ARMOUR Residential REIT (ARR) 10-K 15 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 14, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-34766
Entity Registrant Name	ARMOUR RESIDENTIAL REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1908763
Entity Address, Address Line One	3001 Ocean Drive, Suite 201
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	617-4340
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 769,677,709
Entity Common Stock, Shares Outstanding (in shares)		192,774,581
Documents Incorporated by Reference	Certain portions of the registrant’s definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 for its 2023 annual meeting of stockholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001428205
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Series C Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.00% Series C Cumulative Redeemable
Trading Symbol	ARR-PRC
Security Exchange Name	NYSE
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ARR
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Miami, Florida
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 87,284,000	$ 337,664,000
Cash collateral posted to counterparties	30,806,000	18,552,000
Investments in securities, at fair value:
Derivatives, at fair value	984,456,000	199,073,000
Accrued interest receivable	28,809,000	10,570,000
Prepaid and other	2,101,000	1,094,000
Subordinated loan to BUCKLER	105,000,000	105,000,000
Total Assets	9,437,047,000	5,277,307,000
Liabilities:
Repurchase agreements, net (including $3,247,474 and $1,963,679, respectively with BUCKLER)	6,463,058,000	3,948,037,000
Obligations to return securities received as collateral, at fair value (including $100,531 with BUCKLER)	502,656,000	0
Cash collateral posted by counterparties	963,591,000	171,060,000
Payable for unsettled purchases	353,436,000	0
Derivatives, at fair value	13,016,000	10,900,000
Accrued interest payable- repurchase agreements (including $9,908 and $457, respectively with BUCKLER)	19,096,000	944,000
Accrued interest payable- U.S. Treasury Securities sold short (including $684 with BUCKLER)	3,418,000	0
Accounts payable and other accrued expenses	6,404,000	2,727,000
Total Liabilities	8,324,675,000	4,133,668,000
Commitments and contingencies (Note 8)
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock, $0.001 par value, 300,000 and 200,000 shares authorized; 162,911 shares and 94,152 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively.	163,000	94,000
Additional paid-in capital	3,874,627,000	3,403,127,000
Cumulative distributions to stockholders	(1,992,361,000)	(1,837,955,000)
Accumulated net loss	(758,537,000)	(528,607,000)
Accumulated other comprehensive income (loss)	(11,527,000)	106,973,000
Total Stockholders’ Equity	1,112,372,000	1,143,639,000
Total Liabilities and Stockholders’ Equity	9,437,047,000	5,277,307,000
Series C Preferred Stock
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 6,847 shares issued and outstanding ($171,175 aggregate liquidation preference) at December 31, 2022 and December 31, 2021.	7,000	7,000
Agency Securities
Investments in securities, at fair value:
Debt securities	8,198,591,000	4,406,521,000
U.S. Treasury Securities
Investments in securities, at fair value:
Debt securities	$ 0	$ 198,833,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)		12 Months Ended
	Jan. 28, 2020	Dec. 31, 2022	Dec. 31, 2021	Jul. 26, 2022	Jul. 25, 2022
Obligations to return securities received as collateral		$ 502,656,000	$ 0
Accrued interest payable- repurchase agreements (including $9,908 and $457, respectively with BUCKLER)		19,096,000	944,000
Accrued interest payable- U.S. Treasury Securities sold short (including $684 with BUCKLER)		$ 3,418,000	$ 0
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	300,000,000	200,000,000
Common stock, shares issued (in shares)		162,911,000	94,152,000
Common stock, shares outstanding (in shares)		162,911,000	94,152,000
BUCKLER Securities, LLC
Obligations to return securities received as collateral		$ 100,531,000
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%	7%
Preferred stock, shares issued (in shares)		6,847,000	6,847,000
Beginning balance, preferred (in shares)		6,847,000	6,847,000
Preferred stock, aggregate liquidation preference		$ 171,175,000	$ 171,175,000
Corporate Joint Venture | BUCKLER Securities, LLC
Due to related parties		3,247,474,000	1,963,679,000
Agency Securities
Pledged securities		7,249,039,000	3,995,804,000
Agency Securities | BUCKLER Securities, LLC
Pledged securities		3,920,706,000	2,036,385,000
Accrued interest payable- repurchase agreements (including $9,908 and $457, respectively with BUCKLER)		9,908,000	457,000
U.S. Treasury Securities | BUCKLER Securities, LLC
Pledged securities		98,859,000	98,859,000
Accrued interest payable- U.S. Treasury Securities sold short (including $684 with BUCKLER)		$ 684,000	$ 684,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Income:
Interest Income (including $1,597, $70 and $333, respectively with BUCKLER)		$ 228,432	$ 80,478	$ 169,402
Interest expense (including $(59,807), $(3,504) and $(38,663), respectively with BUCKLER)		(120,794)	(7,110)	(62,971)
Net Interest Income		107,638	73,368	106,431
Other Income (Loss):
Realized gain (loss) on sale of available for sale Agency Securities (reclassified from Other comprehensive loss)		(7,452)	10,952	143,877
Impairment losses on available for sale Agency Securities		(4,183)	0	(1,012)
Gain (loss) on Agency Securities, trading		(946,666)	(77,145)	19,557
Gain (loss) on derivatives, net	[1]	810,834	52,494	(283,801)
Total Other Loss		(299,735)	(23,090)	(289,577)
Expenses:
Management fees		33,774	31,108	29,628
Compensation		5,485	6,614	5,597
Other Operating		6,374	5,793	5,595
Total Expenses		45,633	43,515	40,820
Less management fees waived		(7,800)	(8,600)	(8,855)
Total Expenses after fees waived		37,833	34,915	31,965
Net Income (Loss)		(229,930)	15,363	(215,112)
Dividends on preferred stock		(11,982)	(11,473)	(9,787)
Net Income (Loss) available (related) to common stockholders		(241,912)	3,890	(224,899)
Net Income (Loss) available (related) to common stockholders		(241,912)	3,890	(224,899)
Reclassification adjustment for realized (gain) loss on sale of available for sale Agency Securities		7,452	(10,952)	(143,877)
Reclassification adjustment for impairment losses on available for sale Agency Securities		4,183	0	1,012
Net unrealized loss on available for sale Agency Securities		(130,135)	(61,106)	(33,577)
Other Comprehensive loss		(118,500)	(72,058)	(176,442)
Comprehensive Loss		(348,430)	(56,695)	(391,554)
Dividends on preferred stock		11,982	11,473	9,787
Comprehensive Loss related to common stockholders		$ (360,412)	$ (68,168)	$ (401,341)
Earnings Per Share [Abstract]
Basic (in dollars per share)		$ (2.05)	$ 0.05	$ (3.57)
Diluted (in dollars per share)		(2.05)	0.05	(3.57)
Dividends declared per common share (in dollars per share)		$ 1.20	$ 1.20	$ 1.20
Weighted average common shares outstanding:
Basic (in shares)		117,968	79,490	63,070
Diluted (in shares)		117,968	80,313	63,070
Agency Securities
Other Income (Loss):
Realized gain (loss) on sale of available for sale Agency Securities (reclassified from Other comprehensive loss)		$ (7,452)	$ 10,952	$ 143,877
Gain (loss) on Agency Securities, trading		(946,666)	(77,145)	19,557
Collateralized Mortgage-Backed Securities
Other Income (Loss):
Debt securities, trading, gain (loss)		0	0	(189,555)
U.S. Treasury Securities
Other Income (Loss):
Debt securities, trading, gain (loss)		$ (152,268)	$ (9,391)	$ 21,357
[1]Interest expense related to our interest rate swap contracts is recorded as realized loss on derivatives on the consolidated statements of operations and comprehensive income (loss). For additional information, see Note 7 to the consolidated financial statements.

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - Corporate Joint Venture - BUCKLER Securities, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest expense, related party	$ (59,807)	$ (3,504)	$ (38,663)
Required Regulatory Capital Requirement of Related Party
Related parties loans, proceeds	$ 1,597	$ 70	$ 333

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Series B Preferred Stock	Series C Preferred Stock	Preferred Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series B Preferred Stock	Additional Paid-in Capital Series C Preferred Stock	Cumulative Distributions to Stockholders	Cumulative Distributions to Stockholders Series B Preferred Stock	Cumulative Distributions to Stockholders Series C Preferred Stock	Accumulated Net Loss	Accumulated Other Comprehensive Income (Loss)
Beginning balance, preferred (in shares) at Dec. 31, 2019				8,383,000
Beginning balance, common (in shares) at Dec. 31, 2019							58,877,000
Beginning balance at Dec. 31, 2019	$ 1,436,707			$ 8			$ 59	$ 3,054,604			$ (1,644,579)			$ (328,858)	$ 355,473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(391,554)													(215,112)	(176,442)
Issuance of stock, net (in shares)						5,347,000	6,287,000
Issuance of stock, net	54,575		$ 130,138			$ 5	$ 6	54,569		$ 130,133
Stock based compensation, net of withholding requirements (in shares)							166,000
Stock based compensation, net of withholding requirements	4,071							4,071
Preferred stock, called for redemption (in shares)					(8,383,000)
Preferred stock, called for redemption		$ (209,583)			$ (8)				$ (209,575)
Common stock repurchased, net (in shares)							(40,000)
Common stock repurchased, net	(777)							(777)
Preferred dividends		$ (1,375)	(8,412)									$ (1,375)	$ (8,412)
Common stock dividends	(75,486)										(75,486)
Ending balance, preferred (in shares) at Dec. 31, 2020				5,347,000
Ending balance, common (in shares) at Dec. 31, 2020							65,290,000
Ending 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]
Other comprehensive loss	(56,695)													15,363	(72,058)
Issuance of stock, net (in shares)						1,500,000	28,628,000
Issuance of stock, net	328,780		36,585			$ 2	$ 29	328,751		$ 36,583
Stock based compensation, net of withholding requirements (in shares)							234,000
Stock based compensation, net of withholding requirements	4,768							4,768
Preferred dividends			$ (11,473)										(11,473)
Common stock dividends	$ (96,630)										(96,630)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(348,430)													(229,930)	(118,500)
Issuance of stock, net (in shares)							70,041,000
Issuance of stock, net	475,537						$ 70	475,467
Stock based compensation, net of withholding requirements (in shares)							196,000
Stock based compensation, net of withholding requirements	$ 3,696							3,696
Common stock repurchased, net (in shares)	0						(1,478,000)
Common stock repurchased, net	$ (7,664)						$ (1)	(7,663)
Preferred dividends			$ (11,982)										$ (11,982)
Common stock dividends	$ (142,424)										(142,424)
Ending balance, preferred (in shares) at Dec. 31, 2022			6,847,000	6,847,000
Ending balance, common (in shares) at Dec. 31, 2022	162,911,000						162,911,000
Ending balance at Dec. 31, 2022	$ 1,112,372			$ 7			$ 163	$ 3,874,627			$ (1,992,361)			$ (758,537)	$ (11,527)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net Income (Loss)	$ (229,930,000)	$ 15,363,000	$ (215,112,000)
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Net amortization of premium on Agency Securities	18,390,000	48,127,000	53,322,000
Realized (gain) loss on sale of Agency Securities, available for sale	7,452,000	(10,952,000)	(143,877,000)
Impairment losses on available for sale Agency Securities	4,183,000	0	1,012,000
(Gain) loss on Agency Securities, trading	946,666,000	77,145,000	(19,557,000)
Stock based compensation	3,696,000	4,768,000	4,071,000
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	(17,734,000)	2,263,000	21,828,000
(Increase) decrease in prepaid and other assets	(1,007,000)	883,000	7,074,000
Change in derivatives, at fair value	(783,267,000)	(134,704,000)	(100,692,000)
Increase (decrease) in accrued interest payable- repurchase agreements	18,152,000	(681,000)	(30,307,000)
Increase in accrued interest payable- U.S. Treasury Securities sold short	3,418,000	0	0
Increase (decrease) in accounts payable and other accrued expenses	3,677,000	156,000	(1,019,000)
Net cash and cash collateral posted to counterparties provided by (used in) operating activities	124,085,000	11,738,000	(257,824,000)
Cash Flows From Investing Activities:
Purchases of Agency Securities (including $203,147 with BUCKLER in 2022)	(11,456,994,000)	(1,265,942,000)	(5,838,937,000)
Principal repayments of Agency Securities	573,609,000	870,985,000	1,217,164,000
Principal repayments of Credit Risk and Non-Agency Securities	0	0	45,766,000
Proceeds from sales of Agency Securities	6,349,056,000	980,380,000	10,959,587,000
Disbursements on reverse repurchase agreements (including $(1,958,460), $(197,750) and $0, respectively with BUCKLER)	(1,958,460,000)	(391,125,000)	(858,156,000)
Receipts from reverse repurchase agreements (including $1,254,184, $197,750 and $0, respectively with BUCKLER)	1,254,184,000	391,125,000	858,156,000
Increase in cash collateral posted by counterparties	792,531,000	126,356,000	29,746,000
Net cash and cash collateral posted to counterparties provided by (used in) investing activities	(3,894,975,000)	503,576,000	7,085,728,000
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses	475,537,000	328,780,000	54,575,000
Proceeds from repurchase agreements (including $47,627,748, $18,442,875 and $42,454,015, respectively with BUCKLER)	80,087,456,000	27,238,071,000	67,986,298,000
Principal repayments on repurchase agreements (including $(45,639,677), $(19,477,307) and $(44,563,005), respectively with BUCKLER)	(76,868,159,000)	(27,826,099,000)	(74,804,780,000)
Common stock dividends paid	(142,424,000)	(96,630,000)	(75,486,000)
Common stock repurchased, net	(7,664,000)	0	(777,000)
Net cash and cash collateral posted to counterparties provided by (used in) financing activities	3,532,764,000	(330,766,000)	(6,929,402,000)
Net increase (decrease) in cash and cash collateral posted to counterparties	(238,126,000)	184,548,000	(101,498,000)
Cash and cash collateral posted to counterparties - beginning of year	356,216,000	171,668,000	273,166,000
Cash and cash collateral posted to counterparties - end of year	118,090,000	356,216,000	171,668,000
Supplemental Disclosure:
Cash paid during the year for interest	136,966,000	21,316,000	183,502,000
Non-Cash Investing and Financing Activities
Payable for unsettled purchases	(353,436,000)	0	0
Net unrealized loss on available for sale Agency Securities	(130,135,000)	(61,106,000)	(33,577,000)
Series B Preferred Stock
Cash Flows From Financing Activities:
Redemption of Series B Preferred stock, net of expenses	0	0	(209,583,000)
Preferred dividends paid	0	0	(1,375,000)
Series C Preferred Stock
Cash Flows From Financing Activities:
Issuance of Series C Preferred stock, net of expenses	0	36,585,000	130,138,000
Preferred dividends paid	(11,982,000)	(11,473,000)	(8,412,000)
Collateralized Mortgage-Backed Securities
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Amortization (accretion)	0	0	(2,849,000)
(Gain) loss on debt securities, trading	0	0	189,555,000
Cash Flows From Investing Activities:
Purchases of trading securities	0	0	(237,928,000)
U.S. Treasury Securities Sold	0	0	889,057,000
U.S. Treasury Securities
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Amortization (accretion)	(1,879,000)	(21,000)	84,000
(Gain) loss on debt securities, trading	152,268,000	9,391,000	(21,357,000)
Cash Flows From Investing Activities:
Purchases of trading securities	(4,820,464,000)	(987,887,000)	(4,621,776,000)
U.S. Treasury Securities Sold	$ 5,371,563,000	779,684,000	$ 4,643,049,000
U.S. Treasury Securities | BUCKLER Securities, LLC | Corporate Joint Venture
Cash Flows From Investing Activities:
U.S. Treasury Securities Sold		$ 0

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disbursements on reverse repurchase agreements	$ (1,958,460)	$ (391,125)	$ (858,156)
Receipts from reverse repurchase agreements	1,254,184	391,125	858,156
Proceeds from repurchase agreements	80,087,456	27,238,071	67,986,298
Principal repayments on repurchase agreements	(76,868,159)	(27,826,099)	(74,804,780)
BUCKLER Securities, LLC
Disbursements on reverse repurchase agreements	(1,958,460)	(197,750)	0
Receipts from reverse repurchase agreements	1,254,184	197,750	0
Proceeds from repurchase agreements	47,627,748	18,442,875	42,454,015
Principal repayments on repurchase agreements	(45,639,677)	(19,477,307)	(44,563,005)
U.S. Treasury Securities
U.S. Treasury Securities Purchased	4,820,464	987,887	4,621,776
U.S. Treasury Securities Sold	5,371,563	779,684	4,643,049
Corporate Joint Venture | BUCKLER Securities, LLC
Agency Securities Purchased	203,147
Corporate Joint Venture | U.S. Treasury Securities | BUCKLER Securities, LLC
U.S. Treasury Securities Purchased	593,162	$ 99,053	$ 0
U.S. Treasury Securities Sold	$ 814,265

Organization and Nature of Busi

Organization and Nature of Business Operations	12 Months Ended
	Dec. 31, 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 10.8% 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. U.S. dollar amounts are presented in thousands, except per share amounts or as otherwise noted. ARMOUR is an externally managed Maryland corporation incorporated in 2008. The Company is managed by ACM, an investment advisor registered with the SEC (see Note 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 December 31, 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	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 2 - Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of MBS, including an assessment of the allowance for impairment losses, and derivative instruments. Interest earned/paid on cash collateral posted/held on interest rate swap contracts was reclassified from Interest Income to Gain (loss) on derivatives, net, in the consolidated financial statements to conform to current presentation. No other reclassifications have been made to previously reported amounts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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, net 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. At December 31, 2022, we had $704,276 in reverse repurchase agreements which is recorded in repurchase agreements, net on our consolidated balance sheet. We did not have any reverse repurchase agreements outstanding at December 31, 2021. Obligations to Return Securities Received as Collateral, at Fair Value We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our consolidated balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged. We had obligations to return securities received as collateral associated with our reverse repurchase agreements as of December 31, 2022 of $502,656 ($100,531 of which were with BUCKLER). We did not have such obligations at 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) 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 Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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. Investment in Securities Fair value for our investments in securities are based on obtaining a valuation for each security from third-party pricing services and/or dealer quotes. The third-party pricing services use common market pricing methods that may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps and credit enhancement. If the fair value of a security is not available from the third-party pricing services or such data appears unreliable, we obtain pricing indications from up to three dealers who make markets in similar securities. Management reviews pricing used to ensure that current market conditions are properly reflected. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer pricing indications and comparisons to a third-party pricing model. Fair values obtained from the third-party pricing services for similar instruments are classified as Level 2 securities if the inputs to the pricing models used are consistent with the Level 2 definition. If quoted prices for a security are not reasonably available from the third-party pricing service, but dealer pricing indications are, the security will be classified as a Level 2 security. If neither is available, management will determine the fair value based on characteristics of the security that we receive from the issuer and based on available market information and classify it as a Level 3 security. U.S. Treasury Securities are classified as Level 1, as quoted unadjusted prices are available in active markets for identical assets. Derivatives The fair values of our interest rate swap contracts, interest rate swaptions and basis swap 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. Futures contracts are traded on the Chicago Mercantile Exchange which requires the use of daily mark-to-market collateral and they are classified as Level 1. The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2022 and December 31, 2021. December 31, 2022 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 8,198,591 $ — $ 8,198,591 Derivatives $ 94 $ 984,362 $ — $ 984,456 Liabilities at Fair Value: Derivatives $ — $ 13,016 $ — $ 13,016 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 year ended December 31, 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, borrowings under repurchase agreements, net and obligations to return securities received as collateral, 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 December 31, 2022 and December 31, 2021.

Investment In Securities

Investment In Securities	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments In Securities	Note 5 - Investments in Securities As of December 31, 2022 and December 31, 2021, our securities portfolio consisted of $8,198,591 and $4,605,354 of investment securities, at fair value, respectively, and $777,469 and $4,575,060 of TBA Agency Securities, at fair value, respectively. Our TBA Agency Securities are reported at net carrying value of $(11,797) and $7,697, at December 31, 2022 and December 31, 2021, respectively, and are 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. The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at December 31, 2022 and December 31, 2021. December 31, 2022 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Available for sale securities $ 191,870 $ 199,472 $ (11,527) $ — $ 187,945 Trading securities 8,519,397 8,553,485 (543,207) 368 8,010,646 Total Agency Securities $ 8,711,267 $ 8,752,957 $ (554,734) $ 368 $ 8,198,591 December 31, 2021 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Available for sale securities $ 1,248,910 $ 1,280,872 $ (45) $ 107,018 $ 1,387,845 Trading securities 2,910,168 3,072,199 (54,625) 1,102 3,018,676 Total Agency Securities $ 4,159,078 $ 4,353,071 $ (54,670) $ 108,120 $ 4,406,521 U.S. Treasury Securities 200,000 198,987 (154) — 198,833 Total Investments in Securities $ 4,359,078 $ 4,552,058 $ (54,824) $ 108,120 $ 4,605,354 The following tables summarize the weighted average lives of our investments in securities at December 31, 2022 and December 31, 2021. Weighted Average Life Available for Sale Securities Trading Securities December 31, 2022 Fair Value Amortized Fair Value Amortized < 1 year $ 61 $ 64 $ — $ — ≥ 1 year and < 3 years 2,390 2,525 — — ≥ 3 years and < 5 years 11,541 12,171 — — ≥ 5 years 173,953 184,712 8,010,646 8,553,485 Totals $ 187,945 $ 199,472 $ 8,010,646 $ 8,553,485 Weighted Average Life Available for Sale Securities Trading Securities December 31, 2021 Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ 179 $ 174 $ 99,973 $ 99,978 ≥ 1 year and < 3 years 27,110 26,731 5,323 5,365 ≥ 3 years and < 5 years 333,598 319,762 472,774 475,600 ≥ 5 years 1,026,958 934,205 2,639,439 2,690,243 Totals $ 1,387,845 $ 1,280,872 $ 3,217,509 $ 3,271,186 We use a third-party model to calculate the weighted average lives of our investments in securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our investments in 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 investments in securities at December 31, 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 these securities could be longer or shorter than estimated. 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. In the first quarter of 2020, we recognized an impairment of $1,012 in our consolidated statements of operations and comprehensive income (loss) as we had determined that we may have been required to sell certain securities in the near future. No impairment loss was required for the remainder of 2020. No impairment loss was required for the year ended December 31, 2021. During the third quarter of 2022, we recognized an impairment of $4,183 in our consolidated statements of operations and comprehensive income (loss), as we had decided to sell certain available for sale securities before they recovered in value. Subsequent to December 31, 2022, we sold the remaining balance of our Agency Securities, available for sale and purchased Agency Securities, trading. For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, we sold $988,728, $167,202 and $10,800,879 of Agency Securities, available for sale, which resulted in a gain (loss) of $(7,452), $10,952 and $143,877, respectively. 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 December 31, 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 Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2022 $ 187,397 $ (11,497) $ 548 $ (30) $ 187,945 $ (11,527) 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.

Repurchase Agreements, net

Repurchase Agreements, net	12 Months Ended
	Dec. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements, net	Note 6 - Repurchase Agreements, net At December 31, 2022, we had active MRAs with 38 counterparties and had $6,463,058 in outstanding borrowings with 16 of those counterparties. At December 31, 2021, we had active MRAs with 34 counterparties and had $3,948,037 in outstanding borrowings with 18 of those counterparties. The following table represents the contractual repricing regarding our repurchase agreements to finance MBS purchases at December 31, 2022 and December 31, 2021. At December 31, 2021, no amounts below were subject to offsetting. Our repurchase agreements require excess collateral, known as a “haircut.” At December 31, 2022, the average haircut percentage was 3.85% 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. December 31, 2022 Balance Weighted Average Contractual Rate Weighted Average Maturity in days Agency Securities ≤ 30 days (1) $ 5,912,572 4.43 % 15 > 30 days to ≤ 60 days 550,486 4.48 % 34 Total or Weighted Average 6,463,058 4.43 % 16 (1) Net of reverse repurchase agreements of $704,276. Obligations to return securities received as collateral of $502,656 associated with the reverse repurchase agreements are all due within 30 days. December 31, 2021 Balance Weighted Average Contractual Rate Weighted Average Maturity in days 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 The following table presents information about the gross and net securities purchased and sold under our repurchase agreements, net on the accompanying consolidated balance sheets at December 31, 2022. At December 31, 2021, we did not have any reverse repurchase agreement obligations. December 31, 2022 Gross Amounts Not Offset Gross Amounts Gross Amounts offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Financial Instruments (1) Cash Collateral Total Net Assets Reverse Repurchase Agreements $ 704,276 $ (704,276) $ — $ — $ 189 $ 189 Totals $ 704,276 $ (704,276) $ — $ — $ 189 $ 189 Liabilities Repurchase Agreements $ (7,167,334) $ 704,276 $ (6,463,058) $ 6,463,058 $ — $ — Totals $ (7,167,334) $ 704,276 $ (6,463,058) $ 6,463,058 $ — $ — (1) The fair value of securities pledged against our repurchase agreements was $7,249,039 at December 31, 2022. Our repurchase agreements require that we maintain adequate pledged collateral. A decline in the value of the MBS pledged as collateral for borrowings under repurchase agreements could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels. We manage this risk by maintaining an adequate balance of available cash and unpledged securities. An event of default or termination event under the standard MRA would give our counterparty the option to terminate all repurchase transactions existing with us and require any amount due to be payable immediately. In addition, certain of our MRAs contain a restriction that prohibits our leverage from exceeding twelve times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital. We also may receive cash or securities as collateral from our derivative counterparties which we may use as additional collateral for repurchase agreements. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty. At December 31, 2022 and December 31, 2021, BUCKLER accounted for 50.2% and 49.7%, respectively, of our aggregate borrowings and had an amount at risk of 12.9% and 5.0%, respectively, of our total stockholders' equity with a weighted average maturity of 15 days and 35 days, respectively, on repurchase agreements, net (see Note 14 - Related Party Transactions). In addition, at December 31, 2022, we had 3 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for approximately 28.1% of our repurchase agreement borrowings outstanding at December 31, 2022. At December 31, 2021, we had 2 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for 16.0% of our repurchase agreement borrowings at December 31, 2021.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 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. Futures contracts are traded on the Chicago Mercantile Exchange ("CME") which requires the use of daily mark-to-market collateral and the CME provides substantial credit support. The collateral requirements of the CME require us to pledge assets under a bi-lateral margin arrangement, including either cash or Agency Securities and these requirements may vary and change over time based on the market value, notional amount and remaining term of the futures contracts. In the event we are unable to meet a margin call under one of our futures contracts, the counterparty to such agreement may have the option to terminate or close-out all of the outstanding futures contracts with us. In addition, any close-out amount due to the counterparty upon termination of the counterparty’s transactions would be immediately payable by us pursuant to the applicable agreement. TBA Agency Securities are forward contracts for the purchase (“long position”) or sale (“short position”) of Agency Securities at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific Agency Securities delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. We may enter into TBA Agency Securities as a means of hedging against short-term changes in interest rates. We may also enter into TBA Agency Securities as a means of acquiring or disposing of Agency Securities and we may from time to time utilize TBA dollar roll transactions to finance Agency Security purchases. We 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 December 31, 2022 and December 31, 2021. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net December 31, 2022 Interest rate swap contracts $ 983,659 $ — $ (955,941) $ 27,718 Futures contracts 94 (516) 9,334 8,912 TBA Agency Securities 703 (12,500) 13,633 1,836 Totals $ 984,456 $ (13,016) $ (932,974) $ 38,466 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 December 31, 2022 Futures contracts $ (516) $ 516 $ — $ — TBA Agency Securities (12,500) 12,500 — — Totals $ (13,016) $ 13,016 $ — $ — 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 information regarding our derivatives which are included in Gain on derivatives, net in the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. Income (Loss) Recognized For the Years Ended Derivatives December 31, 2022 December 31, 2021 December 31, 2020 Interest rate swap contracts $ 853,186 $ 73,839 $ (395,728) Futures contracts 95,300 2 — TBA Agency Securities (137,652) (21,347) 111,927 Total Gain on Derivatives, net $ 810,834 $ 52,494 $ (283,801) The following tables present information about our derivatives at December 31, 2022 and December 31, 2021. Interest Rate Swaps (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate December 31, 2022 < 3 years $ 1,066,000 10 0.10 % ≥ 3 years and < 5 years 1,182,000 50 0.63 % ≥ 5 years and < 7 years 754,000 82 0.62 % ≥ 7 years 3,348,000 99 0.96 % Total or Weighted Average (2) $ 6,350,000 73 0.72 % 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, $803,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,547,000 notional are Federal Funds Rate 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 Federal Funds Rate based swaps, the last of which matures in 2032. TBA Agency Securities Notional Amount Cost Basis Fair Value December 31, 2022 30 Year Long 4.5% 500,000 489,805 481,641 5.0% 300,000 300,164 295,828 Total (1) $ 800,000 $ 789,969 $ 777,469 TBA Agency Securities Notional Amount Cost Basis Fair Value December 31, 2021 15 Year Long 1.5% $ 1,000,000 $ 999,840 $ 1,003,125 2.0% 1,700,000 1,733,652 1,738,695 30 Year Long 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) $400,000 notional and $400,000 notional were forward settling at December 31, 2022 and December 31, 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 a management fee payable monthly in arrears. Currently, the monthly management fee is 1/12th of the sum of (a) 1.5% of gross equity raised up to $1.0 billion plus (b) 0.75% of gross equity raised in excess of $1.0 billion. Gross equity raised includes the total amounts of paid in capital relating to both our common and preferred stock, plus brokerage commissions and other costs of capital raising. Amounts paid to shareholders to repurchase stock, before any brokerage commissions and costs, reduces gross equity raised. Dividends specifically designated by the Board as liquidation dividends will reduce the amount of gross equity raised. To date, the Board has not so designated any of the dividends paid by the Company. Realized and unrealized gains and losses do not affect the amount of gross equity raised. At December 31, 2022, December 31, 2021 and December 31, 2020, the effective management fee, prior to management fees waived, was 0.95%, 0.98% and 1.00% based on gross equity raised of $3,787,042, $3,313,937 and $2,944,169, 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 years ended December 31, 2022, December 31, 2021 and December 31, 2020 ACM waived management fees of $7,800, $8,600 and $8,855 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. On February 14, 2023, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $1,650 for the first quarter of 2023 and $550 per month thereafter until ACM provides further notice to ARMOUR. ACM may terminate this waiver for any month by providing notice to ARMOUR on or before the 25th day of the preceding month. This waiver does not constitute a waiver of any other amounts due to ACM from ARMOUR under the Agreement or otherwise, including but not limited to any expense reimbursements, any amounts calculated by reference to the contractual Base Management Fee, or any awards under the 2009 Stock Incentive Plan as amended (the “Plan”). On February 14, 2023, the Company extended the contractual term of the management agreement through December 31, 2029. Based on the management fee base, gross equity raised, as of that date, the Company’s contractual management fee commitments are: Year Contractual Management Fee 2023 $ 37,200 2024 37,275 2025 37,275 2026 37,275 2027 37,275 2028 37,275 2029 37,275 Total $ 260,850 The Company cannot voluntarily terminate the management agreement without cause before the expiration of its contractual term. If the management agreement is terminated in connection with a liquidation of the Company or certain business combination transactions, the Company is obliged to pay ACM a termination fee equal to 4 times the contractual management fee (before any waiver) for the preceding 12 months. Indemnifications and Litigation We enter into certain contracts that contain a variety of indemnifications, principally with ACM and underwriters, against third-party claims for errors and omissions in connection with their services to us. We have not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements, as well as the maximum amount attributable to past events, is not material. Accordingly, we have no liabilities recorded for these agreements at December 31, 2022 and December 31, 2021. Nine putative class action lawsuits were 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. On October 25, 2022, the court deferred the Order of Dismissal until May 1, 2023, 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." 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	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Note 9 - Stock Based Compensation We adopted the Plan to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“RSUs”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively, “Awards”), subject to terms as provided in the Plan. At December 31, 2022, there were 2,167 shares available for future issuance under the Plan. In February 2023, 980 RSUs were granted to certain officers of ARMOUR and 320 RSUs were granted to the Board, leaving 867 shares available for future issuance. Transactions related to awards for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 are summarized below: For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Number of Awards Weighted Number of Awards Weighted Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 823 $ 14.07 496 $ 19.77 247 $ 24.82 Granted (1) — $ — 635 $ 11.08 502 $ 17.85 Vested (255) $ 16.72 (308) $ 17.08 (205) $ 20.41 Forfeited — $ — — $ — (48) $ 23.14 Unvested RSU Awards Outstanding end of period 568 $ 12.88 823 $ 14.07 496 $ 19.77 (1) During the year ended December 31, 2021, 535 RSUs were granted to certain officers of ARMOUR through ACM and 100 RSUs were granted to the Board. During the year ended December 31, 2020, 358 RSUs were granted to certain officers of ARMOUR through ACM and 144 RSUs were granted to the Board.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Note 10 - Stockholders' Equity The following table presents the components of cumulative distributions to stockholders at December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended Cumulative Distributions to Stockholders December 31, 2022 December 31, 2021 December 31, 2020 Preferred dividends $ 144,827 $ 132,845 $ 121,372 Common stock dividends 1,847,534 1,705,110 1,608,480 Total $ 1,992,361 $ 1,837,955 $ 1,729,852 Preferred Stock At December 31, 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. On January 28, 2020, we filed Articles Supplementary with the Department to designate 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share, as shares of 7.00% Series C Preferred Stock with the powers, designations, preferences and other rights as set forth therein. At December 31, 2022, a total of 40,000 shares of our authorized preferred stock remained available for designation as future series. 7.875% Series B Cumulative Preferred Stock - Called for redemption, “Series B Preferred Stock” On January 24, 2020, the Company mailed a notice of full redemption of all 8,383 issued and outstanding shares of its Series B Preferred Stock ($25.00 liquidation preference per share) to the holders of record of its Series B Preferred Stock as of January 13, 2020. Pursuant to the redemption, each share of Series B Preferred Stock was canceled and represented solely the right to receive cash in the amount of $25.00 per share of Series B Preferred Stock on February 27, 2020. Pursuant to the terms of the Series B Preferred Stock, holders of record of the Series B Preferred Stock on February 15, 2020 received the full monthly dividend for February 2020. The final dividend amount of $1,375 was paid on February 27, 2020 and was recorded as other expense in our consolidated statements of operations. Series C Cumulative Redeemable Preferred Stock "Series C Preferred Stock" At December 31, 2022, 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 December 31, 2022. At December 31, 2022, there were no accrued or unpaid dividends on the Series C Preferred Stock. On January 23, 2020, the Company and ACM, entered into an Underwriting Agreement (the “Underwriting Agreement”) with B. Riley FBR, Inc., as representative of the several underwriters named therein (collectively, the “Underwriters”), including, but not limited to, BUCKLER, with respect to (i) the sale by the Company of 3,000 shares (the “Firm Shares”) of the Company’s new 7.00% Series C Preferred Stock ($25.00 liquidation preference per share), $0.001 par value, to the Underwriters with an offering price to the public of $25.00 per share, and (ii) the grant by the Company to the Underwriters of an option to purchase all or part of 450 additional shares of the Series C Preferred Stock during the 30-day period following the execution of the Underwriting Agreement with the same offering price per share to the public to cover over-allotments. On January 24, 2020, the Underwriters exercised the option to purchase all 450 additional shares of the Series C Preferred Stock. On January 28, 2020, the Company completed the sale of 3,450 total shares. Total proceeds were $83,282, net of issuance costs and commissions of $2,968. On January 29, 2020, the Company entered into an Equity Sales Agreement (the “Preferred C ATM Sales Agreement”) with B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.) and BUCKLER, as sales agents (individually and collectively, the “Agents"), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one or more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Preferred C ATM Sales Agreement relates to a proposed “at-the-market” offering program. Under the Preferred C ATM Sales Agreement, we will pay the agent designated to sell our shares an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent under the Preferred C ATM Sales Agreement. During the year ended December 31, 2021, we sold 1,500 shares under this agreement for proceeds of $36,585, net of issuance costs and commissions of approximately $445. 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 year ended December 31, 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 to 300,000 shares. On February 14, 2023, we increased the number of authorized shares of common stock, from 300,000 shares to 450,000 shares to be effective as of February 14, 2023. At December 31, 2022 and December 31, 2021, we were authorized to issue up to 300,000 and 200,000 shares of common stock, par value $0.001 per share, respectively, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 162,911 shares of common stock issued and outstanding at December 31, 2022 and 94,152 shares of common stock issued and outstanding at December 31, 2021. 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, 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 agreement, 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, under the agreement. 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. On November 4, 2022, the Common stock ATM Sales Agreement was further amended to offer an additional 35,000 shares available for sale. On January 17, 2023, it was amended to add an additional 48,678 shares 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 years ended December 31, 2022 and December 31, 2021, we sold 70,041 and 17,915 shares under this agreement for proceeds of $475,537 and $199,444, net of issuance costs and commissions of approximately $5,157 and $2,277, respectively. From January 4, 2023 to February 8, 2023, we issued 29,863 shares under this agreement for proceeds of $181,295, net of issuance costs and commissions of $1,878. See Note 14 - Related Party Transactions for discussion of additional transactions with BUCKLER. Common Stock Repurchase Program At December 31, 2022 and December 31, 2021, there were 6,732 and 8,210 authorized shares remaining under the current repurchase authorization. During the year ended December 31, 2022, we repurchased 1,478 common shares under this authorization for a cost of $7,664. Under the Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Exchange Act, and related rules. We are not required to repurchase any shares under the Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. See Note 14 - Related Party Transactions for discussion of additional transactions with BUCKLER. Equity Capital Activities The following tables present our equity transactions for the years ended December 31, 2022 , December 31, 2021 and December 31, 2020. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Costs) December 31, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - December 21, 2022 70,041 $ 6.79 $ 475,537 Common stock repurchases June, September and October (1,478) $ 5.19 $ (7,664) December 31, 2021 Preferred C ATM Sales 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 Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Costs) December 31, 2020 Preferred C Underwritten January 28, 2020 3,450 $ 24.14 $ 83,282 Preferred C ATM Sales January 30, 2020 - December 23, 2020 1,897 $ 24.70 $ 46,856 Common Stock ATM Sales Agreement April 7, 2020 - December 15, 2020 6,287 $ 8.68 $ 54,575 Common stock repurchases, net February 26, 2020 - March 3, 2020 (40) $ 19.42 $ (777) (1) Weighted average price Dividends On January 27, 2023, a cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $998,495 in the aggregate, was paid to holders of record on January 15, 2023. We have also declared cash dividends of $0.14583 payable February 27, 2023 and March 27, 2023 to holders of record on February 15, 2023 and March 15, 2023, respectively. On January 30, 2023, a cash dividend of $0.10 per outstanding common share, or $17,007 in the aggregate, was paid to holders of record on January 17, 2023. We have also declared cash dividends of $0.10 per outstanding common share payable February 27, 2023 to holders of record on February 15, 2023 and $0.08 per outstanding common share payable March 28, 2023 to holders of record on March 15, 2023. The following table presents our Series B Preferred Stock dividend transactions prior to full redemption. The table below does not include the final dividend amount of $1,375 that was paid on February 27, 2020 to holders of record on February 15, 2020. This amount was recorded in other expense in our consolidated statements of operations. 2020 Record Date Payment Date Rate per Aggregate January 15, 2020 January 27, 2020 $ 0.16 $ 1,375 The following table presents our Series C Preferred Stock dividend transactions for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. 2022 Record Date Payment Date Rate per 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 October 15, 2022 October 27, 2022 $ 0.14583 998.5 November, 15, 2022 November 28, 2022 $ 0.14583 998.5 December 15, 2022 December 27, 2022 $ 0.14583 998.5 Total dividends paid $ 11,982 2021 Record Date Payment Date Rate per Series C Preferred Share Aggregate January 15, 2021 January 27, 2021 $ 0.14583 $ 779.7 February 15, 2021 February 26, 2021 $ 0.14583 836.9 March 15, 2021 March 29, 2021 $ 0.14583 869.6 April 15, 2021 April 27, 2021 $ 0.14583 998.5 May 15, 2021 May 27, 2021 $ 0.14583 998.5 June 15, 2021 June 28, 2021 $ 0.14583 998.5 July 15, 2021 July 27, 2021 $ 0.14583 998.5 August 15, 2021 August 27, 2021 $ 0.14583 998.5 September 15, 2021 September 27, 2021 $ 0.14583 998.5 October 15, 2021 October 27, 2021 $ 0.14583 998.5 November 15, 2021 November 29, 2021 $ 0.14583 998.5 December 15, 2021 December 27, 2021 $ 0.14583 998.5 Total dividends paid $ 11,473 2020 Record Date Payment Date Rate per Series C Preferred Share Aggregate February 15, 2020 February 27, 2020 $ 0.14583 $ 678.1 March 15, 2020 March 27, 2020 $ 0.14583 773.4 April 15, 2020 April 27, 2020 $ 0.14583 773.4 May 15, 2020 May 27, 2020 $ 0.14583 773.4 June 15, 2020 June 29, 2020 $ 0.14583 773.4 July 15, 2020 July 27, 2020 $ 0.14583 773.4 August 15, 2020 August 27, 2020 $ 0.14583 773.4 September 15, 2020 September 28, 2020 $ 0.14583 773.4 October 15, 2020 October 27, 2020 $ 0.14583 773.4 November 15, 2020 November 27, 2020 $ 0.14583 773.4 December 15, 2020 December 28, 2020 $ 0.14583 773.4 Total dividends paid $ 8,412 The following tables present our common stock dividend transactions for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. 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 October 17, 2022 October 28, 2022 $ 0.10 13,284 November, 15, 2022 November 28, 2022 $ 0.10 14,465 December 15, 2022 December 28, 2022 $ 0.10 16,265 Total dividends paid $ 142,424 2021 Record Date Payment Date Rate per common share Aggregate January 15, 2021 January 28, 2021 $ 0.10 $ 6,646 February 16, 2021 February 26, 2021 $ 0.10 6,645 March 15, 2021 March 29, 2021 $ 0.10 6,766 April 15, 2021 April 29, 2021 $ 0.10 7,234 May 17, 2021 May 27, 2021 $ 0.10 7,646 June 15, 2021 June 29, 2021 $ 0.10 8,317 July 15, 2021 July 29, 2021 $ 0.10 8,413 August 16, 2021 August 27, 2021 $ 0.10 8,413 September 15, 2021 September 29, 2021 $ 0.10 8,635 October 15, 2021 October 28, 2021 $ 0.10 9,065 November 15, 2021 November 29, 2021 $ 0.10 9,347 December 15, 2021 December 29, 2021 $ 0.10 9,503 Total dividends paid $ 96,630 2020 Record Date Payment Date Rate per common share Aggregate January 15, 2020 January 30, 2020 $ 0.17 $ 10,126 February 14, 2020 February 27, 2020 $ 0.17 10,131 March 16, 2020 March 27, 2020 $ 0.17 10,120 June 15, 2020 June 29, 2020 $ 0.09 5,876 July 15, 2020 July 30, 2020 $ 0.10 6,531 August 17, 2020 August 28, 2020 $ 0.10 6,530 September 15, 2020 September 29, 2020 $ 0.10 6,529 October 15, 2020 October 29, 2020 $ 0.10 6,531 November 16, 2020 November 27, 2020 $ 0.10 6,531 December 15, 2020 December 29, 2020 $ 0.10 6,581 Total dividends paid $ 75,486

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Net Income (Loss) $ (229,930) $ 15,363 $ (215,112) Less: Preferred dividends (11,982) (11,473) (9,787) Net Income (loss) available (related) to common stockholders $ (241,912) $ 3,890 $ (224,899) Weighted average common shares outstanding – basic 117,968 79,490 63,070 Add: Effect of dilutive non-vested awards, assumed vested — 823 — Weighted average common shares outstanding – diluted 117,968 80,313 63,070 For the years ended December 31, 2022 and December 31, 2020, 568 and 496, respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Loss 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 loss and the shares used in calculating weighted average basic and diluted comprehensive loss per common share for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Comprehensive Loss $ (348,430) $ (56,695) $ (391,554) Less: Preferred dividends (11,982) (11,473) (9,787) Comprehensive Loss related to common stockholders $ (360,412) $ (68,168) $ (401,341) Comprehensive Loss per share related to common stockholders: Basic $ (3.06) $ (0.86) $ (6.36) Diluted $ (3.06) $ (0.86) $ (6.36) Weighted average common shares outstanding: Basic 117,968 79,490 63,070 Add: Effect of dilutive non-vested awards, assumed vested — — — Diluted 117,968 79,490 63,070

Comprehensive Income (Loss) per

Comprehensive Income (Loss) per Common Share	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Net Income (Loss) $ (229,930) $ 15,363 $ (215,112) Less: Preferred dividends (11,982) (11,473) (9,787) Net Income (loss) available (related) to common stockholders $ (241,912) $ 3,890 $ (224,899) Weighted average common shares outstanding – basic 117,968 79,490 63,070 Add: Effect of dilutive non-vested awards, assumed vested — 823 — Weighted average common shares outstanding – diluted 117,968 80,313 63,070 For the years ended December 31, 2022 and December 31, 2020, 568 and 496, respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Loss 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 loss and the shares used in calculating weighted average basic and diluted comprehensive loss per common share for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Comprehensive Loss $ (348,430) $ (56,695) $ (391,554) Less: Preferred dividends (11,982) (11,473) (9,787) Comprehensive Loss related to common stockholders $ (360,412) $ (68,168) $ (401,341) Comprehensive Loss per share related to common stockholders: Basic $ (3.06) $ (0.86) $ (6.36) Diluted $ (3.06) $ (0.86) $ (6.36) Weighted average common shares outstanding: Basic 117,968 79,490 63,070 Add: Effect of dilutive non-vested awards, assumed vested — — — Diluted 117,968 79,490 63,070

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 - Income Taxes The following table reconciles our GAAP net income (loss) to estimated REIT taxable loss for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 GAAP net income (loss) $ (229,930) $ 15,363 $ (215,112) Book to tax differences: TRS (income) loss (186) 37 (51) Premium amortization expense (81) (148) (261) Agency Securities, trading 946,666 77,145 (19,557) Credit Risk and Non-Agency Securities — — 188,075 U.S. Treasury Securities 152,268 9,391 (21,357) Changes in interest rate contracts (757,742) (77,300) 268,159 (Gain) Loss on Security sales 7,452 (10,952) (143,877) Impairment losses on available for sale Agency Securities 4,183 — 1,012 Amortization of deferred hedging costs (145,267) (163,837) (152,092) Series B Cumulative Preferred Stock dividend- Called for redemption — — 1,375 Other 2,340 1,830 1,544 Estimated REIT taxable loss $ (20,297) $ (148,471) $ (92,142) Interest rate 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 December 31, 2022 and December 31, 2021, we had approximately $399,783 and $607,000 in tax deductible expense relating to previously terminated interest rate swap contracts amortizing through the years 2032 and 2031, respectively. At December 31, 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 2022 (732,478) 2027 The Company's subsidiary, ARMOUR TRS, Inc. has made an election as a taxable REIT subsidiary (“TRS”). As such, the TRS is taxable as a domestic C corporation and subject to federal, state, and local income taxes based upon its taxable income. During the years ended December 31, 2022 and December 31, 2021, we recorded $30 and $0, respectively of income tax expense attributable to our TRS. The aggregate tax basis of our assets and liabilities was greater than our total Stockholders’ Equity at December 31, 2022, by approximately $408,615, or approximately $2.51 per common share (based on the 162,911 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 year ended December 31, 2022, were $154,406. Total dividend payments to stockholders for the year ended December 31, 2021, were $108,103. Total dividend payments to stockholders for the year ended December 31, 2020, were $86,648 (including the final dividend on the Series B Preferred Stock, called for redemption of $1,375 paid on February 27, 2020 to holders of record on February 15, 2020). Our estimated REIT taxable loss available for distribution as dividends was $20,297, $148,471 and $92,142 for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. Our REIT taxable income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends paid in excess of current tax earnings and profits for the year will generally not be taxable to common stockholders. The portion of the dividends on our common stock which represented non-taxable return of capital was 100.0% in 2022, 100.0% in 2021 and 100.0% in 2020. Our management is responsible for determining whether tax positions taken by us are more likely than not to be sustained on their merits. We have no material unrecognized tax benefits or material uncertain tax positions.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 December 31, 2029 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 (see Note 8 - Commitments and Contingencies). The following table reconciles the fees incurred in accordance with the management agreement for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 ARMOUR management fees $ 33,714 $ 31,063 $ 29,580 Less management fees waived (7,800) (8,600) (8,855) Total management fee expense $ 25,914 $ 22,463 $ 20,725 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 years ended December 31, 2022, December 31, 2021 and December 31, 2020 we reimbursed ACM $606, $189 and $157, respectively for other expenses incurred on our behalf. In 2013, 2017, 2020 and 2021, we elected to grant RSUs to our executive officers 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 $544, $781 and $515 for the years ended, December 31, 2022, December 31, 2021 and December 31, 2020, respectively. BUCKLER At December 31, 2022, we held an ownership interest in BUCKLER of 10.8%, which 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 $377 at December 31, 2022 and $606 at December 31, 2021 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 years ended December 31, 2022 and December 31, 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 $105,000 and maturing on May 1, 2025. BUCKLER may, at its option after obtaining regulatory approval, repay all or a portion of the loan. The loan has a stated interest rate of zero, plus additional interest payable to the Company in an amount equal to the amount of interest earned by BUCKLER on the investment of the loan proceeds, generally in government securities funds. For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company earned $1,597, $70 and $333 in 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 used the facility and therefore no interest was payable for the year ended December 31, 2022. With BUCKLER as the sales agent, under the 2021 Common stock ATM Sales Agreement, we sold 50,585 and 16,215 common shares for proceeds of $334,415 and $180,855, net of issuance costs and commissions of approximately $3,375 and $1,801, respectively, during the years ended December 31, 2022 and December 31, 2021. We also repurchased 1,478 common shares under the current repurchase authorization which cost $7,664, including commissions of approximately $75 to BUCKLER during the year ended December 31, 2022 (see Note 10 - Stockholders' Equity). With BUCKLER as the sales agent, from January 4, 2023 to February 8, 2023, we sold 26,103 common shares under 2021 Common stock ATM Sales Agreement for proceeds of $159,420, net of issuance costs and commissions of $1,610. (see Note 10 - Stockholders' Equity). The table below summarizes other transactions with BUCKLER as of and for the years ended December 31, 2022 and December 31, 2021. For the Years Ended Transactions with BUCKLER December 31, 2022 December 31, 2021 Repurchase agreements, net (1) $ 3,247,474 $ 1,963,679 Collateral posted on repurchase agreements $ 3,920,706 $ 2,036,385 Agency Securities Purchased $ 203,147 $ — U.S. Treasury Securities Purchased $ 593,162 $ 99,053 U.S. Treasury Securities Sold $ 814,265 $ — (1) Interest on repurchase agreements, net was $59,807, $3,504 and $38,663, for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. See also, Note 6 - Repurchase Agreements, net

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 15 - Subsequent Events Except as disclosed above, no subsequent events were identified through the date of issuance.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of MBS, including an assessment of the allowance for impairment 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 PurchasesWe 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, net	Repurchase Agreements, net 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. At December 31, 2022, we had $704,276 in reverse repurchase agreements which is recorded in repurchase agreements, net on our consolidated balance sheet. We did not have any reverse repurchase agreements outstanding at December 31, 2021.
Obligations to Return Securities Received as Collateral, at Fair Value	Obligations to Return Securities Received as Collateral, at Fair Value We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our consolidated balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged. We had obligations to return securities received as collateral associated with our reverse repurchase agreements as of December 31, 2022 of $502,656 ($100,531 of which were with BUCKLER). We did not have such obligations at December 31, 2021.
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)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021. December 31, 2022 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 8,198,591 $ — $ 8,198,591 Derivatives $ 94 $ 984,362 $ — $ 984,456 Liabilities at Fair Value: Derivatives $ — $ 13,016 $ — $ 13,016 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

Investment In Securities (Table

Investment In Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities in an Unrealized Gain or Loss Position	The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at December 31, 2022 and December 31, 2021. December 31, 2022 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Available for sale securities $ 191,870 $ 199,472 $ (11,527) $ — $ 187,945 Trading securities 8,519,397 8,553,485 (543,207) 368 8,010,646 Total Agency Securities $ 8,711,267 $ 8,752,957 $ (554,734) $ 368 $ 8,198,591 December 31, 2021 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Available for sale securities $ 1,248,910 $ 1,280,872 $ (45) $ 107,018 $ 1,387,845 Trading securities 2,910,168 3,072,199 (54,625) 1,102 3,018,676 Total Agency Securities $ 4,159,078 $ 4,353,071 $ (54,670) $ 108,120 $ 4,406,521 U.S. Treasury Securities 200,000 198,987 (154) — 198,833 Total Investments in Securities $ 4,359,078 $ 4,552,058 $ (54,824) $ 108,120 $ 4,605,354
Schedule of Investments Classified by Contractual Maturity Date	The following tables summarize the weighted average lives of our investments in securities at December 31, 2022 and December 31, 2021. Weighted Average Life Available for Sale Securities Trading Securities December 31, 2022 Fair Value Amortized Fair Value Amortized < 1 year $ 61 $ 64 $ — $ — ≥ 1 year and < 3 years 2,390 2,525 — — ≥ 3 years and < 5 years 11,541 12,171 — — ≥ 5 years 173,953 184,712 8,010,646 8,553,485 Totals $ 187,945 $ 199,472 $ 8,010,646 $ 8,553,485 Weighted Average Life Available for Sale Securities Trading Securities December 31, 2021 Fair Value Amortized Cost Fair Value Amortized Cost < 1 year $ 179 $ 174 $ 99,973 $ 99,978 ≥ 1 year and < 3 years 27,110 26,731 5,323 5,365 ≥ 3 years and < 5 years 333,598 319,762 472,774 475,600 ≥ 5 years 1,026,958 934,205 2,639,439 2,690,243 Totals $ 1,387,845 $ 1,280,872 $ 3,217,509 $ 3,271,186
Schedule of 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 December 31, 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 Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2022 $ 187,397 $ (11,497) $ 548 $ (30) $ 187,945 $ (11,527) December 31, 2021 $ 2,924 $ (17) $ 5,185 $ (28) $ 8,109 $ (45)

Repurchase Agreements, net (Tab

Repurchase Agreements, net (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021. At December 31, 2021, no amounts below were subject to offsetting. Our repurchase agreements require excess collateral, known as a “haircut.” At December 31, 2022, the average haircut percentage was 3.85% 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. December 31, 2022 Balance Weighted Average Contractual Rate Weighted Average Maturity in days Agency Securities ≤ 30 days (1) $ 5,912,572 4.43 % 15 > 30 days to ≤ 60 days 550,486 4.48 % 34 Total or Weighted Average 6,463,058 4.43 % 16 (1) Net of reverse repurchase agreements of $704,276. Obligations to return securities received as collateral of $502,656 associated with the reverse repurchase agreements are all due within 30 days. December 31, 2021 Balance Weighted Average Contractual Rate Weighted Average Maturity in days 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
Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold	The following table presents information about the gross and net securities purchased and sold under our repurchase agreements, net on the accompanying consolidated balance sheets at December 31, 2022. At December 31, 2021, we did not have any reverse repurchase agreement obligations. December 31, 2022 Gross Amounts Not Offset Gross Amounts Gross Amounts offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Financial Instruments (1) Cash Collateral Total Net Assets Reverse Repurchase Agreements $ 704,276 $ (704,276) $ — $ — $ 189 $ 189 Totals $ 704,276 $ (704,276) $ — $ — $ 189 $ 189 Liabilities Repurchase Agreements $ (7,167,334) $ 704,276 $ (6,463,058) $ 6,463,058 $ — $ — Totals $ (7,167,334) $ 704,276 $ (6,463,058) $ 6,463,058 $ — $ — (1) The fair value of securities pledged against our repurchase agreements was $7,249,039 at December 31, 2022.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net December 31, 2022 Interest rate swap contracts $ 983,659 $ — $ (955,941) $ 27,718 Futures contracts 94 (516) 9,334 8,912 TBA Agency Securities 703 (12,500) 13,633 1,836 Totals $ 984,456 $ (13,016) $ (932,974) $ 38,466 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.
Schedule of Offsetting Liabilities	Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net December 31, 2022 Futures contracts $ (516) $ 516 $ — $ — TBA Agency Securities (12,500) 12,500 — — Totals $ (13,016) $ 13,016 $ — $ — 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.
Schedule of Derivative Instruments, Gain (Loss)	The following table represents the information regarding our derivatives which are included in Gain on derivatives, net in the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. Income (Loss) Recognized For the Years Ended Derivatives December 31, 2022 December 31, 2021 December 31, 2020 Interest rate swap contracts $ 853,186 $ 73,839 $ (395,728) Futures contracts 95,300 2 — TBA Agency Securities (137,652) (21,347) 111,927 Total Gain on Derivatives, net $ 810,834 $ 52,494 $ (283,801)
Schedule of Derivative Instruments	The following tables present information about our derivatives at December 31, 2022 and December 31, 2021. Interest Rate Swaps (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate December 31, 2022 < 3 years $ 1,066,000 10 0.10 % ≥ 3 years and < 5 years 1,182,000 50 0.63 % ≥ 5 years and < 7 years 754,000 82 0.62 % ≥ 7 years 3,348,000 99 0.96 % Total or Weighted Average (2) $ 6,350,000 73 0.72 % 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, $803,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,547,000 notional are Federal Funds Rate 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 Federal Funds Rate based swaps, the last of which matures in 2032. TBA Agency Securities Notional Amount Cost Basis Fair Value December 31, 2022 30 Year Long 4.5% 500,000 489,805 481,641 5.0% 300,000 300,164 295,828 Total (1) $ 800,000 $ 789,969 $ 777,469 TBA Agency Securities Notional Amount Cost Basis Fair Value December 31, 2021 15 Year Long 1.5% $ 1,000,000 $ 999,840 $ 1,003,125 2.0% 1,700,000 1,733,652 1,738,695 30 Year Long 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) $400,000 notional and $400,000 notional were forward settling at December 31, 2022 and December 31, 2021, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Management Fee Commitments Obligation	Based on the management fee base, gross equity raised, as of that date, the Company’s contractual management fee commitments are: Year Contractual Management Fee 2023 $ 37,200 2024 37,275 2025 37,275 2026 37,275 2027 37,275 2028 37,275 2029 37,275 Total $ 260,850

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to awards for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 are summarized below: For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Number of Awards Weighted Number of Awards Weighted Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 823 $ 14.07 496 $ 19.77 247 $ 24.82 Granted (1) — $ — 635 $ 11.08 502 $ 17.85 Vested (255) $ 16.72 (308) $ 17.08 (205) $ 20.41 Forfeited — $ — — $ — (48) $ 23.14 Unvested RSU Awards Outstanding end of period 568 $ 12.88 823 $ 14.07 496 $ 19.77

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Dividends Payable	The following table presents the components of cumulative distributions to stockholders at December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended Cumulative Distributions to Stockholders December 31, 2022 December 31, 2021 December 31, 2020 Preferred dividends $ 144,827 $ 132,845 $ 121,372 Common stock dividends 1,847,534 1,705,110 1,608,480 Total $ 1,992,361 $ 1,837,955 $ 1,729,852
Schedule of Stock Issuances	The following tables present our equity transactions for the years ended December 31, 2022 , December 31, 2021 and December 31, 2020. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Costs) December 31, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - December 21, 2022 70,041 $ 6.79 $ 475,537 Common stock repurchases June, September and October (1,478) $ 5.19 $ (7,664) December 31, 2021 Preferred C ATM Sales 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 Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (Costs) December 31, 2020 Preferred C Underwritten January 28, 2020 3,450 $ 24.14 $ 83,282 Preferred C ATM Sales January 30, 2020 - December 23, 2020 1,897 $ 24.70 $ 46,856 Common Stock ATM Sales Agreement April 7, 2020 - December 15, 2020 6,287 $ 8.68 $ 54,575 Common stock repurchases, net February 26, 2020 - March 3, 2020 (40) $ 19.42 $ (777) (1) Weighted average price
Schedule of Dividends Transactions	The following table presents our Series B Preferred Stock dividend transactions prior to full redemption. The table below does not include the final dividend amount of $1,375 that was paid on February 27, 2020 to holders of record on February 15, 2020. This amount was recorded in other expense in our consolidated statements of operations. 2020 Record Date Payment Date Rate per Aggregate January 15, 2020 January 27, 2020 $ 0.16 $ 1,375 The following table presents our Series C Preferred Stock dividend transactions for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. 2022 Record Date Payment Date Rate per 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 October 15, 2022 October 27, 2022 $ 0.14583 998.5 November, 15, 2022 November 28, 2022 $ 0.14583 998.5 December 15, 2022 December 27, 2022 $ 0.14583 998.5 Total dividends paid $ 11,982 2021 Record Date Payment Date Rate per Series C Preferred Share Aggregate January 15, 2021 January 27, 2021 $ 0.14583 $ 779.7 February 15, 2021 February 26, 2021 $ 0.14583 836.9 March 15, 2021 March 29, 2021 $ 0.14583 869.6 April 15, 2021 April 27, 2021 $ 0.14583 998.5 May 15, 2021 May 27, 2021 $ 0.14583 998.5 June 15, 2021 June 28, 2021 $ 0.14583 998.5 July 15, 2021 July 27, 2021 $ 0.14583 998.5 August 15, 2021 August 27, 2021 $ 0.14583 998.5 September 15, 2021 September 27, 2021 $ 0.14583 998.5 October 15, 2021 October 27, 2021 $ 0.14583 998.5 November 15, 2021 November 29, 2021 $ 0.14583 998.5 December 15, 2021 December 27, 2021 $ 0.14583 998.5 Total dividends paid $ 11,473 2020 Record Date Payment Date Rate per Series C Preferred Share Aggregate February 15, 2020 February 27, 2020 $ 0.14583 $ 678.1 March 15, 2020 March 27, 2020 $ 0.14583 773.4 April 15, 2020 April 27, 2020 $ 0.14583 773.4 May 15, 2020 May 27, 2020 $ 0.14583 773.4 June 15, 2020 June 29, 2020 $ 0.14583 773.4 July 15, 2020 July 27, 2020 $ 0.14583 773.4 August 15, 2020 August 27, 2020 $ 0.14583 773.4 September 15, 2020 September 28, 2020 $ 0.14583 773.4 October 15, 2020 October 27, 2020 $ 0.14583 773.4 November 15, 2020 November 27, 2020 $ 0.14583 773.4 December 15, 2020 December 28, 2020 $ 0.14583 773.4 Total dividends paid $ 8,412 The following tables present our common stock dividend transactions for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. 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 October 17, 2022 October 28, 2022 $ 0.10 13,284 November, 15, 2022 November 28, 2022 $ 0.10 14,465 December 15, 2022 December 28, 2022 $ 0.10 16,265 Total dividends paid $ 142,424 2021 Record Date Payment Date Rate per common share Aggregate January 15, 2021 January 28, 2021 $ 0.10 $ 6,646 February 16, 2021 February 26, 2021 $ 0.10 6,645 March 15, 2021 March 29, 2021 $ 0.10 6,766 April 15, 2021 April 29, 2021 $ 0.10 7,234 May 17, 2021 May 27, 2021 $ 0.10 7,646 June 15, 2021 June 29, 2021 $ 0.10 8,317 July 15, 2021 July 29, 2021 $ 0.10 8,413 August 16, 2021 August 27, 2021 $ 0.10 8,413 September 15, 2021 September 29, 2021 $ 0.10 8,635 October 15, 2021 October 28, 2021 $ 0.10 9,065 November 15, 2021 November 29, 2021 $ 0.10 9,347 December 15, 2021 December 29, 2021 $ 0.10 9,503 Total dividends paid $ 96,630 2020 Record Date Payment Date Rate per common share Aggregate January 15, 2020 January 30, 2020 $ 0.17 $ 10,126 February 14, 2020 February 27, 2020 $ 0.17 10,131 March 16, 2020 March 27, 2020 $ 0.17 10,120 June 15, 2020 June 29, 2020 $ 0.09 5,876 July 15, 2020 July 30, 2020 $ 0.10 6,531 August 17, 2020 August 28, 2020 $ 0.10 6,530 September 15, 2020 September 29, 2020 $ 0.10 6,529 October 15, 2020 October 29, 2020 $ 0.10 6,531 November 16, 2020 November 27, 2020 $ 0.10 6,531 December 15, 2020 December 29, 2020 $ 0.10 6,581 Total dividends paid $ 75,486

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Net Income (Loss) $ (229,930) $ 15,363 $ (215,112) Less: Preferred dividends (11,982) (11,473) (9,787) Net Income (loss) available (related) to common stockholders $ (241,912) $ 3,890 $ (224,899) Weighted average common shares outstanding – basic 117,968 79,490 63,070 Add: Effect of dilutive non-vested awards, assumed vested — 823 — Weighted average common shares outstanding – diluted 117,968 80,313 63,070

Comprehensive Income (Loss) p_2

Comprehensive Income (Loss) per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of comprehensive loss and the shares used in calculating weighted average basic and diluted comprehensive loss per common share for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 Comprehensive Loss $ (348,430) $ (56,695) $ (391,554) Less: Preferred dividends (11,982) (11,473) (9,787) Comprehensive Loss related to common stockholders $ (360,412) $ (68,168) $ (401,341) Comprehensive Loss per share related to common stockholders: Basic $ (3.06) $ (0.86) $ (6.36) Diluted $ (3.06) $ (0.86) $ (6.36) Weighted average common shares outstanding: Basic 117,968 79,490 63,070 Add: Effect of dilutive non-vested awards, assumed vested — — — Diluted 117,968 79,490 63,070

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 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 loss for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 GAAP net income (loss) $ (229,930) $ 15,363 $ (215,112) Book to tax differences: TRS (income) loss (186) 37 (51) Premium amortization expense (81) (148) (261) Agency Securities, trading 946,666 77,145 (19,557) Credit Risk and Non-Agency Securities — — 188,075 U.S. Treasury Securities 152,268 9,391 (21,357) Changes in interest rate contracts (757,742) (77,300) 268,159 (Gain) Loss on Security sales 7,452 (10,952) (143,877) Impairment losses on available for sale Agency Securities 4,183 — 1,012 Amortization of deferred hedging costs (145,267) (163,837) (152,092) Series B Cumulative Preferred Stock dividend- Called for redemption — — 1,375 Other 2,340 1,830 1,544 Estimated REIT taxable loss $ (20,297) $ (148,471) $ (92,142)
Schedule 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 2022 (732,478) 2027

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, December 31, 2021 and December 31, 2020. For the Years Ended December 31, 2022 December 31, 2021 December 31, 2020 ARMOUR management fees $ 33,714 $ 31,063 $ 29,580 Less management fees waived (7,800) (8,600) (8,855) Total management fee expense $ 25,914 $ 22,463 $ 20,725 The table below summarizes other transactions with BUCKLER as of and for the years ended December 31, 2022 and December 31, 2021. For the Years Ended Transactions with BUCKLER December 31, 2022 December 31, 2021 Repurchase agreements, net (1) $ 3,247,474 $ 1,963,679 Collateral posted on repurchase agreements $ 3,920,706 $ 2,036,385 Agency Securities Purchased $ 203,147 $ — U.S. Treasury Securities Purchased $ 593,162 $ 99,053 U.S. Treasury Securities Sold $ 814,265 $ — (1) Interest on repurchase agreements, net was $59,807, $3,504 and $38,663, for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. See also, Note 6 - Repurchase Agreements, net

Organization and Nature of Bu_2

Organization and Nature of Business Operations (Details)	Dec. 31, 2022
Corporate Joint Venture | BUCKLER Securities, LLC
Investments in and Advances to Affiliates [Line Items]
Ownership percentage	10.80%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Debt securities, available for purchase and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	$ 704,276,000
Obligations to return securities received as collateral, at fair value (including $100,531 with BUCKLER)	502,656,000	$ 0
BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Obligations to return securities received as collateral, at fair value (including $100,531 with BUCKLER)	$ 100,531,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 dealer
Fair Value Disclosures [Abstract]
Trading securities, number of dealers	3

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets at Fair Value:
Agency Securities	$ 187,945	$ 1,387,845
U.S. Treasury Securities		4,605,354
Derivatives, at fair value	984,456	199,073
Liabilities at Fair Value:
Derivatives, at fair value	13,016	10,900
U.S. Treasury Securities
Assets at Fair Value:
U.S. Treasury Securities		198,833
Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities	8,198,591	4,406,521
Derivatives, at fair value	984,456	199,073
Liabilities at Fair Value:
Derivatives, at fair value	13,016	10,900
Fair Value, Measurements, Recurring | U.S. Treasury Securities
Assets at Fair Value:
U.S. Treasury Securities		198,833
Fair Value, Measurements, Recurring | Level 1
Assets at Fair Value:
Agency Securities	0	0
Derivatives, at fair value	94	0
Liabilities at Fair Value:
Derivatives, at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury Securities
Assets at Fair Value:
U.S. Treasury Securities		198,833
Fair Value, Measurements, Recurring | Level 2
Assets at Fair Value:
Agency Securities	8,198,591	4,406,521
Derivatives, at fair value	984,362	199,073
Liabilities at Fair Value:
Derivatives, at fair value	13,016	10,900
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury Securities
Assets at Fair Value:
U.S. Treasury Securities		0
Fair Value, Measurements, Recurring | Level 3
Assets at Fair Value:
Agency Securities	0	0
Derivatives, at fair value	0	0
Liabilities at Fair Value:
Derivatives, at fair value	$ 0	0
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury Securities
Assets at Fair Value:
U.S. Treasury Securities		$ 0

Investment In Securities - Addi

Investment In Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt securities			$ 8,198,591	$ 4,605,354
U.S. Treasury Securities				4,605,354
Impairment	$ 4,183		4,183	0	$ 1,012
Realized gain (loss) on sale of available for sale agency securities			(7,452)	10,952	143,877
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net			(11,797)	7,697
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
U.S. Treasury Securities			777,469	4,575,060
Agency Securities
Debt Securities, Available-for-sale [Line Items]
U.S. Treasury Securities			8,198,591	4,406,521
Impairment sell certain securities		$ (1,012)
Proceeds from sales of agency securities, net			988,728	(167,202)	10,800,879
Realized gain (loss) on sale of available for sale agency securities			$ (7,452)	$ 10,952	$ 143,877

Investments in Securities - Car

Investments in Securities - Carrying Value of Trading Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount		$ 4,359,078
Amortized Cost		4,552,058
Gross Unrealized Loss		(54,824)
Gross Unrealized Gain		108,120
Fair Value		4,605,354
Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 8,711,267	4,159,078
Amortized Cost	8,752,957	4,353,071
Gross Unrealized Loss	(554,734)	(54,670)
Gross Unrealized Gain	368	108,120
Fair Value	8,198,591	4,406,521
U.S. Treasury Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount		200,000
Amortized Cost		198,987
Gross Unrealized Loss		(154)
Gross Unrealized Gain		0
Fair Value		198,833
Fannie Mae | Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	191,870	1,248,910
Amortized Cost	199,472	1,280,872
Gross Unrealized Loss	(11,527)	(45)
Gross Unrealized Gain	0	107,018
Fair Value	187,945	1,387,845
Freddie Mac | Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	8,519,397	2,910,168
Amortized Cost	8,553,485	3,072,199
Gross Unrealized Loss	(543,207)	(54,625)
Gross Unrealized Gain	368	1,102
Fair Value	$ 8,010,646	$ 3,018,676

Investment In Securities - Summ

Investment In Securities - Summary of Weighted Average Lives of Available for Sale Securities and Weighted Average Lives of Trading Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value
Less than 1 year	$ 61	$ 179
Greater than or equal to 1 year and less than 3 years	2,390	27,110
Greater than or equal to 3 years and less than 5 years	11,541	333,598
Greater than or equal to 5 years	173,953	1,026,958
Totals	187,945	1,387,845
Amortized Cost
Less than 1 year	64	174
Greater than or equal to 1 year and less than 3 years	2,525	26,731
Greater than or equal to 3 years and less than 5 years	12,171	319,762
Greater than or equal to 5 years	184,712	934,205
Totals	199,472	1,280,872
Fair Value
Less than 1 year	0	99,973
Greater than or equal to 1 year and less than 3 years	0	5,323
Greater than or equal to 3 years and less than 5 years	0	472,774
Greater than or equal to 5 years	8,010,646	2,639,439
Totals	8,010,646	3,217,509
Amortized Cost
Less than 1 year	0	99,978
Greater than or equal to 1 year and less than 3 years	0	5,365
Greater than or equal to 3 years and less than 5 years	0	475,600
Greater than or equal to 5 years	8,553,485	2,690,243
Totals	$ 8,553,485	$ 3,271,186

Investments in Securities - Gro

Investments in Securities - Gross Unrealized Losses and Estimated Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value
Less than 12 months	$ 187,397	$ 2,924
Greater than or equal to 12 months	548	5,185
Total	187,945	8,109
Unrealized Losses
Less than 12 months	(11,497)	(17)
Greater than or equal to 12 months	(30)	(28)
Unrealized Losses	$ (11,527)	$ (45)

Repurchase Agreements, net - Ad

Repurchase Agreements, net - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) counterparty	Dec. 31, 2021 USD ($) counterparty
Concentration Risk [Line Items]
Number of counterparties with master repurchase agreements	38	34
Repurchase agreements, carrying amount | $	$ 6,463,058	$ 3,948,037
Number of counterparties with repurchase agreements outstanding	16	18
Ratio of indebtedness to net capital	12
Counterparty Concentration Risk | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Number of counterparties	3	2
Counterparty Concentration Risk | BUCKLER Securities, LLC | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	50.20%	49.70%
Counterparty Concentration Risk | BUCKLER Securities, LLC | Stockholders' Equity, Total
Concentration Risk [Line Items]
Percentage of concentration risk	12.90%	5%
Weighted average maturity	15 days	35 days
Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	5%
Counterparty Concentration Risk | One Repurchase Agreement Counterparty | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	28.10%
Counterparty Concentration Risk | Two Repurchase Agreement Counterparties | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk		5%
Counterparty Concentration Risk | Two Repurchase Agreement Counterparties | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk		16%
Collateralized Mortgage-Backed Securities
Concentration Risk [Line Items]
Haircut (as a percent)	3.85%	3.45%

Repurchase Agreements, net - Co

Repurchase Agreements, net - Contractual Repricing, Master Repurchase Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount	$ 6,463,058,000	$ 3,948,037,000
Assets Sold under Agreements to Repurchase, Interest Rate		0.12%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		29 days
Debt securities, available for purchase and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	704,276,000
Obligations to return securities received as collateral, at fair value (including $100,531 with BUCKLER)	502,656,000	$ 0
Agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount	$ 6,463,058,000	$ 3,849,037,000
Assets Sold under Agreements to Repurchase, Interest Rate	4.43%	0.13%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	16 days	29 days
≤ 30 days | Agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount	$ 5,912,572,000	$ 2,565,743,000
Assets Sold under Agreements to Repurchase, Interest Rate	4.43%	0.13%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	15 days	13 days
≤ 30 days | U.S. Treasury Securities
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount		$ 99,000,000
Assets Sold under Agreements to Repurchase, Interest Rate		0.12%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		3 days
> 30 days to ≤ 60 days | Agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount	$ 550,486,000	$ 647,584,000
Assets Sold under Agreements to Repurchase, Interest Rate	4.48%	0.13%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	34 days	35 days
> 60 days to ≤ 90 days | Agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Carrying Amount		$ 635,710,000
Assets Sold under Agreements to Repurchase, Interest Rate		0.11%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements		89 days

Repurchase Agreements, net - Re

Repurchase Agreements, net - Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt securities, available for purchase and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	$ 704,276
Debt securities, available for sale and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	(704,276)
Debt securities, available for sale and trading, repurchase securities, net amounts presented in the consolidated balance sheet	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, collateral, obligation to return cash not offset	189
Debt securities, available for sale and trading, repurchase securities, net	189
Debt securities, available for sale and trading, repurchase securities, gross	704,276
Debt securities, available for purchase and trading, repurchase securities, gross	(7,167,334)
Debt securities, available for purchase and trading, repurchase securities, net amounts presented in the consolidated balance sheet	(6,463,058)
Debt securities, available for purchase and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	6,463,058
Debt securities, available for purchase and trading, repurchase securities, subject to master netting arrangement, collateral, obligation to return cash not offset	0
Debt securities, available for purchase and trading, repurchase securities, net	0
Reverse Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Debt securities, available for purchase and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	704,276
Debt securities, available for sale and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	(704,276)
Debt securities, available for sale and trading, repurchase securities, net amounts presented in the consolidated balance sheet	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, collateral, obligation to return cash not offset	189
Debt securities, available for sale and trading, repurchase securities, net	189
Debt securities, available for sale and trading, repurchase securities, gross	704,276
Debt securities, available for purchase and trading, repurchase securities, gross	(7,167,334)
Debt securities, available for purchase and trading, repurchase securities, net amounts presented in the consolidated balance sheet	(6,463,058)
Debt securities, available for purchase and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	6,463,058
Debt securities, available for purchase and trading, repurchase securities, subject to master netting arrangement, collateral, obligation to return cash not offset	0
Debt securities, available for purchase and trading, repurchase securities, net	0
Pledged securities	$ 7,249,039

Derivatives - Additional Inform

Derivatives - Additional Information (Details)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ratio of indebtedness to net capital	12

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Gross Amounts	$ 984,456	$ 199,073
Gross Amounts Not Offset, Financial Instruments	(13,016)	(10,900)
Gross Amounts Not Offset, Cash Collateral	(932,974)	(157,493)
Total Net	38,466	30,680
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	983,659	187,661
Gross Amounts Not Offset, Financial Instruments	0	(7,185)
Gross Amounts Not Offset, Cash Collateral	(955,941)	(161,529)
Total Net	27,718	18,947
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts	94
Gross Amounts Not Offset, Financial Instruments	(516)
Gross Amounts Not Offset, Cash Collateral	9,334
Total Net	8,912
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	703	11,412
Gross Amounts Not Offset, Financial Instruments	(12,500)	(3,715)
Gross Amounts Not Offset, Cash Collateral	13,633	4,036
Total Net	$ 1,836	$ 11,733

Derivatives - Offsetting Liabil

Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Offsetting Liabilities [Line Items]
Gross Amounts	$ (13,016)	$ (10,900)
Gross Amounts Not Offset, Financial Instruments	13,016	10,900
Gross Amounts Not Offset, Cash Collateral	0	0
Total Net	0	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
Total Net		0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts	(12,500)	(3,715)
Gross Amounts Not Offset, Financial Instruments	12,500	3,715
Gross Amounts Not Offset, Cash Collateral	0	0
Total Net	0	$ 0
Futures contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(516)
Gross Amounts Not Offset, Financial Instruments	516
Gross Amounts Not Offset, Cash Collateral	0
Total Net	$ 0

Derivatives - Location and Info

Derivatives - Location and Information of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net	$ 810,834	$ 52,494	$ (283,801)
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net	853,186	73,839	(395,728)
Futures contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net	95,300	2	0
TBA Agency Securities
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net	$ (137,652)	$ (21,347)	$ 111,927

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swap Contracts, Swaptions and Futures Contracts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 6,350,000,000	$ 7,210,000,000
Weighted Average Remaining Term (Months)	73 months	77 months
Weighted Average Rate	0.72%	0.63%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	$ 803,000,000	$ 1,203,000,000
Fed Funds Effective Rate Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	5,547,000,000	6,007,000,000
Less than 3 years
Derivative [Line Items]
Notional Amount	$ 1,066,000,000	$ 1,593,000,000
Weighted Average Remaining Term (Months)	10 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	$ 1,182,000,000	$ 708,000,000
Weighted Average Remaining Term (Months)	50 months	57 months
Weighted Average Rate	0.63%	0.24%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 754,000,000	$ 707,000,000
Weighted Average Remaining Term (Months)	82 months	64 months
Weighted Average Rate	0.62%	0.88%
Greater than 7 years
Derivative [Line Items]
Notional Amount	$ 3,348,000,000	$ 4,202,000,000
Weighted Average Remaining Term (Months)	99 months	107 months
Weighted Average Rate	0.96%	0.87%
Maximum | Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity	3 years	3 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
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
Minimum | Greater than 7 years
Derivative [Line Items]
Derivative, remaining maturity	7 years	7 years

Derivatives - TBA Agency Securi

Derivatives - TBA Agency Securities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 6,350,000,000	$ 7,210,000,000
TBA Agency Securities 30 Year 4.5%
Derivative [Line Items]
Derivative, fixed interest rate	4.50%
Notional Amount	$ 500,000,000
Cost Basis	489,805,000
Fair Value	$ 481,641,000
TBA Agency Securities 30 Year 5.0%
Derivative [Line Items]
Derivative, fixed interest rate	5%
Notional Amount	$ 300,000,000
Cost Basis	300,164,000
Fair Value	295,828,000
TBA Agency Securities
Derivative [Line Items]
Notional Amount	800,000,000	4,500,000,000
Cost Basis	789,969,000	4,568,835,000
Fair Value	777,469,000	4,575,060,000
Notional amount, forward settling	$ 400,000,000	$ 400,000,000
TBA Agency Securities, 15-year, 1.5%
Derivative [Line Items]
Derivative, 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]
Derivative, 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]
Derivative, 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]
Derivative, 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, 3.5%
Derivative [Line Items]
Derivative, fixed interest rate		3%
Notional Amount		$ 300,000,000
Cost Basis		309,734,000
Fair Value		$ 310,503,000

Commitments and Contingencies-

Commitments and Contingencies- Narrative (Details) $ in Thousands				3 Months Ended	12 Months Ended
	Apr. 25, 2016 lawsuit	Apr. 24, 2016 defendant	Mar. 01, 2016 lawsuit	Jun. 30, 2020	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 14, 2023 USD ($)	Oct. 25, 2021 USD ($)	Jul. 01, 2021 USD ($)	Jun. 30, 2021 USD ($)	Apr. 01, 2021 USD ($)	Mar. 31, 2021 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage					8.33%
Gross equity raised					$ 3,787,042	$ 3,313,937	$ 2,944,169
Fee waiver adjustment, first quarter											$ 2,100		$ 2,400
Fee waiver adjustment, every month thereafter									$ 650	$ 700		$ 800
Management fees waived					$ 7,800	$ 8,600	$ 8,855
Subsequent Event
Other Commitments [Line Items]
Fee waiver adjustment, first quarter								$ 1,650
Fee waiver adjustment, every month thereafter								$ 550
Transactions Case
Other Commitments [Line Items]
Number of new claims filed | lawsuit			9
Number of defendants, current directors | defendant		8
Number of consolidated claims | lawsuit	1
ARRM
Other Commitments [Line Items]
Percentage of gross equity raised used in calculation of management fee up to 1 Billion					1.50%
Percentage of gross equity raised used in calculation of management fee in excess of 1 Billion					0.75%
Effective management fee					0.95%	0.98%	1%
Management fee waived percentage				40%
Management fees waived					$ 7,800	$ 8,600	$ 8,855

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 37,200
2024	37,275
2025	37,275
2026	37,275
2027	37,275
2028	37,275
2029	37,275
Total	$ 260,850

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 15, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonemployee services transaction, quarterly fee		$ 33
The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)		2,167
Compensation cost not yet recognized		$ 7,321
Compensation cost not yet recognized, year one		2,416
Compensation cost not yet recognized, year two		2,416
Compensation cost not yet recognized, thereafter		$ 2,489
The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0	635	502
Unvested RSU awards outstanding (in dollars per share)		$ 12.88	$ 14.07	$ 19.77	$ 24.82
The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs) | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	867
The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs) | Subsequent Event | Certain Officers of ARMOUR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	980
The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs) | Subsequent Event | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	320

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Restricted Stock Units (Details) - The 2009 Stock Incentive Plan - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares)	823	496	247
Granted (in shares)	0	635	502
Vested (in shares)	(255)	(308)	(205)
Forfeited (in shares)	0	0	(48)
Unvested RSU Awards Outstanding end of period (in shares)	568	823	496
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share)	$ 14.07	$ 19.77	$ 24.82
Granted (in dollars per share)	0	11.08	17.85
Vested (in dollars per share)	16.72	17.08	20.41
Forfeited (in dollars per share)	0	0	23.14
Unvested RSU Awards Outstanding end of period (in dollars per share)	$ 12.88	$ 14.07	$ 19.77
Director
Number of Awards
Granted (in shares)		100	144
Armour Capital Management
Number of Awards
Granted (in shares)		535	358

Stockholders' Equity - Cumulati

Stockholders' Equity - Cumulative Dividends (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 1,992,361	$ 1,837,955	$ 1,729,852
Preferred dividends
Class of Stock [Line Items]
Cumulative distributions to stockholders	144,827	132,845	121,372
Common Stock
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 1,847,534	$ 1,705,110	$ 1,608,480

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)																																																																								1 Months Ended	12 Months Ended
	Mar. 15, 2023	Feb. 15, 2023	Jan. 30, 2023	Jan. 27, 2023	Jan. 17, 2023	Dec. 28, 2022	Dec. 27, 2022	Nov. 28, 2022	Nov. 27, 2022	Nov. 04, 2022	Oct. 28, 2022	Oct. 27, 2022	Sep. 29, 2022	Sep. 27, 2022	Aug. 29, 2022	Jul. 29, 2022	Jul. 27, 2022	Jun. 29, 2022	Jun. 27, 2022	Jun. 09, 2022	May 27, 2022	Apr. 29, 2022	Apr. 27, 2022	Mar. 28, 2022	Feb. 28, 2022	Jan. 28, 2022	Jan. 27, 2022	Dec. 29, 2021	Dec. 27, 2021	Nov. 29, 2021	Nov. 12, 2021	Oct. 28, 2021	Oct. 27, 2021	Sep. 29, 2021	Sep. 27, 2021	Aug. 27, 2021	Jul. 29, 2021	Jul. 27, 2021	Jun. 29, 2021	Jun. 28, 2021	May 27, 2021	May 18, 2021	May 14, 2021	Apr. 29, 2021	Apr. 27, 2021	Mar. 29, 2021	Feb. 26, 2021	Jan. 28, 2021	Jan. 27, 2021	Dec. 29, 2020	Dec. 28, 2020	Nov. 27, 2020	Oct. 29, 2020	Oct. 27, 2020	Sep. 29, 2020	Sep. 28, 2020	Aug. 28, 2020	Aug. 27, 2020	Jul. 30, 2020	Jul. 27, 2020	Jun. 29, 2020	May 27, 2020	Apr. 27, 2020	Mar. 27, 2020	Feb. 27, 2020	Jan. 30, 2020	Jan. 29, 2020	Jan. 28, 2020	Jan. 27, 2020	Jan. 24, 2020	Jan. 23, 2020	Feb. 08, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 14, 2023	Jul. 26, 2022	Jul. 25, 2022	Feb. 15, 2019
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																									50,000,000	50,000,000
Preferred stock, par value (in dollars per share)																																																																									$ 0.001	$ 0.001
Preferred stock, undesignated shares authorized (in shares)																																																																									40,000,000
Proceeds from issuance of common stock																																																																									$ 475,537,000	$ 328,780,000	$ 54,575,000
Stock repurchase program, number of shares authorized to be repurchased( in shares)																																																																													2,000,000
Common stock repurchased (in shares)																																																																									0
Common stock, shares authorized (in shares)																																																																									300,000,000	200,000,000			300,000,000	200,000,000
Common stock, par value (in dollars per share)																																																																									$ 0.001	$ 0.001
Common stock, shares issued (in shares)																																																																									162,911,000	94,152,000
Common stock, shares outstanding (in shares)																																																																									162,911,000	94,152,000
Remaining shares authorized to be repurchased (in shares)																																																																									6,732,000	8,210,000
Common stock repurchased, net																																																																									$ (7,664,000)	$ 0	(777,000)
Aggregate amount paid to holders of record																																																																									$ 142,424,000	$ 96,630,000	$ 75,486,000
Dividends declared per common share (in dollars per share)																																																																									$ 1.20	$ 1.20	$ 1.20
Subsequent Event
Class of Stock [Line Items]
Common stock, shares authorized (in shares)																																																																												450,000,000
Aggregate amount paid to holders of record			$ 17,007,000	$ 998,495,000
Common stock dividends cash paid (in dollars per share)			$ 0.10
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.10
At-The-Market Offering Program
Class of Stock [Line Items]
Stock issued (in shares)																																											17,000,000																															17,915,000
Common stock, shares authorized (in shares)																																																																															17,000,000
Common stock, par value (in dollars per share)																																											$ 0.001																																				$ 0.001
Sale of stock, commission rate																																											2%																																				2%
Common stock, additional shares authorized (in shares)										35,000,000										28,800,000											25,000,000
Proceeds from issuance of preferred stock, net																																																																										$ 199,444,000
At-The-Market Offering Program | Subsequent Event
Class of Stock [Line Items]
Common stock, additional shares authorized (in shares)					48,678,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																				10,000,000
Preferred stock, par value (in dollars per share)																																																																				$ 0.001					$ 0.001
Preferred stock, dividend rate																																																																				7%					7%	7%
Preferred stock, liquidation preference per share (in dollars per share)																																																																									$ 25
Payments of dividends							$ 998,500		$ 998,500			$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500		$ 998,500		$ 998,500	$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500			$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500				$ 998,500	$ 869,600	$ 836,900		$ 779,700		$ 773,400	$ 773,400		$ 773,400		$ 773,400		$ 773,400		$ 773,400	$ 773,400	$ 773,400	$ 773,400	$ 773,400	$ 678,100								$ 11,982,000	$ 11,473,000	$ 8,412,000
Preferred stock, shares issued (in shares)																																																																									6,847,000	6,847,000
Beginning balance, preferred (in shares)																																																																									6,847,000	6,847,000
Preferred stock, aggregate liquidation preference																																																																									$ 171,175,000	$ 171,175,000
Unissued preferred stock (in shares)																																																																									3,153,000
Accrued or unpaid dividends																																																																									$ 0
Proceeds from issuance of common stock																																																																										36,585,000	130,138,000
Payments of stock issuance costs																																																																										445,000
Proceeds from issuance of preferred stock, net																																																																									$ 0	36,585,000	$ 130,138,000
Preferred stock dividends cash paid (in dollars per share)							$ 0.14583		$ 0.14583			$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583			$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583				$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583
Series C Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Preferred stock dividends cash paid (in dollars per share)	$ 0.14583	$ 0.14583		$ 0.14583
Series C Preferred Stock | January 23, 2020 Underwriting Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																							3,000,000
Preferred stock, par value (in dollars per share)																																																																							$ 0.001
Preferred stock, dividend rate																																																																							7%
Preferred stock, liquidation preference per share (in dollars per share)																																																																							$ 25
Per Share price (in dollars per share)																																																																							$ 25
Series C Preferred Stock | Preferred C Underwritten Offering
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																							450,000
Per Share price (in dollars per share)																																																																											$ 24.14
Over-allotment option term																																																																							30 days
Issuance of stock, net (in shares)																																																																				3,450,000
Proceeds from issuance of common stock																																																																				$ 83,282,000
Payments of stock issuance costs																																																																				$ 2,968,000
Stock issued (in shares)																																																																											3,450,000
Proceeds from issuance of preferred stock, net																																																																											$ 83,282,000
Series C Preferred Stock | January 29, 2020, Equity Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																			6,550,000
Proceeds from issuance of common stock																																										$ 129,336,000
Payments of stock issuance costs																																										$ 1,682,000
Stock issued (in shares)																																										10,713,000
Series C Preferred Stock | Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Proceeds from issuance of common stock																																																																										$ 36,585,000
Percent of outstanding shares intended to be redeemed																																																																			2%
Stock issued (in shares)																																																																										1,500,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																																																																									1,478,000
Common stock repurchased, net																																																																									$ (7,664,000)
Aggregate amount paid to holders of record						$ 16,265,000		$ 14,465,000			$ 13,284,000		$ 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		$ 9,503,000		$ 9,347,000		$ 9,065,000		$ 8,635,000		$ 8,413,000	$ 8,413,000		$ 8,317,000		$ 7,646,000			$ 7,234,000		$ 6,766,000	$ 6,645,000	$ 6,646,000		$ 6,581,000		$ 6,531,000	$ 6,531,000		$ 6,529,000		$ 6,530,000		$ 6,531,000		$ 5,876,000			$ 10,120,000	$ 10,131,000	$ 10,126,000							$ 142,424,000	$ 96,630,000	75,486,000
Common stock dividends cash paid (in dollars per share)						$ 0.10		$ 0.10			$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10			$ 0.10	$ 0.10		$ 0.10	$ 0.10	$ 0.10		$ 0.10		$ 0.10		$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10		$ 0.10			$ 0.10		$ 0.10	$ 0.10	$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10		$ 0.10		$ 0.10		$ 0.09			$ 0.17	$ 0.17	$ 0.17
Common Stock | At-The-Market Offering Program
Class of Stock [Line Items]
Per Share price (in dollars per share)																																																																									$ 6.79	$ 11.13
Proceeds from issuance of common stock																																																																										$ 199,444,000
Payments of stock issuance costs																																																																									$ 5,157,000	$ 2,277,000
Stock issued (in shares)																																																																									70,041,000	17,915,000
Proceeds from issuance of preferred stock, net																																																																									$ 475,537,000
Common Stock | At-The-Market Offering Program | Subsequent Event
Class of Stock [Line Items]
Payments of stock issuance costs																																																																								$ 1,878,000
Stock issued (in shares)																																																																								29,863,000
Proceeds from issuance of preferred stock, net																																																																								$ 181,295,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate																																																																									7.875%
Preferred stock, called for redemption (in shares)																																																																						8,383,000
Preferred stock, liquidation preference per share (in dollars per share)																																																																						$ 25
Payments of dividends																																																																	$ 1,375,000				$ 1,375,000				$ 0	$ 0	$ 1,375,000
Preferred stock dividends cash paid (in dollars per share)																																																																					$ 0.16

Stockholders' Equity - Equity T

Stockholders' Equity - Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	May 14, 2021	Jan. 28, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock repurchased (in shares)			0
Payments for common stock repurchased			$ (7,664)	$ 0	$ (777)
Proceeds from issuance of common stock			$ 475,537	328,780	$ 54,575
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)			(1,478,000)		(40,000)
Per Share price (in dollars per share)			$ 5.19		$ 19.42
Payments for common stock repurchased			$ (7,664)		$ (777)
Proceeds from issuance of common stock			70	$ 29	6
At-The-Market Offering Program
Class of Stock [Line Items]
Stock issued (in shares)	17,000,000			17,915,000
Proceeds from issuance of preferred stock, net				$ 199,444
Series C Preferred Stock
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net			$ 0	36,585	130,138
Proceeds from issuance of common stock				$ 36,585	$ 130,138
Series C Preferred Stock | Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)				1,500,000	1,897,000
Per Share price (in dollars per share)				$ 24.38	$ 24.70
Proceeds from issuance of preferred stock, net					$ 46,856
Proceeds from issuance of common stock				$ 36,585
Series C Preferred Stock | Preferred C Underwritten Offering
Class of Stock [Line Items]
Stock issued (in shares)					3,450,000
Per Share price (in dollars per share)					$ 24.14
Proceeds from issuance of preferred stock, net					$ 83,282
Proceeds from issuance of common stock		$ 83,282
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)			(1,478,000)
Payments for common stock repurchased			$ (7,664)
Common Stock | At-The-Market Offering Program
Class of Stock [Line Items]
Stock issued (in shares)			70,041,000	17,915,000
Per Share price (in dollars per share)			$ 6.79	$ 11.13
Proceeds from issuance of preferred stock, net			$ 475,537
Proceeds from issuance of common stock				$ 199,444
Common Stock | Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)				10,713,000	6,287,000
Per Share price (in dollars per share)				$ 12.07	$ 8.68
Proceeds from issuance of common stock				$ 129,336	$ 54,575

Stockholders' Equity - Dividend

Stockholders' Equity - Dividend Transactions (Details) - USD ($)																																																										12 Months Ended
	Dec. 28, 2022	Dec. 27, 2022	Nov. 28, 2022	Nov. 27, 2022	Oct. 28, 2022	Oct. 27, 2022	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	Dec. 29, 2021	Dec. 27, 2021	Nov. 29, 2021	Oct. 28, 2021	Oct. 27, 2021	Sep. 29, 2021	Sep. 27, 2021	Aug. 27, 2021	Jul. 29, 2021	Jul. 27, 2021	Jun. 29, 2021	Jun. 28, 2021	May 27, 2021	Apr. 29, 2021	Apr. 27, 2021	Mar. 29, 2021	Feb. 26, 2021	Jan. 28, 2021	Jan. 27, 2021	Dec. 29, 2020	Dec. 28, 2020	Nov. 27, 2020	Oct. 29, 2020	Oct. 27, 2020	Sep. 29, 2020	Sep. 28, 2020	Aug. 28, 2020	Aug. 27, 2020	Jul. 30, 2020	Jul. 27, 2020	Jun. 29, 2020	May 27, 2020	Apr. 27, 2020	Mar. 27, 2020	Feb. 27, 2020	Jan. 30, 2020	Jan. 27, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Aggregate amount paid to holders of record																																																										$ 142,424,000	$ 96,630,000	$ 75,486,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends cash paid (in dollars per share)																																																									$ 0.16
Payments of dividends																																																							$ 1,375,000		$ 1,375,000	0	0	1,375,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends cash paid (in dollars per share)		$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583
Payments of dividends		$ 998,500		$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500	$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500	$ 869,600	$ 836,900		$ 779,700		$ 773,400	$ 773,400		$ 773,400		$ 773,400		$ 773,400		$ 773,400	$ 773,400	$ 773,400	$ 773,400	$ 773,400	$ 678,100			11,982,000	11,473,000	8,412,000
Common Stock
Class of Stock [Line Items]
Common stock dividends cash paid (in dollars per share)	$ 0.10		$ 0.10		$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10	$ 0.10	$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10	$ 0.10	$ 0.10		$ 0.10		$ 0.10	$ 0.10		$ 0.10		$ 0.10		$ 0.10		$ 0.09			$ 0.17	$ 0.17	$ 0.17
Aggregate amount paid to holders of record	$ 16,265,000		$ 14,465,000		$ 13,284,000		$ 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		$ 9,503,000		$ 9,347,000	$ 9,065,000		$ 8,635,000		$ 8,413,000	$ 8,413,000		$ 8,317,000		$ 7,646,000	$ 7,234,000		$ 6,766,000	$ 6,645,000	$ 6,646,000		$ 6,581,000		$ 6,531,000	$ 6,531,000		$ 6,529,000		$ 6,530,000		$ 6,531,000		$ 5,876,000			$ 10,120,000	$ 10,131,000	$ 10,126,000		$ 142,424,000	$ 96,630,000	$ 75,486,000

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share - Reconciliation of Net Income (Loss) and Shares Used in Calculating Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss)	$ (229,930)	$ 15,363	$ (215,112)
Less: Preferred dividends	(11,982)	(11,473)	(9,787)
Net Income (loss) available (related) to common stockholders	$ (241,912)	$ 3,890	$ (224,899)
Weighted average common shares outstanding – basic (in shares)	117,968	79,490	63,070
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	823	0
Weighted average common shares outstanding – diluted (in shares)	117,968	80,313	63,070
Potentially dilutive non-vested awards outstanding (in shares)	568	823	496

Comprehensive Income (Loss) p_3

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Comprehensive Loss	$ (348,430)	$ (56,695)	$ (391,554)
Less: Preferred dividends	(11,982)	(11,473)	(9,787)
Comprehensive Loss related to common stockholders	$ (360,412)	$ (68,168)	$ (401,341)
Comprehensive Loss per share related to common stockholders:
Basic (in dollars per share)	$ (3.06)	$ (0.86)	$ (6.36)
Diluted (in dollars per share)	$ (3.06)	$ (0.86)	$ (6.36)
Weighted average common shares outstanding:
Basic (in shares)	117,968	79,490	63,070
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	0	0
Weighted average common shares outstanding - diluted (in shares)	117,968	79,490	63,070
Potentially dilutive non-vested awards outstanding (in shares)	568	823	496

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 27, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Owned, Federal Income Tax Note [Line Items]
GAAP net income (loss)		$ (229,930)	$ 15,363	$ (215,112)
Book to tax differences:
TRS (income) loss		(186)	37	(51)
Premium amortization expense		(81)	(148)	(261)
Agency Securities, trading		946,666	77,145	(19,557)
Credit Risk and Non-Agency Securities		0	0	188,075
U.S. Treasury Securities		152,268	9,391	(21,357)
Changes in interest rate contracts		(757,742)	(77,300)	268,159
(Gain) Loss on Security sales		7,452	(10,952)	(143,877)
Impairment losses on available for sale Agency Securities		4,183	0	1,012
Amortization of deferred hedging costs		(145,267)	(163,837)	(152,092)
Other		2,340	1,830	1,544
Estimated REIT taxable loss		(20,297)	(148,471)	(92,142)
Series B Preferred Stock
Book to tax differences:
Series B Cumulative Preferred Stock dividend- Called for redemption	$ 1,375	$ 0	$ 0	$ 1,375

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	Feb. 27, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Net operating loss carryforwards available for use indefinitely		$ 240,428
Aggregate tax basis of stockholders' equity in excess of assets and liabilities		$ (408,615)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)		$ (2.51)
Common stock, shares issued (in shares)		162,911	94,152
Payment of dividends		$ 154,406	$ 108,103	$ 86,648
Estimated REIT taxable Income		$ (20,297)	$ (148,471)	$ (92,142)
Percent of dividends that represent nontaxable return of capital		100%	100%	100%
ARMOUR TRS, Inc.
Related Party Transaction [Line Items]
Income tax expense		$ 30	$ 0
Series B Preferred Stock
Related Party Transaction [Line Items]
Cumulative preferred stock dividend- called for redemption	$ 1,375	0	0	$ 1,375
Interest rate swap contracts
Related Party Transaction [Line Items]
Unrealized gain (loss) yet to be amortized		$ 399,783	$ 607,000

Income Taxes - Capital Gains (L

Income Taxes - Capital Gains (Losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2018
Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ (732,478)	$ (15,605)	$ (13,819)	$ (136,388)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

May 14, 2021 shares

Feb. 22, 2021 USD ($)

Feb. 08, 2023 USD ($) shares

Jun. 30, 2020

Dec. 31, 2022 USD ($) loan shares

Dec. 31, 2021 USD ($) shares

Dec. 31, 2020 USD ($)

Feb. 14, 2023 USD ($)

Mar. 31, 2022 USD ($)

Oct. 25, 2021 USD ($)

Jul. 01, 2021 USD ($)

Jun. 30, 2021 USD ($)

Apr. 01, 2021 USD ($)

Mar. 31, 2021 USD ($)

Related Party Transaction [Line Items]

Fee waiver adjustment, first quarter

$ 2,100

$ 2,400

Fee waiver adjustment, every month thereafter

$ 650

$ 700

$ 800

Management fees

$ 33,774

$ 31,108

$ 29,628

Number of loans | loan

1

Common stock repurchased (in shares) | shares

0

Common stock repurchased, net

$ (7,664)

$ 0

(777)

Subsequent Event

Related Party Transaction [Line Items]

Fee waiver adjustment, first quarter

$ 1,650

Fee waiver adjustment, every month thereafter

$ 550

Common Stock

Related Party Transaction [Line Items]

Common stock repurchased (in shares) | shares

(1,478,000)

Common stock repurchased, net

$ (7,664)

At-The-Market Offering Program

Related Party Transaction [Line Items]

Stock issued (in shares) | shares

17,000,000

17,915,000

Issuance of Preferred stock, net of expenses

$ 199,444

At-The-Market Offering Program | Common Stock

Related Party Transaction [Line Items]

Stock issued (in shares) | shares

70,041,000

17,915,000

Issuance of Preferred stock, net of expenses

$ 475,537

Payments of stock issuance costs

5,157

$ 2,277

At-The-Market Offering Program | Common Stock | Subsequent Event

Related Party Transaction [Line Items]

Stock issued (in shares) | shares

29,863,000

Issuance of Preferred stock, net of expenses

$ 181,295

Payments of stock issuance costs

$ 1,878

BUCKLER Securities, LLC

Related Party Transaction [Line Items]

Payments of stock issuance costs

$ 75

BUCKLER Securities, LLC | February 15, 2019, Common Stock ATM Sales Agreement | Common Stock

Related Party Transaction [Line Items]

Stock issued (in shares) | shares

16,215,000

Issuance of Preferred stock, net of expenses

$ 180,855

BUCKLER Securities, LLC | 2021 Common stock ATM Sales Agreement | Common Stock

Related Party Transaction [Line Items]

Stock issued (in shares) | shares

50,585,000

Issuance of Preferred stock, net of expenses

$ 334,415

BUCKLER Securities, LLC | 2021 Common stock ATM Sales Agreement | Series B Preferred Stock

Related Party Transaction [Line Items]

Payments of stock issuance costs

$ 3,375

1,801

BUCKLER Securities, LLC | At-The-Market Offering Program | Common Stock | Subsequent Event

Related Party Transaction [Line Items]

Stock issued (in shares) | shares

26,103,000

Issuance of Preferred stock, net of expenses

$ 159,420

Payments of stock issuance costs

$ 1,610

ARRM

Related Party Transaction [Line Items]

Period of written notice of termination

180 days

Management fee waived percentage

40%

Management fees

$ 33,714

31,063

29,580

ARRM | Restricted Stock Units (RSUs)

Related Party Transaction [Line Items]

Award vesting period

5 years

ARRM | Armour Management Agreement

Related Party Transaction [Line Items]

Automatic renewal period of management agreement

5 years

ARRM | Other Expense

Related Party Transaction [Line Items]

Management fees

$ 606

189

157

ARRM | Stock Based Compensation Expense

Related Party Transaction [Line Items]

Management fees

$ 544

781

$ 515

Corporate Joint Venture | BUCKLER Securities, LLC

Related Party Transaction [Line Items]

Ownership percentage

10.80%

Equity method investments, value

$ 377

$ 606

Proceeds from divestiture of interest in joint venture

0

Required annual reduction in share of gross financing profit

$ 306

Corporate Joint Venture | Required Regulatory Capital Requirement of Related Party | BUCKLER Securities, LLC

Related Party Transaction [Line Items]

Loans receivable related parties

$ 105,000

Related party transaction, rate

0%

Corporate Joint Venture | Uncommitted Revolving Credit Facility and Security Agreement

Related Party Transaction [Line Items]

Maximum lending capacity

$ 50,000

Basis spread

2%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Management fees	$ 33,774	$ 31,108	$ 29,628
Less management fees waived	(7,800)	(8,600)	(8,855)
U.S. Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased	4,820,464	987,887	4,621,776
U.S. Treasury Securities Sold	5,371,563	779,684	4,643,049
ARRM
Related Party Transaction [Line Items]
Management fees	33,714	31,063	29,580
Less management fees waived	(7,800)	(8,600)	(8,855)
Total management fee expense	25,914	22,463	20,725
BUCKLER Securities, LLC | Corporate Joint Venture
Related Party Transaction [Line Items]
Repurchase agreements, net	3,247,474	1,963,679
Collateral posted on repurchase agreements	3,920,706	2,036,385
Agency Securities Purchased		0
Interest on repurchase agreements	$ 59,807	3,504	$ 38,663
BUCKLER Securities, LLC | Corporate Joint Venture | U.S. Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Sold		$ 0