ARMOUR Residential REIT (ARR) 10-Q 26 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 25, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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)		132,140,025
Entity Central Index Key	0001428205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash	$ 290,797	$ 337,664
Cash collateral posted to counterparties	16,979	18,552
Investments in securities, at fair value
Receivable for unsettled sales (including pledged securities of $1,084,149 at September 30, 2022)	1,091,891	0
Derivatives, at fair value	1,087,490	199,073
Accrued interest receivable	31,697	10,570
Prepaid and other	3,093	1,094
Subordinated loan to BUCKLER	105,000	105,000
Total Assets	10,915,258	5,277,307
Liabilities:
Repurchase agreements	8,250,066	3,948,037
Cash collateral posted by counterparties	1,000,407	171,060
Payable for unsettled purchases	682,605	0
Derivatives, at fair value	7,105	10,900
Accrued interest payable- repurchase agreements	20,210	944
Accounts payable and other accrued expenses	10,718	2,727
Total Liabilities	9,971,111	4,133,668
Commitments and contingencies (Note 8)
Stockholders’ Equity:
Common stock, $0.001 par value, 300,000 and 200,000 shares authorized; 132,589 shares and 94,152 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively.	132	94
Additional paid-in capital	3,701,921	3,403,127
Cumulative distributions to stockholders	(1,945,351)	(1,837,955)
Accumulated net loss	(797,947)	(528,607)
Accumulated other comprehensive income (loss)	(14,615)	106,973
Total Stockholders’ Equity	944,147	1,143,639
Total Liabilities and Stockholders’ Equity	10,915,258	5,277,307
Agency Securities
Investments in securities, at fair value
Investment securities	8,014,139	4,406,521
U.S. Treasury Securities
Investments in securities, at fair value
Investment securities	274,172	198,833
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 6,847 shares issued and outstanding ($25.00 per share liquidation preference)	$ 7	$ 7

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Unsettled sales, pledged securities	$ 1,084,149
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)	300,000,000	200,000,000
Common stock, shares issued (in shares)	132,589,000	94,152,000
Common stock, shares outstanding (in shares)	132,589,000	94,152,000
Agency Securities
Pledged securities	$ 7,434,387	$ 3,995,804
U.S. Treasury Securities
Pledged securities	$ 0	$ 98,859
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, dividend rate	7%	7%
Preferred stock, shares issued (in shares)	6,847,000	6,847,000
Preferred stock, shares outstanding (in shares)	6,847,000	6,847,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Income:
Interest Income		$ 69,478,000	$ 22,035,000	$ 150,900,000	$ 58,830,000
Interest expense		(44,333,000)	(1,614,000)	(59,773,000)	(5,677,000)
Net Interest Income		25,145,000	20,421,000	91,127,000	53,153,000
Other Income (Loss):
Realized gain (loss) on sale of available for sale Agency Securities (reclassified from Comprehensive Income (Loss))		0	3,724,000	(7,501,000)	11,078,000
Credit loss expense		(4,183,000)	0	(4,183,000)	0
Gain on derivatives, net	[1]	374,734,000	30,309,000	825,640,000	52,537,000
Total Other Income (Loss)		(159,883,000)	22,476,000	(332,259,000)	8,627,000
Expenses:
Management fees		8,534,000	7,899,000	24,971,000	23,055,000
Compensation		1,409,000	1,676,000	4,228,000	5,027,000
Other Operating		1,584,000	1,440,000	4,859,000	4,163,000
Total Expenses		11,527,000	11,015,000	34,058,000	32,245,000
Less management fees waived		(1,950,000)	(2,100,000)	(5,850,000)	(6,600,000)
Total Expenses after fees waived		9,577,000	8,915,000	28,208,000	25,645,000
Net Income (Loss)		(144,315,000)	33,982,000	(269,340,000)	36,135,000
Dividends on preferred stock		(2,995,000)	(2,995,000)	(8,986,000)	(8,477,000)
Net Income (Loss) available (related) to common stockholders		(147,310,000)	30,987,000	(278,326,000)	27,658,000
Reclassification adjustment for realized (gain) loss on sale of available for sale Agency Securities		0	(3,724,000)	7,501,000	(11,078,000)
Reclassification adjustment for credit loss expense on available for sale Agency Securities		4,183,000	0	4,183,000	0
Net unrealized loss on available for sale Agency Securities		(12,583,000)	(16,961,000)	(133,272,000)	(43,999,000)
Other Comprehensive loss		(8,400,000)	(20,685,000)	(121,588,000)	(55,077,000)
Comprehensive Income (Loss)		(152,715,000)	13,297,000	(390,928,000)	(18,942,000)
Comprehensive Income (Loss) available (related) to common stockholders		$ (155,710,000)	$ 10,302,000	$ (399,914,000)	$ (27,419,000)
Earnings Per Share [Abstract]
Basic (in dollars per share)		$ (1.20)	$ 0.37	$ (2.56)	$ 0.37
Diluted (in dollars per share)		(1.20)	0.36	(2.56)	0.36
Dividends declared per common share (in dollars per share)		$ 0.30	$ 0.30	$ 0.90	$ 0.90
Weighted average common shares outstanding:
Basic (in shares)		123,251	84,026	108,761	75,417
Diluted (in shares)		123,251	84,927	108,761	76,318
Agency Securities
Other Income (Loss):
Realized gain (loss) on sale of available for sale Agency Securities (reclassified from Comprehensive Income (Loss))			$ 3,724,000	$ (7,501,000)	$ 11,078,000
Debt Securities, Trading, Gain (Loss)		$ (514,483,000)	(2,387,000)	(1,017,894,000)	(45,790,000)
U.S. Treasury Securities
Other Income (Loss):
Debt Securities, Trading, Gain (Loss)		$ (15,951,000)	$ (9,170,000)	$ (128,321,000)	$ (9,198,000)
[1]Interest expense related to our interest rate swap contracts is recorded in gain on derivatives, net on the consolidated statements of operations and comprehensive income (loss). For additional information, see financial statement Note 7.

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series C Preferred Stock	Preferred Stock Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series C Preferred Stock	Cumulative Distributions to Stockholders	Accumulated Net Loss	Accumulated Other Comprehensive Income (Loss)
Beginning balance, preferred (in shares) at Dec. 31, 2020			5,347,000
Beginning balance, common (in shares) at Dec. 31, 2020				65,290,000
Beginning balance at Dec. 31, 2020	$ 938,304		$ 5	$ 65	$ 3,033,025		$ (1,729,852)	$ (543,970)	$ 179,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	(18,942)							36,135	(55,077)
Issuance of stock, net (in shares)			1,500,000	22,242,000
Issuance of stock	261,296	$ 36,585	$ 2	$ 22	261,274	$ 36,583
Stock based compensation, net of withholding requirements (in shares)				177,000
Stock based compensation, net of withholding requirements	3,641				3,641
Preferred stock dividends	(8,477)						(8,477)
Common stock dividends	(68,715)						(68,715)
Ending balance, preferred (in shares) at Sep. 30, 2021			6,847,000
Ending balance, common (in shares) at Sep. 30, 2021				87,709,000
Ending balance at Sep. 30, 2021	1,143,692		$ 7	$ 87	3,334,523		(1,807,044)	(507,835)	123,954
Beginning balance, preferred (in shares) at Dec. 31, 2020			5,347,000
Beginning balance, common (in shares) at Dec. 31, 2020				65,290,000
Beginning balance at Dec. 31, 2020	$ 938,304		$ 5	$ 65	3,033,025		(1,729,852)	(543,970)	179,031
Ending balance, preferred (in shares) at Dec. 31, 2021		6,847,000	6,847,000
Ending balance, common (in shares) at Dec. 31, 2021	94,152,000			94,152,000
Ending balance at Dec. 31, 2021	$ 1,143,639		$ 7	$ 94	3,403,127		(1,837,955)	(528,607)	106,973
Beginning balance, preferred (in shares) at Jun. 30, 2021			6,847,000
Beginning balance, common (in shares) at Jun. 30, 2021				83,098,000
Beginning balance at Jun. 30, 2021	1,108,542		$ 7	$ 83	3,284,218		(1,778,588)	(541,817)	144,639
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	13,297							33,982	(20,685)
Issuance of stock, net (in shares)				4,551,000
Issuance of stock	49,072			$ 4	49,068
Stock based compensation, net of withholding requirements (in shares)				60,000
Stock based compensation, net of withholding requirements	1,237				1,237
Preferred stock dividends	(2,995)						(2,995)
Common stock dividends	(25,461)						(25,461)
Ending balance, preferred (in shares) at Sep. 30, 2021			6,847,000
Ending balance, common (in shares) at Sep. 30, 2021				87,709,000
Ending balance at Sep. 30, 2021	$ 1,143,692		$ 7	$ 87	3,334,523		(1,807,044)	(507,835)	123,954
Beginning balance, preferred (in shares) at Dec. 31, 2021		6,847,000	6,847,000
Beginning balance, common (in shares) at Dec. 31, 2021	94,152,000			94,152,000
Beginning balance at Dec. 31, 2021	$ 1,143,639		$ 7	$ 94	3,403,127		(1,837,955)	(528,607)	106,973
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	(390,928)							(269,340)	(121,588)
Issuance of stock, net (in shares)				39,319,000
Issuance of stock	301,384			$ 39	301,345
Stock based compensation, net of withholding requirements (in shares)				146,000
Stock based compensation, net of withholding requirements	$ 2,858				2,858
Common stock repurchased, net (in shares)	0			(1,028,000)
Common stock repurchased	$ (5,410)			$ (1)	(5,409)
Preferred stock dividends	(8,986)						(8,986)
Common stock dividends	$ (98,410)						(98,410)
Ending balance, preferred (in shares) at Sep. 30, 2022		6,847,000	6,847,000
Ending balance, common (in shares) at Sep. 30, 2022	132,589,000			132,589,000
Ending balance at Sep. 30, 2022	$ 944,147		$ 7	$ 132	3,701,921		(1,945,351)	(797,947)	(14,615)
Beginning balance, preferred (in shares) at Jun. 30, 2022			6,847,000
Beginning balance, common (in shares) at Jun. 30, 2022				110,586,000
Beginning balance at Jun. 30, 2022	972,658		$ 7	$ 111	3,537,598		(1,905,211)	(653,632)	(6,215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	(152,715)							(144,315)	(8,400)
Issuance of stock, net (in shares)				22,733,000
Issuance of stock	167,246			$ 22	167,224
Stock based compensation, net of withholding requirements (in shares)				50,000
Stock based compensation, net of withholding requirements	964				964
Common stock repurchased, net (in shares)				(780,000)
Common stock repurchased	(3,866)			$ (1)	(3,865)
Preferred stock dividends	(2,995)						(2,995)
Common stock dividends	$ (37,145)						(37,145)
Ending balance, preferred (in shares) at Sep. 30, 2022		6,847,000	6,847,000
Ending balance, common (in shares) at Sep. 30, 2022	132,589,000			132,589,000
Ending balance at Sep. 30, 2022	$ 944,147		$ 7	$ 132	$ 3,701,921		$ (1,945,351)	$ (797,947)	$ (14,615)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash Flows From Operating Activities:
Net Income (Loss)	$ (144,315,000)	$ 33,982,000	$ (269,340,000)	$ 36,135,000
Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by operating activities:
Net amortization of premium on Agency Securities			16,814,000	38,434,000
Realized (gain) loss on sale of Agency Securities, available for sale	0	(3,724,000)	7,501,000	(11,078,000)
Credit loss expense	4,183,000	0	4,183,000	0
Stock based compensation			2,858,000	3,641,000
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable			(19,344,000)	2,794,000
(Increase) decrease in prepaid and other assets			(1,999,000)	403,000
Change in derivatives, at fair value			(892,212,000)	(102,151,000)
Increase (decrease) in accrued interest payable- repurchase agreements			19,266,000	(1,091,000)
Increase in accounts payable and other accrued expenses			4,125,000	2,311,000
Net cash and cash collateral posted to counterparties provided by operating activities			16,667,000	24,384,000
Cash Flows From Investing Activities:
Purchases of Agency Securities			(9,304,581,000)	(672,816,000)
Principal repayments of Agency Securities			451,849,000	690,933,000
Proceeds from sales of Agency Securities			3,390,725,000	901,053,000
Disbursements on reverse repurchase agreements			0	(391,125,000)
Receipts from reverse repurchase agreements			0	391,125,000
Increase in cash collateral posted by counterparties			829,347,000	110,009,000
Net cash and cash collateral posted to counterparties provided by (used in) investing activities			(4,559,580,000)	825,077,000
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses			301,384,000	261,296,000
Proceeds from repurchase agreements			56,729,350,000	23,233,849,000
Principal repayments on repurchase agreements			(52,427,321,000)	(24,319,475,000)
Series C Preferred stock dividends paid			(8,986,000)	(8,477,000)
Common stock dividends paid			(98,410,000)	(68,715,000)
Common stock repurchased			(1,544,000)	0
Net cash and cash collateral posted to counterparties provided by (used in) financing activities			4,494,473,000	(864,937,000)
Net decrease in cash and cash collateral posted to counterparties			(48,440,000)	(15,476,000)
Cash and cash collateral posted to counterparties - beginning of period			356,216,000	171,668,000	$ 171,668,000
Cash and cash collateral posted to counterparties - end of period	307,776,000	156,192,000	307,776,000	156,192,000	$ 356,216,000
Supplemental Disclosure:
Cash paid during the period for interest			65,444,000	13,406,000
Non-Cash Investing Activities:
Receivable for unsettled sales			1,091,891,000	82,100,000
Payable for unsettled purchases			(682,605,000)	(210,646,000)
Net unrealized loss on available for sale Agency Securities			(133,272,000)	(43,999,000)
Non-Cash Financing Activities
Amounts payable for common stock repurchased			(3,866,000)	0
Series C Preferred Stock
Cash Flows From Financing Activities:
Issuance of Series C Preferred stock, net of expenses			0	36,585,000
Series C Preferred stock dividends paid			(8,986,500)
Agency Securities
Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by operating activities:
Realized (gain) loss on sale of Agency Securities, available for sale		(3,724,000)	7,501,000	(11,078,000)
Loss on securities	514,483,000	2,387,000	1,017,894,000	45,790,000
U.S. Treasury Securities
Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by operating activities:
Net accretion of U.S. Treasury Securities			(1,400,000)	(2,000)
Loss on securities	$ 15,951,000	$ 9,170,000	128,321,000	9,198,000
Cash Flows From Investing Activities:
Purchases of U.S. Treasury Securities			(3,992,820,000)	(788,919,000)
Proceeds from sales of U.S. Treasury Securities			$ 4,065,900,000	$ 584,817,000

Organization and Nature of Busi

Organization and Nature of Business Operations	9 Months Ended
	Sep. 30, 2022
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 8 - Commitments and Contingencies and Note 14 - 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. At September 30, 2022 and December 31, 2021, we invested in mortgage backed securities ("MBS"), issued or guaranteed by a United States ("U.S.") Government-sponsored entity ("GSE"), such as the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or a government agency such as Government National Mortgage Administration ("Ginnie Mae") (collectively, "Agency Securities"). Our Agency Securities consist primarily of fixed rate loans. The remaining are either backed by hybrid adjustable rate or adjustable rate loans. From time to time we have also invested in Credit Risk and Non-Agency Securities, Interest-Only Securities, U.S. Treasury Securities and money market instruments.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2022. 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, 2021. 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	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 - Summary of Significant Accounting Policies Cash Cash includes cash on deposit with financial institutions. We may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held. Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents cash posted by us to counterparties or posted by counterparties to us as collateral. Cash collateral posted to/by counterparties may include collateral for interest rate swap contracts, interest rate swaptions, basis swap contracts, futures contracts, 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 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 and comprehensive income (loss). Receivables and Payables for Unsettled Sales and Purchases We account for purchases and sales of securities on the trade date, including purchases and sales for forward settlement. Receivables and payables for unsettled trades represent the agreed trade price multiplied by the outstanding balance of the securities at the balance sheet date. Accrued Interest Receivable and Payable Accrued interest receivable includes interest accrued between payment dates on 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") (prior to its dissolution), 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 September 30, 2022 and December 31, 2021. 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 and comprehensive income (loss). 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, basis swap contracts and futures 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 Comprehensive Loss and are determined using the specific identification method. 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)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4 - 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 Inputs - Quoted prices for identical instruments in active markets. Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Inputs - Prices determined using significant unobservable inputs. Unobservable inputs may be used in situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period). Unobservable inputs reflect management’s assumptions about the factors that market participants would use in pricing an asset or liability and would be based on the best information available. 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, basis swaps and futures contracts 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 and are classified as Level 2. We estimate the fair value of TBA Agency Securities based on similar methods used to value our Agency Securities and they are classified as Level 2. Management compares the pricing information received to dealer quotes to ensure that the current market conditions are properly reflected. The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021. September 30, 2022 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 8,014,139 $ — $ 8,014,139 U.S. Treasury Securities $ 274,172 $ — $ — $ 274,172 Derivatives $ — $ 1,087,490 $ — $ 1,087,490 Liabilities at Fair Value: Derivatives $ — $ 7,105 $ — $ 7,105 December 31, 2021 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 4,406,521 $ — $ 4,406,521 U.S. Treasury Securities $ 198,833 $ — $ — $ 198,833 Derivatives $ — $ 199,073 $ — $ 199,073 Liabilities at Fair Value: Derivatives $ — $ 10,900 $ — $ 10,900 There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the nine months ended September 30, 2022 or for the year ended December 31, 2021. 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 September 30, 2022 and December 31, 2021.

Investments in Securities

Investments in Securities	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Note 5 - Investments in Securities As of September 30, 2022 and December 31, 2021, our securities portfolio consisted of $8,288,311 and $4,605,354 of investment securities, at fair value, respectively, and $(928,125) and $4,575,060 of TBA Agency Securities, at fair value, respectively. Our TBA Agency Securities were reported at net carrying value of $(4,546) and $7,697, at September 30, 2022 and December 31, 2021, respectively, and were reported in Derivatives, at fair value on our consolidated balance sheets (see Note 7 - 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. 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 are reported in other comprehensive income as required by GAAP. Available for Sale Securities At least quarterly, we evaluate our available for sale securities to determine if the available for sale securities in an unrealized loss position are impaired. During the three and nine months ended September 30, 2022, we recognized an impairment of $4,183 in our consolidated statements of operations and comprehensive income (loss), as we had decided to sell as of September 30, 2022 certain available for sale securities before they recovered in value. No credit loss expense was incurred for the three and nine months ended September 30, 2021. The table below presents the components of the carrying value and the unrealized gain or loss position of our available for sale securities at September 30, 2022 and December 31, 2021. Our available for sale securities had a weighted average coupon of 4.34% and 3.83% at September 30, 2022 and December 31, 2021, respectively. Agency Securities Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value September 30, 2022 Total Fannie Mae $ 110,870 $ 113,889 $ (7,008) $ — $ 106,881 Total Freddie Mac 134,952 137,187 (7,602) — 129,585 Total Ginnie Mae 80 84 (5) — 79 Total $ 245,902 $ 251,160 $ (14,615) $ — $ 236,545 December 31, 2021 Total Fannie Mae $ 1,063,403 $ 1,088,209 $ (21) $ 99,138 $ 1,187,326 Total Freddie Mac 172,550 179,385 (4) 7,797 187,178 Total Ginnie Mae 12,957 13,278 (20) 83 13,341 Total $ 1,248,910 $ 1,280,872 $ (45) $ 107,018 $ 1,387,845 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 September 30, 2022 and December 31, 2021. 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 September 30, 2022 $ 190,795 $ (14,599) $ 244 $ (16) $ 191,039 $ (14,615) December 31, 2021 $ 2,924 $ (17) $ 5,185 $ (28) $ 8,109 $ (45) 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 September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 Weighted Average Life of Available for Sale Securities Fair Value Amortized Fair Value Amortized < 1 year $ 88 $ 94 $ 179 $ 174 ≥ 1 year and < 3 years 2,589 2,767 27,110 26,731 ≥ 3 years and < 5 years 11,815 12,648 333,598 319,762 ≥ 5 years 222,053 235,651 1,026,958 934,205 Total Available for Sale Securities $ 236,545 $ 251,160 $ 1,387,845 $ 1,280,872 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 September 30, 2022 and December 31, 2021 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. For the nine months ended September 30, 2022, we sold $943,314 of Agency Securities, available for sale, which resulted in a loss of $(7,501). The gain on sales of Agency Securities, available for sale, for the three and nine months ended September 30, 2021 of $3,724 and $11,078 resulted from the first quarter sales of $87,875, and the third quarter receivable for sales of $82,100, respectively. Trading Securities The components of the carrying value of our trading securities at September 30, 2022 and December 31, 2021 are presented in the tables below. Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value September 30, 2022 Agency Securities: Total Fannie Mae $ 5,648,405 $ 5,722,619 $ (565,610) $ — $ 5,157,009 Total Freddie Mac 2,809,899 2,812,270 (191,685) — 2,620,585 Total Agency Securities $ 8,458,304 $ 8,534,889 $ (757,295) $ — $ 7,777,594 U.S. Treasury Securities 300,000 275,340 (1,168) — 274,172 Total Trading Securities $ 8,758,304 $ 8,810,229 $ (758,463) $ — $ 8,051,766 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2021 Agency Securities: Total Fannie Mae $ 2,253,393 $ 2,382,146 $ (47,079) $ 1,056 $ 2,336,123 Total Freddie Mac 656,775 690,053 (7,546) 46 682,553 Total Agency Securities $ 2,910,168 $ 3,072,199 $ (54,625) $ 1,102 $ 3,018,676 U.S. Treasury Securities 200,000 198,987 (154) — 198,833 Total Trading Securities $ 3,110,168 $ 3,271,186 $ (54,779) $ 1,102 $ 3,217,509 The following table summarizes the weighted average lives of our trading securities at September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 Estimated Weighted Average Life of Trading Securities Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ — $ — $ 99,973 $ 99,978 ≥ 1 year and < 3 years — — 5,323 5,365 ≥ 3 years and < 5 years — — 472,774 475,600 ≥ 5 years 8,051,766 8,810,229 2,639,439 2,690,243 Total $ 8,051,766 $ 8,810,229 $ 3,217,509 $ 3,271,186 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 September 30, 2022 and December 31, 2021 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	9 Months Ended
	Sep. 30, 2022
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Note 6 - Repurchase Agreements At September 30, 2022, we had active MRAs with 37 counterparties and had $8,250,066 in outstanding borrowings with 20 of those counterparties. At December 31, 2021, we had MRAs with 34 counterparties and had $3,948,037 in outstanding borrowings with 18 counterparties. The following table represents the contractual repricing regarding our repurchase agreements to finance MBS purchases at September 30, 2022 and December 31, 2021. No amounts below are subject to offsetting. Our repurchase agreements require excess collateral, known as a “haircut.” At September 30, 2022, the average haircut percentage was 3.32% compared to 3.45% at December 31, 2021. 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 September 30, 2022 Agency Securities ≤ 30 days $ 7,247,587 2.72 % 11 > 30 days to ≤ 90 days 1,002,479 3.15 % 34 Total or Weighted Average $ 8,250,066 2.78 % 14 December 31, 2021 Agency Securities ≤ 30 days $ 2,565,743 0.13 % 13 > 30 days to ≤ 60 days 647,584 0.13 % 35 > 60 days to ≤ 90 days 635,710 0.11 % 89 Total or Weighted Average $ 3,849,037 0.13 % 29 U.S. Treasury Securities ≤ 30 days 99,000 0.12 % 3 Total or Weighted Average $ 3,948,037 0.12 % 29 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 September 30, 2022 and December 31, 2021, BUCKLER accounted for 45.3% and 49.7%, respectively, of our aggregate borrowings and had an amount at risk of 12.2% and 5.0%, respectively, of our total stockholders' equity with a weighted average maturity of 13 days and 35 days, respectively, on repurchase agreements (see Note 14 - Related Party Transactions for other transactions with BUCKLER).

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 7 - 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 September 30, 2022 and December 31, 2021. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net September 30, 2022 Interest rate swap contracts $ 1,025,180 $ — $ (976,332) $ 48,848 Futures contracts 59,751 — (12,522) 47,229 TBA Agency Securities 2,559 (2,559) — — Totals $ 1,087,490 $ (2,559) $ (988,854) $ 96,077 December 31, 2021 Interest rate swap contracts $ 187,661 $ (7,185) $ (161,529) $ 18,947 TBA Agency Securities 11,412 (3,715) 4,036 11,733 Totals $ 199,073 $ (10,900) $ (157,493) $ 30,680 (1) See Note 4 - Fair Value of Financial Instruments for additional discussion. Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net September 30, 2022 TBA Agency Securities (7,105) 2,559 36 (4,510) Totals $ (7,105) $ 2,559 $ 36 $ (4,510) December 31, 2021 Interest rate swap contracts $ (7,185) $ 7,185 $ — $ — TBA Agency Securities (3,715) 3,715 — — Totals $ (10,900) $ 10,900 $ — $ — (1) See Note 4 - 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 and comprehensive income (loss) for the three and nine months ended September 30, 2022 and September 30, 2021. Income (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, Derivatives Location on consolidated statements of operations and comprehensive income (loss) 2022 2021 2022 2021 Interest rate swap contracts Gain on derivatives, net $ 304,751 $ 24,014 $ 870,606 $ 66,735 Futures contracts Gain on derivatives, net 81,488 2 83,639 2 TBA Agency Securities Gain on derivatives, net (11,505) 6,293 (128,605) (14,200) Total Derivatives $ 374,734 $ 30,309 $ 825,640 $ 52,537 The following tables present information about our derivatives at September 30, 2022 and December 31, 2021. Interest Rate Swap Contracts (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate September 30, 2022 < 3 years $ 1,066,000 13 0.10 % ≥ 3 years and < 5 years 1,342,000 52 0.59 % ≥ 5 years and < 7 years 250,000 84 1.15 % ≥ 7 years 3,852,000 100 0.88 % Total or Weighted Average (2) $ 6,510,000 75 0.70 % December 31, 2021 < 3 years $ 1,593,000 15 0.08 % ≥ 3 years and < 5 years 708,000 57 0.24 % ≥ 5 years and < 7 years 707,000 64 0.88 % ≥ 7 years 4,202,000 107 0.87 % Total or Weighted Average (3) $ 7,210,000 77 0.63 % (1) Pay Fixed/Receive Variable. (2) Of this amount, $5,707,000 notional are Fed Funds based swaps, the last of which matures in 2032 and $803,000 notional are SOFR based swaps, the last of which matures in 2032. (3) Of this amount, $1,203,000 notional are SOFR based swaps, the last of which matures in 2023; and $6,007,000 notional are Fed Funds based swaps, the last of which matures in 2032. TBA Agency Securities Notional Amount Cost Basis Fair Value September 30, 2022 30 Year 4.0% (1,000,000) (927,109) (928,125) Total (1) $ (1,000,000) $ (927,109) $ (928,125) December 31, 2021 15 Year 1.5% $ 1,000,000 $ 999,840 $ 1,003,125 2.0% 1,700,000 1,733,652 1,738,695 30 Year 2.0% 300,000 300,789 299,227 2.5% 1,200,000 1,224,820 1,223,510 3.0% 300,000 309,734 310,503 Total (1) $ 4,500,000 $ 4,568,835 $ 4,575,060 (1) $(885,000) and $400,000 notional were forward settling at September 30, 2022 and December 31, 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 - Commitments and Contingencies Management The Company is managed by ACM, pursuant to a management agreement (see also Note 14 - 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 dividends specifically designated by the Board as liquidation dividends will reduce the amount of gross equity raised used to calculate the monthly management fee. Realized and unrealized gains and losses do not affect the amount of gross equity raised. At September 30, 2022 and September 30, 2021, the effective management fee, prior to management fees waived, was 0.96% and 0.98% based on gross equity raised of $3,613,181 and $3,245,650, 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. On October 25, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver from the rate of $700 per month to $650 per month, effective November 1, 2021, until further notice. During the three and nine months ended September 30, 2022, and September 30, 2021 ACM waived management fees of $1,950 and $5,850 and $2,100 and $6,600, respectively. 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 September 30, 2022 and December 31, 2021. 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 August 16, 2021, the court ordered that the entry of an Order of Dismissal is further deferred until February 1, 2022. On March 1, 2022, the court deferred the Order of Dismissal until September 1, 2022 and if the case is not fully disposed of by that date, the clerk shall enter on the docket "dismissed for lack of prosecution without prejudice." To date, 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	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Note 9 - Stock Based Compensation We adopted the 2009 Stock Incentive Plan as amended (the “Plan”) to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“RSUs”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively, “Awards”), subject to terms as provided in the Plan. At September 30, 2022, there were 2,167 shares available for future issuance under the Plan. Transactions related to awards for the nine months ended September 30, 2022 are summarized below: September 30, 2022 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 823 $ 14.07 Vested (190) $ 16.74 Unvested RSU Awards Outstanding end of period 633 $ 13.27

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Note 10 - Stockholders' Equity The following table presents the components of cumulative distributions to stockholders at September 30, 2022 and December 31, 2021. Cumulative Distributions to Stockholders September 30, December 31, 2021 Preferred dividends $ 141,831 $ 132,845 Common stock dividends 1,803,520 1,705,110 Total $ 1,945,351 $ 1,837,955 Preferred Stock At September 30, 2022 and December 31, 2021, 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. At September 30, 2022, 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share are designated as shares of 7.00% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") with the powers, designations, preferences and other rights as set forth therein and a total of 40,000 shares of our authorized preferred stock remain available for designation as future series. At September 30, 2022 and December 31, 2021, we had 6,847 shares 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 in the aggregate. Shares designated as Series C Preferred Stock but unissued totaled 3,153 at September 30, 2022 and December 31, 2021. At September 30, 2022 and December 31, 2021, 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. We did not sell any shares under the Preferred C ATM Sales Agreement during the nine months ended September 30, 2022. Preferred Stock Repurchase Program On July 26, 2022, the Board authorized a repurchase program of up to an aggregate of 2,000 shares of the Company’s outstanding Series C Preferred Stock ("Series C Preferred Stock Repurchase Program"). Under the Series C Preferred Stock 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, in consultation with the Pricing Committee of the Board, 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 Series C Preferred Stock 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. We did not repurchase any shares under the Series C Preferred Stock Repurchase Program during the nine months ended September 30, 2022. Common Stock On July 26, 2022, we submitted Articles of Amendment with the State of Maryland to increase the number of authorized shares of common stock, from 200,000 shares to 300,000 shares. At September 30, 2022 and December 31, 2021, we were authorized to issue up to 300,000 and 200,000 shares of common stock, respectively, 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 132,589 and 94,152 shares of common stock issued and outstanding at September 30, 2022 and December 31, 2021, respectively. 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 were permitted to 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 related 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. Prior to exhausting the Common stock ATM Sales Agreement, as amended, on May 18, 2021, we sold 10,713 shares 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. On November 12, 2021, the 2021 Common stock ATM Sales Agreement was amended to add JonesTrading Institutional Services LLC, as a sales agent and to offer an additional 25,000 shares available for sale pursuant to the terms of the 2021 Common stock ATM Sales Agreement. On June 9, 2022, the 2021 Common stock ATM Sales Agreement was further amended to offer an additional 28,800 shares available for sale pursuant to the terms of the 2021 Common stock ATM Sales Agreement. The 2021 Common stock ATM Sales Agreement relates to an "at-the-market" offering program. The 2021 Common stock ATM Sales Agreement provides that 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. During the nine months ended September 30, 2022, we sold 39,319 shares under this agreement for proceeds of $301,384, net of issuance costs and commissions of approximately $3,216. On October 25, 2022, our Board authorized a 35,000 share increase in the 2021 Common stock ATM Sales Agreement. See Note 14 - Related Party Transactions for discussion of additional transactions with BUCKLER. Common Stock Repurchase Program At September 30, 2022 and December 31, 2021, there were 7,182 and 8,210 authorized shares remaining under the current repurchase authorization. During the nine months ended September 30, 2022, we repurchased 1,028 common shares under this authorization for a cost of $5,410. Under the Common Stock 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 Common Stock 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 Activities The following tables present our equity transactions for the nine months ended September 30, 2022 and for the year ended December 31, 2021. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (costs) September 30, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - September 13, 2022 39,319 $ 7.67 $ 301,384 Common stock repurchased June 21, 2022 and September 30, 2022 (1,028) $ 5.26 $ (5,410) December 31, 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 - December 10, 2021 17,915 $ 11.13 $ 199,444 (1) Weighted average price Dividends The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 2022. Record Date Payment Date Rate per Series C Preferred Share Aggregate January 15, 2022 January 27, 2022 $ 0.14583 $ 998.5 February 15, 2022 February 28, 2022 $ 0.14583 998.5 March 15, 2022 March 28, 2022 $ 0.14583 998.5 April 15, 2022 April 27, 2022 $ 0.14583 998.5 May 15, 2022 May 27, 2022 $ 0.14583 998.5 June 15, 2022 June 27, 2022 $ 0.14583 998.5 July 15, 2022 July 27, 2022 $ 0.14583 998.5 August 15, 2022 August 29, 2022 $ 0.14583 998.5 September 15, 2022 September 27, 2022 $ 0.14583 998.5 Total dividends paid $ 8,986.5 The following table presents our common stock dividend transactions for the nine months ended September 30, 2022. Record Date Payment Date Rate per common share Aggregate January 18, 2022 January 28, 2022 $ 0.10 $ 9,654 February 15, 2022 February 28, 2022 $ 0.10 9,690 March 15, 2022 March 28, 2022 $ 0.10 9,764 April 18, 2022 April 29, 2022 $ 0.10 10,359 May 16, 2022 May 27, 2022 $ 0.10 10,639 June 15, 2022 June 29, 2022 $ 0.10 11,159 July 15, 2022 July 29, 2022 $ 0.10 11,426 August 15, 2022 August 29, 2022 $ 0.10 12,313 September 15, 2022 September 29, 2022 $ 0.10 13,406 Total dividends paid $ 98,410

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Note 11 - 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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net Income (Loss) $ (144,315) $ 33,982 $ (269,340) $ 36,135 Less: Preferred dividends (2,995) (2,995) (8,986) (8,477) Net Income (loss) available (related) to common stockholders $ (147,310) $ 30,987 $ (278,326) $ 27,658 Weighted average common shares outstanding – basic 123,251 84,026 108,761 75,417 Add: Effect of dilutive non-vested awards, assumed vested — 901 — 901 Weighted average common shares outstanding – diluted 123,251 84,927 108,761 76,318 For the three and nine months ended September 30, 2022, 633 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Income (loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period. Note 12 - 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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Comprehensive Income (Loss) $ (152,715) $ 13,297 $ (390,928) $ (18,942) Less: Preferred dividends (2,995) (2,995) (8,986) (8,477) Comprehensive Income (Loss) available (related) to common stockholders $ (155,710) $ 10,302 $ (399,914) $ (27,419) Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ (1.26) $ 0.12 $ (3.68) $ (0.36) Diluted $ (1.26) $ 0.12 $ (3.68) $ (0.36) Weighted average common shares outstanding: Basic 123,251 84,026 108,761 75,417 Add: Effect of dilutive non-vested awards, assumed vested — 901 — — Diluted 123,251 84,927 108,761 75,417 For both the three and nine months ended September 30, 2022 and for the nine months ended September 30, 2021, 633 and 901 respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Loss 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	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Comprehensive Income (Loss) per Common Share	Note 11 - 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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net Income (Loss) $ (144,315) $ 33,982 $ (269,340) $ 36,135 Less: Preferred dividends (2,995) (2,995) (8,986) (8,477) Net Income (loss) available (related) to common stockholders $ (147,310) $ 30,987 $ (278,326) $ 27,658 Weighted average common shares outstanding – basic 123,251 84,026 108,761 75,417 Add: Effect of dilutive non-vested awards, assumed vested — 901 — 901 Weighted average common shares outstanding – diluted 123,251 84,927 108,761 76,318 For the three and nine months ended September 30, 2022, 633 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Income (loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period. Note 12 - 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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Comprehensive Income (Loss) $ (152,715) $ 13,297 $ (390,928) $ (18,942) Less: Preferred dividends (2,995) (2,995) (8,986) (8,477) Comprehensive Income (Loss) available (related) to common stockholders $ (155,710) $ 10,302 $ (399,914) $ (27,419) Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ (1.26) $ 0.12 $ (3.68) $ (0.36) Diluted $ (1.26) $ 0.12 $ (3.68) $ (0.36) Weighted average common shares outstanding: Basic 123,251 84,026 108,761 75,417 Add: Effect of dilutive non-vested awards, assumed vested — 901 — — Diluted 123,251 84,927 108,761 75,417 For both the three and nine months ended September 30, 2022 and for the nine months ended September 30, 2021, 633 and 901 respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Loss related to common stockholders because to have included them would have been anti-dilutive for the period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 - Income Taxes The following table reconciles our GAAP net income (loss) to estimated REIT taxable income (loss) for the three and nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 GAAP net income (loss) $ (144,315) $ 33,982 $ (269,340) $ 36,135 Book to tax differences: TRS (income) loss 12 23 5 (43) Premium amortization expense (2) (41) (80) (117) Agency Securities, trading 514,483 2,387 1,017,894 45,790 U.S. Treasury Securities 15,951 9,170 128,321 9,198 Changes in interest rate contracts (351,203) (37,384) (806,847) (71,037) Credit loss expense 4,183 — 4,183 — (Gain) loss on Security Sales — (3,724) 7,501 (11,078) Amortization of deferred hedging costs (36,482) (40,664) (112,778) (122,529) Other 625 531 1,785 1,368 Estimated REIT taxable income (loss) $ 3,252 $ (35,720) $ (29,356) $ (112,313) Interest rate contracts and futures 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 September 30, 2022 and at December 31, 2021, we had approximately $454,072 and $607,000 in tax deductible expense relating to previously terminated interest rate swap contracts amortizing through the year 2032. At September 30, 2022, we had $240,428 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 2021 $ (15,605) 2026 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 September 30, 2022 by approximately $459,260, or approximately $3.46 per common share (based on the 132,589 common shares then outstanding). State and federal tax returns for the years 2019 and later remain open and are subject to possible examination. 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 nine months ended September 30, 2022 and September 30, 2021 were $40,140 and $107,396 and $28,456 and $77,192, respectively. Our REIT taxable income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends paid in excess of current tax earnings and profits for the year will generally not be taxable to common stockholders. Our management is responsible for determining whether tax positions taken by us are more likely than not to be sustained on their merits. We have no material unrecognized tax benefits or material uncertain tax positions.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 14 - 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. Either party must provide 180 days prior written notice of any such termination. Under the terms of the management agreement, ACM is responsible for costs incident to the performance of its duties, such as compensation of its employees and various overhead expenses. ACM is responsible for the following primary roles: • Advising us with respect to, arranging for and managing the acquisition, financing, management and disposition of, elements of our investment portfolio; • Evaluating the duration risk and prepayment risk within the investment portfolio and arranging borrowing and hedging strategies; • Coordinating capital raising activities; • Advising us on the formulation and implementation of operating strategies and policies, arranging for the acquisition of assets, monitoring the performance of those assets and providing administrative and managerial services in connection with our day-to-day operations; and • Providing executive and administrative personnel, office space and other appropriate services required in rendering management services to us. 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. On October 25, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver from the rate of $700 per month to $650 per month, effective November 1, 2021, until further notice. The following table reconciles the fees incurred in accordance with the management agreement for the three and nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months 2022 2021 2022 2021 ARMOUR management fees $ 8,519 $ 7,886 $ 24,926 $ 23,024 Less management fees waived (1,950) (2,100) (5,850) (6,600) Total management fee expense $ 6,569 $ 5,786 $ 19,076 $ 16,424 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 nine months ended September 30, 2022 and September 30, 2021, we reimbursed ACM $194 and $431 and $92 and $130 for other expenses incurred on our behalf. In 2017, 2020 and 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 2021, we elected to grant RSUs to the Board. We recognized stock based compensation expense of $135 and $437 and $176 and $584 for the three and nine months ended September 30, 2022 and September 30, 2021, respectively. BUCKLER In March 2017, we contributed $352 for a 10.0% 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 $338 and $606 at September 30, 2022 and December 31, 2021, respectively, 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 each of the three and nine months ended September 30, 2022 and September 30, 2021, we earned $0 from BUCKLER as an allocated share of Financing Gross Profit for a reduction of interest on repurchase agreements charged to the Company. Financing Gross Profit is defined in the operating agreement, subject to a contractually required reduction in our share of the Financing Gross Profit of $306 per annum, which expired at 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 nine months ended September 30, 2022 and September 30, 2021, the Company earned $521 and $697 and $20 and $52, respectively, of interest on this loan. On February 22, 2021, the Company entered into an uncommitted revolving credit facility and security agreement with BUCKLER. Under the terms of the facility, the Company may, in its sole and absolute discretion, provide drawings to BUCKLER of up to $50,000. Interest on drawings is payable monthly at the Federal Reserve Bank of New York SOFR plus 2% per annum. To date, Buckler has not yet used the facility and therefore no interest expense was payable. With BUCKLER as the sales agent, under the 2021 Common stock ATM Sales Agreement, we sold 21,805 common shares for proceeds of $171,311, net of commissions of approximately $1,727 during the nine months ended September 30, 2022. We also repurchased 1,028 common shares under the current repurchase authorization which cost $5,410, including commissions of approximately $53 to BUCKLER during the nine months ended September 30, 2022 (see Note 10 - Stockholders' Equity). The table below summarizes other transactions with BUCKLER for the nine months ended September 30, 2022 and for the year ended December 31, 2021. Transactions with BUCKLER September 30, 2022 December 31, 2021 Repurchase agreements (1) $ 3,735,027 $ 1,963,679 Collateral posted on repurchase agreements $ 3,912,476 $ 2,036,385 U.S. Treasury Securities Purchased $ — $ 100,000

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 15 - 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 October 27, 2022 to holders of record on October 15, 2022. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable November 28, 2022 to holders of record on November 15, 2022 and payable December 27, 2022 to holders of record on December 15, 2022. Common Stock On October 11, 2022 we repurchased 450 shares under our Common Stock Repurchase Program, with BUCKLER as the agent at a cost of $2,254, including commissions of $22. A cash dividend of $0.10 per outstanding common share, or $13,277 in the aggregate, will be paid on October 28, 2022 to holders of record on October 17, 2022. We have also declared a cash dividend of $0.10 per outstanding common share payable November 28, 2022 to holders of record on November 15, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2022. 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, 2021.
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 we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
Cash Collateral Posted To/By Counterparties	Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents cash posted by us to counterparties or posted by counterparties to us as collateral. Cash collateral posted to/by counterparties may include collateral for interest rate swap contracts, interest rate swaptions, basis swap contracts, futures contracts, 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 comprehensive income (loss).
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 PayableAccrued 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	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") (prior to its dissolution), 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.
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 and comprehensive income (loss). 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, basis swap contracts and futures contracts. We also may utilize forward contracts for the purchase or sale of TBA Agency Securities. We account for TBA Agency Securities as derivative instruments if it is reasonably possible that we will not take or make physical delivery of the Agency Security upon settlement of the contract. We account for TBA dollar roll transactions as a series of derivative transactions. We may also purchase and sell TBA Agency Securities as a means of investing in and financing Agency Securities (thereby increasing our “at risk” leverage) or as a means of disposing of or reducing our exposure to Agency Securities (thereby reducing our “at risk” leverage). We agree to purchase or sell, for future delivery, Agency Securities with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency Security for a later settlement date. This transaction is commonly referred to as a “dollar roll.” When it is reasonably possible that we will pair off a TBA Agency Security, we account for that contract as a derivative.
Impairment of Assets	Impairment of AssetsWe 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 Comprehensive Loss and are determined using the specific identification method.
Comprehensive Income (Loss)	Comprehensive Income (Loss)Comprehensive income (loss) refers to the sum of net income and other comprehensive income (loss). It represents all changes in equity during a period from transactions and other events from non-owner sources. It excludes all changes in equity during a period resulting from investments by owners and distributions to owners.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021. September 30, 2022 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 8,014,139 $ — $ 8,014,139 U.S. Treasury Securities $ 274,172 $ — $ — $ 274,172 Derivatives $ — $ 1,087,490 $ — $ 1,087,490 Liabilities at Fair Value: Derivatives $ — $ 7,105 $ — $ 7,105 December 31, 2021 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 4,406,521 $ — $ 4,406,521 U.S. Treasury Securities $ 198,833 $ — $ — $ 198,833 Derivatives $ — $ 199,073 $ — $ 199,073 Liabilities at Fair Value: Derivatives $ — $ 10,900 $ — $ 10,900

Investments in Securities (Tabl

Investments in Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
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 September 30, 2022 and December 31, 2021. Our available for sale securities had a weighted average coupon of 4.34% and 3.83% at September 30, 2022 and December 31, 2021, respectively. Agency Securities Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value September 30, 2022 Total Fannie Mae $ 110,870 $ 113,889 $ (7,008) $ — $ 106,881 Total Freddie Mac 134,952 137,187 (7,602) — 129,585 Total Ginnie Mae 80 84 (5) — 79 Total $ 245,902 $ 251,160 $ (14,615) $ — $ 236,545 December 31, 2021 Total Fannie Mae $ 1,063,403 $ 1,088,209 $ (21) $ 99,138 $ 1,187,326 Total Freddie Mac 172,550 179,385 (4) 7,797 187,178 Total Ginnie Mae 12,957 13,278 (20) 83 13,341 Total $ 1,248,910 $ 1,280,872 $ (45) $ 107,018 $ 1,387,845
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 September 30, 2022 and December 31, 2021. 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 September 30, 2022 $ 190,795 $ (14,599) $ 244 $ (16) $ 191,039 $ (14,615) December 31, 2021 $ 2,924 $ (17) $ 5,185 $ (28) $ 8,109 $ (45)
Investments Classified by Contractual Maturity Date	The following table summarizes the weighted average lives of our available for sale securities at September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 Weighted Average Life of Available for Sale Securities Fair Value Amortized Fair Value Amortized < 1 year $ 88 $ 94 $ 179 $ 174 ≥ 1 year and < 3 years 2,589 2,767 27,110 26,731 ≥ 3 years and < 5 years 11,815 12,648 333,598 319,762 ≥ 5 years 222,053 235,651 1,026,958 934,205 Total Available for Sale Securities $ 236,545 $ 251,160 $ 1,387,845 $ 1,280,872 The following table summarizes the weighted average lives of our trading securities at September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 Estimated Weighted Average Life of Trading Securities Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ — $ — $ 99,973 $ 99,978 ≥ 1 year and < 3 years — — 5,323 5,365 ≥ 3 years and < 5 years — — 472,774 475,600 ≥ 5 years 8,051,766 8,810,229 2,639,439 2,690,243 Total $ 8,051,766 $ 8,810,229 $ 3,217,509 $ 3,271,186
Debt Securities, Trading, and Equity Securities, FV-NI	The components of the carrying value of our trading securities at September 30, 2022 and December 31, 2021 are presented in the tables below. Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value September 30, 2022 Agency Securities: Total Fannie Mae $ 5,648,405 $ 5,722,619 $ (565,610) $ — $ 5,157,009 Total Freddie Mac 2,809,899 2,812,270 (191,685) — 2,620,585 Total Agency Securities $ 8,458,304 $ 8,534,889 $ (757,295) $ — $ 7,777,594 U.S. Treasury Securities 300,000 275,340 (1,168) — 274,172 Total Trading Securities $ 8,758,304 $ 8,810,229 $ (758,463) $ — $ 8,051,766 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value December 31, 2021 Agency Securities: Total Fannie Mae $ 2,253,393 $ 2,382,146 $ (47,079) $ 1,056 $ 2,336,123 Total Freddie Mac 656,775 690,053 (7,546) 46 682,553 Total Agency Securities $ 2,910,168 $ 3,072,199 $ (54,625) $ 1,102 $ 3,018,676 U.S. Treasury Securities 200,000 198,987 (154) — 198,833 Total Trading Securities $ 3,110,168 $ 3,271,186 $ (54,779) $ 1,102 $ 3,217,509

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021. No amounts below are subject to offsetting. Our repurchase agreements require excess collateral, known as a “haircut.” At September 30, 2022, the average haircut percentage was 3.32% compared to 3.45% at December 31, 2021. 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 September 30, 2022 Agency Securities ≤ 30 days $ 7,247,587 2.72 % 11 > 30 days to ≤ 90 days 1,002,479 3.15 % 34 Total or Weighted Average $ 8,250,066 2.78 % 14 December 31, 2021 Agency Securities ≤ 30 days $ 2,565,743 0.13 % 13 > 30 days to ≤ 60 days 647,584 0.13 % 35 > 60 days to ≤ 90 days 635,710 0.11 % 89 Total or Weighted Average $ 3,849,037 0.13 % 29 U.S. Treasury Securities ≤ 30 days 99,000 0.12 % 3 Total or Weighted Average $ 3,948,037 0.12 % 29

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Offsetting Assets	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 September 30, 2022 and December 31, 2021. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net September 30, 2022 Interest rate swap contracts $ 1,025,180 $ — $ (976,332) $ 48,848 Futures contracts 59,751 — (12,522) 47,229 TBA Agency Securities 2,559 (2,559) — — Totals $ 1,087,490 $ (2,559) $ (988,854) $ 96,077 December 31, 2021 Interest rate swap contracts $ 187,661 $ (7,185) $ (161,529) $ 18,947 TBA Agency Securities 11,412 (3,715) 4,036 11,733 Totals $ 199,073 $ (10,900) $ (157,493) $ 30,680 (1) See Note 4 - Fair Value of Financial Instruments for additional discussion.
Offsetting Liabilities	Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net September 30, 2022 TBA Agency Securities (7,105) 2,559 36 (4,510) Totals $ (7,105) $ 2,559 $ 36 $ (4,510) December 31, 2021 Interest rate swap contracts $ (7,185) $ 7,185 $ — $ — TBA Agency Securities (3,715) 3,715 — — Totals $ (10,900) $ 10,900 $ — $ — (1) See Note 4 - 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 and comprehensive income (loss) for the three and nine months ended September 30, 2022 and September 30, 2021. Income (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, Derivatives Location on consolidated statements of operations and comprehensive income (loss) 2022 2021 2022 2021 Interest rate swap contracts Gain on derivatives, net $ 304,751 $ 24,014 $ 870,606 $ 66,735 Futures contracts Gain on derivatives, net 81,488 2 83,639 2 TBA Agency Securities Gain on derivatives, net (11,505) 6,293 (128,605) (14,200) Total Derivatives $ 374,734 $ 30,309 $ 825,640 $ 52,537
Schedule of Derivative Instruments	The following tables present information about our derivatives at September 30, 2022 and December 31, 2021. Interest Rate Swap Contracts (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate September 30, 2022 < 3 years $ 1,066,000 13 0.10 % ≥ 3 years and < 5 years 1,342,000 52 0.59 % ≥ 5 years and < 7 years 250,000 84 1.15 % ≥ 7 years 3,852,000 100 0.88 % Total or Weighted Average (2) $ 6,510,000 75 0.70 % December 31, 2021 < 3 years $ 1,593,000 15 0.08 % ≥ 3 years and < 5 years 708,000 57 0.24 % ≥ 5 years and < 7 years 707,000 64 0.88 % ≥ 7 years 4,202,000 107 0.87 % Total or Weighted Average (3) $ 7,210,000 77 0.63 % (1) Pay Fixed/Receive Variable. (2) Of this amount, $5,707,000 notional are Fed Funds based swaps, the last of which matures in 2032 and $803,000 notional are SOFR based swaps, the last of which matures in 2032. (3) Of this amount, $1,203,000 notional are SOFR based swaps, the last of which matures in 2023; and $6,007,000 notional are Fed Funds based swaps, the last of which matures in 2032. TBA Agency Securities Notional Amount Cost Basis Fair Value September 30, 2022 30 Year 4.0% (1,000,000) (927,109) (928,125) Total (1) $ (1,000,000) $ (927,109) $ (928,125) December 31, 2021 15 Year 1.5% $ 1,000,000 $ 999,840 $ 1,003,125 2.0% 1,700,000 1,733,652 1,738,695 30 Year 2.0% 300,000 300,789 299,227 2.5% 1,200,000 1,224,820 1,223,510 3.0% 300,000 309,734 310,503 Total (1) $ 4,500,000 $ 4,568,835 $ 4,575,060 (1) $(885,000) and $400,000 notional were forward settling at September 30, 2022 and December 31, 2021, respectively.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to awards for the nine months ended September 30, 2022 are summarized below: September 30, 2022 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 823 $ 14.07 Vested (190) $ 16.74 Unvested RSU Awards Outstanding end of period 633 $ 13.27

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Dividends Payable	The following table presents the components of cumulative distributions to stockholders at September 30, 2022 and December 31, 2021. Cumulative Distributions to Stockholders September 30, December 31, 2021 Preferred dividends $ 141,831 $ 132,845 Common stock dividends 1,803,520 1,705,110 Total $ 1,945,351 $ 1,837,955
Equity Transactions	The following tables present our equity transactions for the nine months ended September 30, 2022 and for the year ended December 31, 2021. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (costs) September 30, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - September 13, 2022 39,319 $ 7.67 $ 301,384 Common stock repurchased June 21, 2022 and September 30, 2022 (1,028) $ 5.26 $ (5,410) December 31, 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 - December 10, 2021 17,915 $ 11.13 $ 199,444 (1) Weighted average price
Dividends Transactions	The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 2022. Record Date Payment Date Rate per Series C Preferred Share Aggregate January 15, 2022 January 27, 2022 $ 0.14583 $ 998.5 February 15, 2022 February 28, 2022 $ 0.14583 998.5 March 15, 2022 March 28, 2022 $ 0.14583 998.5 April 15, 2022 April 27, 2022 $ 0.14583 998.5 May 15, 2022 May 27, 2022 $ 0.14583 998.5 June 15, 2022 June 27, 2022 $ 0.14583 998.5 July 15, 2022 July 27, 2022 $ 0.14583 998.5 August 15, 2022 August 29, 2022 $ 0.14583 998.5 September 15, 2022 September 27, 2022 $ 0.14583 998.5 Total dividends paid $ 8,986.5 The following table presents our common stock dividend transactions for the nine months ended September 30, 2022. Record Date Payment Date Rate per common share Aggregate January 18, 2022 January 28, 2022 $ 0.10 $ 9,654 February 15, 2022 February 28, 2022 $ 0.10 9,690 March 15, 2022 March 28, 2022 $ 0.10 9,764 April 18, 2022 April 29, 2022 $ 0.10 10,359 May 16, 2022 May 27, 2022 $ 0.10 10,639 June 15, 2022 June 29, 2022 $ 0.10 11,159 July 15, 2022 July 29, 2022 $ 0.10 11,426 August 15, 2022 August 29, 2022 $ 0.10 12,313 September 15, 2022 September 29, 2022 $ 0.10 13,406 Total dividends paid $ 98,410

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net Income (Loss) $ (144,315) $ 33,982 $ (269,340) $ 36,135 Less: Preferred dividends (2,995) (2,995) (8,986) (8,477) Net Income (loss) available (related) to common stockholders $ (147,310) $ 30,987 $ (278,326) $ 27,658 Weighted average common shares outstanding – basic 123,251 84,026 108,761 75,417 Add: Effect of dilutive non-vested awards, assumed vested — 901 — 901 Weighted average common shares outstanding – diluted 123,251 84,927 108,761 76,318

Comprehensive Income (Loss) p_2

Comprehensive Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Comprehensive Income (Loss) $ (152,715) $ 13,297 $ (390,928) $ (18,942) Less: Preferred dividends (2,995) (2,995) (8,986) (8,477) Comprehensive Income (Loss) available (related) to common stockholders $ (155,710) $ 10,302 $ (399,914) $ (27,419) Comprehensive Income (Loss) per share available (related) to common stockholders: Basic $ (1.26) $ 0.12 $ (3.68) $ (0.36) Diluted $ (1.26) $ 0.12 $ (3.68) $ (0.36) Weighted average common shares outstanding: Basic 123,251 84,026 108,761 75,417 Add: Effect of dilutive non-vested awards, assumed vested — 901 — — Diluted 123,251 84,927 108,761 75,417

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 GAAP net income (loss) $ (144,315) $ 33,982 $ (269,340) $ 36,135 Book to tax differences: TRS (income) loss 12 23 5 (43) Premium amortization expense (2) (41) (80) (117) Agency Securities, trading 514,483 2,387 1,017,894 45,790 U.S. Treasury Securities 15,951 9,170 128,321 9,198 Changes in interest rate contracts (351,203) (37,384) (806,847) (71,037) Credit loss expense 4,183 — 4,183 — (Gain) loss on Security Sales — (3,724) 7,501 (11,078) Amortization of deferred hedging costs (36,482) (40,664) (112,778) (122,529) Other 625 531 1,785 1,368 Estimated REIT taxable income (loss) $ 3,252 $ (35,720) $ (29,356) $ (112,313)
Summary of Tax Credit Carryforwards	Net capital losses realized Amount Available to offset capital gains through 2018 $ (136,388) 2023 2019 $ (13,819) 2024 2021 $ (15,605) 2026

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and September 30, 2021. For the Three Months Ended September 30, For the Nine Months 2022 2021 2022 2021 ARMOUR management fees $ 8,519 $ 7,886 $ 24,926 $ 23,024 Less management fees waived (1,950) (2,100) (5,850) (6,600) Total management fee expense $ 6,569 $ 5,786 $ 19,076 $ 16,424 The table below summarizes other transactions with BUCKLER for the nine months ended September 30, 2022 and for the year ended December 31, 2021. Transactions with BUCKLER September 30, 2022 December 31, 2021 Repurchase agreements (1) $ 3,735,027 $ 1,963,679 Collateral posted on repurchase agreements $ 3,912,476 $ 2,036,385 U.S. Treasury Securities Purchased $ — $ 100,000

Organization and Nature of Bu_2

Organization and Nature of Business Operations (Details)	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%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 dealer
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	Sep. 30, 2022	Dec. 31, 2021
Assets at Fair Value:
Securities	$ 236,545	$ 1,387,845
Derivatives	1,087,490	199,073
Liabilities at Fair Value:
Derivatives	7,105	10,900
Fair Value, Measurements, Recurring
Assets at Fair Value:
Derivatives	1,087,490	199,073
Liabilities at Fair Value:
Derivatives	7,105	10,900
Fair Value, Measurements, Recurring | Agency Securities
Assets at Fair Value:
Securities	8,014,139	4,406,521
Fair Value, Measurements, Recurring | U.S. Treasury Securities
Assets at Fair Value:
Securities	274,172	198,833
Fair Value, Measurements, Recurring | Level 1
Assets at Fair Value:
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring | Level 1 | Agency Securities
Assets at Fair Value:
Securities	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury Securities
Assets at Fair Value:
Securities	274,172	198,833
Fair Value, Measurements, Recurring | Level 2
Assets at Fair Value:
Derivatives	1,087,490	199,073
Liabilities at Fair Value:
Derivatives	7,105	10,900
Fair Value, Measurements, Recurring | Level 2 | Agency Securities
Assets at Fair Value:
Securities	8,014,139	4,406,521
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury Securities
Assets at Fair Value:
Securities	0	0
Fair Value, Measurements, Recurring | Level 3
Assets at Fair Value:
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring | Level 3 | Agency Securities
Assets at Fair Value:
Securities	0	0
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury Securities
Assets at Fair Value:
Securities	$ 0	$ 0

Investments in Securities - Add

Investments in Securities - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 8,288,311,000			$ 8,288,311,000		$ 4,605,354,000
Trading securities	8,051,766,000			8,051,766,000		3,217,509,000
Credit loss expense	4,183,000	$ 0		4,183,000	$ 0
Realized gain (loss) on sale of available for sale Agency Securities	0	3,724,000		(7,501,000)	11,078,000
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net	(4,546,000)			(4,546,000)		7,697,000
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	(928,125,000)			(928,125,000)		4,575,060,000
Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	7,777,594,000			7,777,594,000		$ 3,018,676,000
Credit loss expense	$ (4,183,000)			(4,183,000)
Proceeds from sales of agency securities, net		82,100,000	$ 87,875,000	943,314,000
Realized gain (loss) on sale of available for sale Agency Securities		$ 3,724,000		$ (7,501,000)	$ 11,078,000

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	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Weighted average coupon rate	4.34%	3.83%
Principal Amount	$ 245,902	$ 1,248,910
Amortized Cost	251,160	1,280,872
Gross Unrealized Loss	(14,615)	(45)
Gross Unrealized Gain	0	107,018
Fair Value	236,545	1,387,845
Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Principal Amount	110,870	1,063,403
Amortized Cost	113,889	1,088,209
Gross Unrealized Loss	(7,008)	(21)
Gross Unrealized Gain	0	99,138
Fair Value	106,881	1,187,326
Freddie Mac
Debt Securities, Available-for-sale [Line Items]
Principal Amount	134,952	172,550
Amortized Cost	137,187	179,385
Gross Unrealized Loss	(7,602)	(4)
Gross Unrealized Gain	0	7,797
Fair Value	129,585	187,178
Ginnie Mae
Debt Securities, Available-for-sale [Line Items]
Principal Amount	80	12,957
Amortized Cost	84	13,278
Gross Unrealized Loss	(5)	(20)
Gross Unrealized Gain	0	83
Fair Value	$ 79	$ 13,341

Investments in Securities - Gro

Investments in Securities - Gross Unrealized Losses and Estimated Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Less than 12 months	$ 190,795	$ 2,924
Greater than or equal to 12 months	244	5,185
Total	191,039	8,109
Unrealized Losses
Less than 12 months	(14,599)	(17)
Greater than or equal to 12 months	(16)	(28)
Unrealized Losses	$ (14,615)	$ (45)

Investments in Securities - Sum

Investments in Securities - Summary of Weighted Average Lives of Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Less than 1 year	$ 88	$ 179
Greater than or equal to 1 year and less than 3 years	2,589	27,110
Greater than or equal to 3 years and less than 5 years	11,815	333,598
Greater than or equal to 5 years	222,053	1,026,958
Total Agency Securities	236,545	1,387,845
Amortized Cost
Less than 1 year	94	174
Greater than or equal to 1 year and less than 3 years	2,767	26,731
Greater than or equal to 3 years and less than 5 years	12,648	319,762
Greater than or equal to 5 years	235,651	934,205
Amortized Cost	$ 251,160	$ 1,280,872

Investments in Securities - Car

Investments in Securities - Carrying Value of Trading Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 8,758,304	$ 3,110,168
Amortized Cost	8,810,229	3,271,186
Gross Unrealized Loss	(758,463)	(54,779)
Gross Unrealized Gain	0	1,102
Fair Value	8,051,766	3,217,509
Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	8,458,304	2,910,168
Amortized Cost	8,534,889	3,072,199
Gross Unrealized Loss	(757,295)	(54,625)
Gross Unrealized Gain	0	1,102
Fair Value	7,777,594	3,018,676
U.S. Treasury Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	300,000	200,000
Amortized Cost	275,340	198,987
Gross Unrealized Loss	(1,168)	(154)
Gross Unrealized Gain	0	0
Fair Value	274,172	198,833
Fannie Mae | Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	5,648,405	2,253,393
Amortized Cost	5,722,619	2,382,146
Gross Unrealized Loss	(565,610)	(47,079)
Gross Unrealized Gain	0	1,056
Fair Value	5,157,009	2,336,123
Freddie Mac | Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	2,809,899	656,775
Amortized Cost	2,812,270	690,053
Gross Unrealized Loss	(191,685)	(7,546)
Gross Unrealized Gain	0	46
Fair Value	$ 2,620,585	$ 682,553

Investments in Securities - Wei

Investments in Securities - Weighted Average Lives of Trading Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Less than one year	$ 0	$ 99,973
Greater than one year and less than three years	0	5,323
Greater than three years and less than five years	0	472,774
Greater than five years	8,051,766	2,639,439
Securities, trading	8,051,766	3,217,509
Amortized Cost
Less than one year	0	99,978
Greater than one year and less than three years	0	5,365
Greater than three years and less than five years	0	475,600
Greater than five years	8,810,229	2,690,243
Amortized Cost	$ 8,810,229	$ 3,271,186

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) counterparty	Dec. 31, 2021 USD ($) counterparty
Concentration Risk [Line Items]
Number of counterparties with MRAs	37	34
Carrying amount | $	$ 8,250,066	$ 3,948,037
Number of counterparties with repurchase agreements outstanding	20	18
Ratio of indebtedness to net capital maximum	12
Counterparty Concentration Risk | Aggregate Borrowings
Concentration Risk [Line Items]
Number of counterparties	3	2
Counterparty Concentration Risk | BUCKLER Securities, LLC | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested	45.30%	49.70%
Counterparty Concentration Risk | BUCKLER Securities, LLC | Stockholders' Equity
Concentration Risk [Line Items]
Percentage of portfolio invested	12.20%	5%
Weighted average maturity	13 days	35 days
Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested	5%	5%
Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of portfolio invested	21%	16%

Repurchase Agreements - Repurch

Repurchase Agreements - Repurchase Agreements by Maturity Period (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Haircut percentage	3.32%	3.45%
Balance	$ 8,250,066	$ 3,948,037
Weighted Average Contractual Rate		0.12%
Weighted Average Maturity in days		29 days
Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 8,250,066	$ 3,849,037
Weighted Average Contractual Rate	2.78%	0.13%
Weighted Average Maturity in days	14 days	29 days
Agency Securities | Within 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 7,247,587	$ 2,565,743
Weighted Average Contractual Rate	2.72%	0.13%
Weighted Average Maturity in days	11 days	13 days
Agency Securities | 31 days to 60 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance		$ 647,584
Weighted Average Contractual Rate		0.13%
Weighted Average Maturity in days		35 days
Agency Securities | 31 days to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 1,002,479
Weighted Average Contractual Rate	3.15%
Weighted Average Maturity in days	34 days
Agency Securities | 61 days to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance		$ 635,710
Weighted Average Contractual Rate		0.11%
Weighted Average Maturity in days		89 days
U.S. Treasury Securities | Within 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance		$ 99,000
Weighted Average Contractual Rate		0.12%
Weighted Average Maturity in days		3 days

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	Sep. 30, 2022
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	Sep. 30, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Gross Amounts	$ 1,087,490	$ 199,073
Gross Amounts Not Offset, Financial Instruments	(2,559)	(10,900)
Gross Amounts Not Offset, Cash Collateral	(988,854)	(157,493)
Total Net	96,077	30,680
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	1,025,180	187,661
Gross Amounts Not Offset, Financial Instruments	0	(7,185)
Gross Amounts Not Offset, Cash Collateral	(976,332)	(161,529)
Total Net	48,848	18,947
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts	59,751
Gross Amounts Not Offset, Financial Instruments	0
Gross Amounts Not Offset, Cash Collateral	(12,522)
Total Net	47,229
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	2,559	11,412
Gross Amounts Not Offset, Financial Instruments	(2,559)	(3,715)
Gross Amounts Not Offset, Cash Collateral	0	4,036
Total Net	$ 0	$ 11,733

Derivatives - Offsetting Liabil

Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Offsetting Liabilities [Line Items]
Gross Amounts	$ (7,105)	$ (10,900)
Gross Amounts Not Offset, Financial Instruments	2,559	10,900
Gross Amounts Not Offset, Cash Collateral	36	0
Net Amount	(4,510)	0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts	(7,105)	(3,715)
Gross Amounts Not Offset, Financial Instruments	2,559	3,715
Gross Amounts Not Offset, Cash Collateral	36	0
Net Amount	$ (4,510)	0
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts		(7,185)
Gross Amounts Not Offset, Financial Instruments		7,185
Gross Amounts Not Offset, Cash Collateral		0
Net Amount		$ 0

Derivatives - Location and Info

Derivatives - Location and Information of Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain on derivatives, net	[1]	$ 374,734	$ 30,309	$ 825,640	$ 52,537
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain on derivatives, net		304,751	24,014	870,606	66,735
Futures contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain on derivatives, net		81,488	2	83,639	2
TBA Agency Securities
Derivative Instruments, Gain (Loss) [Line Items]
Gain on derivatives, net		$ (11,505)	$ 6,293	$ (128,605)	$ (14,200)
[1]Interest expense related to our interest rate swap contracts is recorded in gain on derivatives, net on the consolidated statements of operations and comprehensive income (loss). For additional information, see financial statement Note 7.

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swap Contracts, Swaptions and Futures Contracts (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount		$ 6,510,000,000	$ 7,210,000,000
Weighted Average Remaining Term (Months)		75 months	77 months
Weighted Average Rate		0.70%	0.63%
Fed Funds Effective Rate Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount		$ 5,707,000,000	$ 6,007,000,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount		$ 803,000,000	1,203,000,000
Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity	3 years	3 years
Notional Amount		$ 1,066,000,000	$ 1,593,000,000
Weighted Average Remaining Term (Months)		13 months	15 months
Weighted Average Rate		0.10%	0.08%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount		$ 1,342,000,000	$ 708,000,000
Weighted Average Remaining Term (Months)		52 months	57 months
Weighted Average Rate		0.59%	0.24%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount		$ 250,000,000	$ 707,000,000
Weighted Average Remaining Term (Months)		84 months	64 months
Weighted Average Rate		1.15%	0.88%
Greater than or equal to 7 years
Derivative [Line Items]
Derivative, remaining maturity	7 years	7 years
Notional Amount		$ 3,852,000,000	$ 4,202,000,000
Weighted Average Remaining Term (Months)		100 months	107 months
Weighted Average Rate		0.88%	0.87%
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

Derivatives - TBA Agency Securi

Derivatives - TBA Agency Securities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 6,510,000,000	$ 7,210,000,000
TBA Agency Securities, 30-year, 4.0%
Derivative [Line Items]
Fixed interest rate	4%
Notional Amount	$ (1,000,000,000)
Cost Basis	(927,109,000)
Fair Value	(928,125,000)
TBA Agency Securities, 15-year, 1.5%
Derivative [Line Items]
Fixed interest rate		1.50%
Notional Amount		$ 1,000,000,000
Cost Basis		999,840,000
Fair Value		$ 1,003,125,000
TBA Agency Securities, 15-year, 2.0%
Derivative [Line Items]
Fixed interest rate		2%
Notional Amount		$ 1,700,000,000
Cost Basis		1,733,652,000
Fair Value		$ 1,738,695,000
TBA Agency Securities, 30-year, 2.0%
Derivative [Line Items]
Fixed interest rate		2%
Notional Amount		$ 300,000,000
Cost Basis		300,789,000
Fair Value		$ 299,227,000
TBA Agency Securities, 30-year, 2.5%
Derivative [Line Items]
Fixed interest rate		2.50%
Notional Amount		$ 1,200,000,000
Cost Basis		1,224,820,000
Fair Value		$ 1,223,510,000
TBA Agency Securities, 30-year, 3.0%
Derivative [Line Items]
Fixed interest rate		3%
Notional Amount		$ 300,000,000
Cost Basis		309,734,000
Fair Value		310,503,000
TBA Agency Securities
Derivative [Line Items]
Notional Amount	(1,000,000,000)	4,500,000,000
Cost Basis	(927,109,000)	4,568,835,000
Fair Value	(928,125,000)	4,575,060,000
Notional amount, forward settling	$ (885,000,000)	$ 400,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands					3 Months Ended			9 Months Ended
	Jan. 13, 2021	Apr. 25, 2016 lawsuit	Apr. 24, 2016 lawsuit	Mar. 01, 2016 defendant lawsuit	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2020	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Oct. 25, 2021 USD ($)	Jul. 01, 2021 USD ($)	Apr. 20, 2021 USD ($)	Apr. 01, 2021 USD ($)	Mar. 31, 2021 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage					8.33%			8.33%
Gross equity raised					$ 3,613,181	$ 3,245,650		$ 3,613,181	$ 3,245,650
Fee waiver adjustment, first quarter												$ 2,100		$ 2,400
Fee waiver adjustment, every month thereafter										$ 650	$ 700		$ 800
Management fees waived					$ 1,950	$ 2,100		$ 5,850	$ 6,600
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					0.96%	0.98%		0.96%	0.98%
Related party transaction, management fee reduction (as a percent)	40%						40%

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, year one	$ 1,048
Compensation cost not yet recognized, year two	2,416
Compensation cost not yet recognized, thereafter	4,933
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonemployee services transaction, quarterly fee	$ 33
The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	2,167
Compensation cost not yet recognized	$ 8,397
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)	$ 13.27	$ 14.07

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Shares (Details) - The 2009 Stock Incentive Plan - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares) | shares	823
Vested (in shares) | shares	(190)
Unvested RSU Awards Outstanding end of period (in shares) | shares	633
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share) | $ / shares	$ 14.07
Vested (in dollars per share) | $ / shares	16.74
Unvested RSU Awards Outstanding end of period (in dollars per share) | $ / shares	$ 13.27

Stockholders' Equity - Cumulati

Stockholders' Equity - Cumulative Dividends (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 1,945,351	$ 1,837,955
Preferred dividends
Class of Stock [Line Items]
Cumulative distributions to stockholders	141,831	132,845
Common Stock
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 1,803,520	$ 1,705,110

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands								3 Months Ended	9 Months Ended		12 Months Ended
	Oct. 25, 2022	Oct. 11, 2022	Jun. 09, 2022	Nov. 12, 2021	May 18, 2021	May 14, 2021	May 04, 2020	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jul. 26, 2022	Jul. 25, 2022	Jun. 30, 2022	Jun. 30, 2021	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)								40,000,000	40,000,000
Repurchase program, shares authorized (in shares)												2,000,000
Stock repurchased (in shares)									0
Common stock, shares authorized (in shares)								300,000,000	300,000,000		200,000,000	300,000,000	200,000,000
Common stock, par value (in dollars per share)								$ 0.001	$ 0.001		$ 0.001
Common stock, shares issued (in shares)								132,589,000	132,589,000		94,152,000
Common stock, shares outstanding (in shares)								132,589,000	132,589,000		94,152,000
Payments of stock issuance costs									$ 53
Remaining shares authorized to be repurchased (in shares)								7,182,000	7,182,000		8,210,000
Common stock repurchased									$ 1,544	$ 0
Subsequent Event
Class of Stock [Line Items]
Stock repurchased (in shares)		450,000
Common stock repurchased		$ 2,254
Common Stock
Class of Stock [Line Items]
Stock repurchased (in shares)								780,000	1,028,000
Common stock, shares outstanding (in shares)								132,589,000	132,589,000	87,709,000	94,152,000			110,586,000	83,098,000	65,290,000
Common stock repurchased									$ 5,410
At-The-Market Offering Program
Class of Stock [Line Items]
Commission rate						2%	2%
Common stock, par value (in dollars per share)						$ 0.001	$ 0.001
Number of shares issued in transaction (in shares)						17,000,000	17,000,000
Common stock, additional shares authorized (in shares)			28,800,000	25,000,000
At-The-Market Offering Program | Subsequent Event
Class of Stock [Line Items]
Common stock, additional shares authorized (in shares)	35,000,000
2021 Common stock ATM Sales Agreement | Common Stock
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)									39,319,000		17,915,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								10,000,000	10,000,000
Preferred stock, par value (in dollars per share)								$ 0.001	$ 0.001		$ 0.001
Preferred stock, dividend rate									7%		7%
Preferred stock, shares outstanding (in shares)								6,847,000	6,847,000		6,847,000
Preferred stock, shares issued (in shares)								6,847,000	6,847,000		6,847,000
Preferred stock, liquidation preference (in dollars per share)								$ 25	$ 25		$ 25
Preferred stock, aggregate liquidation preference								$ 171,175	$ 171,175		$ 171,175
Preferred stock, designated but unissued shares authorized (in shares)								3,153,000	3,153,000		3,153,000
Proceeds from issuance of preferred stock									$ 0	$ 36,585
Series C Preferred Stock | January 23, 2020 Underwriting Agreement
Class of Stock [Line Items]
Preferred stock, liquidation preference (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%
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					$ 1,682
Series B Preferred Stock | 2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Payments of stock issuance costs									$ 3,216

Stockholders' Equity - Equity C

Stockholders' Equity - Equity Capital Raising Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Net Proceeds (costs)	$ 167,246	$ 49,072	$ 301,384	$ 261,296
Common stock repurchased (in shares)			0
Common stock repurchased			$ (1,544)	0
Common Stock
Class of Stock [Line Items]
Per Share price (in dollars per share)	$ 5.26		$ 5.26
Net Proceeds (costs)	$ 22	$ 4	$ 39	22
Common stock repurchased (in shares)	(780,000)		(1,028,000)
Common stock repurchased			$ (5,410)
Series C Preferred Stock
Class of Stock [Line Items]
Net Proceeds (costs)				$ 36,585
2021 Common stock ATM Sales Agreement | Common Stock
Class of Stock [Line Items]
Number of Shares (in shares)			39,319,000		17,915,000
Per Share price (in dollars per share)	$ 7.67		$ 7.67		$ 11.13
Net Proceeds (costs)			$ 301,384		$ 199,444
Preferred C ATM Sales Agreement | Series C Preferred Stock
Class of Stock [Line Items]
Number of Shares (in shares)					1,500,000
Per Share price (in dollars per share)					$ 24.38
Net Proceeds (costs)					$ 36,585
Common stock ATM Sales Agreement | Common Stock
Class of Stock [Line Items]
Number of Shares (in shares)					10,713,000
Per Share price (in dollars per share)					$ 12.07
Net Proceeds (costs)					$ 129,336

Stockholders' Equity - Dividend

Stockholders' Equity - Dividend Transactions (Details) - USD ($)															9 Months Ended
	Sep. 29, 2022	Sep. 27, 2022	Aug. 29, 2022	Jul. 29, 2022	Jul. 27, 2022	Jun. 29, 2022	Jun. 27, 2022	May 27, 2022	Apr. 29, 2022	Apr. 27, 2022	Mar. 28, 2022	Feb. 28, 2022	Jan. 28, 2022	Jan. 27, 2022	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Aggregate amount paid to holders of record															$ 8,986,000	$ 8,477,000
Aggregate amount paid to holders of record															98,410,000	$ 68,715,000
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
Aggregate amount paid to holders of record		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500	$ 998,500	$ 998,500		$ 998,500	8,986,500
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		$ 0.10	$ 0.10	$ 0.10
Aggregate amount paid to holders of record	$ 13,406,000		$ 12,313,000	$ 11,426,000		$ 11,159,000		$ 10,639,000	$ 10,359,000		$ 9,764,000	$ 9,690,000	$ 9,654,000		$ 98,410,000

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss)	$ (144,315)	$ 33,982	$ (269,340)	$ 36,135
Less: Preferred dividends	(2,995)	(2,995)	(8,986)	(8,477)
Net Income (Loss) available (related) to common stockholders	$ (147,310)	$ 30,987	$ (278,326)	$ 27,658
Weighted average common shares outstanding – basic (in shares)	123,251	84,026	108,761	75,417
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	901	0	901
Weighted average common shares outstanding – diluted (in shares)	123,251	84,927	108,761	76,318
Antidilutive shares excluded from computation of earnings per share (in shares)	633		633	901

Comprehensive Income (Loss) p_3

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Comprehensive Income (Loss)	$ (152,715)	$ 13,297	$ (390,928)	$ (18,942)
Less: Preferred dividends	(2,995)	(2,995)	(8,986)	(8,477)
Comprehensive Income (Loss) available (related) to common stockholders	$ (155,710)	$ 10,302	$ (399,914)	$ (27,419)
Comprehensive Income (Loss) per share available (related) to common stockholders:
Basic (in dollars per share)	$ (1.26)	$ 0.12	$ (3.68)	$ (0.36)
Diluted (in dollars per share)	$ (1.26)	$ 0.12	$ (3.68)	$ (0.36)
Weighted average common shares outstanding:
Basic (in shares)	123,251	84,026	108,761	75,417
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	901	0	0
Diluted (in shares)	123,251	84,927	108,761	75,417
Antidilutive shares excluded from computation of earnings per share (in shares)	633		633	901

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
GAAP net income (loss)	$ (144,315)	$ 33,982	$ (269,340)	$ 36,135
Book to tax differences:
TRS (income) loss	12	23	5	(43)
Premium amortization expense	(2)	(41)	(80)	(117)
Agency Securities, trading	514,483	2,387	1,017,894	45,790
U.S. Treasury Securities	15,951	9,170	128,321	9,198
Changes in interest rate contracts	(351,203)	(37,384)	(806,847)	(71,037)
Credit loss expense	4,183	0	4,183	0
(Gain) loss on Security Sales	0	(3,724)	7,501	(11,078)
Amortization of deferred hedging costs	(36,482)	(40,664)	(112,778)	(122,529)
Other	625	531	1,785	1,368
Estimated REIT taxable income (loss)	$ 3,252	$ (35,720)	$ (29,356)	$ (112,313)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Non capital losses available for use in future years	$ 240,428		$ 240,428
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ 459,260		$ 459,260
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ 3.46		$ 3.46
Common stock, shares issued (in shares)	132,589		132,589		94,152
Payment of dividends	$ 40,140	$ 28,456	$ 107,396	$ 77,192
Interest rate swap contracts
Tax Credit Carryforward [Line Items]
Interest rate swap expense amortization through year 2029	$ 454,072		$ 454,072		$ 607,000

Income Taxes - Net Capital Loss

Income Taxes - Net Capital Losses Realized (Details) - Capital Loss Carryforward $ in Thousands	Sep. 30, 2022 USD ($)
2018
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ (136,388)
2019
Tax Credit Carryforward [Line Items]
Tax credit carryforward	(13,819)
2021
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ (15,605)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)			1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Feb. 22, 2021 USD ($)	Jan. 13, 2021	Mar. 31, 2017 USD ($)	Sep. 30, 2022 USD ($) loan shares	Sep. 30, 2021 USD ($)	Jun. 30, 2020	Sep. 30, 2022 USD ($) loan shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Oct. 25, 2021 USD ($)	Jul. 01, 2021 USD ($)	Apr. 20, 2021 USD ($)	Apr. 01, 2021 USD ($)	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Fee waiver adjustment, first quarter												$ 2,100,000		$ 2,400,000
Fee waiver adjustment, every month thereafter										$ 650,000	$ 700,000		$ 800,000
Management fees				$ 8,534,000	$ 7,899,000		$ 24,971,000	$ 23,055,000
Number of subordinated loan agreements | loan				1			1
Payments of stock issuance costs							$ 53,000
Common stock repurchased (in shares) | shares							0
Common stock repurchased							$ 1,544,000	0
2021 Common stock ATM Sales Agreement | Series B Preferred Stock
Related Party Transaction [Line Items]
Payments of stock issuance costs							$ 3,216,000
Common Stock
Related Party Transaction [Line Items]
Common stock repurchased (in shares) | shares				780,000			1,028,000
Common stock repurchased							$ 5,410,000
Common Stock | 2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							39,319,000		17,915,000
BUCKLER Securities, LLC | 2021 Common stock ATM Sales Agreement | Series B Preferred Stock
Related Party Transaction [Line Items]
Payments of stock issuance costs							$ 1,727,000
BUCKLER Securities, LLC | Common Stock | 2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							21,805,000
Issuance of Series C Preferred stock, net of expenses							$ 171,311,000
ACM
Related Party Transaction [Line Items]
Management fee reduction (as a percent)		40%				40%
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%
Value of equity method investment				$ 338,000			$ 338,000		$ 606,000
Proceeds from divestiture of interest in joint venture				0	0		0	0
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				194,000	92,000		$ 431,000	130,000
Stock Based Compensation Expense | ACM
Related Party Transaction [Line Items]
Management fees				135,000	176,000		437,000	584,000
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%
Loans and leases receivable, related parties, proceeds				$ 521,000	$ 20,000		$ 697,000	$ 52,000
Uncommitted Revolving Credit Facility and Security Agreement | Corporate Joint Venture
Related Party Transaction [Line Items]
Maximum lending capacity	$ 50,000,000
Basis spread	2%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
ARMOUR management fees	$ 8,519	$ 7,886	$ 24,926	$ 23,024
Less management fees waived	(1,950)	(2,100)	(5,850)	(6,600)
Total management fee expense	6,569	5,786	19,076	16,424
U.S. Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased			3,992,820	788,919
BUCKLER Securities, LLC | Corporate Joint Venture
Related Party Transaction [Line Items]
Repurchase agreements	3,735,027		3,735,027		$ 1,963,679
Collateral posted on repurchase agreements	3,912,476		3,912,476		2,036,385
Interest on repurchase agreements	$ 21,423	$ 774	28,918	$ 2,938
BUCKLER Securities, LLC | Corporate Joint Venture | U.S. Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased			$ 0		$ 100,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)															9 Months Ended
	Dec. 27, 2022	Nov. 28, 2022	Oct. 28, 2022	Oct. 27, 2022	Oct. 11, 2022	Sep. 27, 2022	Aug. 29, 2022	Jul. 27, 2022	Jun. 27, 2022	May 27, 2022	Apr. 27, 2022	Mar. 28, 2022	Feb. 28, 2022	Jan. 27, 2022	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Preferred stock dividends paid															$ 8,986,000	$ 8,477,000
Common stock repurchased (in shares)															0
Common stock repurchased															$ 1,544,000	0
Aggregate amount paid to holders of record															98,410,000	$ 68,715,000
Subsequent Event
Subsequent Event [Line Items]
Common stock repurchased (in shares)					450,000
Common stock repurchased					$ 2,254,000
Payments for commissions					$ 22,000
Forecast | Subsequent Event
Subsequent Event [Line Items]
Common stock dividends, cash paid (in dollars per share)		$ 0.10	$ 0.10
Aggregate amount paid to holders of record			$ 13,277,000
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
Preferred stock dividends paid						$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 8,986,500
Series C Preferred Stock | Forecast | Subsequent Event
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