ARMOUR Residential REIT (ARR) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity Registrant Name	ARMOUR RESIDENTIAL REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34766
Entity Tax Identification Number	26-1908763
Entity Address, Address Line One	3001 Ocean Drive, Suite 201
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	617-4340
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		195,512,577
Entity Central Index Key	0001428205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Preferred Stock, 7.00% Series C Cumulative Redeemable
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.00% Series C Cumulative Redeemable
Trading Symbol	ARR-PRC
Security Exchange Name	NYSE
Common Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ARR
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash	$ 135,445	$ 87,284
Cash collateral posted to counterparties	123,882	30,806
Investments in securities, at fair value
Derivatives, at fair value	848,572	984,456
Accrued interest receivable	49,730	28,809
Prepaid and other	6,990	2,101
Subordinated loan to BUCKLER	0	105,000
Total Assets	13,249,330	9,437,047
Liabilities:
Repurchase agreements, net (including $5,231,025 and $3,247,474, respectively with BUCKLER)	10,554,538	6,463,058
Obligations to return securities received as collateral, at fair value (including $101,824 and $100,531, respectively with BUCKLER)	509,121	502,656
Cash collateral posted by counterparties	853,502	963,591
Payable for unsettled purchases	0	353,436
Derivatives, at fair value	61,251	13,016
Accrued interest payable- repurchase agreements (including $21,810 and $9,908, respectively with BUCKLER)	38,831	19,096
Accrued interest payable- U.S. Treasury Securities sold short (including $1,732 and $684, respectively with BUCKLER)	8,660	3,418
Accounts payable and other accrued expenses	8,294	6,404
Total Liabilities	12,034,197	8,324,675
Commitments and contingencies (Note 8 and Note 14)
Stockholders’ Equity:
Common stock, $0.001 par value, 450,000 and 300,000 shares authorized; 192,003 shares and 162,911 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively.	192	163
Additional paid-in capital	4,052,190	3,874,627
Cumulative distributions to stockholders	(2,047,360)	(1,992,361)
Accumulated net loss	(789,896)	(758,537)
Accumulated other comprehensive loss	0	(11,527)
Total Stockholders’ Equity	1,215,133	1,112,372
Total Liabilities and Stockholders’ Equity	13,249,330	9,437,047
Agency Securities
Investments in securities, at fair value
Debt securities	12,084,711	8,198,591
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 6,847 shares issued and outstanding ($25.00 per share liquidation preference)	$ 7	$ 7

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Feb. 14, 2023	Feb. 13, 2023
Pledged securities	$ 11,669,921	$ 7,249,039
Obligations to return securities received as collateral	509,121	502,656
Accrued interest payable- repurchase agreements (including $21,810 and $9,908, respectively with BUCKLER)	38,831	19,096
Accrued interest payable- U.S. Treasury Securities sold short (including $1,732 and $684, respectively with BUCKLER)	$ 8,660	$ 3,418
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)	450,000,000	300,000,000	450,000,000	300,000,000
Common stock, shares issued (in shares)	192,003,000	162,911,000
Common stock, shares outstanding (in shares)	192,003,000	162,911,000
BUCKLER Securities, LLC
Obligations to return securities received as collateral	$ 101,824	$ 100,531
BUCKLER Securities, LLC | Corporate Joint Venture
Repurchase agreements, net	$ 5,231,025	$ 3,247,474
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, dividend rate	7%	7%
Preferred stock, shares issued (in shares)	6,847,000	6,847,000
Preferred stock, shares outstanding (in shares)	6,847,000	6,847,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Agency Securities
Pledged securities	$ 11,669,921	$ 7,249,039
Agency Securities | BUCKLER Securities, LLC
Pledged securities	6,149,464	3,920,706
Accrued interest payable- repurchase agreements (including $21,810 and $9,908, respectively with BUCKLER)	21,810	9,908
Loss on U.S. Treasury Securities | BUCKLER Securities, LLC
Accrued interest payable- U.S. Treasury Securities sold short (including $1,732 and $684, respectively with BUCKLER)	$ 1,732	$ 684

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Interest Income:
Interest Income (including $973 and $19, respectively with BUCKLER)		$ 118,235	$ 33,370
Interest expense (including $49,609 and $1,033, respectively with BUCKLER)		(106,245)	(2,405)
Net Interest Income		11,990	30,965
Other Income (Loss):
Realized loss on sale of available for sale Agency Securities (reclassified from Comprehensive Income (Loss))		(7,471)	0
Gain (loss) on derivatives, net	[1]	(134,400)	244,604
Total Other Loss		(33,359)	(88,172)
Expenses:
Management fees		9,244	8,140
Compensation		1,159	1,409
Other Operating		1,237	1,628
Total Expenses		11,640	11,177
Less management fees waived		(1,650)	(1,950)
Total Expenses after fees waived		9,990	9,227
Net Loss		(31,359)	(66,434)
Dividends on preferred stock		(2,995)	(2,995)
Net Loss related to common stockholders		(34,354)	(69,429)
Net Loss		(31,359)	(66,434)
Reclassification adjustment for realized loss on sale of available for sale Agency Securities		7,471	0
Net unrealized gain (loss) on available for sale Agency Securities		4,056	(78,538)
Other Comprehensive Income (loss)		11,527	(78,538)
Comprehensive Loss		(19,832)	(144,972)
Comprehensive Loss related to common stockholders		$ (22,827)	$ (147,967)
Earnings Per Share [Abstract]
Basic (in dollars per share)		$ (0.19)	$ (0.72)
Diluted (in dollars per share)		(0.19)	(0.72)
Dividends declared per common share (in dollars per share)		$ 0.28	$ 0.30
Weighted average common shares outstanding:
Basic (in shares)		184,587	96,226
Diluted (in shares)		184,587	96,226
Agency Securities
Other Income (Loss):
Realized loss on sale of available for sale Agency Securities (reclassified from Comprehensive Income (Loss))		$ (7,471)
Gain (loss) on Agency Securities, trading		120,366	$ (254,389)
Loss on U.S. Treasury Securities
Other Income (Loss):
Loss on U.S. Treasury Securities		$ (11,854)	$ (78,387)
[1]Interest expense related to our interest rate swap contracts is recorded in gain on derivatives, net on the consolidated statements of operations and comprehensive income (loss). For additional information, see financial statement Note 7.

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parenthetical) - BUCKLER Securities, LLC - Corporate Joint Venture - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest on repurchase agreements	$ 49,609	$ 1,033
Required Regulatory Capital Requirement of Related Party
Related parties loans, proceeds	$ 973	$ 19

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions to Stockholders	Accumulated Net Loss	Accumulated Other Comprehensive Income (Loss)
Beginning balance, preferred (in shares) at Dec. 31, 2021		6,847,000
Beginning balance, common (in shares) at Dec. 31, 2021			94,152,000
Beginning balance at Dec. 31, 2021	$ 1,143,639	$ 7	$ 94	$ 3,403,127	$ (1,837,955)	$ (528,607)	$ 106,973
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(144,972)					(66,434)	(78,538)
Issuance of stock, net (in shares)			6,162,000
Issuance of common stock, net	54,436		$ 6	54,430
Stock based compensation, net of withholding requirements (in shares)			47,000
Stock based compensation, net of withholding requirements	935			935
Preferred stock dividends	(2,995)				(2,995)
Common stock dividends	(29,108)				(29,108)
Ending balance, preferred (in shares) at Mar. 31, 2022		6,847,000
Ending balance, common (in shares) at Mar. 31, 2022			100,361,000
Ending balance at Mar. 31, 2022	1,021,935	$ 7	$ 100	3,458,492	(1,870,058)	(595,041)	28,435
Beginning balance, preferred (in shares) at Dec. 31, 2021		6,847,000
Beginning balance, common (in shares) at Dec. 31, 2021			94,152,000
Beginning balance at Dec. 31, 2021	$ 1,143,639	$ 7	$ 94	3,403,127	(1,837,955)	(528,607)	106,973
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased (in shares)			(1,478,000)
Ending balance, preferred (in shares) at Dec. 31, 2022		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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(19,832)					(31,359)	11,527
Issuance of stock, net (in shares)			29,863,000
Issuance of common stock, net	181,205		$ 30	181,175
Stock based compensation, net of withholding requirements (in shares)			72,000
Stock based compensation, net of withholding requirements	$ 692			692
Common stock repurchased (in shares)	0		(843,000)
Common stock repurchased	$ (4,305)		$ (1)	(4,304)
Preferred stock dividends	(2,995)				(2,995)
Common stock dividends	$ (52,004)				(52,004)
Ending balance, preferred (in shares) at Mar. 31, 2023		6,847,000
Ending balance, common (in shares) at Mar. 31, 2023	192,003,000		192,003,000
Ending balance at Mar. 31, 2023	$ 1,215,133	$ 7	$ 192	$ 4,052,190	$ (2,047,360)	$ (789,896)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash Flows From Operating Activities:
Net Loss	$ (31,359)	$ (66,434)
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	1,122	7,486
Realized loss on sale of Agency Securities, available for sale	7,471	0
Stock based compensation	692	935
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(21,424)	(6,064)
Increase in prepaid and other assets	(4,889)	(917)
Change in derivatives, at fair value	184,119	(354,525)
Increase in accrued interest payable- repurchase agreements	19,735	20
Increase in accrued interest payable- U.S. Treasury Securities sold short	5,242	0
Increase in accounts payable and other accrued expenses	1,890	3,820
Net cash and cash collateral posted to counterparties provided by (used in) operating activities	54,219	(83,704)
Cash Flows From Investing Activities:
Purchases of Agency Securities (includes $57,039 with BUCKLER at March 31, 2023)	(5,317,154)	(1,778,122)
Principal repayments of Agency Securities	148,523	131,356
Proceeds from sales of Agency Securities	1,052,878	0
Disbursements on reverse repurchase agreements, with BUCKLER	(24,678)	0
Receipts from reverse repurchase agreements, with BUCKLER	224,579	0
Increase in cash collateral posted by counterparties	(110,089)	378,598
Proceeds from subordinated loan due from BUCKLER	105,000	0
Net cash and cash collateral posted to counterparties used in investing activities	(3,926,462)	(2,452,654)
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses	181,205	46,427
Proceeds from repurchase agreements (including $16,786,834 and $8,914,029, respectively with BUCKLER)	27,517,265	16,191,551
Principal repayments on repurchase agreements (including $(15,003,184) and $(7,504,871), respectively with BUCKLER)	(23,625,686)	(13,699,584)
Series C Preferred stock dividends paid	(2,995)	(2,995)
Common stock dividends paid	(52,004)	(29,108)
Common stock repurchased	(4,305)	0
Net cash and cash collateral posted to counterparties provided by financing activities	4,013,480	2,506,291
Net increase in cash and cash collateral posted to counterparties	141,237	(30,067)
Cash and cash collateral posted to counterparties - beginning of period	118,090	356,216	$ 356,216
Cash and cash collateral posted to counterparties - end of period	259,327	326,149	$ 118,090
Supplemental Disclosure:
Cash paid during the period for interest	107,680	19,398
Non-Cash Investing Activities:
Receivable for unsettled sales	0	47,713
Payable for unsettled purchases	0	(687,250)
Net unrealized gain (loss) on available for sale Agency Securities	4,056	(78,538)
Non-Cash Financing Activities
Amounts receivable for issuance of common stock	0	8,009
Agency Securities
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Realized loss on sale of Agency Securities, available for sale	7,471
Gain (loss) on Agency Securities, trading	(120,366)	254,389
Loss on U.S. Treasury Securities
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by (used in) operating activities:
Net accretion of U.S. Treasury Securities	132	(801)
Loss on U.S. Treasury Securities	11,854	78,387
Cash Flows From Investing Activities:
Purchases of U.S. Treasury Securities (includes $155,857 and $592,600, respectively with BUCKLER)	(619,373)	(2,654,611)
Proceeds from sales of U.S. Treasury Securities (including $154,875 and $767,448, respectively with BUCKLER)	$ 613,852	$ 1,470,125

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Agency Securities Purchased	$ 5,317,154	$ 1,778,122
Proceeds from repurchase agreements (including $16,786,834 and $8,914,029, respectively with BUCKLER)	27,517,265	16,191,551
Principal repayments on repurchase agreements (including $(15,003,184) and $(7,504,871), respectively with BUCKLER)	(23,625,686)	(13,699,584)
Loss on U.S. Treasury Securities
U.S. Treasury Securities Purchased	619,373	2,654,611
Proceeds from sales of U.S. Treasury Securities (including $154,875 and $767,448, respectively with BUCKLER)	613,852	1,470,125
Corporate Joint Venture | BUCKLER Securities, LLC | Loss on U.S. Treasury Securities
U.S. Treasury Securities Purchased	155,857	592,600
Proceeds from sales of U.S. Treasury Securities (including $154,875 and $767,448, respectively with BUCKLER)	154,875	767,448
BUCKLER Securities, LLC
Proceeds from repurchase agreements (including $16,786,834 and $8,914,029, respectively with BUCKLER)	16,786,834	8,914,029
Principal repayments on repurchase agreements (including $(15,003,184) and $(7,504,871), respectively with BUCKLER)	(15,003,184)	$ (7,504,871)
BUCKLER Securities, LLC | Corporate Joint Venture
Agency Securities Purchased	$ 57,039

Organization and Nature of Busi

Organization and Nature of Business Operations	3 Months Ended
	Mar. 31, 2023
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 Securities and Exchange Commission (the "SEC"), (see Note 8 - Commitments and Contingencies and Note 14 - Related Party Transactions). We have elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). Our qualification as a REIT depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the concentration of ownership of our capital stock. We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes. As a REIT, we will generally not be subject to federal income tax on the REIT taxable income that we currently distribute to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to federal income tax at regular corporate rates. Even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some federal, state and local taxes on our income. At March 31, 2023 and December 31, 2022, 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	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 2 - Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2023. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022. The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying condensed consolidated financial statements include the valuation of MBS, including an assessment of the allowance for credit losses, and derivative instruments. Interest earned/paid on cash collateral posted/held on interest rate swap contracts was reclassified from Interest Income to

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 represented investments that we intended to hold for extended periods of time and were reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss). During the three months ended March 31, 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $(7,471). 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 Effective Rate ("Fed 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 March 31, 2023 and December 31, 2022, we had $504,375 and $704,276, respectively, in reverse repurchase agreements which are recorded in repurchase agreements, net on our consolidated balance sheet. 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 March 31, 2023 and December 31, 2022 of $509,121 ($101,824 of which were with BUCKLER) and $502,656 ($100,531 of which were with BUCKLER), respectively. Derivatives, at Fair Value We recognize all derivatives individually as either assets or liabilities at fair value on our consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our consolidated statements of operations and comprehensive income (loss). We designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income. These transactions may include interest rate swap contracts, interest rate swaptions, basis swap contracts and futures contracts. We also may utilize forward contracts for the purchase or sale of TBA Agency Securities. We account for TBA Agency Securities as derivative instruments if it is reasonably possible that we will not take or make physical delivery of the Agency Security upon settlement of the contract. We account for TBA dollar roll transactions as a series of derivative transactions. We may also purchase and sell TBA Agency Securities as a means of investing in and financing Agency Securities (thereby increasing our “at risk” leverage) or as a means of disposing of or reducing our exposure to Agency Securities (thereby reducing our “at risk” leverage). We agree to purchase or sell, for future delivery, Agency Securities with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency Security for a later settlement date. This transaction is commonly referred to as a “dollar roll.” When it is reasonably possible that we will pair off a TBA Agency Security, we account for that contract as a derivative. Impairment of Assets We assess impairment of available for sale securities at least on a quarterly basis and more frequently when economic or market concerns warrant such evaluation. We consider an impairment if we (1) intend to sell the available for sale securities, or (2) believe it is more likely than not that we will be required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations) and a credit impairment exists where fair value is less than amortized cost. Impairment losses recognized establish a new cost basis for the related available for sale securities. Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Premiums and discounts associated with the purchase of Multi-Family MBS, which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur. Purchase and sale transactions (including TBA Agency Securities) are recorded on the trade date to the extent it is probable that we will take or make timely physical delivery of the related securities. Gains or losses realized from sales of available for sale securities are reclassified into income from Comprehensive Loss and are determined using the specific identification method. Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Comprehensive Income (Loss)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4 - Fair Value of Financial Instruments Our valuation techniques for financial instruments use observable and unobservable inputs. Observable inputs reflect readily obtainable data from third-party sources, while unobservable inputs reflect management’s market assumptions. The Accounting Standards Codification Topic No. 820, "Fair Value Measurement," classifies these inputs into the following hierarchy: Level 1 Inputs - Quoted prices for identical instruments in active markets. Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Inputs - Prices determined using significant unobservable inputs. Unobservable inputs may be used in situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period). Unobservable inputs reflect management’s assumptions about the factors that market participants would use in pricing an asset or liability and would be based on the best information available. At the beginning of each quarter, we assess the assets and liabilities that are measured at fair value on a recurring basis to determine if any transfers between levels in the fair value hierarchy are needed. The following describes the valuation methodologies used for our assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Any transfers between levels are assumed to occur at the beginning of the reporting period. Investments in Securities Fair value for our investments in securities are based on obtaining a valuation for each security from third-party pricing services and/or dealer quotes. The third-party pricing services use common market pricing methods that may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps and credit enhancement. If the fair value of a security is not available from the third-party pricing services or such data appears unreliable, we obtain pricing indications from up to three dealers who make markets in similar securities. Management reviews pricing used to ensure that current market conditions are properly reflected. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer pricing indications and comparisons to a third-party pricing model. Fair values obtained from the third-party pricing services for similar instruments are classified as Level 2 securities if the inputs to the pricing models used are consistent with the Level 2 definition. If quoted prices for a security are not reasonably available from the third-party pricing service, but dealer pricing indications are, the security will be classified as a Level 2 security. If neither is available, management will determine the fair value based on characteristics of the security that we receive from the issuer and based on available market information and classify it as a Level 3 security. U.S. Treasury Securities are classified as Level 1, as quoted unadjusted prices are available in active markets for identical assets. Derivatives The fair values of our interest rate swap contracts, interest rate swaptions 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 March 31, 2023 and December 31, 2022. March 31, 2023 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 12,084,711 $ — $ 12,084,711 Derivatives $ — $ 848,572 $ — $ 848,572 Liabilities at Fair Value: Derivatives $ 29,016 $ 32,235 $ — $ 61,251 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 $ 516 $ 12,500 $ — $ 13,016 There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the three months ended March 31, 2023 or for the year ended December 31, 2022. 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

Investments in Securities

Investments in Securities	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Note 5 - Investments in Securities As of March 31, 2023 and December 31, 2022, our securities portfolio consisted of $12,084,711 and $8,198,591 of investment securities, at fair value, respectively. We also had $777,469 of TBA Agency Securities, at fair value, which were reported at net carrying value of $(11,797), at December 31, 2022. TBA Securities 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. This designation is more representative of our results of operations insofar as the fair value changes for our Agency MBS 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 were reported in other comprehensive income as required by GAAP. During the three months ended March 31, 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $(7,471). The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at March 31, 2023 and December 31, 2022. March 31, 2023 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Trading securities $ 12,267,310 $ 12,337,029 $ (277,230) $ 24,912 $ 12,084,711 Total Agency Securities $ 12,267,310 $ 12,337,029 $ (277,230) $ 24,912 $ 12,084,711 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 The following tables summarize the weighted average lives of our investments in securities at March 31, 2023 and December 31, 2022. Weighted Average Life Trading Securities March 31, 2023 Fair Value Amortized Cost < 1 year $ — $ — ≥ 1 year and < 3 years 84,915 85,272 ≥ 3 years and < 5 years 2,508,753 2,512,098 ≥ 5 years 9,491,043 9,739,659 Totals $ 12,084,711 $ 12,337,029 Weighted Average Life Available for Sale Securities Trading Securities December 31, 2022 Fair Value Amortized Cost Fair Value Amortized Cost < 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 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 March 31, 2023 and December 31, 2022 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 The following table presents the unrealized losses and estimated fair value of our available for sale securities by length of time that such securities were in a continuous unrealized loss position at December 31, 2022. All of the available for sale securities were issued and guaranteed by GSEs (with a long term credit rating of AA+) or Ginnie Mae at December 31, 2022. Unrealized Loss Position For: < 12 Months ≥ 12 Months Total Agency Securities 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)

Repurchase Agreements, net

Repurchase Agreements, net	3 Months Ended
	Mar. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Note 6 - Repurchase Agreements, net At March 31, 2023, we had active MRAs with 38 counterparties and had $10,554,538 in outstanding borrowings with 16 of those counterparties. At December 31, 2022, we had MRAs with 38 counterparties and had $6,463,058 in outstanding borrowings with 16 counterparties. The following tables represent the contractual repricing regarding our repurchase agreements to finance MBS purchases at March 31, 2023 and December 31, 2022. Our repurchase agreements require excess collateral, known as a “haircut.” At March 31, 2023, the average haircut percentage was 3.40% compared to 3.85% at December 31, 2022. The haircut for our repurchase agreements vary by counterparty and therefore, the changes in the average haircut percentage will vary with the changes in our counterparty repurchase agreement balances. Balance Weighted Average Contractual Rate Weighted Average Maturity in days March 31, 2023 Agency Securities ≤ 30 days (1) $ 7,905,065 4.87 % 13 > 30 days to ≤ 90 days 2,649,473 4.95 % 36 Total or Weighted Average $ 10,554,538 4.89 % 19 (1) Net of reverse repurchase agreements of $504,375. Obligations to return securities received as collateral of $509,121 associated with the reverse repurchase agreements are all due within 30 days. Balance Weighted Average Contractual Rate Weighted Average Maturity in days December 31, 2022 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 all matured in January 2023. 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 March 31, 2023 and December 31, 2022. March 31, 2023 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 $ 504,375 $ (504,375) $ — $ — $ — $ — Totals $ 504,375 $ (504,375) $ — $ — $ — $ — Liabilities Repurchase Agreements $ (11,058,913) $ 504,375 $ (10,554,538) $ 10,554,538 $ — $ — Totals $ (11,058,913) $ 504,375 $ (10,554,538) $ 10,554,538 $ — $ — (1) The fair value of securities pledged against our repurchase agreements was $11,669,921 at March 31, 2023. 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 March 31, 2023 and December 31, 2022, BUCKLER accounted for 49.6% and 50.2%, respectively, of our aggregate borrowings and had an amount at risk of 15.2% and 12.9%, respectively, of our total stockholders' equity with a weighted average maturity of 18 days and 15 days, respectively, on repurchase agreements, net (see Note 14 - Related Party Transactions).

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
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. All of our interest rate contracts have floating leg interest rate indexes of either the Fed Funds Rate or SOFR. The Fed Funds Rate is published daily by the New York Federal Reserve and is a measure of unsecured borrowings by depository institutions from other depository institutions or GSEs. SOFR is published daily by the New York Federal Reserve and is the average overnight rate for borrowings secured by US Treasury securities. We enter into interest rate swap contracts either directly with a counterparty (a “bilateral” contract) or through a centrally-cleared swap contract. In a bilateral contract, we exchange margin collateral with the counterparty and have exposure to counterparty risk. In a centrally-cleared contract, we exchange margin collateral with a Futures Clearing Merchant, with whom we have opened an account. Our counterparty risk is limited to the clearing exchange itself. All of our centrally-cleared swaps are cleared by the Chicago Mercantile Exchange ("CME"). Futures contracts are traded on the 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 March 31, 2023 and December 31, 2022. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net March 31, 2023 Interest rate swap contracts (2) $ 848,572 $ (848,572) $ — $ — Futures contracts — (29,016) 93,937 64,921 TBA Agency Securities — — 22,295 22,295 Totals $ 848,572 $ (877,588) $ 116,232 $ 87,216 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 (1) See Note 4 - Fair Value of Financial Instruments for additional discussion. (2) Includes $2,857 amount of cleared interest rate swap contracts. Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net March 31, 2023 Interest rate swap contracts (2) $ (32,235) $ 848,572 $ (845,852) $ (29,515) Futures contracts (29,016) 29,016 — — Totals $ (61,251) $ 877,588 $ (845,852) $ (29,515) December 31, 2022 Futures contracts $ (516) $ 516 $ — $ — TBA Agency Securities (12,500) 12,500 — — Totals $ (13,016) $ 13,016 $ — $ — (1) See Note 4 - Fair Value of Financial Instruments for additional discussion. (2) Includes $(32,235) amount of cleared interest rate swap contracts. 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 three months ended March 31, 2023 and March 31, 2022. Income (Loss) Recognized For the Three Months Ended March 31, Derivatives 2023 2022 Interest rate swap contracts (1) $ (126,414) $ 343,798 Futures contracts (10,829) — TBA Agency Securities 2,843 (99,194) Total Gain (Loss) on Derivatives, net $ (134,400) $ 244,604 (1) Includes $(29,096) amount of cleared interest rate swap contracts. The following tables present information about our derivatives at March 31, 2023 and December 31, 2022. Interest Rate Swap Contracts (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate March 31, 2023 < 3 years $ 2,750,000 26 3.96 % ≥ 3 years and < 5 years 1,129,000 47 0.65 % ≥ 5 years and < 7 years 754,000 79 0.62 % ≥ 7 years 3,348,000 96 0.96 % Total or Weighted Average (2) $ 7,981,000 63 1.92 % 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 (3) $ 6,350,000 73 0.72 % (1) Pay Fixed/Receive Variable. (2) Of this amount, $2,670,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,311,000 notional are Fed Funds based swaps, the last of which matures in 2032. Of this amount, $2,400,000 notional are cleared interest rate swap contracts, the last of which matures in 2026. (3) Of this amount, $803,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,547,000 notional are Fed Funds 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 Totals (1) $ 800,000 $ 789,969 $ 777,469 (1) $400,000 notional were forward settling at December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 - Commitments and Contingencies Management The Company is managed by ACM, pursuant to a management agreement (see also Note 14 - Related Party Transactions). The management agreement entitles ACM to receive management fees payable monthly in arrears. Currently, the monthly management fee is 1/12th of the sum of (a) 1.5% of gross equity raised up to $1.0 billion plus (b) 0.75% of gross equity raised in excess of $1.0 billion. 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 March 31, 2023, the average management fee rate, prior to management fees waived, was 0.94% based on gross equity raised of $3,965,947 and effectively a rate of 3.07% based on total stockholders' equity. 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. 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”). During the three months ended March 31, 2023, and March 31, 2022 ACM waived management fees of $1,650 and $1,950, 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, 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 March 31, 2023, the Company’s contractual management fee commitments are: Year Contractual Management Fee Remainder of 2023 $ 31,037 2024 37,245 2025 37,245 2026 37,245 2027 37,245 2028 37,245 2029 37,245 Total $ 254,507 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 March 31, 2023 and December 31, 2022. Nine putative class action lawsuits have been filed in connection with the tender offer (the “Tender Offer”) and merger (the “Merger”) for JAVELIN. The Tender Offer and Merger are collectively defined herein as the “Transactions.” All nine suits name ARMOUR, the previous members of JAVELIN’s board of directors prior to the Merger (of which eight are current members of ARMOUR’s board of directors) (the “Individual Defendants”) and JMI Acquisition Corporation (“Acquisition” ) as defendants. Certain cases also name ACM and JAVELIN as additional defendants. The lawsuits were brought by purported holders of JAVELIN’s common stock, both individually and on behalf of a putative class of JAVELIN’s stockholders, alleging that the Individual Defendants breached their fiduciary duties owed to the plaintiffs and the putative class of JAVELIN stockholders, including claims that the Individual Defendants failed to properly value JAVELIN; failed to take steps to maximize the value of JAVELIN to its stockholders; ignored or failed to protect against conflicts of interest; failed to disclose material information about the Transactions; took steps to avoid competitive bidding and to give ARMOUR an unfair advantage by failing to adequately solicit other potential acquirors or alternative transactions; and erected unreasonable barriers to other third-party bidders. The suits also allege that ARMOUR, JAVELIN, ACM and Acquisition aided and abetted the alleged breaches of fiduciary duties by the Individual Defendants. The lawsuits seek equitable relief, including, among other relief, to enjoin consummation of the Transactions, or rescind or unwind the Transactions if already consummated, and award costs and disbursements, including reasonable attorneys’ fees and expenses. The sole Florida lawsuit was never served on the defendants, and that case was voluntarily dismissed and closed on January 20, 2017 . On April 25, 2016, the Maryland court issued an order consolidating the eight Maryland cases into one action, captioned In re JAVELIN Mortgage Investment Corp. Shareholder Litigation (Case No. 24-C-16-001542), and designated counsel for one of the Maryland cases as interim lead co-counsel. On May 26, 2016, interim lead counsel filed the Consolidated Amended Class Action Complaint for Breach of Fiduciary Duty asserting consolidated claims of breach of fiduciary duty, aiding and abetting the breaches of fiduciary duty, and waste. On June 27, 2016, defendants filed a Motion to Dismiss the Consolidated Amended Class Action Complaint for failing to state a claim upon which relief can be granted. A hearing was held on the Motion to Dismiss on March 3, 2017, and the Court reserved ruling. The Court has deferred ruling on the Motion to Dismiss several times. 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	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, there were 867 shares available for future issuance under the Plan. Transactions related to awards for the three months ended March 31, 2023 are summarized below: March 31, 2023 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 568 $ 12.88 Granted (1) 1,300 $ 5.93 Vested (94) $ 9.64 Unvested RSU Awards Outstanding end of period 1,774 $ 7.96 (1) During the three months ended March 31, 2023, 980 RSUs were granted to certain officers of ARMOUR and 320 RSUs were granted to the Board.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Note 10 - Stockholders' Equity The following table presents the components of cumulative distributions to stockholders at March 31, 2023 and December 31, 2022. Cumulative Distributions to Stockholders March 31, 2023 December 31, 2022 Preferred dividends $ 147,823 $ 144,827 Common stock dividends 1,899,537 1,847,534 Totals $ 2,047,360 $ 1,992,361 Preferred Stock At March 31, 2023 and December 31, 2022, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof. At March 31, 2023, 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share are designated as shares of 7.00% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") with the powers, designations, preferences and other rights as set forth therein and a total of 40,000 shares of our authorized preferred stock remain available for designation as future series. At March 31, 2023 and 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. At March 31, 2023 and December 31, 2022, there were no accrued or unpaid dividends on the Series C Preferred Stock. On January 29, 2020, the Company entered into an Equity Sales Agreement (the “Preferred C ATM Sales Agreement”) with B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.) and BUCKLER, as sales agents (individually and collectively, the “Agents"), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one or more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Preferred C ATM Sales Agreement relates to a proposed “at-the-market” offering program. Under the Preferred C ATM Sales Agreement, we will pay the agent designated to sell our shares an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent under the Preferred C ATM Sales Agreement. We did not sell any shares under the Preferred C ATM Sales Agreement during the three months ended March 31, 2023. Shares designated as Series C Preferred Stock but unissued, which are available under the Preferred C ATM Sales Agreement, totaled 3,153 at March 31, 2023 and December 31, 2022. Preferred Stock Repurchase Program On July 26, 2022, the Board authorized a repurchase program of up to an aggregate of 2,000 shares of the Company’s outstanding Series C Preferred Stock ("Series C Preferred Stock Repurchase Program"). Under the Series C Preferred Stock Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, in consultation with the Pricing Committee of the Board, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Series C Preferred Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. We did not repurchase any shares under the Series C Preferred Stock Repurchase Program during the three months ended March 31, 2023. Common Stock February 14, 2023, we submitted Articles of Amendment with the State of Maryland to increase the number of authorized shares of common stock, from 300,000 shares to 450,000 shares. At March 31, 2023 and December 31, 2022, we were authorized to issue up to 450,000 and 300,000 shares of common stock, respectively, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 192,003 and 162,911 shares of common stock issued and outstanding at March 31, 2023 and December 31, 2022, respectively. On February 15, 2019, we entered into an Equity Sales Agreement (the “Common stock ATM Sales Agreement”) with BUCKLER, JMP Securities LLC and Ladenburg Thalmann & Co. Inc., as sales agents, relating to the shares of our common stock. On April 3, 2020, the Common stock ATM Sales Agreement was amended to add B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.) as a sales agent. On May 4, 2020 the Common stock ATM Sales Agreement was further amended to increase the number of shares available for sale pursuant to the terms of the Common Stock ATM Sales Agreement. In accordance with the terms of the Common Stock ATM Sales agreement, as amended, we were permitted to offer and sell over a period of time and from time to time, up to 17,000 shares of our common stock, par value $0.001 per share. The Common stock ATM Sales Agreement related to an "at-the-market" offering program. Under the Common stock ATM Sales Agreement, as amended, we paid the agent designated to sell our shares an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent. Prior to exhausting the Common stock ATM Sales Agreement, as amended, on May 18, 2021, we sold 10,713 shares for proceeds of $129,336, net of issuance costs and commissions of approximately $1,682. After exhausting the Common stock ATM Sales Agreement, we entered into a new Equity Sales Agreement (the “2021 Common stock ATM Sales Agreement”) on May 14, 2021, with BUCKLER, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2021 Common Stock ATM Sales agreement, we may offer and sell over a period of time and from time to time, up to 17,000 shares of our common stock, par value $0.001 per share. On November 12, 2021, the 2021 Common stock ATM Sales Agreement was amended to add JonesTrading Institutional Services LLC, as a sales agent and to offer an additional 25,000 shares available for sale pursuant to the terms of the 2021 Common stock ATM Sales Agreement. On June 9, 2022, the 2021 Common stock ATM Sales Agreement was further amended to offer an additional 28,800 shares available for sale. 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 three months ended March 31, 2023, we sold 29,863 shares under this agreement for proceeds of $181,205, net of issuance costs and commissions of approximately $1,968. In April 2023, we sold 3,510 shares under this agreement for proceeds of $18,267, net of issuance costs and commissions of approximately $157. As of the date hereof, a total of 33,150 shares of common stock remain available under the 2021 Common stock ATM Sales Agreement. See Note 14 - Related Party Transactions for discussion of additional transactions with BUCKLER. Common Stock Repurchase Program At March 31, 2023 and December 31, 2022, there were 5,889 and 6,732 authorized shares remaining under the current repurchase authorization. During the three months ended March 31, 2023, we repurchased 843 common shares under this authorization for a cost of $4,305. 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 three months ended March 31, 2023 and for the year ended December 31, 2022. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (costs) March 31, 2023 2021 Common stock ATM Sales Agreement January 4, 2023 - February 8, 2023 29,863 $ 6.07 $ 181,205 Common stock repurchased March (843) $ (5.11) $ (4,305) December 31, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - December 21, 2022 70,041 $ 6.79 $ 475,537 Common stock repurchased June, September and October (1,478) $ 5.19 $ (7,664) (1) Weighted average price Dividends On April 27, 2023, a cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $998 in the aggregate, will be paid to holders of record on April 15, 2023. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable May 30, 2023 to holders of record on May 15, 2023 and payable June 27, 2023 to holders of record on June 15, 2023. On April 27, 2023, a cash dividend of $0.08 per outstanding common share, or $15,788 in the aggregate, will be paid to holders of record on April 17, 2023. We have also declared a cash dividend of $0.08 per outstanding common share payable May 30, 2023 to holders of record on May 15, 2023. The following table presents our Series C Preferred Stock dividend transactions for the three months ended March 31, 2023. Record Date Payment Date Rate per Series C Preferred Share Aggregate amount paid to holders of record January 15, 2023 January 27, 2023 $ 0.14583 $ 998.5 February 15, 2023 February 27, 2023 $ 0.14583 998.5 March 15, 2023 March 27, 2023 $ 0.14583 998.5 Total dividends paid $ 2,995.5 The following table presents our common stock dividend transactions for the three months ended March 31, 2023. Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 17, 2023 January 30, 2023 $ 0.10 $ 17,007 February 15, 2023 February 27, 2023 $ 0.10 19,471 March 15, 2023 March 28, 2023 $ 0.08 15,526 Total dividends paid $ 52,004

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	3 Months Ended
	Mar. 31, 2023
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 loss and the shares used in calculating weighted average basic and diluted earnings per common share for the three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 Net Loss $ (31,359) $ (66,434) Less: Preferred dividends (2,995) (2,995) Net Loss related to common stockholders $ (34,354) $ (69,429) Weighted average common shares outstanding – basic 184,587 96,226 Add: Effect of dilutive non-vested awards, assumed vested — — Weighted average common shares outstanding – diluted 184,587 96,226 For the three months ended March 31, 2023 and for the three months ended March 31, 2022, 1,744 and 760, 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 three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 Comprehensive Loss $ (19,832) $ (144,972) Less: Preferred dividends (2,995) (2,995) Comprehensive Loss related to common stockholders $ (22,827) $ (147,967) Comprehensive Loss per share related to common stockholders: Basic $ (0.12) $ (1.54) Diluted $ (0.12) $ (1.54) Weighted average common shares outstanding: Basic 184,587 96,226 Add: Effect of dilutive non-vested awards, assumed vested — — Diluted 184,587 96,226 For the three months ended March 31, 2023 and for the three months ended March 31, 2022, 1,744 and 760 respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Loss related to common stockholders because to have included them would have been anti-dilutive for the period.

Comprehensive Income (Loss) per

Comprehensive Income (Loss) per Common Share	3 Months Ended
	Mar. 31, 2023
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 loss and the shares used in calculating weighted average basic and diluted earnings per common share for the three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 Net Loss $ (31,359) $ (66,434) Less: Preferred dividends (2,995) (2,995) Net Loss related to common stockholders $ (34,354) $ (69,429) Weighted average common shares outstanding – basic 184,587 96,226 Add: Effect of dilutive non-vested awards, assumed vested — — Weighted average common shares outstanding – diluted 184,587 96,226 For the three months ended March 31, 2023 and for the three months ended March 31, 2022, 1,744 and 760, 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 three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 Comprehensive Loss $ (19,832) $ (144,972) Less: Preferred dividends (2,995) (2,995) Comprehensive Loss related to common stockholders $ (22,827) $ (147,967) Comprehensive Loss per share related to common stockholders: Basic $ (0.12) $ (1.54) Diluted $ (0.12) $ (1.54) Weighted average common shares outstanding: Basic 184,587 96,226 Add: Effect of dilutive non-vested awards, assumed vested — — Diluted 184,587 96,226 For the three months ended March 31, 2023 and for the three months ended March 31, 2022, 1,744 and 760 respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Loss related to common stockholders because to have included them would have been anti-dilutive for the period.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 - Income Taxes The following table reconciles our GAAP net loss to estimated REIT taxable income (loss) for the three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 GAAP net loss $ (31,359) $ (66,434) Book to tax differences: TRS income (17) (1) Premium amortization expense (1) (41) Agency Securities, trading (112,894) 254,389 U.S. Treasury Securities 11,854 78,387 Changes in interest rate contracts 182,140 (250,900) Amortization of deferred hedging costs (30,368) (39,581) Amortization of deferred Treasury Future gains 5,815 — Other 296 550 Estimated REIT taxable income (loss) $ 25,466 $ (23,631) Interest rate contracts and futures contracts are treated as hedging transactions for U.S. federal income tax purposes. Unrealized gains and losses on open interest rate contracts are not included in the determination of REIT taxable income. Realized gains and losses on interest rate contracts terminated before their maturity are deferred and amortized over the remainder of the original term of the contract for REIT taxable income. At March 31, 2023 and December 31, 2022, we had approximately $253,854 and $307,316, respectively, of net deductible expense relating to previously terminated interest rate swap and treasury futures contracts amortizing through the year 2032. At March 31, 2023, we had $257,341 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. The aggregate tax basis of our assets and liabilities was greater than our total Stockholders’ Equity at March 31, 2023 by approximately $261,185, or approximately $1.36 per common share (based on the 192,003 common shares then outstanding). State and federal tax returns for the years 2019 and later remain open and are subject to possible examination. We are required and intend to timely distribute substantially all of our REIT taxable income in order to maintain our REIT status under the Code. Total dividend payments to stockholders for the three months ended March 31, 2023 and March 31, 2022 were $54,999 and $32,103, respectively. Our estimated REIT taxable income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends paid in excess of current tax earnings and profits for the year will generally not be taxable to common stockholders. Our management is responsible for determining whether tax positions taken by us are more likely than not to be sustained on their merits. We have no material unrecognized tax benefits or material uncertain tax positions.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
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. 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 (see Note 8 - Commitments and Contingencies). The following table reconciles the fees incurred in accordance with the management agreement for the three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 ARMOUR management fees $ 9,229 $ 8,125 Less management fees waived (1,650) (1,950) Total management fee expense $ 7,579 $ 6,175 We are required to take actions as may be reasonably required to permit and enable ACM to carry out its duties and obligations. We are also responsible for any costs and expenses that ACM incurred solely on our behalf other than the various overhead expenses specified in the terms of the management agreement. For the three months ended March 31, 2023 and March 31, 2022, we reimbursed ACM $235 and $107 for other expenses incurred on our behalf. In 2017, 2020, 2021 and 2022, we elected to grant restricted stock unit awards to our executive officers and other ACM employees that generally vest over 5 years. In 2017, 2020, 2021 and 2022, we elected to grant RSUs to the Board. We recognized stock based compensation expense of $141 and $162 for the three months ended March 31, 2023 and March 31, 2022, respectively. BUCKLER At March 31, 2023, 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 $485 at March 31, 2023 and $377 at December 31, 2022, reflecting our total investment plus our share of BUCKLER’s operating results, in accordance with the terms of the operating agreement of BUCKLER that our independent directors negotiated. The primary purpose of our investment in BUCKLER is to facilitate our access to repurchase financing on potentially attractive terms (considering rate, term, size, haircut, relationship and funding commitment) compared to other suitable repurchase financing counterparties. Our operating agreement with BUCKLER contains certain provisions to benefit and protect the Company, including (1) sharing in any (a) defined profits realized by BUCKLER from the anticipated financing spreads resulting from repurchase financing facilitated by BUCKLER, and (b) distributions from BUCKLER to its members of net cash receipts, and (2) the realization of anticipated savings from reduced clearing, brokerage, trading and administrative fees. In addition, the independent directors of the Company must approve, in their sole discretion, any third-party business engaged by BUCKLER and may cause BUCKLER to wind up and dissolve and promptly return certain subordinated loans we provide to BUCKLER as regulatory capital (as described more fully below) if the independent directors reasonably determine that BUCKLER’s ability to provide attractive securities transactions for the Company is materially adversely affected. For each of the three months ended March 31, 2023 and March 31, 2022, 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 had a subordinated loan agreement with BUCKLER, totaling $105.0 million, which was to mature on May 1, 2025. During the three months ended March 31, 2023, BUCKLER, at its option after obtaining regulatory approval, repaid all of the principal amount of the loan. The loan had a stated interest rate of zero, plus additional interest payable to the Company in an amount equal to the amount of interest earned by BUCKLER on the investment of the loan proceeds, generally in government securities funds. For the three months ended March 31, 2023 and March 31, 2022, the Company earned $973 and $19, respectively, of interest on this loan. Effective March 20, 2023, the Company committed to provide on demand a subordinated loan agreement to BUCKLER in an amount up to $200,000. The commitment extends through March 20, 2026 and is collateralized by mortgage backed and/or U.S. Treasury Securities owned by the Company and pledged to BUCKLER. The commitment is treated by BUCKLER currently as capital for regulatory purposes and BUCKLER may pledge the securities to secure its own borrowings. This arrangement replaced the prior $105.0 million subordinated loan. On February 22, 2021, the Company entered into an uncommitted revolving credit facility and security agreement with BUCKLER. Under the terms of the facility, the Company may, in its sole and absolute discretion, provide drawings to BUCKLER of up to $50,000. Interest on drawings is payable monthly at the Federal Reserve Bank of New York SOFR plus 2% per annum. To date, BUCKLER has not yet used the facility and therefore no interest expense was payable for the three months ended March 31, 2023. With BUCKLER as the sales agent, under the 2021 Common stock ATM Sales Agreement, we sold 26,103 common shares for proceeds of $159,301, net of issuance costs and commissions of approximately $1,729 during the three months ended March 31, 2023. We also repurchased 843 common shares under the current repurchase authorization which cost $4,305, including commissions of approximately $36 to BUCKLER during the three months ended March 31, 2023. In April 2023, we sold 3,510 shares under the 2021 Common stock ATM Sales Agreement for proceeds of $18,267, net of issuance costs and commissions of approximately $157 to BUCKLER (see Note 10 - Stockholders' Equity). The table below summarizes other transactions with BUCKLER for the three months ended March 31, 2023 and for the year ended December 31, 2022. Transactions with BUCKLER March 31, 2023 December 31, 2022 Repurchase agreements, net (1) $ 5,231,025 $ 3,247,474 Collateral posted on repurchase agreements $ 6,149,464 $ 3,920,706 Agency Securities Purchased $ 57,039 $ 203,147 U.S. Treasury Securities Purchased $ 155,857 $ 593,162 U.S. Treasury Securities Sold $ 154,875 $ 814,265

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15 - Subsequent Events Except as disclosed above, no subsequent events were identified through the date of filing this Quarterly Report of Form 10-Q.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2023. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022.
Consolidation	The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying condensed consolidated financial statements include the valuation of MBS, including an assessment of the allowance for credit losses, and derivative instruments. 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.
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 represented investments that we intended to hold for extended periods of time and were reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss). During the three months ended March 31, 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $(7,471).
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 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	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 Effective Rate ("Fed 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
Obligations to Return Securities Received as Collateral, at Fair Value	Obligations to Return Securities Received as Collateral, at Fair ValueWe 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.
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 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
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. Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction.
Comprehensive Income (Loss)	Comprehensive Income (Loss)Comprehensive income (loss) refers to 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022. March 31, 2023 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 12,084,711 $ — $ 12,084,711 Derivatives $ — $ 848,572 $ — $ 848,572 Liabilities at Fair Value: Derivatives $ 29,016 $ 32,235 $ — $ 61,251 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 $ 516 $ 12,500 $ — $ 13,016

Investments in Securities (Tabl

Investments in Securities (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022. March 31, 2023 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Trading securities $ 12,267,310 $ 12,337,029 $ (277,230) $ 24,912 $ 12,084,711 Total Agency Securities $ 12,267,310 $ 12,337,029 $ (277,230) $ 24,912 $ 12,084,711 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
Schedule of Investments Classified by Contractual Maturity Date	The following tables summarize the weighted average lives of our investments in securities at March 31, 2023 and December 31, 2022. Weighted Average Life Trading Securities March 31, 2023 Fair Value Amortized Cost < 1 year $ — $ — ≥ 1 year and < 3 years 84,915 85,272 ≥ 3 years and < 5 years 2,508,753 2,512,098 ≥ 5 years 9,491,043 9,739,659 Totals $ 12,084,711 $ 12,337,029 Weighted Average Life Available for Sale Securities Trading Securities December 31, 2022 Fair Value Amortized Cost Fair Value Amortized Cost < 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
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 were in a continuous unrealized loss position at December 31, 2022. All of the available for sale securities were issued and guaranteed by GSEs (with a long term credit rating of AA+) or Ginnie Mae at December 31, 2022. Unrealized Loss Position For: < 12 Months ≥ 12 Months Total Agency Securities 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)

Repurchase Agreements, net (Tab

Repurchase Agreements, net (Tables)	3 Months Ended
	Mar. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements	The following tables represent the contractual repricing regarding our repurchase agreements to finance MBS purchases at March 31, 2023 and December 31, 2022. Our repurchase agreements require excess collateral, known as a “haircut.” At March 31, 2023, the average haircut percentage was 3.40% compared to 3.85% at December 31, 2022. The haircut for our repurchase agreements vary by counterparty and therefore, the changes in the average haircut percentage will vary with the changes in our counterparty repurchase agreement balances. Balance Weighted Average Contractual Rate Weighted Average Maturity in days March 31, 2023 Agency Securities ≤ 30 days (1) $ 7,905,065 4.87 % 13 > 30 days to ≤ 90 days 2,649,473 4.95 % 36 Total or Weighted Average $ 10,554,538 4.89 % 19 (1) Net of reverse repurchase agreements of $504,375. Obligations to return securities received as collateral of $509,121 associated with the reverse repurchase agreements are all due within 30 days. Balance Weighted Average Contractual Rate Weighted Average Maturity in days December 31, 2022 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 all matured in January 2023.
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 March 31, 2023 and December 31, 2022. March 31, 2023 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 $ 504,375 $ (504,375) $ — $ — $ — $ — Totals $ 504,375 $ (504,375) $ — $ — $ — $ — Liabilities Repurchase Agreements $ (11,058,913) $ 504,375 $ (10,554,538) $ 10,554,538 $ — $ — Totals $ (11,058,913) $ 504,375 $ (10,554,538) $ 10,554,538 $ — $ — (1) The fair value of securities pledged against our repurchase agreements was $11,669,921 at March 31, 2023. 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)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	March 31, 2023 and December 31, 2022. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net March 31, 2023 Interest rate swap contracts (2) $ 848,572 $ (848,572) $ — $ — Futures contracts — (29,016) 93,937 64,921 TBA Agency Securities — — 22,295 22,295 Totals $ 848,572 $ (877,588) $ 116,232 $ 87,216 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 (1) See Note 4 - Fair Value of Financial Instruments for additional discussion. (2) Includes $2,857 amount of cleared interest rate swap contracts.
Schedule of Offsetting Liabilities	Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net March 31, 2023 Interest rate swap contracts (2) $ (32,235) $ 848,572 $ (845,852) $ (29,515) Futures contracts (29,016) 29,016 — — Totals $ (61,251) $ 877,588 $ (845,852) $ (29,515) December 31, 2022 Futures contracts $ (516) $ 516 $ — $ — TBA Agency Securities (12,500) 12,500 — — Totals $ (13,016) $ 13,016 $ — $ — (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 three months ended March 31, 2023 and March 31, 2022. Income (Loss) Recognized For the Three Months Ended March 31, Derivatives 2023 2022 Interest rate swap contracts (1) $ (126,414) $ 343,798 Futures contracts (10,829) — TBA Agency Securities 2,843 (99,194) Total Gain (Loss) on Derivatives, net $ (134,400) $ 244,604
Schedule of Derivative Instruments	The following tables present information about our derivatives at March 31, 2023 and December 31, 2022. Interest Rate Swap Contracts (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate March 31, 2023 < 3 years $ 2,750,000 26 3.96 % ≥ 3 years and < 5 years 1,129,000 47 0.65 % ≥ 5 years and < 7 years 754,000 79 0.62 % ≥ 7 years 3,348,000 96 0.96 % Total or Weighted Average (2) $ 7,981,000 63 1.92 % 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 (3) $ 6,350,000 73 0.72 % (1) Pay Fixed/Receive Variable. (2) Of this amount, $2,670,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,311,000 notional are Fed Funds based swaps, the last of which matures in 2032. Of this amount, $2,400,000 notional are cleared interest rate swap contracts, the last of which matures in 2026. (3) Of this amount, $803,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,547,000 notional are Fed Funds 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 Totals (1) $ 800,000 $ 789,969 $ 777,469 (1) $400,000 notional were forward settling at December 31, 2022.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Management Fee Commitments Obligation	Based on the management fee base, gross equity raised, as of March 31, 2023, the Company’s contractual management fee commitments are: Year Contractual Management Fee Remainder of 2023 $ 31,037 2024 37,245 2025 37,245 2026 37,245 2027 37,245 2028 37,245 2029 37,245 Total $ 254,507

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to awards for the three months ended March 31, 2023 are summarized below: March 31, 2023 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 568 $ 12.88 Granted (1) 1,300 $ 5.93 Vested (94) $ 9.64 Unvested RSU Awards Outstanding end of period 1,774 $ 7.96 (1) During the three months ended March 31, 2023, 980 RSUs were granted to certain officers of ARMOUR and 320 RSUs were granted to the Board.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Dividends Payable	The following table presents the components of cumulative distributions to stockholders at March 31, 2023 and December 31, 2022. Cumulative Distributions to Stockholders March 31, 2023 December 31, 2022 Preferred dividends $ 147,823 $ 144,827 Common stock dividends 1,899,537 1,847,534 Totals $ 2,047,360 $ 1,992,361
Schedule of Equity Transactions	The following tables present our equity transactions for the three months ended March 31, 2023 and for the year ended December 31, 2022. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (costs) March 31, 2023 2021 Common stock ATM Sales Agreement January 4, 2023 - February 8, 2023 29,863 $ 6.07 $ 181,205 Common stock repurchased March (843) $ (5.11) $ (4,305) December 31, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - December 21, 2022 70,041 $ 6.79 $ 475,537 Common stock repurchased June, September and October (1,478) $ 5.19 $ (7,664) (1) Weighted average price
Schedule of Dividends Transactions	The following table presents our Series C Preferred Stock dividend transactions for the three months ended March 31, 2023. Record Date Payment Date Rate per Series C Preferred Share Aggregate amount paid to holders of record January 15, 2023 January 27, 2023 $ 0.14583 $ 998.5 February 15, 2023 February 27, 2023 $ 0.14583 998.5 March 15, 2023 March 27, 2023 $ 0.14583 998.5 Total dividends paid $ 2,995.5 The following table presents our common stock dividend transactions for the three months ended March 31, 2023. Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 17, 2023 January 30, 2023 $ 0.10 $ 17,007 February 15, 2023 February 27, 2023 $ 0.10 19,471 March 15, 2023 March 28, 2023 $ 0.08 15,526 Total dividends paid $ 52,004

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The following table presents a reconciliation of net loss and the shares used in calculating weighted average basic and diluted earnings per common share for the three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 Net Loss $ (31,359) $ (66,434) Less: Preferred dividends (2,995) (2,995) Net Loss related to common stockholders $ (34,354) $ (69,429) Weighted average common shares outstanding – basic 184,587 96,226 Add: Effect of dilutive non-vested awards, assumed vested — — Weighted average common shares outstanding – diluted 184,587 96,226

Comprehensive Income (Loss) p_2

Comprehensive Income (Loss) per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 Comprehensive Loss $ (19,832) $ (144,972) Less: Preferred dividends (2,995) (2,995) Comprehensive Loss related to common stockholders $ (22,827) $ (147,967) Comprehensive Loss per share related to common stockholders: Basic $ (0.12) $ (1.54) Diluted $ (0.12) $ (1.54) Weighted average common shares outstanding: Basic 184,587 96,226 Add: Effect of dilutive non-vested awards, assumed vested — — Diluted 184,587 96,226

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles our GAAP net loss to estimated REIT taxable income (loss) for the three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 GAAP net loss $ (31,359) $ (66,434) Book to tax differences: TRS income (17) (1) Premium amortization expense (1) (41) Agency Securities, trading (112,894) 254,389 U.S. Treasury Securities 11,854 78,387 Changes in interest rate contracts 182,140 (250,900) Amortization of deferred hedging costs (30,368) (39,581) Amortization of deferred Treasury Future gains 5,815 — Other 296 550 Estimated REIT taxable income (loss) $ 25,466 $ (23,631)
Summary of Tax Credit Carryforwards	Net capital losses realized Amount Available to offset capital gains through 2018 $ (136,388) 2023 2019 $ (13,819) 2024 2021 $ (15,605) 2026 2022 $ (732,478) 2027

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table reconciles the fees incurred in accordance with the management agreement for the three months ended March 31, 2023 and March 31, 2022. For the Three Months Ended March 31, 2023 2022 ARMOUR management fees $ 9,229 $ 8,125 Less management fees waived (1,650) (1,950) Total management fee expense $ 7,579 $ 6,175 The table below summarizes other transactions with BUCKLER for the three months ended March 31, 2023 and for the year ended December 31, 2022. Transactions with BUCKLER March 31, 2023 December 31, 2022 Repurchase agreements, net (1) $ 5,231,025 $ 3,247,474 Collateral posted on repurchase agreements $ 6,149,464 $ 3,920,706 Agency Securities Purchased $ 57,039 $ 203,147 U.S. Treasury Securities Purchased $ 155,857 $ 593,162 U.S. Treasury Securities Sold $ 154,875 $ 814,265

Organization and Nature of Bu_2

Organization and Nature of Business Operations (Details)	Mar. 31, 2023
BUCKLER Securities, LLC | Corporate Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of voting interests acquired	10.80%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Realized gain (loss) on sale of available for sale Agency Securities	$ (7,471)	$ 0
Reverse repurchase agreements	504,375		$ 704,276
Obligations to return securities received as collateral	509,121		502,656
Repurchase Agreements
Related Party Transaction [Line Items]
Reverse repurchase agreements	504,375		704,276
BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Obligations to return securities received as collateral	101,824		$ 100,531
Agency Securities
Related Party Transaction [Line Items]
Realized gain (loss) on sale of available for sale Agency Securities	$ (7,471)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 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	Mar. 31, 2023	Dec. 31, 2022
Assets at Fair Value:
Securities		$ 187,945
Derivatives	$ 848,572	984,456
Liabilities at Fair Value:
Derivatives	61,251	13,016
Fair Value, Measurements, Recurring
Assets at Fair Value:
Derivatives	848,572	984,456
Liabilities at Fair Value:
Derivatives	61,251	13,016
Fair Value, Measurements, Recurring | Agency Securities
Assets at Fair Value:
Securities	12,084,711	8,198,591
Fair Value, Measurements, Recurring | Level 1
Assets at Fair Value:
Derivatives	0	94
Liabilities at Fair Value:
Derivatives	29,016	516
Fair Value, Measurements, Recurring | Level 1 | Agency Securities
Assets at Fair Value:
Securities	0	0
Fair Value, Measurements, Recurring | Level 2
Assets at Fair Value:
Derivatives	848,572	984,362
Liabilities at Fair Value:
Derivatives	32,235	12,500
Fair Value, Measurements, Recurring | Level 2 | Agency Securities
Assets at Fair Value:
Securities	12,084,711	8,198,591
Fair Value, Measurements, Recurring | Level 3
Assets at Fair Value:
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring | Level 3 | Agency Securities
Assets at Fair Value:
Securities	$ 0	$ 0

Investments in Securities - Add

Investments in Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 12,084,711		$ 8,198,591
Realized gain (loss) on sale of available for sale Agency Securities	(7,471)	$ 0
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net			(11,797)
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities			777,469
Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	12,084,711		$ 8,198,591
Realized gain (loss) on sale of available for sale Agency Securities	$ (7,471)

Investments in Securities - Car

Investments in Securities - Carrying Value of Trading Securities (Details) - Agency Securities - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 12,267,310	$ 8,711,267
Amortized Cost	12,337,029	8,752,957
Gross Unrealized Loss	(277,230)	(554,734)
Gross Unrealized Gain	24,912	368
Fair Value	12,084,711	8,198,591
Available for sale securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount		191,870
Amortized Cost		199,472
Gross Unrealized Loss		(11,527)
Gross Unrealized Gain		0
Fair Value		187,945
Trading securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	12,267,310	8,519,397
Amortized Cost	12,337,029	8,553,485
Gross Unrealized Loss	(277,230)	(543,207)
Gross Unrealized Gain	24,912	368
Fair Value	$ 12,084,711	$ 8,010,646

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	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Less than 1 year		$ 61
Greater than or equal to 1 year and less than 3 years		2,390
Greater than or equal to 3 years and less than 5 years		11,541
Greater than or equal to 5 years		173,953
Totals		187,945
Amortized Cost
Less than 1 year		64
Greater than or equal to 1 year and less than 3 years		2,525
Greater than or equal to 3 years and less than 5 years		12,171
Greater than or equal to 5 years		184,712
Totals		199,472
Fair Value
Less than 1 year	$ 0	0
Greater than or equal to 1 year and less than 3 years	84,915	0
Greater than or equal to 3 years and less than 5 years	2,508,753	0
Greater than or equal to 5 years	9,491,043	8,010,646
Totals	12,084,711	8,010,646
Amortized Cost
Less than 1 year	0	0
Greater than or equal to 1 year and less than 3 years	85,272	0
Greater than or equal to 3 years and less than 5 years	2,512,098	0
Greater than or equal to 5 years	9,739,659	8,553,485
Totals	$ 12,337,029	$ 8,553,485

Investments in Securities - Gro

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

Repurchase Agreements, net - Ad

Repurchase Agreements, net - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($) counterparty
Concentration Risk [Line Items]
Number of counterparties with master repurchase agreements	38	38
Repurchase agreements, carrying amount | $	$ 10,554,538	$ 6,463,058
Number of counterparties with repurchase agreements outstanding	16	16
Haircut (as a percent)	3.40%	3.85%
Ratio of indebtedness to net capital	12
Counterparty Concentration Risk | Aggregate Borrowings
Concentration Risk [Line Items]
Number of counterparties	3	3
Counterparty Concentration Risk | BUCKLER Securities, LLC | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	49.60%	50.20%
Counterparty Concentration Risk | BUCKLER Securities, LLC | Stockholders' Equity
Concentration Risk [Line Items]
Percentage of concentration risk	15.20%	12.90%
Weighted average maturity	18 days	15 days
Counterparty Concentration Risk | Three Repurchase Agreement Counterparties | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	5%	5%
Counterparty Concentration Risk | Three Repurchase Agreement Counterparties | Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	24%	28.10%

Repurchase Agreements, net - Co

Repurchase Agreements, net - Contractual Repricing, Master Repurchase Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 10,554,538		$ 6,463,058
Weighted Average Contractual Rate			4.43%
Weighted Average Maturity in days		16 days
Debt securities, available for sale and trading, repurchase securities, gross	504,375		$ 704,276
Obligations to return securities received as collateral	509,121		502,656
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Debt securities, available for sale and trading, repurchase securities, gross	504,375		704,276
Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 10,554,538
Weighted Average Contractual Rate	4.89%
Weighted Average Maturity in days	19 days
≤ 30 days | Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 7,905,065		$ 5,912,572
Weighted Average Contractual Rate	4.87%		4.43%
Weighted Average Maturity in days	13 days	15 days
> 30 days to ≤ 90 days | Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 2,649,473
Weighted Average Contractual Rate	4.95%
Weighted Average Maturity in days	36 days
> 30 days to ≤ 60 days | Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance			$ 550,486
Weighted Average Contractual Rate			4.48%
Weighted Average Maturity in days		34 days

Repurchase Agreements, net - Re

Repurchase Agreements, net - Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Debt securities, available for sale and trading, repurchase securities, gross	$ 504,375	$ 704,276
Debt securities, available for sale and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	(504,375)	(704,276)
Debt securities, available for sale and trading, repurchase securities, net amounts presented in the consolidated balance sheet	0	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	0	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, collateral, obligation to return cash not offset	0	189
Debt securities, available for sale and trading, repurchase securities, net	0	189
Debt securities, available for purchase and trading, repurchase securities, gross	(11,058,913)	(7,167,334)
Debt securities, available for purchase and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	504,375	704,276
Debt securities, available for purchase and trading, repurchase securities, net amounts presented in the consolidated balance sheet	(10,554,538)	(6,463,058)
Debt securities, available for purchase and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	10,554,538	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	0
Debt securities, available for purchase and trading, repurchase securities, net	0	0
Pledged securities	11,669,921	7,249,039
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Debt securities, available for sale and trading, repurchase securities, gross	504,375	704,276
Debt securities, available for sale and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	(504,375)	(704,276)
Debt securities, available for sale and trading, repurchase securities, net amounts presented in the consolidated balance sheet	0	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	0	0
Debt securities, available for sale and trading, repurchase securities, subject to master netting arrangement, collateral, obligation to return cash not offset	0	189
Debt securities, available for sale and trading, repurchase securities, net	0	189
Debt securities, available for purchase and trading, repurchase securities, gross	(11,058,913)	(7,167,334)
Debt securities, available for purchase and trading, repurchase securities, gross amounts offset in the consolidated balance sheet	504,375	704,276
Debt securities, available for purchase and trading, repurchase securities, net amounts presented in the consolidated balance sheet	(10,554,538)	(6,463,058)
Debt securities, available for purchase and trading, repurchase securities, subject to master netting arrangement, deduction of financial instrument not offset	10,554,538	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	0
Debt securities, available for purchase and trading, repurchase securities, net	$ 0	$ 0

Derivatives - Additional Inform

Derivatives - Additional Information (Details)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ratio of indebtedness to net capital	12

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross Amounts	$ 848,572	$ 984,456
Gross Amounts Not Offset, Financial Instruments	(877,588)	(13,016)
Gross Amounts Not Offset, Cash Collateral	116,232	(932,974)
Total Net	87,216	38,466
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	848,572	983,659
Gross Amounts Not Offset, Financial Instruments	(848,572)	0
Gross Amounts Not Offset, Cash Collateral	0	(955,941)
Total Net	0	27,718
Derivative asset cleared	2,857
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts	0	94
Gross Amounts Not Offset, Financial Instruments	(29,016)	(516)
Gross Amounts Not Offset, Cash Collateral	93,937	9,334
Total Net	64,921	8,912
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	0	703
Gross Amounts Not Offset, Financial Instruments	0	(12,500)
Gross Amounts Not Offset, Cash Collateral	22,295	13,633
Total Net	$ 22,295	$ 1,836

Derivatives - Offsetting Liabil

Derivatives - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross Amounts	$ (61,251)	$ (13,016)
Gross Amounts Not Offset, Financial Instruments	877,588	13,016
Gross Amounts Not Offset, Cash Collateral	(845,852)	0
Net Amount	(29,515)	0
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(32,235)
Gross Amounts Not Offset, Financial Instruments	848,572
Gross Amounts Not Offset, Cash Collateral	(845,852)
Net Amount	(29,515)
Derivative liability cleared		(32,235)
Futures contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(29,016)	(516)
Gross Amounts Not Offset, Financial Instruments	29,016	516
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	$ 0	0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts		(12,500)
Gross Amounts Not Offset, Financial Instruments		12,500
Gross Amounts Not Offset, Cash Collateral		0
Net Amount		$ 0

Derivatives - Location and Info

Derivatives - Location and Information of Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain (Loss) on Derivatives, net	[1]	$ (134,400)	$ 244,604
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain (Loss) on Derivatives, net		(126,414)	343,798
Cleared interest rate swap contracts		(29,096)
Futures contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain (Loss) on Derivatives, net		(10,829)	0
TBA Agency Securities
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain (Loss) on Derivatives, net		$ 2,843	$ (99,194)
[1]Interest expense related to our interest rate swap contracts is recorded in gain on derivatives, net on the consolidated statements of operations and comprehensive income (loss). For additional information, see financial statement Note 7.

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swap Contracts, Swaptions and Futures Contracts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 7,981,000	$ 6,350,000
Weighted Average Remaining Term (Months)	63 months	73 months
Weighted Average Rate	1.92%	0.72%
Fed Funds Effective Rate Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	$ 5,311,000	$ 5,547,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	2,670,000	$ 803,000
Interest rate swap contracts
Derivative [Line Items]
Notional Amount	$ 2,400,000
Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity	3 years	3 years
Notional Amount	$ 2,750,000	$ 1,066,000
Weighted Average Remaining Term (Months)	26 months	10 months
Weighted Average Rate	3.96%	0.10%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount	$ 1,129,000	$ 1,182,000
Weighted Average Remaining Term (Months)	47 months	50 months
Weighted Average Rate	0.65%	0.63%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 754,000	$ 754,000
Weighted Average Remaining Term (Months)	79 months	82 months
Weighted Average Rate	0.62%	0.62%
Greater than or equal to 7 years
Derivative [Line Items]
Derivative, remaining maturity	7 years	7 years
Notional Amount	$ 3,348,000	$ 3,348,000
Weighted Average Remaining Term (Months)	96 months	99 months
Weighted Average Rate	0.96%	0.96%
Minimum | Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity	3 years	3 years
Minimum | Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity	5 years	5 years
Maximum | Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity	5 years	5 years
Maximum | Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity	7 years	7 years

Derivatives - TBA Agency Securi

Derivatives - TBA Agency Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 7,981,000	$ 6,350,000
TBA Agency Securities, 30-year, 4.5%
Derivative [Line Items]
Fixed interest rate		4.50%
Notional Amount		$ 500,000
Cost Basis		489,805
Fair Value		$ 481,641
TBA Agency Securities, 30-year, 5.0%
Derivative [Line Items]
Fixed interest rate		5%
Notional Amount		$ 300,000
Cost Basis		300,164
Fair Value		295,828
TBA Agency Securities
Derivative [Line Items]
Notional Amount		800,000
Cost Basis		789,969
Fair Value		777,469
Notional amount, forward settling		$ 400,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands				3 Months Ended
	Jan. 13, 2021	Apr. 25, 2016 lawsuit	Apr. 24, 2016 lawsuit	Mar. 31, 2023 USD ($) defendant lawsuit	Mar. 31, 2022 USD ($)	Jun. 30, 2020	Feb. 14, 2023 USD ($)	Oct. 25, 2021 USD ($)	Jul. 01, 2021 USD ($)	Apr. 20, 2021 USD ($)	Apr. 01, 2021 USD ($)	Mar. 31, 2021 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage				8.33%
Gross equity raised				$ 3,965,947
Effective management fee percentage based on total stockholder's equity				3.07%
Fee waiver adjustment, first quarter							$ 1,650			$ 2,100		$ 2,400
Fee waiver adjustment, every month thereafter							$ 550	$ 650	$ 700		$ 800
Management fees waived				$ 1,650	$ 1,950
Transactions
Other Commitments [Line Items]
Number of new claims filed | lawsuit		1	8	9
Number of defendants that are current directors | defendant				8
ACM
Other Commitments [Line Items]
Percentage of gross equity raised used in calculation of management fee up to 1 billion				1.50%
Percentage of gross equity raised used in calculation of management fee in excess of 1 billion				0.75%
Effective management fee				0.94%
Management fee waived percentage	40%					40%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 31,037
2024	37,245
2025	37,245
2026	37,245
2027	37,245
2028	37,245
2029	37,245
Total	$ 254,507

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, year one	$ 2,805
Compensation cost not yet recognized, year two	3,626
Compensation cost not yet recognized, thereafter	7,695
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonemployee services transaction, quarterly fee	$ 33
The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	867
Compensation cost not yet recognized	$ 14,126
The 2009 Stock Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 7.96	$ 12.88

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Shares (Details) - The 2009 Stock Incentive Plan - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares)	568
Granted (in shares)	1,300
Vested (in shares)	(94)
Unvested RSU Awards Outstanding end of period (in shares)	1,774
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share) | $ / shares	$ 12.88
Granted (in dollars per share) | $ / shares	5.93
Vested (in dollars per share) | $ / shares	9.64
Unvested RSU Awards Outstanding end of period (in dollars per share) | $ / shares	$ 7.96
Board of Directors
Number of Awards
Granted (in shares)	320
Armour Capital Management | Officer
Number of Awards
Granted (in shares)	980

Stockholders' Equity - Cumulati

Stockholders' Equity - Cumulative Dividends (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,047,360	$ 1,992,361
Preferred dividends
Class of Stock [Line Items]
Cumulative distributions to stockholders	147,823	144,827
Common Stock
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 1,899,537	$ 1,847,534

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands																1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 15, 2023	May 15, 2023	Apr. 27, 2023	Mar. 28, 2023	Mar. 27, 2023	Feb. 27, 2023	Jan. 30, 2023	Jan. 27, 2023	Jan. 17, 2023	Nov. 04, 2022	Jun. 09, 2022	Nov. 12, 2021	May 18, 2021	May 14, 2021	May 04, 2020	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Feb. 14, 2023	Feb. 13, 2023	Jul. 26, 2022	Dec. 31, 2021	Jan. 29, 2020
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
Repurchase program, shares authorized (in shares)																						2,000,000
Common stock repurchased (in shares)																	0
Common stock, shares authorized (in shares)																	450,000,000		300,000,000	450,000,000	300,000,000
Common stock, par value (in dollars per share)																	$ 0.001		$ 0.001
Common stock, shares issued (in shares)																	192,003,000		162,911,000
Common stock, shares outstanding (in shares)																	192,003,000		162,911,000
Issuance of common stock, net																	$ 181,205	$ 54,436
Payments of stock issuance costs																	$ 36
Remaining shares authorized to be repurchased (in shares)																	5,889,000		6,732,000
Common stock repurchased																	$ (4,305)	0
Aggregate amount paid to holders of record																	$ 52,004	$ 29,108
Dividends declared per common share (in dollars per share)																	$ 0.28	$ 0.30
Subsequent Event
Class of Stock [Line Items]
Payments for commissions																$ 157
Aggregate amount paid to holders of record			$ 15,788
Common stock dividends, cash paid (in dollars per share)			$ 0.08
Dividends declared per common share (in dollars per share)		$ 0.08
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																	(843,000)		(1,478,000)
Common stock, shares outstanding (in shares)																	192,003,000	100,361,000	162,911,000				94,152,000
Issuance of common stock, net																	$ 30	$ 6
Common stock repurchased																	$ (4,305)		$ (7,664)
At-The-Market Offering Program
Class of Stock [Line Items]
Commission rate														2%	2%
Common stock, par value (in dollars per share)														$ 0.001	$ 0.001
Number of shares issued in transaction (in shares)														17,000,000	17,000,000
Common stock, additional shares authorized (in shares)									48,678,000	35,000,000	28,800,000	25,000,000
Common stock, capital shares reserved for future issuance (in shares)																	33,150,000
At-The-Market Offering Program | Subsequent Event
Class of Stock [Line Items]
Consideration received on transaction																$ 18,267
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%
Preferred stock, shares outstanding (in shares)																	6,847,000		6,847,000
Preferred stock, shares issued (in shares)																	6,847,000		6,847,000
Preferred stock, liquidation preference (in dollars per share)																	$ 25		$ 25
Preferred stock, aggregate liquidation preference																	$ 171,175		$ 171,175
Preferred stock, designated but unissued shares authorized (in shares)																	3,153,000		3,153,000
Preferred stock dividends, cash paid (in dollars per share)					$ 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
Aggregate amount paid to holders of record			$ 998
Series C Preferred Stock | January 23, 2020 Underwriting Agreement
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)																	$ 25		$ 25
Series C Preferred Stock | Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																								6,550,000
Commission rate																								2%
Series C Preferred Stock | At-The-Market Offering Program | Subsequent Event
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																3,510,000
Series C Preferred Stock | January 29, 2020, Equity Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)													10,713,000
Issuance of common stock, net													$ 129,336
Payments of stock issuance costs													$ 1,682
Common Stock
Class of Stock [Line Items]
Aggregate amount paid to holders of record				$ 15,526		$ 19,471	$ 17,007										$ 52,004
Common stock dividends, cash paid (in dollars per share)				$ 0.08		$ 0.10	$ 0.10
Common Stock | At-The-Market Offering Program
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																	29,863,000		70,041,000
Issuance of common stock, net																			$ 475,537
Payments of stock issuance costs																	$ 1,968
Proceeds from issuance of preferred stock, net																	$ 181,205

Stockholders' Equity - Equity T

Stockholders' Equity - Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		12 Months Ended
	May 14, 2021	May 04, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Common stock repurchased (in shares)			0
Payments for common stock repurchased			$ (4,305)	$ 0
Proceeds from issuance of common stock			$ 181,205	54,436
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)			(843,000)		(1,478,000)
Per Share price (in dollars per share)			$ (5.11)		$ 5.19
Payments for common stock repurchased			$ (4,305)		$ (7,664)
Proceeds from issuance of common stock			$ 30	$ 6
At-The-Market Offering Program
Class of Stock [Line Items]
Stock issued (in shares)	17,000,000	17,000,000
Common Stock | At-The-Market Offering Program
Class of Stock [Line Items]
Stock issued (in shares)			29,863,000		70,041,000
Per Share price (in dollars per share)			$ 6.07		$ 6.79
Proceeds from issuance of preferred stock, net			$ 181,205
Proceeds from issuance of common stock					$ 475,537

Stockholders' Equity - Dividend

Stockholders' Equity - Dividend Transactions (Details) - USD ($)						3 Months Ended
	Mar. 28, 2023	Mar. 27, 2023	Feb. 27, 2023	Jan. 30, 2023	Jan. 27, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Payments of dividends						$ 2,995,000	$ 2,995,000
Aggregate amount paid to holders of record						52,004,000	$ 29,108,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid (in dollars per share)		$ 0.14583	$ 0.14583		$ 0.14583
Payments of dividends		$ 998,500	$ 998,500		$ 998,500	2,995,500
Common Stock
Class of Stock [Line Items]
Common stock dividends, cash paid (in dollars per share)	$ 0.08		$ 0.10	$ 0.10
Aggregate amount paid to holders of record	$ 15,526,000		$ 19,471,000	$ 17,007,000		$ 52,004,000

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share - Reconciliation of Net Income (Loss) and Shares Used in Calculating Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss	$ (31,359)	$ (66,434)
Less: Preferred dividends	(2,995)	(2,995)
Net Loss related to common stockholders	$ (34,354)	$ (69,429)
Weighted average common shares outstanding – basic (in shares)	184,587	96,226
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	0
Weighted average common shares outstanding – diluted (in shares)	184,587	96,226
Potentially dilutive non-vested awards outstanding (in shares)	1,744	760

Comprehensive Income (Loss) p_3

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Comprehensive Loss	$ (19,832)	$ (144,972)
Less: Preferred dividends	(2,995)	(2,995)
Comprehensive Loss related to common stockholders	$ (22,827)	$ (147,967)
Comprehensive Loss per share related to common stockholders:
Basic (in dollars per share)	$ (0.12)	$ (1.54)
Diluted (in dollars per share)	$ (0.12)	$ (1.54)
Weighted average common shares outstanding:
Basic (in shares)	184,587	96,226
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	0
Diluted (in shares)	184,587	96,226
Potentially dilutive non-vested awards outstanding (in shares)	1,744	760

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of GAAP Net Income to Estimated REIT Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
GAAP net loss	$ (31,359)	$ (66,434)
Book to tax differences:
TRS income	(17)	(1)
Premium amortization expense	(1)	(41)
Agency Securities, trading	(112,894)	254,389
U.S. Treasury Securities	11,854	78,387
Changes in interest rate contracts	182,140	(250,900)
Amortization of deferred hedging costs	(30,368)	(39,581)
Amortization of deferred Treasury Future gains	5,815	0
Other	296	550
Estimated REIT taxable income (loss)	$ 25,466	$ (23,631)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards available for use indefinitely	$ 257,341
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ (261,185)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ (1.36)
Common stock, shares issued (in shares)	192,003		162,911
Payment of dividends	$ 54,999	$ 32,103
Interest rate swap contracts
Tax Credit Carryforward [Line Items]
Unrealized gain (loss) yet to be amortized	$ 253,854		$ 307,316

Income Taxes - Capital Losses R

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

Related Party Transactions - Ad

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

3 Months Ended

12 Months Ended

Feb. 22, 2021

Jan. 13, 2021

Mar. 31, 2023

Mar. 31, 2022

Jun. 30, 2020

Dec. 31, 2022

Mar. 20, 2023

Feb. 14, 2023

Oct. 25, 2021

Jul. 01, 2021

Apr. 20, 2021

Apr. 01, 2021

Mar. 31, 2021

Related Party Transaction [Line Items]

Fee waiver adjustment, first quarter

$ 1,650

$ 2,100

$ 2,400

Fee waiver adjustment, every month thereafter

$ 550

$ 650

$ 700

$ 800

Management fees

$ 9,244

$ 8,140

Subordinated loan to BUCKLER

0

$ 105,000

Payments of stock issuance costs

$ 36

Common stock repurchased (in shares)

0

Common stock repurchased

$ (4,305)

0

Common Stock

Related Party Transaction [Line Items]

Common stock repurchased (in shares)

(843,000)

(1,478,000)

Common stock repurchased

$ (4,305)

$ (7,664)

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

Related Party Transaction [Line Items]

Payments of stock issuance costs

$ 1,729

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

Related Party Transaction [Line Items]

Stock issued (in shares)

26,103,000

Issuance of Series C Preferred stock, net of expenses

$ 159,301

ACM

Related Party Transaction [Line Items]

Period of written notice of termination

180 days

Management fee reduction (as a percent)

40%

40%

ACM | Restricted Stock Units (RSUs)

Related Party Transaction [Line Items]

Award vesting period

5 years

Corporate Joint Venture | BUCKLER Securities, LLC

Related Party Transaction [Line Items]

Ownership percentage

10.80%

Equity method investments, value

$ 485

$ 377

Proceeds from divestiture of interest in joint venture

0

0

Required annual reduction in share of gross financing profit

$ 306

Subordinated loan to BUCKLER

$ 200,000

Armour Management Agreement | ACM

Related Party Transaction [Line Items]

Automatic renewal period of management agreement

5 years

Other Expense | ACM

Related Party Transaction [Line Items]

Management fees

$ 235

107

Stock Based Compensation Expense | ACM

Related Party Transaction [Line Items]

Management fees

141

162

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

Related Party Transaction [Line Items]

Loans receivable related parties

$ 105,000

Related party transaction, rate

0%

Related parties loans, proceeds

$ 973

$ 19

Uncommitted Revolving Credit Facility and Security Agreement | Corporate Joint Venture

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	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
ARMOUR management fees	$ 9,229	$ 8,125
Less management fees waived	(1,650)	(1,950)
Total management fee expense	7,579	6,175
Agency Securities Purchased	5,317,154	1,778,122
Loss on U.S. Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased	619,373	2,654,611
U.S. Treasury Securities Sold	613,852	1,470,125
Corporate Joint Venture | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Repurchase agreements, net	5,231,025		$ 3,247,474
Agency Securities Purchased	57,039		203,147
BUCKLER Securities, LLC | Corporate Joint Venture
Related Party Transaction [Line Items]
Repurchase agreements, net	5,231,025		3,247,474
Collateral posted on repurchase agreements	6,149,464		3,920,706
U.S. Treasury Securities Purchased			593,162
Interest on repurchase agreements	49,609	1,033
BUCKLER Securities, LLC | Corporate Joint Venture | Loss on U.S. Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased	155,857	592,600
U.S. Treasury Securities Sold	$ 154,875	$ 767,448	$ 814,265