non-Cash Investing Activities:
Payable for unsettled purchases					206,126,000	443,523,000
Net unrealized loss on available for sale Agency Securities					(27,038,000)	(30,489,000)
Series B Preferred Stock
Cash Flows From Financing Activities:
Redemption of Preferred stock, net of expenses					0	(209,583,000)
Preferred stock dividends paid					0	(1,375,000)
Series C Preferred Stock
Cash Flows From Financing Activities:
Issuance of Preferred stock, net of expenses					36,585,000	129,096,000
Preferred stock dividends paid					(5,481,700)	(3,772,000)
Credit Risk and Non-Agency Securities
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Amortization (accretion)					0	(2,529,000)
Gain (loss) on securities	0		(190,000)		0	182,922,000
Cash Flows From Investing Activities:
Purchases of Securities					0	(237,928,000)
Proceeds from sales of held-for-investment securities					0	831,398,000
U.S. Treasuries
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Amortization (accretion)					0	84,000
Gain (loss) on securities	$ 0		$ 0		0	(21,771,000)
Cash Flows From Investing Activities:
Purchases of Securities					(390,126,000)	(4,621,776,000)
Proceeds from sales of held-for-investment securities					$ 390,098,000	$ 4,643,049,000

Organization and Nature of Busi

Organization and Nature of Business Operations	6 Months Ended
	Jun. 30, 2021
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. ARMOUR owns a 10.0% equity interest in BUCKLER Securities LLC ("BUCKLER"). BUCKLER is a Delaware limited liability company and a FINRA-regulated broker-dealer, controlled by ACM and certain executive officers of ARMOUR. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report. ARMOUR is an externally managed Maryland corporation incorporated in 2008. The Company is managed by ACM, an investment advisor registered with the Securities and Exchange Commission (the "SEC"), (see Note 9 - Commitments and Contingencies and Note 15 - Related Party Transactions ). 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	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 2 - Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2021. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020. The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying condensed consolidated financial statements include the valuation of MBS, including an assessment of the allowance for credit losses, and derivative instruments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 our cash positions 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 and interest on repurchase agreements. At certain times, we may have 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"), and more recently the Secured Overnight Funding Rate ("SOFR"). 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 June 30, 2021 and December 31, 2020. 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 may 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 assess impairment of available for sale securities at least on a quarterly basis and more frequently when economic or market concerns warrant such evaluation. We consider an impairment if we (1) intend to sell the available for sale securities, or (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) and a credit impairment exists where fair value is less than amortized cost. Impairment losses recognized establish a new cost basis for the related available for sale securities. Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Premiums and discounts associated with the purchase of Multi-Family 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 sales of available for sale securities are reclassified into income from other comprehensive income and are determined using the specific identification method. 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. Impairment losses establish a new cost basis in the security for purposes of calculating effective yields, 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	6 Months Ended
	Jun. 30, 2021
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. We have not identified any ASUs that we deemed to be applicable or that are expected to have a significant impact on our consolidated financial statements when adopted.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
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. Investments in Securities: Fair value for our investments in 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 are 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 tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020. June 30, 2021 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 4,351,478 $ — $ 4,351,478 Derivatives $ — $ 138,897 $ — $ 138,897 Liabilities at Fair Value: Derivatives $ — $ 49,273 $ — $ 49,273 December 31, 2020 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 5,178,322 $ — $ 5,178,322 Derivatives $ — $ 54,686 $ — $ 54,686 Liabilities at Fair Value: Derivatives $ — $ 1,217 $ — $ 1,217 There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the six months ended June 30, 2021 or for the year ended December 31, 2020. Excluded from the tables above are financial instruments, including cash, cash collateral posted to/by counterparties, receivables, the Subordinated loan to BUCKLER, payables and borrowings under repurchase agreements, which are presented in our consolidated financial statements at cost which approximates fair value. The estimated fair value of these instruments is measured using "Level 1" or "Level 2" inputs at June 30, 2021 and December 31, 2020.

Investments in Securities

Investments in Securities	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Note 6 - Investments in Securities As of June 30, 2021 and December 31, 2020, our securities portfolio consisted of $4,351,478 and $5,178,322 of investment securities, at fair value, respectively, and $3,909,119 and $2,711,977 of TBA Agency Securities, at fair value, respectively. Our TBA Agency Securities are reported at net carrying value of $10,351 and $19,747, at June 30, 2021 and December 31, 2020, respectively, and are reported in Derivatives, at fair value on our consolidated balance sheets (see Note 8 - Derivatives ). 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 investments in securities as of June 30, 2021 and December 31, 2020, excluding TBA Agency Securities (see Note 8 - Derivatives ). Beginning in the second quarter of 2020, we designated Agency MBS purchased as “trading securities” for financial reporting purposes, and consequently, fair value changes for these investments will be reported in net income. We anticipate continuing this designation for newly acquired Agency MBS positions because it is more representative of our results of operations insofar as the fair value changes for these securities are presented in a manner consistent with the presentation and timing of the fair value changes of our hedging instruments. Fair value changes for the legacy Agency Securities designated as available for sale will continue to be reported in other comprehensive income as required by GAAP. Available Trading Securities Agency Agency Credit Risk and Non-Agency U.S. Treasuries Totals June 30, 2021 Balance, December 31, 2020 $ 1,970,902 $ 3,207,420 $ — $ — $ 5,178,322 Purchases (1) — 675,463 — 390,126 1,065,589 Proceeds from sales (87,875) (813,178) — (390,098) (1,291,151) Principal repayments (196,058) (306,580) — — (502,638) Losses (27,038) (43,403) — (28) (70,469) Amortization/accretion (8,936) (19,239) — — (28,175) Balance, June 30, 2021 $ 1,650,995 $ 2,700,483 $ — $ — $ 4,351,478 Percentage of Portfolio 37.94 % 62.06 % — % — % 100.00 % December 31, 2020 Balance, December 31, 2019 $ 11,941,766 $ — $ 883,601 $ — $ 12,825,367 Purchases (1) 1,768,688 3,711,961 237,928 4,621,776 10,340,353 Proceeds from sales (10,800,879) (158,708) (889,057) (4,643,049) (16,491,693) Principal repayments (873,650) (343,514) (45,766) — (1,262,930) Gains (losses) (32,565) 19,557 (189,555) 21,357 (181,206) Credit loss expense (1,012) — — — (1,012) Amortization/accretion (31,446) (21,876) 2,849 (84) (50,557) Balance, December 31, 2020 $ 1,970,902 $ 3,207,420 $ — $ — $ 5,178,322 Percentage of Portfolio 38.06 % 61.94 % — % — % 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: At June 30, 2021, we evaluated our available for sale securities to determine if the available for sale securities in an unrealized loss position were impaired. As a result of this evaluation, no credit loss expense was required. We do not have an allowance for credit losses as all of our available for sale securities consist of Agency MBS. During the year ended December 31, 2020, we evaluated our available for sale securities to determine if the available for sale securities in an unrealized loss position were impaired. In the first quarter of 2020, we recognized an impairment of $1,012 in our consolidated statements of operations as we had determined that we may have been required to sell certain securities in the near future. No credit loss expense was required for the remainder of 2020. The table below presents the components of the carrying value and the unrealized gain or loss position of our available for sale securities at June 30, 2021 and December 31, 2020. Our available for sale securities had a weighted average coupon of 3.07% and 3.25% at June 30, 2021 and December 31, 2020. Agency Securities Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value June 30, 2021 Total Fannie Mae $ 1,228,341 $ 1,260,771 $ (25) $ 134,189 $ 1,394,935 Total Freddie Mac 221,157 229,928 — 10,331 240,259 Total Ginnie Mae 15,274 15,657 (7) 151 15,801 Total $ 1,464,772 $ 1,506,356 $ (32) $ 144,671 $ 1,650,995 December 31, 2020 Total Fannie Mae $ 1,359,136 $ 1,397,206 $ (1) $ 159,603 $ 1,556,808 Total Freddie Mac 354,382 368,686 — 19,246 387,932 Total Ginnie Mae 25,388 25,979 (43) 226 26,162 Total $ 1,738,906 $ 1,791,871 $ (44) $ 179,075 $ 1,970,902 The following table presents the unrealized losses and estimated fair value of our available for sale securities by length of time that such securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020. All of our available for sale 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 Agency Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2021 $ 1,640 $ (3) $ 4,693 $ (29) $ 6,333 $ (32) December 31, 2020 $ 8,811 $ (44) $ — $ — $ 8,811 $ (44) Actual maturities of available for sale securities are generally shorter than stated contractual maturities because actual maturities of available for sale 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 available for sale securities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Weighted Average Life of Available for Sale Securities Fair Value Amortized Fair Value Amortized < 1 year $ 100 $ 99 $ 71 $ 72 ≥ 1 year and < 3 years 31,588 30,899 548,352 520,657 ≥ 3 years and < 5 years 535,896 512,424 282,739 269,716 ≥ 5 years 1,083,411 962,934 1,139,740 1,001,426 Total Available for Sale Securities $ 1,650,995 $ 1,506,356 $ 1,970,902 $ 1,791,871 We use a third party model to calculate the weighted average lives of our available for sale securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our available for sale 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 available for sale securities at June 30, 2021 and December 31, 2020 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 available for sale securities could be longer or shorter than estimated. Trading Securities: The components of the carrying value of our trading securities at June 30, 2021 and December 31, 2020 are presented in the table below. We did not have any Credit Risk and Non-Agency Securities, U.S. Treasury Securities or Interest-Only Securities at June 30, 2021 and December 31, 2020. Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value June 30, 2021 Agency Securities: Total Fannie Mae $ 2,110,861 $ 2,233,684 $ (24,764) $ 6,686 $ 2,215,606 Total Freddie Mac 463,926 486,580 (3,720) 2,017 484,877 Total Trading Securities $ 2,574,787 $ 2,720,264 $ (28,484) $ 8,703 $ 2,700,483 December 31, 2020 Agency Securities: Total Fannie Mae $ 2,420,828 $ 2,585,409 $ (1,441) $ 18,211 $ 2,602,179 Total Freddie Mac 570,654 601,320 (430) 4,351 605,241 Total Trading Securities $ 2,991,482 $ 3,186,729 $ (1,871) $ 22,562 $ 3,207,420 The following table summarizes the weighted average lives of our trading securities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Estimated Weighted Average Life of Trading Securities Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ — $ — $ — $ — ≥ 1 year and < 3 years 69,521 69,560 649,425 650,328 ≥ 3 years and < 5 years 511,730 508,285 1,522,509 1,506,035 ≥ 5 years 2,119,232 2,142,419 1,035,486 1,030,366 Total $ 2,700,483 $ 2,720,264 $ 3,207,420 $ 3,186,729 We use a third party model to calculate the weighted average lives of our trading securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our trading 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 trading securities at June 30, 2021 and December 31, 2020 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 trading securities could be longer or shorter than estimated.

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2021
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Note 7 - Repurchase Agreements At June 30, 2021, we had active MRAs with 34 counterparties and had $3,661,367 in outstanding borrowings with 18 of those counterparties. At December 31, 2020, we had $4,536,065 in outstanding borrowings with 18 counterparties. The following table represents the contractual repricing regarding our repurchase agreements to finance MBS purchases at June 30, 2021 and December 31, 2020. No amounts below are subject to offsetting. Our repurchase agreements require excess collateral, known as a “haircut.” At June 30, 2021, the average haircut percentage was 3.49% compared to 3.13% at December 31, 2020. The haircut for our repurchase agreements vary by counterparty and therefore, the changes in the average haircut percentage will vary with the changes in our counterparty repurchase agreement balances. Balance Weighted Average Contractual Rate Weighted Average Maturity in days June 30, 2021 Agency Securities ≤ 30 days $ 3,511,609 0.15 % 6 > 30 days to ≤ 60 days 149,758 0.10 % 48 Total or Weighted Average $ 3,661,367 0.15 % 8 December 31, 2020 Agency Securities ≤ 30 days $ 3,618,255 0.23 % 15 > 30 days to ≤ 60 days 917,810 0.23 % 45 Total or Weighted Average $ 4,536,065 0.23 % 21 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 June 30, 2021 and December 31, 2020, BUCKLER accounted for 57.5% and 66.1%, respectively, of our aggregate borrowings and had an amount at risk of 5.9% and 8.3%, respectively, of our total stockholders' equity with a weighted average maturity of 2 days and 21 days, respectively, on repurchase agreements (see Note 15 - Related Party Transactions ). In addition, at June 30, 2021, we had 1 repurchase agreement counterparty that individually accounted for over 5% of our aggregate borrowings. In total, this counterparty accounted for approximately 11.0% of our repurchase agreement borrowings outstanding at June 30, 2021. At December 31, 2020, we had 1 repurchase agreement counterparty that individually accounted for over 5% of our aggregate borrowings. In total, this counterparty accounted for 9.0% of our repurchase agreement borrowings at December 31, 2020.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2021
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 ISDA. We are also required to post or hold cash collateral based upon the net underlying market value of our open positions with the counterparty. A decline in the value of the open positions with the counterparty 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 ISDA 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 ISDAs 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. 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 June 30, 2021 and December 31, 2020. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net June 30, 2021 Interest rate swap contracts $ 124,978 $ (45,705) $ (74,370) $ 4,903 TBA Agency Securities 13,919 (3,568) (5,632) 4,719 Totals $ 138,897 $ (49,273) $ (80,002) $ 9,622 December 31, 2020 Interest rate swap contracts $ 34,588 $ (866) $ (27,773) $ 5,949 TBA Agency Securities 20,098 (351) (13,942) 5,805 Totals $ 54,686 $ (1,217) $ (41,715) $ 11,754 (1) See Note 5 - Fair Value of Financial Instruments for additional discussion. Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net June 30, 2021 Interest rate swap contracts $ (45,705) $ 45,705 $ — $ — TBA Agency Securities (3,568) 3,568 — — Totals $ (49,273) $ 49,273 $ — $ — December 31, 2020 Interest rate swap contracts $ (866) $ 866 $ — $ — TBA Agency Securities (351) 351 — — Totals $ (1,217) $ 1,217 $ — $ — (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 three and six months ended June 30, 2021 and June 30, 2020. Income (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, Derivatives Location on consolidated statements of operations 2021 2020 2021 2020 Interest rate swap contracts: Realized loss Realized loss on derivatives $ — $ (199,990) $ — $ (461,374) Interest income Realized loss on derivatives 884 1,339 1,756 27,801 Interest expense Realized loss on derivatives (8,734) (8,335) (13,182) (40,569) Changes in fair value Unrealized gain (loss) on derivatives (131,815) 180,938 54,145 29,552 $ (139,665) $ (26,048) $ 42,719 $ (444,590) TBA Agency Securities: Realized gain (loss) Realized loss on derivatives 4,201 26,419 (19,583) 58,426 Changes in fair value Unrealized gain (loss) on derivatives 39,071 (7,613) (909) 9,886 $ 43,272 $ 18,806 $ (20,492) $ 68,312 Totals $ (96,393) $ (7,242) $ 22,227 $ (376,278) The following tables present information about our derivatives at June 30, 2021 and December 31, 2020. Interest Rate Swaps (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate June 30, 2021 < 3 years $ 1,307,000 16 0.06 % ≥ 3 years and < 5 years 412,000 44 0.16 % ≥ 5 years and < 7 years 889,000 66 0.28 % ≥ 7 years 4,202,000 111 1.01 % Total or Weighted Average (2) $ 6,810,000 83 0.68 % December 31, 2020 < 3 years $ 2,230,000 12 0.06 % ≥ 3 years and < 5 years 463,000 45 0.14 % ≥ 5 years and < 7 years 942,000 72 0.28 % ≥ 7 years 1,702,000 113 0.50 % Total or Weighted Average (3) $ 5,337,000 58 0.24 % (1) Pay Fixed/Receive Variable. (2) Of this amount, $5,607,000 notional are Fed Funds based swaps, the last of which matures in 2031 and $1,203,000 notional are SOFR based swaps, the last of which matures in 2023. Includes $850,000 notional of forward settling swap contracts that settle by December 28, 2021. (3) Of this amount, $2,230,000 notional are SOFR based swaps, the last of which matures in 2023; and $3,107,000 notional are Fed Funds based swaps, the last of which matures in 2030. TBA Agency Securities Notional Amount Cost Basis Fair Value June 30, 2021 15 Year Long 1.5% $ 200,000 $ 200,900 $ 202,252 2.0% 1,700,000 1,746,584 1,751,093 30 Year Long 2.0% 300,000 302,148 303,317 2.5% 1,600,000 1,647,215 1,652,457 Total (1) $ 3,800,000 $ 3,896,847 $ 3,909,119 December 31, 2020 15 Year Long 1.5% $ 200,000 $ 204,758 $ 205,781 2.0% 1,200,000 1,248,015 1,253,354 30 Year Long 2.0% 600,000 619,031 622,934 2.5% 800,000 838,047 841,314 3.5% (200,000) (211,055) (211,406) Total (1) $ 2,600,000 $ 2,698,796 $ 2,711,977 (1) $1,800,000 and $1,250,000 notional were forward settling at June 30, 2021 and December 31, 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 - Commitments and Contingencies Management The Company is managed by ACM, pursuant to a management agreement (see also Note 15, “ Related Party Transactions”). The management agreement entitles ACM to receive management fees payable monthly in arrears. Currently, the monthly management fee is 1/12th of the sum of (a) 1.5% of gross equity raised up to $1.0 billion plus (b) 0.75% of gross equity raised in excess of $1.0 billion. The cost of repurchased stock and any dividend representing a return of capital for tax purposes will reduce the amount of gross equity raised used to calculate the monthly management fee. At June 30, 2021 and June 30, 2020, the effective management fee, prior to management fees waived, was 0.98% and 1.01% based on gross equity raised of $3,196,072 and $2,937,354, respectively. ACM began waiving 40% of its management fee during the second quarter of 2020 and on January 13, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $2,400 for the first quarter of 2021 and $800 per month thereafter. On April 20, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $2,100 for the second quarter of 2021 and $700 per month thereafter until further notice. During the three and six months ended June 30, 2021, ACM waived management fees of $2,100 and $4,500, respectively. During the three and six months ended June 30, 2020, ACM waived management fees of $2,947. The 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 incurs solely on our behalf other than the various overhead expenses specified in the terms of the management agreement. ACM is further entitled to receive termination fees from us under certain circumstances. Indemnifications and Litigation We enter into certain contracts that contain a variety of indemnifications, principally with ACM and underwriters, against third party claims for errors and omissions in connection with their services to us. We have not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements, as well as the maximum amount attributable to past events, is not material. Accordingly, we have no liabilities recorded for these agreements at June 30, 2021 and December 31, 2020. 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. On June 15, 2020, co-counsel for the plaintiff filed a notice of supplemental authority requesting to move the matter forward. On August 19, 2020, a Notification To Parties of Contemplated Dismissal was sent out by the Clerk of the Circuit Court to all parties. Counsel for the plaintiff responded on August 24, 2020, with a Motion to Defer Dismissal. No further action has been taken by the court. 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 of all of these suits, ARMOUR is not able at this time to estimate their outcome.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2021
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, restricted stock units (“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. On May 13, 2021, at the Company’s 2021 annual meeting of stockholders, the Plan was amended to increase the aggregate number of shares available for issuance by 2,125 shares of common stock from 1,875 shares to 4,000 shares. At June 30, 2021, there were 2,167 shares available for future issuance under the Plan. Transactions related to awards for the six months ended June 30, 2021 are summarized below: June 30, 2021 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 496 $ 19.77 Granted (1) 635 $ 11.08 Vested (153) $ 17.10 Unvested RSU Awards Outstanding end of period 978 $ 14.55 (1) During the six months ended June 30, 2021, 535 RSUs were granted to certain officers of ARMOUR through ACM and 100 RSUs were granted to the Board.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Note 11 - Stockholders' Equity Changes in Stockholders' Equity The following table presents the changes in Stockholders' Equity for the following interim periods. Stockholders' Equity March 31, 2021 June 30, 2021 March 31, 2020 June 30, 2020 Balance, beginning of quarter $ 938,304 $ 1,027,186 $ 1,436,707 $ 786,250 Series B Preferred dividends ($0.1640625 per share) — — (1,375) — Series C Preferred dividends ($0.14583 per share) (2,486) (2,996) (1,452) (2,320) Common stock dividends (1) (20,057) (23,197) (30,377) (5,876) Series B Preferred Stock, called for redemption — — (209,583) — Issuance of Series C Preferred Stock 28,173 8,412 129,221 (125) Issuance of Common stock, net 52,960 159,264 — 48,886 Stock based compensation, net of withholding requirements 1,199 1,205 1,001 1,022 Common Stock repurchased, net — — (777) — Net income (loss) 71,327 (69,174) (406,659) 51,748 Other comprehensive income (loss) (42,234) 7,842 (130,456) (28,354) Balance, end of quarter $ 1,027,186 $ 1,108,542 $ 786,250 $ 851,231 (1) See the below table for common stock dividends per share for the six months ended June 30, 2021. Common stock dividends were $0.17 per share each month for January, February and March 2020. No common stock dividends were paid in April and May 2020 and, $0.09 per share was paid in June 2020. Preferred Stock At June 30, 2021 and December 31, 2020, 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 January 28, 2020, we filed Articles Supplementary with the State Department of Assessments and Taxation of the State of Maryland 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. At June 30, 2021, a total of 31,617 shares of our authorized preferred stock remain available for designation as future series. Series C Cumulative Redeemable Preferred Stock "Series C Preferred Stock" At June 30, 2021 and December 31, 2020, we had 6,847 and 5,347 shares, respectively, of Series C Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $171,175 and $133,675 in the aggregate. Shares designated as Series C Preferred Stock but unissued totaled 3,153 and 4,653 at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, there were no accrued or unpaid dividends on the Series C Preferred Stock. On January 29, 2020, the Company entered into an Equity Sales Agreement (the “Preferred C ATM Sales Agreement”) with B. Riley Securities, Inc. (formerly 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 or more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Preferred C ATM Sales Agreement relates to a proposed “at-the-market” offering program. Under the Preferred C ATM Sales 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 Preferred C ATM Sales Agreement. During the six months ended June 30, 2021, we sold 1,500 shares under Preferred C ATM Sales Agreement for proceeds of $36,585, net of issuance costs and commissions of approximately $445. Common Stock At June 30, 2021 and December 31, 2020, 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 83,098 shares of common stock issued and outstanding at June 30, 2021 and 65,290 shares of common stock issued and outstanding at December 31, 2020. 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. On April 3, 2020, the Common stock ATM Sales Agreement was amended to add B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.) as a sales agent. On May 4, 2020 the Common stock ATM Sales Agreement was further amended to increase the number of shares available for sale pursuant to the terms of the Common Stock ATM Sales Agreement. In accordance with the terms of the Common Stock ATM Sales agreement, as amended, we may offer and sell over a period of time and from time to time, up to 17,000 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 Common stock ATM Sales Agreement, as amended, we paid 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. During the six months ended June 30, 2021, we sold 10,713 shares under the Common stock ATM Sales Agreement, as amended, for proceeds of $129,336, net of issuance costs and commissions of approximately $1,682. After exhausting the Common stock ATM Sales Agreement, we entered into a new Equity Sales Agreement (the “2021 Common stock ATM Sales Agreement”) on May 14, 2021, with BUCKLER, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2021 Common Stock ATM Sales agreement, we may offer and sell over a period of time and from time to time, up to 17,000 shares of our common stock, par value $0.001 per share. The 2021 Common stock ATM Sales Agreement relates to an "at-the-market" offering program. Under the 2021 Common stock ATM Sales 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 2021 Common stock ATM Sales Agreement. We have sold 6,978 shares under this agreement for proceeds of $82,888, net of issuance costs and commissions of approximately $967. See Note 15 - Related Party Transactions for discussion of additional transactions with BUCKLER. Common Stock Repurchased At June 30, 2021 and December 31, 2020, there were 8,210 authorized shares remaining under the current repurchase authorization. Under the Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. Equity Capital Raising Activities The following tables present our equity transactions for the six months ended June 30, 2021 and for the year ended December 31, 2020. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Costs) June 30, 2021 Preferred C ATM Sales Agreement January 19, 2021 - April 9, 2021 1,500 $ 24.38 $ 36,585 Common stock ATM Sales Agreement March 3, 2021 - May 18, 2021 10,713 $ 12.07 $ 129,336 2021 Common stock ATM Sales Agreement May 19, 2021 - June 16, 2021 6,978 $ 11.88 $ 82,888 December 31, 2020 Preferred C Underwritten Offering January 28, 2020 3,450 $ 24.14 $ 83,282 Preferred C ATM Sales Agreement January 30, 2020 - December 23, 2020 1,897 $ 24.70 $ 46,856 Common stock ATM Sales Agreement April 7, 2020 - December 15, 2020 6,287 $ 8.68 $ 54,575 Common stock repurchases, net February 26, 2020 - March 3, 2020 (40) $ 19.42 $ (777) (1) Weighted average price Dividends The following table presents our Series C Preferred Stock dividend transactions for the six months ended June 30, 2021. Record Date Payment Date Rate per Series C Preferred Share Aggregate January 15, 2021 January 27, 2021 $ 0.14583 $ 779.7 February 15, 2021 February 26, 2021 $ 0.14583 $ 836.9 March 15, 2021 March 29, 2021 $ 0.14583 $ 869.6 April 15, 2021 April 27, 2021 $ 0.14583 $ 998.5 May 15, 2021 May 27, 2021 $ 0.14583 $ 998.5 June 15, 2021 June 28, 2021 $ 0.14583 $ 998.5 Total dividends paid $ 5,481.7 The following table presents our common stock dividend transactions for the six months ended June 30, 2021. Record Date Payment Date Rate per common share Aggregate January 15, 2021 January 28, 2021 $ 0.10 $ 6,646 February 16, 2021 February 26, 2021 $ 0.10 6,645 March 15, 2021 March 29, 2021 $ 0.10 6,766 April 15, 2021 April 29, 2021 $ 0.10 7,234 May 17, 2021 May 27, 2021 $ 0.10 7,646 June 15, 2021 June 29, 2021 $ 0.10 8,317 Total dividends paid $ 43,254

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2021
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 three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net Income (Loss) $ (69,174) $ 51,748 $ 2,153 $ (354,911) Less: Preferred dividends (2,996) (2,320) (5,482) (5,147) Net Income (Loss) available (related) to common stockholders $ (72,170) $ 49,428 $ (3,329) $ (360,058) Weighted average common shares outstanding – basic 76,064 63,741 71,041 61,312 Add: Effect of dilutive non-vested awards, assumed vested — 599 — — Weighted average common shares outstanding – diluted 76,064 64,340 71,041 61,312 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 three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Comprehensive Income (Loss) $ (61,332) $ 23,394 $ (32,239) $ (513,721) Less: Preferred dividends (2,996) (2,320) (5,482) (5,147) Comprehensive Income (Loss) available (related) to common stockholders $ (64,328) $ 21,074 $ (37,721) $ (518,868) Net Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ (0.85) $ 0.33 $ (0.53) $ (8.46) Diluted $ (0.85) $ 0.33 $ (0.53) $ (8.46) Weighted average common shares outstanding: Basic 76,064 63,741 71,041 61,312 Add: Effect of dilutive non-vested awards, assumed vested — 599 — — Diluted 76,064 64,340 71,041 61,312 For the three and six months ended June 30, 2021 978 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Comprehensive Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period. For the six months ended June 30, 2020, 599 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Comprehensive Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period.

Comprehensive Income (Loss) per

Comprehensive Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2021
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 three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net Income (Loss) $ (69,174) $ 51,748 $ 2,153 $ (354,911) Less: Preferred dividends (2,996) (2,320) (5,482) (5,147) Net Income (Loss) available (related) to common stockholders $ (72,170) $ 49,428 $ (3,329) $ (360,058) Weighted average common shares outstanding – basic 76,064 63,741 71,041 61,312 Add: Effect of dilutive non-vested awards, assumed vested — 599 — — Weighted average common shares outstanding – diluted 76,064 64,340 71,041 61,312 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 three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Comprehensive Income (Loss) $ (61,332) $ 23,394 $ (32,239) $ (513,721) Less: Preferred dividends (2,996) (2,320) (5,482) (5,147) Comprehensive Income (Loss) available (related) to common stockholders $ (64,328) $ 21,074 $ (37,721) $ (518,868) Net Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ (0.85) $ 0.33 $ (0.53) $ (8.46) Diluted $ (0.85) $ 0.33 $ (0.53) $ (8.46) Weighted average common shares outstanding: Basic 76,064 63,741 71,041 61,312 Add: Effect of dilutive non-vested awards, assumed vested — 599 — — Diluted 76,064 64,340 71,041 61,312 For the three and six months ended June 30, 2021 978 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Comprehensive Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period. For the six months ended June 30, 2020, 599 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Comprehensive Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 - Income Taxes The following table reconciles our GAAP net income (loss) to estimated REIT taxable income (loss) for the three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 GAAP net income (loss) $ (69,174) $ 51,748 $ 2,153 $ (354,911) Book to tax differences: TRS income (59) (132) (66) (69) Premium amortization expense (28) (80) (76) (80) Agency Securities, trading (19,183) (7,911) 43,403 (7,911) Credit Risk and Non-Agency Securities — (682) — 181,564 U.S. Treasury Securities — 414 28 (21,357) Changes in interest rate contracts 88,542 245 (33,653) 363,510 Credit loss expense — — — 1,012 Gain on Security Sales — (36,008) (7,354) (129,333) Amortization of deferred hedging costs (39,998) (41,287) (81,865) (61,160) Series B Cumulative Preferred Stock dividend - Called for redemption — — — 1,375 Other 419 467 837 472 Estimated REIT taxable income (loss) $ (39,481) $ (33,226) $ (76,593) $ (26,888) 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. At June 30, 2021 and at December 31, 2020, we had approximately $635,000 and $717,000, respectively, in interest rate swap expense amortizing through the year 2029. At June 30, 2021, we had $91,961 of net operating loss carryforwards available for use indefinitely. Net capital losses realized Amount Available to offset capital gains through 2018 $ (136,388) 2023 2019 $ (13,819) 2024 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. The aggregate tax basis of our assets and liabilities was greater than our total Stockholders’ Equity at June 30, 2021 by approximately $286,044, or approximately $3.44 per common share (based on the 83,098 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 for the three and six months ended June 30, 2021 and June 30, 2020 were $26,193 and $48,736 and $8,196 and $41,400 (including the final dividend on the Series B Preferred Stock, called for redemption, paid on February 27, 2020). 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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 15 - Related Party Transactions ACM The Company is managed by ACM, pursuant to a management agreement. All of our executive officers are also employees of ACM. ACM manages our day-to-day operations, subject to the direction and oversight of the Board. The management agreement runs through June 18, 2027 and is thereafter automatically renewed for an additional five-year term unless terminated under certain circumstances. Under the terms of the management agreement, ACM is responsible for costs incident to the performance of its duties, such as compensation of its employees and various overhead expenses. ACM is responsible for the following primary roles: • Advising us with respect to, arranging for and managing the acquisition, financing, management and disposition of, elements of our investment portfolio; • Evaluating the duration risk and prepayment risk within the investment portfolio and arranging borrowing and hedging strategies; • Coordinating capital raising activities; • Advising us on the formulation and implementation of operating strategies and policies, arranging for the acquisition of assets, monitoring the performance of those assets and providing administrative and managerial services in connection with our day-to-day operations; and • Providing executive and administrative personnel, office space and other appropriate services required in rendering management services to us. ACM began waiving 40% of its management fee during the second quarter of 2020 and on January 13, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $2,400 for the first quarter of 2021 and $800 per month thereafter. On April 20, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $2,100 for the second quarter of 2021 and $700 per month thereafter until further notice. The following table reconciles the fees incurred in accordance with the management agreement for the three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months 2021 2020 2021 2020 Management fees $ 7,709 $ 7,368 $ 15,138 $ 14,812 Less management fees waived (2,100) (2,947) (4,500) (2,947) Total net management fee expense $ 5,609 $ 4,421 $ 10,638 $ 11,865 We are required to take actions as may be reasonably required to permit and enable ACM to carry out its duties and obligations. We are also responsible for any costs and expenses that ACM incurred solely on our behalf other than the various overhead expenses specified in the terms of the management agreement. For the three and six months ended June 30, 2021 and June 30, 2020, we reimbursed ACM $31 and $39 and $31 and $148 for other expenses incurred on our behalf. In 2013, 2017, 2020 and January 2021, we elected to grant restricted stock unit awards to our executive officers and other ACM employees through ACM that generally vest over 5 years. In 2017, 2020 and January 2021, we elected to grant RSUs to the Board. We recognized stock based compensation expense of $201 and $408 and $98 and $284 for the three and six months ended June 30, 2021 and June 30, 2020, 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 $713 at June 30, 2021 and $634 at December 31, 2020, 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. For the three and six months ended June 30, 2020, we earned $902 and $1,265, respectively, from BUCKLER as an allocated share of Financing Gross Profit for a reduction of interest on repurchase agreements charged to the Company. For the three and six months ended June 30, 2021, we did not receive any allocated share of Financing Gross Profit. 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 2022. We have one subordinated loan agreement with BUCKLER, totaling $105.0 million and maturing on May 1, 2025. BUCKLER may, at its option after obtaining regulatory approval, repay all or a portion of the principal amount of the loan. The loan has a stated interest rate of zero, plus additional interest payable to the Company in an amount equal to the amount of interest earned by BUCKLER on the investment of the loan proceeds, generally in government securities funds. For the three and six months ended June 30, 2021 and June 30, 2020, the Company earned $15 and $32 and $29 and $287, respectively, of interest on this loan. With BUCKLER as the sales agent, under the Common stock ATM Sales Agreement and the 2021 Common stock ATM Sales Agreement (see also Note 11 - Stockholders' Equity) , we sold 4,818 and 5,978 common shares for proceeds of $58,374 and $71,329, net of issuance costs and commissions of approximately $702 and $717, respectively, during the three months ended June 30, 2021. The table below summarizes other transactions with BUCKLER for the six months ended June 30, 2021 and for the year ended December 31, 2020. Transactions with BUCKLER June 30, 2021 December 31, 2020 Repurchase agreements (1) $ 2,105,026 $ 2,998,111 Collateral posted on repurchase agreements $ 2,190,374 $ 3,117,929 (1) Interest on repurchase agreements was $776 and $2,164 and $4,181 and $35,397 for the three and six months ended June 30, 2021 and June 30, 2020, respectively. See also, Note 7 - Repurchase Agreements

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16 - Subsequent Events Series C Preferred Stock A cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $998 in the aggregate, will be paid on July 27, 2021 to holders of record on July 15, 2021. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable August 27, 2021 to holders of record on August 15, 2021 and payable September 27, 2021 to holders of record on September 15, 2021. Common Stock A cash dividend of $0.10 per outstanding common share, or $8,413 in the aggregate, will be paid on July 29, 2021 to holders of record on July 15, 2021. We have also declared a cash dividend of $0.10 per outstanding common share payable August 16, 2021 to holders of record on August 27, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2021. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020.
Consolidation	The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying condensed consolidated financial statements include the valuation of MBS, including an assessment of the allowance for credit losses, 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 our cash positions are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
Cash Collateral Posted To/By Counterparties	Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents cash posted by us to counterparties or posted by counterparties to us as collateral. Cash collateral posted to/by counterparties may include collateral for interest rate swap contracts (including swaptions and basis swap contracts), and repurchase agreements on our MBS and our Agency Securities purchased or sold on a to-be-announced basis ("TBA Agency Securities").
Investments in Securities, at Fair Value	Investments in Securities, at Fair Value 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
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
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"), and more recently the Secured Overnight Funding Rate ("SOFR"). 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 June 30, 2021 and December 31, 2020.
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 may include interest rate swap contracts, interest rate swaptions and basis swap contracts.
Impairment of Assets	Impairment of Assets We assess impairment of available for sale securities at least on a quarterly basis and more frequently when economic or market concerns warrant such evaluation. We consider an impairment if we (1) intend to sell the available for sale securities, or (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) and a credit impairment exists where fair value is less than amortized cost. Impairment losses recognized establish a new cost basis for the related available for sale securities.
Revenue Recognition	Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Premiums and discounts associated with the purchase of Multi-Family 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 sales of available for sale securities are reclassified into income from other comprehensive income and are determined using the specific identification method. 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. Impairment losses establish a new cost basis in the security for purposes of calculating effective yields, 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. We have not identified any ASUs that we deemed to be applicable or that are expected to have a significant impact on our consolidated financial statements when adopted.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020. June 30, 2021 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 4,351,478 $ — $ 4,351,478 Derivatives $ — $ 138,897 $ — $ 138,897 Liabilities at Fair Value: Derivatives $ — $ 49,273 $ — $ 49,273 December 31, 2020 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 5,178,322 $ — $ 5,178,322 Derivatives $ — $ 54,686 $ — $ 54,686 Liabilities at Fair Value: Derivatives $ — $ 1,217 $ — $ 1,217

Investments in Securities (Tabl

Investments in Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Investment in Securities	The following tables summarize our investments in securities as of June 30, 2021 and December 31, 2020, excluding TBA Agency Securities (see Note 8 - Derivatives ). Beginning in the second quarter of 2020, we designated Agency MBS purchased as “trading securities” for financial reporting purposes, and consequently, fair value changes for these investments will be reported in net income. We anticipate continuing this designation for newly acquired Agency MBS positions because it is more representative of our results of operations insofar as the fair value changes for these securities are presented in a manner consistent with the presentation and timing of the fair value changes of our hedging instruments. Fair value changes for the legacy Agency Securities designated as available for sale will continue to be reported in other comprehensive income as required by GAAP. Available Trading Securities Agency Agency Credit Risk and Non-Agency U.S. Treasuries Totals June 30, 2021 Balance, December 31, 2020 $ 1,970,902 $ 3,207,420 $ — $ — $ 5,178,322 Purchases (1) — 675,463 — 390,126 1,065,589 Proceeds from sales (87,875) (813,178) — (390,098) (1,291,151) Principal repayments (196,058) (306,580) — — (502,638) Losses (27,038) (43,403) — (28) (70,469) Amortization/accretion (8,936) (19,239) — — (28,175) Balance, June 30, 2021 $ 1,650,995 $ 2,700,483 $ — $ — $ 4,351,478 Percentage of Portfolio 37.94 % 62.06 % — % — % 100.00 % December 31, 2020 Balance, December 31, 2019 $ 11,941,766 $ — $ 883,601 $ — $ 12,825,367 Purchases (1) 1,768,688 3,711,961 237,928 4,621,776 10,340,353 Proceeds from sales (10,800,879) (158,708) (889,057) (4,643,049) (16,491,693) Principal repayments (873,650) (343,514) (45,766) — (1,262,930) Gains (losses) (32,565) 19,557 (189,555) 21,357 (181,206) Credit loss expense (1,012) — — — (1,012) Amortization/accretion (31,446) (21,876) 2,849 (84) (50,557) Balance, December 31, 2020 $ 1,970,902 $ 3,207,420 $ — $ — $ 5,178,322 Percentage of Portfolio 38.06 % 61.94 % — % — % 100.00 %
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 available for sale securities at June 30, 2021 and December 31, 2020. Our available for sale securities had a weighted average coupon of 3.07% and 3.25% at June 30, 2021 and December 31, 2020. Agency Securities Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value June 30, 2021 Total Fannie Mae $ 1,228,341 $ 1,260,771 $ (25) $ 134,189 $ 1,394,935 Total Freddie Mac 221,157 229,928 — 10,331 240,259 Total Ginnie Mae 15,274 15,657 (7) 151 15,801 Total $ 1,464,772 $ 1,506,356 $ (32) $ 144,671 $ 1,650,995 December 31, 2020 Total Fannie Mae $ 1,359,136 $ 1,397,206 $ (1) $ 159,603 $ 1,556,808 Total Freddie Mac 354,382 368,686 — 19,246 387,932 Total Ginnie Mae 25,388 25,979 (43) 226 26,162 Total $ 1,738,906 $ 1,791,871 $ (44) $ 179,075 $ 1,970,902
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following table presents the unrealized losses and estimated fair value of our available for sale securities by length of time that such securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020. All of our available for sale 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 Agency Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2021 $ 1,640 $ (3) $ 4,693 $ (29) $ 6,333 $ (32) December 31, 2020 $ 8,811 $ (44) $ — $ — $ 8,811 $ (44)
Investments Classified by Contractual Maturity Date	The following table summarizes the weighted average lives of our available for sale securities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Weighted Average Life of Available for Sale Securities Fair Value Amortized Fair Value Amortized < 1 year $ 100 $ 99 $ 71 $ 72 ≥ 1 year and < 3 years 31,588 30,899 548,352 520,657 ≥ 3 years and < 5 years 535,896 512,424 282,739 269,716 ≥ 5 years 1,083,411 962,934 1,139,740 1,001,426 Total Available for Sale Securities $ 1,650,995 $ 1,506,356 $ 1,970,902 $ 1,791,871 The following table summarizes the weighted average lives of our trading securities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Estimated Weighted Average Life of Trading Securities Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ — $ — $ — $ — ≥ 1 year and < 3 years 69,521 69,560 649,425 650,328 ≥ 3 years and < 5 years 511,730 508,285 1,522,509 1,506,035 ≥ 5 years 2,119,232 2,142,419 1,035,486 1,030,366 Total $ 2,700,483 $ 2,720,264 $ 3,207,420 $ 3,186,729
Debt Securities, Trading, and Equity Securities, FV-NI	The components of the carrying value of our trading securities at June 30, 2021 and December 31, 2020 are presented in the table below. We did not have any Credit Risk and Non-Agency Securities, U.S. Treasury Securities or Interest-Only Securities at June 30, 2021 and December 31, 2020. Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value June 30, 2021 Agency Securities: Total Fannie Mae $ 2,110,861 $ 2,233,684 $ (24,764) $ 6,686 $ 2,215,606 Total Freddie Mac 463,926 486,580 (3,720) 2,017 484,877 Total Trading Securities $ 2,574,787 $ 2,720,264 $ (28,484) $ 8,703 $ 2,700,483 December 31, 2020 Agency Securities: Total Fannie Mae $ 2,420,828 $ 2,585,409 $ (1,441) $ 18,211 $ 2,602,179 Total Freddie Mac 570,654 601,320 (430) 4,351 605,241 Total Trading Securities $ 2,991,482 $ 3,186,729 $ (1,871) $ 22,562 $ 3,207,420

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020. No amounts below are subject to offsetting. Our repurchase agreements require excess collateral, known as a “haircut.” At June 30, 2021, the average haircut percentage was 3.49% compared to 3.13% at December 31, 2020. The haircut for our repurchase agreements vary by counterparty and therefore, the changes in the average haircut percentage will vary with the changes in our counterparty repurchase agreement balances. Balance Weighted Average Contractual Rate Weighted Average Maturity in days June 30, 2021 Agency Securities ≤ 30 days $ 3,511,609 0.15 % 6 > 30 days to ≤ 60 days 149,758 0.10 % 48 Total or Weighted Average $ 3,661,367 0.15 % 8 December 31, 2020 Agency Securities ≤ 30 days $ 3,618,255 0.23 % 15 > 30 days to ≤ 60 days 917,810 0.23 % 45 Total or Weighted Average $ 4,536,065 0.23 % 21

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net June 30, 2021 Interest rate swap contracts $ 124,978 $ (45,705) $ (74,370) $ 4,903 TBA Agency Securities 13,919 (3,568) (5,632) 4,719 Totals $ 138,897 $ (49,273) $ (80,002) $ 9,622 December 31, 2020 Interest rate swap contracts $ 34,588 $ (866) $ (27,773) $ 5,949 TBA Agency Securities 20,098 (351) (13,942) 5,805 Totals $ 54,686 $ (1,217) $ (41,715) $ 11,754 (1) See Note 5 - Fair Value of Financial Instruments for additional discussion.
Offsetting Liabilities	Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net June 30, 2021 Interest rate swap contracts $ (45,705) $ 45,705 $ — $ — TBA Agency Securities (3,568) 3,568 — — Totals $ (49,273) $ 49,273 $ — $ — December 31, 2020 Interest rate swap contracts $ (866) $ 866 $ — $ — TBA Agency Securities (351) 351 — — Totals $ (1,217) $ 1,217 $ — $ — (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 three and six months ended June 30, 2021 and June 30, 2020. Income (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, Derivatives Location on consolidated statements of operations 2021 2020 2021 2020 Interest rate swap contracts: Realized loss Realized loss on derivatives $ — $ (199,990) $ — $ (461,374) Interest income Realized loss on derivatives 884 1,339 1,756 27,801 Interest expense Realized loss on derivatives (8,734) (8,335) (13,182) (40,569) Changes in fair value Unrealized gain (loss) on derivatives (131,815) 180,938 54,145 29,552 $ (139,665) $ (26,048) $ 42,719 $ (444,590) TBA Agency Securities: Realized gain (loss) Realized loss on derivatives 4,201 26,419 (19,583) 58,426 Changes in fair value Unrealized gain (loss) on derivatives 39,071 (7,613) (909) 9,886 $ 43,272 $ 18,806 $ (20,492) $ 68,312 Totals $ (96,393) $ (7,242) $ 22,227 $ (376,278)
Schedule of Derivative Instruments	The following tables present information about our derivatives at June 30, 2021 and December 31, 2020. Interest Rate Swaps (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate June 30, 2021 < 3 years $ 1,307,000 16 0.06 % ≥ 3 years and < 5 years 412,000 44 0.16 % ≥ 5 years and < 7 years 889,000 66 0.28 % ≥ 7 years 4,202,000 111 1.01 % Total or Weighted Average (2) $ 6,810,000 83 0.68 % December 31, 2020 < 3 years $ 2,230,000 12 0.06 % ≥ 3 years and < 5 years 463,000 45 0.14 % ≥ 5 years and < 7 years 942,000 72 0.28 % ≥ 7 years 1,702,000 113 0.50 % Total or Weighted Average (3) $ 5,337,000 58 0.24 % (1) Pay Fixed/Receive Variable. (2) Of this amount, $5,607,000 notional are Fed Funds based swaps, the last of which matures in 2031 and $1,203,000 notional are SOFR based swaps, the last of which matures in 2023. Includes $850,000 notional of forward settling swap contracts that settle by December 28, 2021. (3) Of this amount, $2,230,000 notional are SOFR based swaps, the last of which matures in 2023; and $3,107,000 notional are Fed Funds based swaps, the last of which matures in 2030. TBA Agency Securities Notional Amount Cost Basis Fair Value June 30, 2021 15 Year Long 1.5% $ 200,000 $ 200,900 $ 202,252 2.0% 1,700,000 1,746,584 1,751,093 30 Year Long 2.0% 300,000 302,148 303,317 2.5% 1,600,000 1,647,215 1,652,457 Total (1) $ 3,800,000 $ 3,896,847 $ 3,909,119 December 31, 2020 15 Year Long 1.5% $ 200,000 $ 204,758 $ 205,781 2.0% 1,200,000 1,248,015 1,253,354 30 Year Long 2.0% 600,000 619,031 622,934 2.5% 800,000 838,047 841,314 3.5% (200,000) (211,055) (211,406) Total (1) $ 2,600,000 $ 2,698,796 $ 2,711,977 (1) $1,800,000 and $1,250,000 notional were forward settling at June 30, 2021 and December 31, 2020, respectively.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to awards for the six months ended June 30, 2021 are summarized below: June 30, 2021 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 496 $ 19.77 Granted (1) 635 $ 11.08 Vested (153) $ 17.10 Unvested RSU Awards Outstanding end of period 978 $ 14.55 (1) During the six months ended June 30, 2021, 535 RSUs were granted to certain officers of ARMOUR through ACM and 100 RSUs were granted to the Board.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Stockholders Equity	The following table presents the changes in Stockholders' Equity for the following interim periods. Stockholders' Equity March 31, 2021 June 30, 2021 March 31, 2020 June 30, 2020 Balance, beginning of quarter $ 938,304 $ 1,027,186 $ 1,436,707 $ 786,250 Series B Preferred dividends ($0.1640625 per share) — — (1,375) — Series C Preferred dividends ($0.14583 per share) (2,486) (2,996) (1,452) (2,320) Common stock dividends (1) (20,057) (23,197) (30,377) (5,876) Series B Preferred Stock, called for redemption — — (209,583) — Issuance of Series C Preferred Stock 28,173 8,412 129,221 (125) Issuance of Common stock, net 52,960 159,264 — 48,886 Stock based compensation, net of withholding requirements 1,199 1,205 1,001 1,022 Common Stock repurchased, net — — (777) — Net income (loss) 71,327 (69,174) (406,659) 51,748 Other comprehensive income (loss) (42,234) 7,842 (130,456) (28,354) Balance, end of quarter $ 1,027,186 $ 1,108,542 $ 786,250 $ 851,231 (1) See the below table for common stock dividends per share for the six months ended June 30, 2021. Common stock dividends were $0.17 per share each month for January, February and March 2020. No common stock dividends were paid in April and May 2020 and, $0.09 per share was paid in June 2020.
Equity Transactions	The following tables present our equity transactions for the six months ended June 30, 2021 and for the year ended December 31, 2020. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Costs) June 30, 2021 Preferred C ATM Sales Agreement January 19, 2021 - April 9, 2021 1,500 $ 24.38 $ 36,585 Common stock ATM Sales Agreement March 3, 2021 - May 18, 2021 10,713 $ 12.07 $ 129,336 2021 Common stock ATM Sales Agreement May 19, 2021 - June 16, 2021 6,978 $ 11.88 $ 82,888 December 31, 2020 Preferred C Underwritten Offering January 28, 2020 3,450 $ 24.14 $ 83,282 Preferred C ATM Sales Agreement January 30, 2020 - December 23, 2020 1,897 $ 24.70 $ 46,856 Common stock ATM Sales Agreement April 7, 2020 - December 15, 2020 6,287 $ 8.68 $ 54,575 Common stock repurchases, net February 26, 2020 - March 3, 2020 (40) $ 19.42 $ (777) (1) Weighted average price
Dividends Transactions	The following table presents our Series C Preferred Stock dividend transactions for the six months ended June 30, 2021. Record Date Payment Date Rate per Series C Preferred Share Aggregate January 15, 2021 January 27, 2021 $ 0.14583 $ 779.7 February 15, 2021 February 26, 2021 $ 0.14583 $ 836.9 March 15, 2021 March 29, 2021 $ 0.14583 $ 869.6 April 15, 2021 April 27, 2021 $ 0.14583 $ 998.5 May 15, 2021 May 27, 2021 $ 0.14583 $ 998.5 June 15, 2021 June 28, 2021 $ 0.14583 $ 998.5 Total dividends paid $ 5,481.7 The following table presents our common stock dividend transactions for the six months ended June 30, 2021. Record Date Payment Date Rate per common share Aggregate January 15, 2021 January 28, 2021 $ 0.10 $ 6,646 February 16, 2021 February 26, 2021 $ 0.10 6,645 March 15, 2021 March 29, 2021 $ 0.10 6,766 April 15, 2021 April 29, 2021 $ 0.10 7,234 May 17, 2021 May 27, 2021 $ 0.10 7,646 June 15, 2021 June 29, 2021 $ 0.10 8,317 Total dividends paid $ 43,254

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The following table presents a reconciliation of net income (loss) and the shares used in calculating weighted average basic and diluted earnings per common share for the three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net Income (Loss) $ (69,174) $ 51,748 $ 2,153 $ (354,911) Less: Preferred dividends (2,996) (2,320) (5,482) (5,147) Net Income (Loss) available (related) to common stockholders $ (72,170) $ 49,428 $ (3,329) $ (360,058) Weighted average common shares outstanding – basic 76,064 63,741 71,041 61,312 Add: Effect of dilutive non-vested awards, assumed vested — 599 — — Weighted average common shares outstanding – diluted 76,064 64,340 71,041 61,312

Comprehensive Income (Loss) p_2

Comprehensive Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Comprehensive Income (Loss) $ (61,332) $ 23,394 $ (32,239) $ (513,721) Less: Preferred dividends (2,996) (2,320) (5,482) (5,147) Comprehensive Income (Loss) available (related) to common stockholders $ (64,328) $ 21,074 $ (37,721) $ (518,868) Net Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ (0.85) $ 0.33 $ (0.53) $ (8.46) Diluted $ (0.85) $ 0.33 $ (0.53) $ (8.46) Weighted average common shares outstanding: Basic 76,064 63,741 71,041 61,312 Add: Effect of dilutive non-vested awards, assumed vested — 599 — — Diluted 76,064 64,340 71,041 61,312

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
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 (loss) for the three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 GAAP net income (loss) $ (69,174) $ 51,748 $ 2,153 $ (354,911) Book to tax differences: TRS income (59) (132) (66) (69) Premium amortization expense (28) (80) (76) (80) Agency Securities, trading (19,183) (7,911) 43,403 (7,911) Credit Risk and Non-Agency Securities — (682) — 181,564 U.S. Treasury Securities — 414 28 (21,357) Changes in interest rate contracts 88,542 245 (33,653) 363,510 Credit loss expense — — — 1,012 Gain on Security Sales — (36,008) (7,354) (129,333) Amortization of deferred hedging costs (39,998) (41,287) (81,865) (61,160) Series B Cumulative Preferred Stock dividend - Called for redemption — — — 1,375 Other 419 467 837 472 Estimated REIT taxable income (loss) $ (39,481) $ (33,226) $ (76,593) $ (26,888)
Summary of Tax Credit Carryforwards	Net capital losses realized Amount Available to offset capital gains through 2018 $ (136,388) 2023 2019 $ (13,819) 2024

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table reconciles the fees incurred in accordance with the management agreement for the three and six months ended June 30, 2021 and June 30, 2020. For the Three Months Ended June 30, For the Six Months 2021 2020 2021 2020 Management fees $ 7,709 $ 7,368 $ 15,138 $ 14,812 Less management fees waived (2,100) (2,947) (4,500) (2,947) Total net management fee expense $ 5,609 $ 4,421 $ 10,638 $ 11,865 Transactions with BUCKLER June 30, 2021 December 31, 2020 Repurchase agreements (1) $ 2,105,026 $ 2,998,111 Collateral posted on repurchase agreements $ 2,190,374 $ 3,117,929 (1) Interest on repurchase agreements was $776 and $2,164 and $4,181 and $35,397 for the three and six months ended June 30, 2021 and June 30, 2020, respectively. See also, Note 7 - Repurchase Agreements

Organization and Nature of Bu_2

Organization and Nature of Business Operations (Details)	Jun. 30, 2021	Mar. 31, 2017
BUCKLER Securities, LLC | Corporate Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of voting interests acquired	10.00%	10.00%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021dealer
Fair Value Disclosures [Abstract]
Number of dealers received quotes from, trading	3

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets at Fair Value:
Agency Securities	$ 1,650,995	$ 1,970,902
Derivatives	138,897	54,686
Liabilities at Fair Value:
Derivatives	49,273	1,217
Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities	4,351,478	5,178,322
Derivatives	138,897	54,686
Liabilities at Fair Value:
Derivatives	49,273	1,217
Fair Value, Measurements, Recurring | Level 1
Assets at Fair Value:
Agency Securities	0	0
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring | Level 2
Assets at Fair Value:
Agency Securities	4,351,478	5,178,322
Derivatives	138,897	54,686
Liabilities at Fair Value:
Derivatives	49,273	1,217
Fair Value, Measurements, Recurring | Level 3
Assets at Fair Value:
Agency Securities	0	0
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	$ 0	$ 0

Investments in Securities - Add

Investments in Securities - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 4,351,478,000			$ 4,351,478,000		$ 5,178,322,000
Credit Risk and Non-Agency Securities	2,700,483,000			2,700,483,000		3,207,420,000
Credit loss expense	0	$ 0	$ 1,012,000	0	$ 1,012,000	0
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net	10,351,000			10,351,000		19,747,000
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Credit Risk and Non-Agency Securities	$ 3,909,119,000			$ 3,909,119,000		$ 2,711,977,000
Agency Securities
Debt Securities, Available-for-sale [Line Items]
Weighted average coupon rate	3.07%			3.07%		3.25%

Investments in Securities - Sum

Investments in Securities - Summary of Investment in Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Investment In Securities, Fair Value, Roll Forward Abstract [Abstract]
Beginning balance	$ 5,178,322	$ 12,825,367
Purchases	1,065,589	10,340,353
Proceeds from sales	(1,291,151)	(16,491,693)
Principal repayments	(502,638)	(1,262,930)
Gains (losses)	(70,469)	(181,206)
Credit loss expense		(1,012)
Amortization/accretion	(28,175)	(50,557)
Ending balance	$ 4,351,478	$ 5,178,322
Percentage of portfolio	100.00%	100.00%
Agency Available for Sale Securities
Investment In Securities, Fair Value, Roll Forward Abstract [Abstract]
Beginning balance	$ 1,970,902	$ 11,941,766
Purchases	0	1,768,688
Proceeds from sales	(87,875)	(10,800,879)
Principal repayments	(196,058)	(873,650)
Gains (losses)	(27,038)	(32,565)
Credit loss expense		(1,012)
Amortization/accretion	(8,936)	(31,446)
Ending balance	$ 1,650,995	$ 1,970,902
Percentage of portfolio	37.94%	38.06%
Agency Trading Securities
Investment In Securities, Fair Value, Roll Forward Abstract [Abstract]
Beginning balance	$ 3,207,420	$ 0
Purchases	675,463	3,711,961
Proceeds from sales	(813,178)	(158,708)
Principal repayments	(306,580)	(343,514)
Gains (losses)	(43,403)	19,557
Credit loss expense		0
Amortization/accretion	(19,239)	(21,876)
Ending balance	$ 2,700,483	$ 3,207,420
Percentage of portfolio	62.06%	61.94%
Credit Risk and Non-Agency Securities
Investment In Securities, Fair Value, Roll Forward Abstract [Abstract]
Beginning balance	$ 0	$ 883,601
Purchases	0	237,928
Proceeds from sales	0	(889,057)
Principal repayments	0	(45,766)
Gains (losses)	0	(189,555)
Credit loss expense		0
Amortization/accretion	0	2,849
Ending balance	$ 0	$ 0
Percentage of portfolio	0.00%	0.00%
U.S. Treasuries
Investment In Securities, Fair Value, Roll Forward Abstract [Abstract]
Beginning balance	$ 0	$ 0
Purchases	390,126	4,621,776
Proceeds from sales	(390,098)	(4,643,049)
Principal repayments	0	0
Gains (losses)	(28)	21,357
Credit loss expense		0
Amortization/accretion	0	(84)
Ending balance	$ 0	$ 0
Percentage of portfolio	0.00%	0.00%

Investments in Securities - Unr

Investments in Securities - Unrealized Gain or Loss Position and Components of Carrying Value of Available for Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Principal Amount	$ 1,464,772	$ 1,738,906
Amortized Cost	1,506,356	1,791,871
Gross Unrealized Loss	(32)	(44)
Gross Unrealized Gain	144,671	179,075
Fair Value	1,650,995	1,970,902
Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Principal Amount	1,228,341	1,359,136
Amortized Cost	1,260,771	1,397,206
Gross Unrealized Loss	(25)	(1)
Gross Unrealized Gain	134,189	159,603
Fair Value	1,394,935	1,556,808
Freddie Mac
Debt Securities, Available-for-sale [Line Items]
Principal Amount	221,157	354,382
Amortized Cost	229,928	368,686
Gross Unrealized Loss	0	0
Gross Unrealized Gain	10,331	19,246
Fair Value	240,259	387,932
Ginnie Mae
Debt Securities, Available-for-sale [Line Items]
Principal Amount	15,274	25,388
Amortized Cost	15,657	25,979
Gross Unrealized Loss	(7)	(43)
Gross Unrealized Gain	151	226
Fair Value	$ 15,801	$ 26,162

Investments in Securities - Gro

Investments in Securities - Gross Unrealized Losses and Estimated Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Less than 12 months	$ 1,640	$ 8,811
Greater than or equal to 12 months	4,693	0
Total	6,333	8,811
Unrealized Losses
Less than 12 months	(3)	(44)
Greater than or equal to 12 months	(29)	0
Unrealized Losses	$ (32)	$ (44)

Investments in Securities - S_2

Investments in Securities - Summary of Weighted Average Lives of Available for Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Less than 1 year	$ 100	$ 71
Greater than or equal to 1 year and less than 3 years	31,588	548,352
Greater than or equal to 3 years and less than 5 years	535,896	282,739
Greater than or equal to 5 years	1,083,411	1,139,740
Total Agency Securities	1,650,995	1,970,902
Amortized Cost
Less than 1 year	99	72
Greater than or equal to 1 year and less than 3 years	30,899	520,657
Greater than or equal to 3 years and less than 5 years	512,424	269,716
Greater than or equal to 5 years	962,934	1,001,426
Amortized Cost	$ 1,506,356	$ 1,791,871

Investments in Securities - Car

Investments in Securities - Carrying Value of Trading Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 2,574,787	$ 2,991,482
Amortized Cost	2,720,264	3,186,729
Gross Unrealized Loss	(28,484)	(1,871)
Gross Unrealized Gain	8,703	22,562
Credit Risk and Non-Agency Securities	2,700,483	3,207,420
Fannie Mae | Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	2,110,861	2,420,828
Amortized Cost	2,233,684	2,585,409
Gross Unrealized Loss	(24,764)	(1,441)
Gross Unrealized Gain	6,686	18,211
Credit Risk and Non-Agency Securities	2,215,606	2,602,179
Freddie Mac | Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	463,926	570,654
Amortized Cost	486,580	601,320
Gross Unrealized Loss	(3,720)	(430)
Gross Unrealized Gain	2,017	4,351
Credit Risk and Non-Agency Securities	$ 484,877	$ 605,241

Investments in Securities - Wei

Investments in Securities - Weighted Average Lives of Trading Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Less than one year	$ 0	$ 0
Greater than one year and less than three years	69,521	649,425
Greater than three years and less than five years	511,730	1,522,509
Greater than five years	2,119,232	1,035,486
Securities, trading	2,700,483	3,207,420
Amortized Cost
Less than one year	0	0
Greater than one year and less than three years	69,560	650,328
Greater than three years and less than five years	508,285	1,506,035
Greater than five years	2,142,419	1,030,366
Amortized Cost	$ 2,720,264	$ 3,186,729

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)counterparty	Dec. 31, 2020USD ($)counterparty
Concentration Risk [Line Items]
Number of counterparties with MRAs	34
Carrying amount | $	$ 3,661,367	$ 4,536,065
Number of counterparties with repurchase agreements outstanding	18	18
Ratio of indebtedness to net capital maximum	12
Counterparty Concentration Risk | Aggregate Borrowings
Concentration Risk [Line Items]
Number of counterparties	1	1
Counterparty Concentration Risk | BUCKLER Securities, LLC | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested	57.50%	66.10%
Counterparty Concentration Risk | BUCKLER Securities, LLC | Stockholders' Equity
Concentration Risk [Line Items]
Percentage of portfolio invested	5.90%	8.30%
Weighted average maturity	2 days	21 days
Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested	5.00%	5.00%
Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested	11.00%	9.00%

Repurchase Agreements - Repurch

Repurchase Agreements - Repurchase Agreements by Maturity Period (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 3,661,367	$ 4,536,065
Haircut percentage	3.49%	3.13%
Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 3,661,367	$ 4,536,065
Weighted Average Contractual Rate	0.15%	0.23%
Weighted Average Maturity in days	8 days	21 days
Agency Securities | Within 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 3,511,609	$ 3,618,255
Weighted Average Contractual Rate	0.15%	0.23%
Weighted Average Maturity in days	6 days	15 days
Agency Securities | 31 days to 60 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 149,758	$ 917,810
Weighted Average Contractual Rate	0.10%	0.23%
Weighted Average Maturity in days	48 days	45 days

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ratio of indebtedness to net capital maximum	12

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Gross Amounts	$ 138,897	$ 54,686
Gross Amounts Not Offset, Financial Instruments	(49,273)	(1,217)
Gross Amounts Not Offset, Cash Collateral	(80,002)	(41,715)
Total Net	9,622	11,754
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	124,978	34,588
Gross Amounts Not Offset, Financial Instruments	(45,705)	(866)
Gross Amounts Not Offset, Cash Collateral	(74,370)	(27,773)
Total Net	4,903	5,949
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	13,919	20,098
Gross Amounts Not Offset, Financial Instruments	(3,568)	(351)
Gross Amounts Not Offset, Cash Collateral	(5,632)	(13,942)
Total Net	$ 4,719	$ 5,805

Derivatives - Offsetting Liabil

Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross Amounts	$ (49,273)	$ (1,217)
Gross Amounts Not Offset, Financial Instruments	49,273	1,217
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	0	0
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(45,705)	(866)
Gross Amounts Not Offset, Financial Instruments	45,705	866
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	0	0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts	(3,568)	(351)
Gross Amounts Not Offset, Financial Instruments	3,568	351
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	$ 0	$ 0

Derivatives - Location and Info

Derivatives - Location and Information of Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on derivatives	[1]	$ (3,649)	$ (180,567)	$ (31,009)	$ (415,716)
Changes in fair value		(92,744)	173,325	53,236	39,438
Subtotal		(96,393)	(7,242)	22,227	(376,278)
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on derivatives		0	(199,990)	0	(461,374)
Interest income		884	1,339	1,756	27,801
Interest expense		(8,734)	(8,335)	(13,182)	(40,569)
Changes in fair value		(131,815)	180,938	54,145	29,552
Subtotal		(139,665)	(26,048)	42,719	(444,590)
TBA Agency Securities
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on derivatives		4,201	26,419	(19,583)	58,426
Changes in fair value		39,071	(7,613)	(909)	9,886
Subtotal		$ 43,272	$ 18,806	$ (20,492)	$ 68,312
[1]	Interest expense related to our interest rate swap contracts is recorded in realized loss on derivatives on the consolidated statements of operations. For additional information, see financial statement Note 8.

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swap Contracts, Swaptions and Futures Contracts (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional Amount	$ 6,810,000,000	$ 5,337,000,000
Weighted Average Remaining Term (Months)	83 months	58 months
Weighted Average Rate	0.68%	0.24%
Notional amount, forward settling	$ 850,000,000
Fed Funds Effective Rate Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	5,607,000,000	$ 3,107,000,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	$ 1,203,000,000	$ 2,230,000,000
Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity	3 years	3 years
Notional Amount	$ 1,307,000,000	$ 2,230,000,000
Weighted Average Remaining Term (Months)	16 months	12 months
Weighted Average Rate	0.06%	0.06%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount	$ 412,000,000	$ 463,000,000
Weighted Average Remaining Term (Months)	44 months	45 months
Weighted Average Rate	0.16%	0.14%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 889,000,000	$ 942,000,000
Weighted Average Remaining Term (Months)	66 months	72 months
Weighted Average Rate	0.28%	0.28%
Greater than or equal to 7 years
Derivative [Line Items]
Notional Amount	$ 4,202,000,000	$ 1,702,000,000
Weighted Average Remaining Term (Months)	111 months	113 months
Weighted Average Rate	1.01%	0.50%
Minimum | Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity	3 years	3 years
Minimum | Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity	5 years	5 years
Maximum | Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity	5 years	5 years
Maximum | Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity	7 years	7 years
Maximum | Greater than or equal to 7 years
Derivative [Line Items]
Derivative, remaining maturity	7 years	7 years

Derivatives - TBA Agency Securi

Derivatives - TBA Agency Securities (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional Amount	$ 6,810,000,000	$ 5,337,000,000
Notional amount, forward settling	$ 850,000,000
TBA Agency Securities, 15-year, 1.5%
Derivative [Line Items]
Fixed interest rate	1.50%	1.50%
Notional Amount	$ 200,000,000	$ 200,000,000
Cost Basis	200,900,000	204,758,000
Fair Value	$ 202,252,000	$ 205,781,000
TBA Agency Securities, 15-year, 2.0%
Derivative [Line Items]
Fixed interest rate	2.00%	2.00%
Notional Amount	$ 1,700,000,000	$ 1,200,000,000
Cost Basis	1,746,584,000	1,248,015,000
Fair Value	$ 1,751,093,000	$ 1,253,354,000
TBA Agency Securities, 30-year, 2.0%
Derivative [Line Items]
Fixed interest rate	2.00%	2.00%
Notional Amount	$ 300,000,000	$ 600,000,000
Cost Basis	302,148,000	619,031,000
Fair Value	$ 303,317,000	$ 622,934,000
TBA Agency Securities, 30-year, 2.5%
Derivative [Line Items]
Fixed interest rate	2.50%	2.50%
Notional Amount	$ 1,600,000,000	$ 800,000,000
Cost Basis	1,647,215,000	838,047,000
Fair Value	1,652,457,000	$ 841,314,000
TBA Agency Securities, 30-year, 3.5%
Derivative [Line Items]
Fixed interest rate		3.50%
Notional Amount		$ (200,000,000)
Cost Basis		(211,055,000)
Fair Value		(211,406,000)
TBA Agency Securities
Derivative [Line Items]
Notional Amount	3,800,000,000	2,600,000,000
Cost Basis	3,896,847,000	2,698,796,000
Fair Value	3,909,119,000	2,711,977,000
Notional amount, forward settling	$ 1,800,000,000	$ 1,250,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Apr. 25, 2016lawsuit	Apr. 24, 2016lawsuit	Mar. 01, 2016defendantlawsuit	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Apr. 20, 2021USD ($)	Jan. 13, 2021USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage				8.33%		8.33%
Gross equity raised				$ 3,196,072	$ 2,937,354	$ 3,196,072	$ 2,937,354
Fee waiver adjustment, first quarter								$ 2,100	$ 2,400
Fee waiver adjustment, every month thereafter								$ 700	$ 800
Management fees waived				$ 2,100	$ 2,947	$ 4,500	$ 2,947
Transactions
Other Commitments [Line Items]
Number of new claims filed | lawsuit	1	8	9
Number of defendants that are current directors | defendant			8
ACM
Other Commitments [Line Items]
Percentage of gross equity raised used in calculation of management fee up to 1 Billion				1.50%		1.50%
Percentage of gross equity raised used in calculation of management fee in excess of 1 Billion				0.75%		0.75%
Effective management fee percentage				0.98%	1.01%	0.98%	1.01%
Related party transaction, management fee reduction (as a percent)					40.00%

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	May 13, 2021	Jun. 30, 2021	May 12, 2021	Dec. 31, 2020
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]
Increase in aggregate number of shares (in shares)	2,125
Common stock available for grant (in shares)	4,000		1,875
Common stock, shares outstanding (in shares)		2,167
Compensation cost not yet recognized		$ 14,226
Period for recognition for compensation cost not yet recognized		3 years 1 month 6 days
The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)		$ 14.55		$ 19.77

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Shares (Details) - The 2009 Stock Incentive Plan - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares)	496
Granted (in shares)	635
Vested (in shares)	(153)
Unvested RSU Awards Outstanding end of period (in shares)	978
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share) | $ / shares	$ 19.77
Granted (in dollars per share) | $ / shares	11.08
Vested (in dollars per share) | $ / shares	17.10
Unvested RSU Awards Outstanding end of period (in dollars per share) | $ / shares	$ 14.55
Board of Directors
Number of Awards
Granted (in shares)	100
Armour Capital Management
Number of Awards
Granted (in shares)	535

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 29, 2021	Jun. 28, 2021	May 27, 2021	Apr. 29, 2021	Apr. 27, 2021	Mar. 29, 2021	Feb. 26, 2021	Jan. 28, 2021	Jan. 27, 2021	Jun. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	May 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance													$ 1,436,707	$ 786,250	$ 1,027,186	$ 938,304	$ 786,250	$ 1,436,707	$ 938,304	$ 1,436,707	$ 1,436,707
Common stock dividends															(23,197)	(20,057)	(5,876)	(30,377)	(43,254)
Issuance of stock																			212,224
Stock based compensation, net of withholding requirements															1,205	1,199	1,022	1,001	2,404
Common stock repurchased, net															0	0	0	(777)
Net Income (Loss)															(69,174)	71,327	51,748	(406,659)	2,153	(354,911)
Other comprehensive income (loss)															7,842	(42,234)	(28,354)	(130,456)	(34,392)	(158,810)
Ending balance										$ 851,231	$ 786,250				1,108,542	1,027,186	851,231	786,250	1,108,542	$ 851,231	$ 938,304
Common stock dividends, cash paid (in dollars per share)										$ 0.09	$ 0.17	$ 0.17	$ 0.17	$ 0
Series B Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends															0	0	0	(1,375)
Preferred Stock, called for redemption															0	0	0	$ (209,583)
Preferred stock dividends, cash paid (in dollars per share)																		$ 0.1640625
Series C Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends															(2,996)	(2,486)	(2,320)	$ (1,452)	(5,482)
Issuance of stock															$ 8,412	28,173	$ (125)	129,221	$ 36,585
Preferred stock dividends, cash paid (in dollars per share)		$ 0.14583	$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583						$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock															$ 159,264	$ 52,960	$ 48,886	$ 0
Common stock dividends, cash paid (in dollars per share)	$ 0.10		$ 0.10	$ 0.10		$ 0.10	$ 0.10	$ 0.10

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 14, 2021	May 04, 2020	Jan. 28, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 29, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				50,000,000	50,000,000		50,000,000
Preferred stock, par value (in dollars per share)				$ 0.001	$ 0.001		$ 0.001
Preferred stock, undesignated shares authorized (in shares)				31,617,000	31,617,000
Common stock, shares authorized (in shares)				125,000,000	125,000,000		125,000,000
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001		$ 0.001
Common stock, shares issued (in shares)				83,098,000	83,098,000		65,290,000
Common stock, shares outstanding (in shares)				83,098,000	83,098,000		65,290,000
Remaining shares authorized to be repurchased (in shares)				8,210,000	8,210,000		8,210,000
At-The-Market Offering Program
Class of Stock [Line Items]
Commission rate	2.00%	2.00%
Number of shares issued in transaction (in shares)	17,000	17,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
February 15, 2019, Common Stock ATM Sales Agreement | Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)				4,818,000
Proceeds from issuance of preferred stock				$ 58,374
2021 Common Stock ATM Sales Agreement | Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)				5,978,000	6,978,000
Proceeds from issuance of preferred stock				$ 71,329	$ 82,888
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			10,000,000
Preferred stock, par value (in dollars per share)			$ 0.001	$ 0.001	$ 0.001		$ 0.001
Preferred stock, dividend rate			7.00%		7.00%		7.00%
Preferred stock, shares outstanding (in shares)				6,847,000	6,847,000		5,347,000
Preferred stock, shares issued (in shares)				6,847,000	6,847,000		5,347,000
Preferred stock, aggregate liquidation preference				$ 171,175	$ 171,175		$ 133,675
Preferred stock, designated but unissued shares authorized (in shares)				3,153,000	3,153,000		4,653,000
Proceeds from issuance of preferred stock					$ 36,585	$ 129,096
Series C Preferred Stock | January 23, 2020 Underwriting Agreement
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)				$ 25	$ 25		$ 25
Series C Preferred Stock | Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								6,550,000
Commission rate								2.00%
Number of shares issued in transaction (in shares)					1,500,000
Proceeds from issuance of preferred stock					$ 36,585
Payments of stock issuance costs					$ 445
Series B Preferred Stock | February 15, 2019, Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)					10,713,000
Proceeds from issuance of preferred stock					$ 129,336
Payments of stock issuance costs				$ 702	1,682
Series B Preferred Stock | 2021 Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Payments of stock issuance costs				$ 717	$ 967

Stockholders' Equity - Equity C

Stockholders' Equity - Equity Capital Raising Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Issuance of stock					$ 212,224
Common stock repurchases, net					$ 0	$ 777
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)					17,691
Common stock repurchased, net (in shares)							(40)
Price per share (in dollars per share)							$ 19.42
Issuance of stock					$ 18
Common stock repurchases, net							$ (777)
Series C Preferred Stock
Class of Stock [Line Items]
Issuance of stock	$ 8,412	$ 28,173	$ (125)	$ 129,221	$ 36,585
Preferred C ATM Sales Agreement | Series C Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)					1,500		1,897
Price per share (in dollars per share)	$ 24.38				$ 24.38		$ 24.70
Issuance of stock					$ 36,585		$ 46,856
Common stock ATM Sales Agreement | Common Stock
Class of Stock [Line Items]
Shares issued (in shares)							6,287
Common stock repurchased (in shares)					10,713
Price per share (in dollars per share)	$ 12.07				$ 12.07		$ 8.68
Issuance of stock					$ 129,336		$ 54,575
2021 Common Stock ATM Sales Agreement | Common Stock
Class of Stock [Line Items]
Shares issued (in shares)	5,978				6,978
Price per share (in dollars per share)	$ 11.88				$ 11.88
Preferred C Underwritten Offering | Series C Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)							3,450
Price per share (in dollars per share)							$ 24.14
Issuance of stock							$ 83,282

Stockholders' Equity - Dividend

Stockholders' Equity - Dividend Transactions (Details) - USD ($)	Jun. 29, 2021	Jun. 28, 2021	May 27, 2021	Apr. 29, 2021	Apr. 27, 2021	Mar. 29, 2021	Feb. 26, 2021	Jan. 28, 2021	Jan. 27, 2021	Jun. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	May 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Rate per common share (in dollars per share)										$ 0.09	$ 0.17	$ 0.17	$ 0.17	$ 0
Aggregate amount paid to holders of record																	$ 43,254,000	$ 36,253,000
Series C Preferred Stock
Class of Stock [Line Items]
Rate per Series C Preferred Share (in dollars per share)		$ 0.14583	$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583						$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583
Aggregate amount paid to holders of record		$ 998,500	$ 998,500		$ 998,500	$ 869,600	$ 836,900		$ 779,700								$ 5,481,700	$ 3,772,000
Common Stock
Class of Stock [Line Items]
Rate per common share (in dollars per share)	$ 0.10		$ 0.10	$ 0.10		$ 0.10	$ 0.10	$ 0.10
Aggregate amount paid to holders of record	$ 8,317,000		$ 7,646,000	$ 7,234,000		$ 6,766,000	$ 6,645,000	$ 6,646,000									$ 43,254,000

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss)	$ (69,174)	$ 71,327	$ 51,748	$ (406,659)	$ 2,153	$ (354,911)
Less: Preferred dividends	(2,996)		(2,320)		(5,482)	(5,147)
Net Income (Loss) available (related) to common stockholders	$ (72,170)		$ 49,428		$ (3,329)	$ (360,058)
Weighted average common shares outstanding – basic (in shares)	76,064		63,741		71,041	61,312
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0		599		0	0
Weighted average common shares outstanding – diluted (in shares)	76,064		64,340		71,041	61,312
Antidilutive shares excluded from computation of earnings per share (in shares)	978				978	599

Comprehensive Income (Loss) p_3

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Comprehensive Income (Loss)	$ (61,332)	$ 23,394	$ (32,239)	$ (513,721)
Less: Preferred dividends	(2,996)	(2,320)	(5,482)	(5,147)
Comprehensive Income (Loss) available (related) to common stockholders	$ (64,328)	$ 21,074	$ (37,721)	$ (518,868)
Net Comprehensive Income (Loss) per share available (related) to common stockholders:
Basic (in dollars per share)	$ (0.85)	$ 0.33	$ (0.53)	$ (8.46)
Diluted (in dollars per share)	$ (0.85)	$ 0.33	$ (0.53)	$ (8.46)
Weighted average common shares outstanding:
Basic (in shares)	76,064	63,741	71,041	61,312
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	599	0	0
Weighted average common shares outstanding – diluted (in shares)	76,064	64,340	71,041	61,312
Antidilutive shares excluded from computation of earnings per share (in shares)	978		978	599

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
GAAP net income (loss)	$ (69,174)	$ 71,327	$ 51,748	$ (406,659)	$ 2,153	$ (354,911)
Book to tax differences:
TRS income	(59)		(132)		(66)	(69)
Premium amortization expense	(28)		(80)		(76)	(80)
Agency Securities, trading	(19,183)		(7,911)		43,403	(7,911)
Credit Risk and Non-Agency Securities	0		(682)		0	181,564
U.S. Treasury Securities	0		414		28	(21,357)
Changes in interest rate contracts	88,542		245		(33,653)	363,510
Credit loss expense	0		0		0	1,012
Gain on Security Sales	0		(36,008)		(7,354)	(129,333)
Amortization of deferred hedging costs	(39,998)		(41,287)		(81,865)	(61,160)
Series B Cumulative Preferred Stock dividend - Called for redemption	0		0		0	1,375
Other	419		467		837	472
Estimated REIT taxable income (loss)	$ (39,481)		$ (33,226)		$ (76,593)	$ (26,888)

Income Taxes - Net Capital Loss

Income Taxes - Net Capital Losses Realized (Details) - Capital Loss Carryforward $ in Thousands	Jun. 30, 2021USD ($)
2018
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ (136,388)
2019
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ (13,819)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Non capital losses available for use in future years	$ 91,961		$ 91,961
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ 286,044		$ 286,044
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ 3.44		$ 3.44
Common stock, shares issued (in shares)	83,098		83,098		65,290
Payment of dividends	$ 26,193	$ 8,196	$ 48,736	$ 41,400
Estimated REIT taxable income (loss)	(39,481)	$ (33,226)	(76,593)	$ (26,888)
Interest rate swap contracts
Tax Credit Carryforward [Line Items]
Interest rate swap expense amortization through year 2029	$ 635,000		$ 635,000		$ 717,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) shares in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Apr. 20, 2021USD ($)	Jan. 13, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 18, 2019loan
Related Party Transaction [Line Items]
Fee waiver adjustment, every month thereafter						$ 700,000	$ 800,000
Fee waiver adjustment, first quarter						$ 2,100,000	$ 2,400,000
Management fees		$ 7,718,000	$ 7,382,000	$ 15,155,000	$ 14,840,000
Number of subordinated loan agreements | loan									1
2021 Common Stock ATM Sales Agreement | Series B Preferred Stock
Related Party Transaction [Line Items]
Payments of stock issuance costs		717,000		$ 967,000
February 15, 2019, Common Stock ATM Sales Agreement | Series B Preferred Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares				10,713
Issuance of Preferred stock, net of expenses				$ 129,336,000
Payments of stock issuance costs		$ 702,000		$ 1,682,000
Common Stock | 2021 Common Stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares		5,978		6,978
Issuance of Preferred stock, net of expenses		$ 71,329,000		$ 82,888,000
Common Stock | February 15, 2019, Common Stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares		4,818
Issuance of Preferred stock, net of expenses		$ 58,374,000
ACM
Related Party Transaction [Line Items]
Management fee reduction (as a percent)			40.00%
ACM | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Award vesting period				5 years
Corporate Joint Venture | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Payments to acquire equity method investments	$ 352,000
Percentage of voting interests acquired	10.00%	10.00%		10.00%
Value of equity method investment		$ 713,000		$ 713,000				$ 634,000
Proceeds from divestiture of interest in joint venture				902,000	1,265,000
Required annual reduction in share of gross financing profit		306,000		$ 306,000
Armour Management Agreement | ACM
Related Party Transaction [Line Items]
Automatic renewal period of management agreement				5 years
Other Expense | ACM
Related Party Transaction [Line Items]
Management fees		31,000	$ 31,000	$ 39,000	148,000
Stock Based Compensation Expense | ACM
Related Party Transaction [Line Items]
Management fees		201,000	98,000	408,000	284,000
Required Regulatory Capital Requirement of Related Party | Corporate Joint Venture | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Loans receivable, related parties		105,000,000		$ 105,000,000
Related party transaction, rate				0.00%
Loans and leases receivable, related parties, proceeds		$ 15,000	$ 32,000	$ 29,000	$ 287,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Management fees	$ 7,709	$ 7,368	$ 15,138	$ 14,812
Less management fees waived	(2,100)	(2,947)	(4,500)	(2,947)
Total net management fee expense	5,609	4,421	10,638	11,865
BUCKLER Securities, LLC | Corporate Joint Venture
Related Party Transaction [Line Items]
Repurchase agreements	2,105,026		2,105,026		$ 2,998,111
Collateral posted on repurchase agreements	2,190,374		2,190,374		$ 3,117,929
Interest on repurchase agreements	$ 776	$ 4,181	$ 2,164	$ 35,397

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Sep. 27, 2021	Aug. 27, 2021	Aug. 16, 2021	Jul. 29, 2021	Jul. 27, 2021	Jun. 28, 2021	May 27, 2021	Apr. 27, 2021	Mar. 29, 2021	Feb. 26, 2021	Jan. 27, 2021	Jun. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	May 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Subsequent Event [Line Items]
Common stock dividends, cash paid (in dollars per share)												$ 0.09	$ 0.17	$ 0.17	$ 0.17	$ 0
Aggregate amount paid to holders of record																			$ 43,254,000	$ 36,253,000
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends, cash paid (in dollars per share)						$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583						$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583
Preferred stock dividends paid						$ 998,500	$ 998,500	$ 998,500	$ 869,600	$ 836,900	$ 779,700								$ 5,481,700	$ 3,772,000
Subsequent Event | Forecast
Subsequent Event [Line Items]
Common stock dividends, cash paid (in dollars per share)			$ 0.10	$ 0.10
Aggregate amount paid to holders of record				$ 8,413,000
Subsequent Event | Forecast | Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends, cash paid (in dollars per share)	$ 0.14583	$ 0.14583			$ 0.14583
Preferred stock dividends paid					$ 998,000