ARMOUR Residential REIT (ARR) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 24, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		48,995,384
Entity Central Index Key	0001428205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Preferred Stock, 7.00% Series C Cumulative Redeemable
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.00% Series C Cumulative Redeemable
Trading Symbol	ARR-PRC
Security Exchange Name	NYSE
Common Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ARR
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash	$ 133,459,000	$ 87,284,000
Cash collateral posted to counterparties	13,635,000	30,806,000
Investments in securities, at fair value
Receivable for unsettled sales (including pledged securities of $76,243 at September 30, 2023)	96,490,000	0
Derivatives, at fair value	1,231,057,000	984,456,000
Accrued interest receivable	54,434,000	28,809,000
Prepaid and other	983,000	2,101,000
Total Assets	13,914,195,000	9,437,047,000
Liabilities:
Repurchase agreements, net (including $5,767,098 and $3,247,474, respectively with BUCKLER)	11,504,192,000	6,463,058,000
Obligations to return securities received as collateral, at fair value (including $100,531, with BUCKLER at December 31, 2022)	0	502,656,000
Cash collateral posted by counterparties	1,133,327,000	963,591,000
Payable for unsettled purchases	0	353,436,000
Derivatives, at fair value	0	13,016,000
Accrued interest payable- repurchase agreements (including $16,403 and $9,908, respectively with BUCKLER)	30,764,000	19,096,000
Accrued interest payable- U.S. Treasury Securities sold short (including $0 and $684, respectively with BUCKLER)	0	3,418,000
Accounts payable and other accrued expenses	9,863,000	6,404,000
Total Liabilities	12,678,146,000	8,324,675,000
Commitments and contingencies (Note 8 and Note 14)
Stockholders’ Equity:
Common stock, $0.001 par value, 90,000 and 60,000 shares authorized; 48,995 shares and 32,582 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively.	49,000	33,000
Additional paid-in capital	4,320,621,000	3,874,757,000
Cumulative distributions to stockholders	(2,158,526,000)	(1,992,361,000)
Accumulated net loss	(926,102,000)	(758,537,000)
Accumulated other comprehensive loss	0	(11,527,000)
Total Stockholders’ Equity	1,236,049,000	1,112,372,000
Total Liabilities and Stockholders’ Equity	13,914,195,000	9,437,047,000
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)	7,000	7,000
Related Party | BUCKLER Securities, LLC
Investments in securities, at fair value
Subordinated loan to BUCKLER	0	105,000,000
Liabilities:
Repurchase agreements, net (including $5,767,098 and $3,247,474, respectively with BUCKLER)	5,767,098,000	3,247,474,000
Obligations to return securities received as collateral, at fair value (including $100,531, with BUCKLER at December 31, 2022)		100,531,000
Agency Securities
Investments in securities, at fair value
Agency securities	12,384,137,000	8,198,591,000
Agency Securities | Related Party | BUCKLER Securities, LLC
Liabilities:
Accrued interest payable- repurchase agreements (including $16,403 and $9,908, respectively with BUCKLER)	$ 16,403,000	$ 9,908,000

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical)	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares $ / ₫ shares	Sep. 30, 2023 USD ($) $ / shares shares
Receivable for unsettled sales	$ 76,243,000	$ 76,243,000
Repurchase agreements, net	11,504,192,000	11,504,192,000
Obligations to return securities received as collateral	0	0
Accrued interest payable, repurchase agreements, amounts with BUCKLER	30,764,000	30,764,000
Accrued interest payable, U.S. Treasury Securities sold short, amounts with BUCKLER	$ 0	$ 0
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares) | shares	50,000,000	50,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Common stock, shares authorized (in shares) | shares	90,000,000	90,000,000
Common stock, shares issued (in shares) | shares	48,995,000	48,995,000
Common stock, shares outstanding (in shares) | shares	48,995,000	48,995,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares) | shares	10,000,000	10,000,000
Preferred stock, dividend rate (as percent)	7%	7%
Preferred stock, shares issued (in shares) | shares	6,847,000	6,847,000
Preferred stock, shares outstanding (in shares) | shares	6,847,000	6,847,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares	$ 25	$ 25
BUCKLER Securities, LLC | Related Party
Repurchase agreements, net	$ 5,767,098,000	$ 5,767,098,000
Agency Securities
Pledged securities	12,094,792,000	12,094,792,000
Agency Securities | BUCKLER Securities, LLC | Related Party
Pledged securities	6,156,345,000	6,156,345,000
Accrued interest payable, repurchase agreements, amounts with BUCKLER	16,403,000	16,403,000
US Treasury Securities | BUCKLER Securities, LLC | Related Party
Accrued interest payable, U.S. Treasury Securities sold short, amounts with BUCKLER	$ 0	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest Income:
Interest Income (including $0 and $521 and $973 and $697, respectively with BUCKLER)		$ 153,636	$ 73,968	$ 406,706	$ 155,778
Interest expense (including $72,206 and $21,423 and $180,555 and $28,918, respectively with BUCKLER)		(150,041)	(44,323)	(385,361)	(59,763)
Net Interest Income		3,595	29,645	21,345	96,015
Other Income (Loss):
Realized loss on sale of available for sale Agency Securities (reclassified from Comprehensive Income (Loss))		0	0	(7,471)	(7,501)
Credit loss expense		0	(4,183)	0	(4,183)
Gain on derivatives, net	[1]	291,142	370,234	350,932	820,752
Total Other Loss		(171,700)	(164,383)	(156,595)	(337,147)
Expenses:
Management fees		9,719	8,534	28,355	24,971
Compensation		1,262	1,409	3,682	4,228
Other operating		1,732	1,584	5,228	4,859
Total Expenses		12,713	11,527	37,265	34,058
Less management fees waived		(1,650)	(1,950)	(4,950)	(5,850)
Total Expenses after fees waived		11,063	9,577	32,315	28,208
Net Loss		(179,168)	(144,315)	(167,565)	(269,340)
Dividends on preferred stock		(2,995)	(2,995)	(8,986)	(8,986)
Net Loss related to common stockholders		(182,163)	(147,310)	(176,551)	(278,326)
Net Loss		(179,168)	(144,315)	(167,565)	(269,340)
Reclassification adjustment for realized loss on sale of available for sale Agency Securities		0	0	7,471	7,501
Reclassification adjustment for credit loss expense on available for sale Agency Securities		0	4,183	0	4,183
Net unrealized gain (loss) on available for sale Agency Securities		0	(12,583)	4,056	(133,272)
Other Comprehensive Income (loss)		0	(8,400)	11,527	(121,588)
Comprehensive Loss		(179,168)	(152,715)	(156,038)	(390,928)
Comprehensive Loss related to common stockholders		$ (182,163)	$ (155,710)	$ (165,024)	$ (399,914)
Net Loss per share related to common stockholders (Note 11):
Basic (in dollars per share)		$ (3.92)	$ (5.98)	$ (4.30)	$ (12.80)
Diluted (in dollars per share)		(3.92)	(5.98)	(4.30)	(12.80)
Dividends declared per common share (in dollars per share)		$ 1.20	$ 1.50	$ 3.80	$ 4.50
Weighted average common shares outstanding:
Basic (in shares)		46,506	24,650	41,089	21,752
Diluted (in shares)		46,506	24,650	41,089	21,752
Agency Securities
Other Income (Loss):
Loss on Agency Securities, trading		$ (468,280)	$ (514,483)	$ (505,573)	$ (1,017,894)
Gain (Loss) on U.S. Treasury Securities
Other Income (Loss):
Gain (Loss) on U.S. Treasury Securities		$ 5,438	$ (15,951)	$ 5,517	$ (128,321)
[1]Interest income and 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) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income	$ 153,636	$ 73,968	$ 406,706	$ 155,778
Interest on repurchase agreements	150,041	44,323	385,361	59,763
BUCKLER Securities, LLC | Related Party
Interest income	0	521	973	697
Interest on repurchase agreements	$ 72,206	$ 21,423	$ 180,555	$ 28,918

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			18,830,000
Beginning balance at Dec. 31, 2021	$ 1,143,639	$ 7	$ 19	$ 3,403,202	$ (1,837,955)	$ (528,607)	$ 106,973
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(390,928)					(269,340)	(121,588)
Issuance of stock, net (in shares)			7,864,000
Issuance of common stock, net	301,384		$ 8	301,376
Stock based compensation, net of withholding requirements (in shares)			29,000
Stock based compensation, net of withholding requirements	2,858			2,858
Common stock repurchased (in shares)			(206,000)
Common stock repurchased	(5,410)			(5,410)
Preferred stock dividends	(8,986)				(8,986)
Common stock dividends	(98,410)				(98,410)
Ending balance, preferred (in shares) at Sep. 30, 2022		6,847,000
Ending balance, common (in shares) at Sep. 30, 2022			26,517,000
Ending balance at Sep. 30, 2022	944,147	$ 7	$ 27	3,702,026	(1,945,351)	(797,947)	(14,615)
Beginning balance, preferred (in shares) at Dec. 31, 2021		6,847,000
Beginning balance, common (in shares) at Dec. 31, 2021			18,830,000
Beginning balance at Dec. 31, 2021	$ 1,143,639	$ 7	$ 19	3,403,202	(1,837,955)	(528,607)	106,973
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased (in shares)			(296,000)
Ending balance, preferred (in shares) at Dec. 31, 2022		6,847,000
Ending balance, common (in shares) at Dec. 31, 2022	32,582,000		32,582,000
Ending balance at Dec. 31, 2022	$ 1,112,372	$ 7	$ 33	3,874,757	(1,992,361)	(758,537)	(11,527)
Beginning balance, preferred (in shares) at Jun. 30, 2022		6,847,000
Beginning balance, common (in shares) at Jun. 30, 2022			22,117,000
Beginning balance at Jun. 30, 2022	972,658	$ 7	$ 22	3,537,687	(1,905,211)	(653,632)	(6,215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(152,715)					(144,315)	(8,400)
Issuance of stock, net (in shares)			4,546,000
Issuance of common stock, net	167,246		$ 5	167,241
Stock based compensation, net of withholding requirements (in shares)			10,000
Stock based compensation, net of withholding requirements	964			964
Common stock repurchased (in shares)			(156,000)
Common stock repurchased	(3,866)			(3,866)
Preferred stock dividends	(2,995)				(2,995)
Common stock dividends	(37,145)				(37,145)
Ending balance, preferred (in shares) at Sep. 30, 2022		6,847,000
Ending balance, common (in shares) at Sep. 30, 2022			26,517,000
Ending balance at Sep. 30, 2022	$ 944,147	$ 7	$ 27	3,702,026	(1,945,351)	(797,947)	(14,615)
Beginning balance, preferred (in shares) at Dec. 31, 2022		6,847,000
Beginning balance, common (in shares) at Dec. 31, 2022	32,582,000		32,582,000
Beginning balance at Dec. 31, 2022	$ 1,112,372	$ 7	$ 33	3,874,757	(1,992,361)	(758,537)	(11,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(156,038)					(167,565)	11,527
Issuance of stock, net (in shares)			16,634,000
Issuance of common stock, net	450,148		$ 16	450,132
Stock based compensation, net of withholding requirements (in shares)			43,000
Stock based compensation, net of withholding requirements	$ 2,341			2,341
Common stock repurchased (in shares)	0		(264,000)
Common stock repurchased	$ (6,609)			(6,609)
Preferred stock dividends	(8,986)				(8,986)
Common stock dividends	$ (157,179)				(157,179)
Ending balance, preferred (in shares) at Sep. 30, 2023		6,847,000
Ending balance, common (in shares) at Sep. 30, 2023	48,995,000		48,995,000
Ending balance at Sep. 30, 2023	$ 1,236,049	$ 7	$ 49	4,320,621	(2,158,526)	(926,102)	0
Beginning balance, preferred (in shares) at Jun. 30, 2023		6,847,000
Beginning balance, common (in shares) at Jun. 30, 2023			41,362,000
Beginning balance at Jun. 30, 2023	1,282,989	$ 7	$ 41	4,128,568	(2,098,693)	(746,934)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(179,168)					(179,168)
Issuance of stock, net (in shares)			7,630,000
Issuance of common stock, net	191,466		$ 8	191,458
Stock based compensation, net of withholding requirements (in shares)			14,000
Stock based compensation, net of withholding requirements	828			828
Common stock repurchased (in shares)			(11,000)
Common stock repurchased	(233)			(233)
Preferred stock dividends	(2,995)				(2,995)
Common stock dividends	$ (56,838)				(56,838)
Ending balance, preferred (in shares) at Sep. 30, 2023		6,847,000
Ending balance, common (in shares) at Sep. 30, 2023	48,995,000		48,995,000
Ending balance at Sep. 30, 2023	$ 1,236,049	$ 7	$ 49	$ 4,320,621	$ (2,158,526)	$ (926,102)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash Flows From Operating Activities:
Net Loss	$ (179,168)		$ (144,315)	$ (167,565)	$ (269,340)
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by operating activities:
Net amortization of premium on Agency Securities				3,189	16,814
Realized loss on sale of Agency Securities, available for sale	0		0	7,471	7,501
Credit loss expense	0		4,183	0	4,183
Stock based compensation				2,341	2,858
Changes in operating assets and liabilities:
Increase in accrued interest receivable				(26,129)	(19,344)
Decrease (Increase) in prepaid and other assets				1,118	(1,999)
Change in derivatives, at fair value				(259,617)	(892,212)
Increase in accrued interest payable- repurchase agreements				11,668	19,266
Decrease in accrued interest payable- U.S. Treasury Securities sold short				(3,418)	0
Increase in accounts payable and other accrued expenses				3,226	4,125
Net cash and cash collateral posted to counterparties provided by operating activities				72,472	16,667
Cash Flows From Investing Activities:
Purchases of Agency Securities (includes $233,048 with BUCKLER at September 30, 2023)				(10,013,127)	(9,304,581)
Principal repayments of Agency Securities				622,330	451,849
Proceeds from sales of Agency Securities				4,251,123	3,390,725
Disbursements on reverse repurchase agreements, with BUCKLER				(1,057,803)	0
Receipts from reverse repurchase agreements, with BUCKLER				1,762,079	0
Increase in cash collateral posted by counterparties				169,736	829,347
Proceeds from subordinated loan due from BUCKLER				105,000	0
Net cash and cash collateral posted to counterparties used in investing activities				(4,657,933)	(4,559,580)
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses				450,148	301,384
Proceeds from repurchase agreements (including $53,152,051 and $32,714,577, respectively with BUCKLER)				89,831,839	56,729,350
Principal repayments on repurchase agreements (including $(51,336,703) and $(30,943,229), respectively with BUCKLER)				(85,494,981)	(52,427,321)
Series C Preferred stock dividends paid				(8,986)	(8,986)
Common stock dividends paid				(157,179)	(98,410)
Common stock repurchased				(6,376)	(1,544)
Net cash and cash collateral posted to counterparties provided by financing activities				4,614,465	4,494,473
Net increase (decrease) in cash and cash collateral posted to counterparties				29,004	(48,440)
Cash and cash collateral posted to counterparties - beginning of period		$ 118,090		118,090	356,216	$ 356,216
Cash and cash collateral posted to counterparties - end of period	147,094		307,776	147,094	307,776	118,090
Supplemental Disclosure:
Cash paid during the period for interest				448,735	68,016
Non-Cash Investing Activities:
Receivable for unsettled sales				96,490	1,091,891
Payable for unsettled purchases				0	(682,605)
Net unrealized gain (loss) on available for sale Agency Securities				4,056	(133,272)
Non-Cash Financing Activities:
Amounts payable for common stock repurchased				(233)	(3,866)
BUCKLER Securities, LLC | Related Party
Cash Flows From Investing Activities:
Purchases of Agency Securities (includes $233,048 with BUCKLER at September 30, 2023)				(233,048)		(203,147)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements (including $53,152,051 and $32,714,577, respectively with BUCKLER)				53,152,051	32,714,577
Principal repayments on repurchase agreements (including $(51,336,703) and $(30,943,229), respectively with BUCKLER)				(51,336,703)	(30,943,229)
Agency Securities
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by operating activities:
Realized loss on sale of Agency Securities, available for sale		$ 7,471
Loss on Agency Securities, trading	$ 468,280		$ 514,483	505,573	1,017,894
US Treasury Securities
Adjustments to reconcile net loss to net cash and cash collateral posted to counterparties provided by operating activities:
Net amortization (accretion) of U.S. Treasury Securities				132	(1,400)
(Gain) Loss on U.S. Treasury Securities				(5,517)	128,321
Cash Flows From Investing Activities:
Purchases of U.S. Treasury Securities (includes $155,857 and $592,600 with BUCKLER, respectively)				(1,111,123)	(3,992,820)
Proceeds from sales of U.S. Treasury Securities (includes $154,875 and $767,448 with BUCKLER, respectively)				613,852	4,065,900
US Treasury Securities | BUCKLER Securities, LLC | Related Party
Cash Flows From Investing Activities:
Purchases of U.S. Treasury Securities (includes $155,857 and $592,600 with BUCKLER, respectively)				(155,857)	(592,600)	(593,162)
Proceeds from sales of U.S. Treasury Securities (includes $154,875 and $767,448 with BUCKLER, respectively)				$ 154,875	$ 767,448	$ 814,265

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Agency Securities Purchased	$ 10,013,127	$ 9,304,581
Proceeds from repurchase agreements with BUCKLER	89,831,839	56,729,350
Principal repayments on repurchase agreements with BUCKLER	(85,494,981)	(52,427,321)
US Treasury Securities
U.S. Treasury Securities Purchased	1,111,123	3,992,820
U.S. Treasury Securities Sold	613,852	4,065,900
BUCKLER Securities, LLC | Related Party
Agency Securities Purchased	233,048		$ 203,147
Proceeds from repurchase agreements with BUCKLER	53,152,051	32,714,577
Principal repayments on repurchase agreements with BUCKLER	(51,336,703)	(30,943,229)
BUCKLER Securities, LLC | Related Party | US Treasury Securities
U.S. Treasury Securities Purchased	155,857	592,600	593,162
U.S. Treasury Securities Sold	$ 154,875	$ 767,448	$ 814,265

Organization and Nature of Busi

Organization and Nature of Business Operations	9 Months Ended
	Sep. 30, 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 September 30, 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 U.S. Treasury Securities and money market instruments.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 consolidated financial statements include the valuation of MBS, including an assessment of the allowance for credit losses, and derivative instruments. Certain prior year amounts have been reclassified to conform to the current year's presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. 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). 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 first quarter of 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 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 moved in close relationship to the Federal Funds Effective Rate ("Fed Funds Rate") and 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 September 30, 2023, we did not have any reverse repurchase agreements. At December 31, 2022, we had $704,276 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. At September 30, 2023, we did not have any obligations to return securities received as collateral associated with our reverse repurchase agreements. We had obligations to return securities received as collateral associated with our reverse repurchase agreements at December 31, 2022 of $502,656 ($100,531 of which were with BUCKLER). 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 available for sale securities was assessed at least on a quarterly basis and more frequently when economic or market concerns warranted such evaluation. An impairment was considered if we (1) intended to sell the available for sale securities, or (2) believed it was more likely than not that we were required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations) and a credit impairment existed where fair value was less than amortized cost. Impairment losses recognized established 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 Income (Loss) and are determined using the specific identification method. Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Comprehensive Income (Loss)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 ("CME") 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 September 30, 2023 and December 31, 2022. September 30, 2023 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 12,384,137 $ — $ 12,384,137 Derivatives $ — $ 1,231,057 $ — $ 1,231,057 Liabilities at Fair Value: Derivatives $ — $ — $ — $ — 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 nine months ended September 30, 2023 or for the year ended December 31, 2022.

Investments in Securities

Investments in Securities	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Note 5 - Investments in Securities As of September 30, 2023 and December 31, 2022, our securities portfolio consisted of $12,384,137 and $8,198,591 of investment securities, at fair value, respectively. We also had $(413,906) and $777,469 of TBA Agency Securities, at fair value, which were reported at net carrying value of $11,284 and $(11,797), respectively, at September 30, 2023 and 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. During the first quarter of 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 September 30, 2023 and December 31, 2022. September 30, 2023 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Trading securities $ 13,184,779 $ 13,127,896 $ (743,759) $ — $ 12,384,137 Total Agency Securities $ 13,184,779 $ 13,127,896 $ (743,759) $ — $ 12,384,137 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 September 30, 2023 and December 31, 2022. Weighted Average Life Trading Securities September 30, 2023 Fair Value Amortized Cost ≥ 5 years 12,384,137 13,127,896 Totals $ 12,384,137 $ 13,127,896 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 September 30, 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	9 Months Ended
	Sep. 30, 2023
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements, net	Note 6 - Repurchase Agreements, net At September 30, 2023, we had active MRAs with 38 counterparties and had $11,504,192 in outstanding borrowings with 18 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 September 30, 2023 and December 31, 2022. Our repurchase agreements require excess collateral, known as a “haircut.” At September 30, 2023, the average haircut percentage was 2.73% 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. September 30, 2023 Balance Weighted Average Contractual Rate Weighted Average Maturity in days Agency Securities ≤ 30 days $ 7,704,103 5.47 % 15 > 30 days to ≤ 90 days 3,800,089 5.48 % 36 Total or Weighted Average $ 11,504,192 5.47 % 22 December 31, 2022 Balance Weighted Average Contractual Rate Weighted Average Maturity in days Agency Securities ≤ 30 days (1) $ 5,912,572 4.43 % 15 > 30 days to ≤ 60 days 550,486 4.48 % 34 Total or Weighted Average $ 6,463,058 4.43 % 16 (1) Net of reverse repurchase agreements of $704,276. Obligations to return securities received as collateral of $502,656 associated with the reverse repurchase agreements 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 December 31, 2022. At September 30, 2023, we did not have any reverse repurchase agreements. 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 September 30, 2023 and December 31, 2022, BUCKLER accounted for 50.1% and 50.2%, respectively, of our aggregate borrowings and had an amount at risk of 9.5% and 12.9%, respectively, of our total stockholders' equity with a weighted average maturity of 19 days and 15 days, respectively, on repurchase agreements, net (see Note 14 - Related Party Transactions).

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 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 U.S. 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 CME. In general, centrally-cleared interest rate swap contracts require us to post higher initial margin than bilateral contracts. 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 September 30, 2023 and December 31, 2022. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net September 30, 2023 Interest rate swap contracts (2) $ 1,219,773 $ — $ (1,112,429) $ 107,344 TBA Agency Securities 11,284 — (7,263) 4,021 Totals $ 1,231,057 $ — $ (1,119,692) $ 111,365 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 $92,885 of centrally-cleared interest rate swap contracts. Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net December 31, 2022 Futures contracts $ (516) $ 516 $ — $ — TBA Agency Securities (12,500) 12,500 — — Totals $ (13,016) $ 13,016 $ — $ — (1) See Note 4 - Fair Value of Financial Instruments for additional discussion. The following table represents the information regarding our derivatives which are included in Gain on derivatives, net in the accompanying consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and September 30, 2022. Income (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, Derivatives 2023 2022 2023 2022 Interest rate swap contracts (1) $ 262,057 $ 300,139 $ 335,587 $ 865,597 Futures contracts 2,227 81,563 (11,070) 83,716 TBA Agency Securities 26,858 (11,468) 26,415 (128,561) Total Gain on Derivatives, net $ 291,142 $ 370,234 $ 350,932 $ 820,752 (1) Includes $93,035 and $115,026 of centrally-cleared interest rate swap contracts for the three and nine months ended September 30, 2023. The following tables present information about our derivatives at September 30, 2023 and December 31, 2022. Interest Rate Swap Contracts (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate September 30, 2023 < 3 years $ 680,000 11 2.43 % ≥ 3 years and < 5 years 1,629,000 46 1.60 % ≥ 5 years and < 7 years 1,452,000 76 0.56 % ≥ 7 years 4,575,000 103 2.24 % Total or Weighted Average (2) $ 8,336,000 80 1.84 % 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, $3,025,000 notional are SOFR based swaps, the last of which matures in 2033; and $5,311,000 notional are Fed Funds based swaps, the last of which matures in 2032. Of this amount, $2,825,000 notional are centrally-cleared interest rate swap contracts, the last of which matures in 2033. (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 September 30, 2023 30 Year Short, 3.0% $ (500,000) $ (425,190) $ (413,906) Total $ (500,000) $ (425,190) $ (413,906) December 31, 2022 30 Year Long, 4.5% $ 500,000 $ 489,805 $ 481,641 30 Year Long, 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	9 Months Ended
	Sep. 30, 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 September 30, 2023, the average management fee rate, prior to management fees waived, was 0.93% based on gross equity raised of $4,235,238 and effectively a rate of 3.18% based on total stockholders' equity. During the three and nine months ended September 30, 2023, and September 30, 2022 ACM voluntarily waived management fees of $1,650 and $4,950 and $1,950 and $5,850, respectively. ACM is currently waiving $550 per month of its contractual management fee until ACM provides further notice to ARMOUR. 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 September 30, 2023, the Company’s contractual management fee commitments are: Year Contractual Management Fee Remainder of 2023 $ 9,816 2024 39,264 2025 39,264 2026 39,264 2027 39,264 2028 39,264 2029 39,264 Total $ 245,400 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 September 30, 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 August 7, 2023, the Court issued an order deferring the entry of an Order of Dismissal until December 29, 2023, when it will review the status of the case. Each of ARMOUR, JAVELIN, ACM and the Individual Defendants intends to defend the claims made in these lawsuits vigorously; however, there can be no assurance that any of ARMOUR, JAVELIN, ACM or the Individual Defendants will prevail in its defense of any of these lawsuits to which it is a party. An unfavorable resolution of any such litigation surrounding the Transactions may result in monetary damages being awarded to the plaintiffs and the putative class of former stockholders of JAVELIN and the cost of defending the litigation, even if resolved favorably, could be substantial. Due to the preliminary nature of all of these suits, ARMOUR is not able at this time to estimate their outcome.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 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. In connection with the Reverse Stock Split, the number of shares of common stock issuable under the Plan was proportionately adjusted to 173 shares. Transactions related to awards for the nine months ended September 30, 2023 are summarized below: September 30, 2023 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 114 $ 64.40 Granted (1) 260 $ 29.65 Vested (56) $ 48.22 Unvested RSU Awards Outstanding end of period 318 $ 38.81 (1) During the nine months ended September 30, 2023, 196 RSUs were granted to certain officers of ARMOUR and 64 RSUs were granted to the Board.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Note 10 - Stockholders' Equity The following table presents the components of cumulative distributions to stockholders at September 30, 2023 and December 31, 2022. Cumulative Distributions to Stockholders September 30, 2023 December 31, 2022 Preferred dividends $ 153,813 $ 144,827 Common stock dividends 2,004,713 1,847,534 Totals $ 2,158,526 $ 1,992,361 Preferred Stock At September 30, 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 September 30, 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 September 30, 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 September 30, 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 nine months ended September 30, 2023. Shares designated as Series C Preferred Stock but unissued, which are available under the Preferred C ATM Sales Agreement, totaled 3,153 at September 30, 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 nine months ended September 30, 2023. Common Stock On August 29, 2023, we announced that our Board of Directors had approved the Reverse Stock Split. The Reverse Stock Split took effect at approximately 5:00 p.m. Eastern Time on September 29, 2023 (the “Effective Time”). At the Effective Time, every five issued and outstanding shares of common stock was converted into one share of common stock and the number of authorized shares of common stock was also reduced, on a one-for-five basis, from 450,000 to 90,000. The par value of each share of common stock remained unchanged. No fractional shares were issued in connection with the Reverse Stock Split. On February 14, 2023, we submitted Articles of Amendment with the State of Maryland to increase the number of authorized shares of common stock, from 60,000 shares to 90,000 shares. At September 30, 2023 and December 31, 2022, we were authorized to issue up to 90,000 and 60,000 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 48,995 and 32,582 shares of common stock issued and outstanding at September 30, 2023 and December 31, 2022, respectively. On May 14, 2021, we entered into an Equity Sales Agreement (the “2021 Common stock ATM Sales Agreement”) 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 3,400 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 5,000 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 5,760 shares available for sale. On November 4, 2022, the Common stock ATM Sales Agreement was further amended to offer an additional 7,000 shares available for sale. On January 17, 2023, it was amended to add an additional 9,736 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. From January 2023 through July 2023, we sold 13,305 shares under this agreement for proceeds of $367,997, net of issuance costs and commissions of approximately $3,725. Those sales fully utilized the shares allocated to the 2021 Common stock ATM Sales Agreement, which has been completed. See Note 14 - Related Party Transactions for discussion of additional transactions with BUCKLER. On July 26, 2023 we entered into a new Equity Sales Agreement (the “2023 Common stock ATM Sales Agreement”), with BUCKLER, JonesTrading Institutional Services LLC, Citizens JMP Securities, LLC (formerly 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 2023 Common Stock ATM Sales agreement, we may offer and sell over a period of time and from time to time, up to 15,000 shares of our common stock, par value $0.001 per share. On October 25, 2023, the 2023 Common stock ATM Sales Agreement was amended to add StockBlock Securities LLC, as a sales agent. During the nine months ended September 30, 2023, we sold 3,328 shares under this agreement for proceeds of $82,125, net of issuance costs and commissions of approximately $877. During the nine months ended September 30, 2023, we issued 1 common share under our Common Stock Dividend Reinvestment Program ("DRIP") for net proceeds of $26. Common Stock Repurchase Program At September 30, 2023 and December 31, 2022, there were 1,082 and 1,346 authorized shares remaining under the Company's common stock repurchase authorization (the "Common Stock Repurchase Program"). The Common Stock Repurchase Program authorization has been increased to 2,500 shares, effective October 30, 2023. During the three months ended September 30, 2023 we repurchased a total of 11 fractional shares for a cost of $233, in connection with the Reverse Stock Split. During the nine months ended September 30, 2023, we repurchased 264 common shares under this authorization for a cost of $6,609. Under the Common Stock Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Exchange Act, and related rules. We are not required to repurchase any shares under the Common Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. 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 nine months ended September 30, 2023 and for the year ended December 31, 2022. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (costs) September 30, 2023 2021 Common stock ATM Sales Agreement January 4, 2023 - July 12, 2023 13,305 $ 27.66 $ 367,997 2023 Common stock ATM Sales Agreement July 26, 2023 - September 29, 2023 3,328 $ 24.67 $ 82,125 DRIP shares issued July 25, 2023 - September 29, 2023 1 $ 23.82 $ 26 Common stock repurchased March, May and September (264) $ 24.98 $ (6,609) December 31, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - December 21, 2022 14,008 $ 33.95 $ 475,537 Common stock repurchased June, September and October (296) $ 25.95 $ (7,664) (1) Weighted average price Dividends On October 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 October 15, 2023. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable November 27, 2023 to holders of record on November 15, 2023 and payable December 27, 2023 to holders of record on December 15, 2023. On October 30, 2023, a cash dividend of $0.40 per outstanding common share, or $19,730 in the aggregate, will be paid to holders of record on October 16, 2023. We have also declared a cash dividend of $0.40 per outstanding common share payable November 29, 2023 and December 28, 2023 to holders of record on November 15, 2023 and December 15, 2023, respectively. The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 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 April 15, 2023 April 27, 2023 $ 0.14583 998.5 May 15, 2023 May 30, 2023 $ 0.14583 998.5 June 15, 2023 June 27, 2023 $ 0.14583 998.5 July 15, 2023 July 27, 2023 $ 0.14583 998.5 August 15, 2023 August 28, 2023 $ 0.14583 998.5 September 15, 2023 September 27, 2023 $ 0.14583 998.5 Total dividends paid $ 8,986.5 The following table presents our common stock dividend transactions for the nine months ended September 30, 2023. Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 17, 2023 January 30, 2023 $ 0.50 $ 17,007 February 15, 2023 February 27, 2023 $ 0.50 19,471 March 15, 2023 March 28, 2023 $ 0.40 15,526 April 17, 2023 April 27, 2023 $ 0.40 15,788 May 15, 2023 May 30, 2023 $ 0.40 15,964 June 15, 2023 June 29, 2023 $ 0.40 16,585 July 17, 2023 July 28, 2023 $ 0.40 18,405 August 15, 2023 August 30, 2023 $ 0.40 19,123 September 15, 2023 September 28, 2023 $ 0.40 19,310 Total dividends paid $ 157,179

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net Loss $ (179,168) $ (144,315) $ (167,565) $ (269,340) Less: Preferred dividends (2,995) (2,995) (8,986) (8,986) Net Loss related to common stockholders $ (182,163) $ (147,310) $ (176,551) $ (278,326) Weighted average common shares outstanding – basic 46,506 24,650 41,089 21,752 Add: Effect of dilutive non-vested awards, assumed vested — — — — Weighted average common shares outstanding – diluted 46,506 24,650 41,089 21,752 For the three and nine months ended September 30, 2023 and September 30, 2022, 318 and 633, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Comprehensive Loss $ (179,168) $ (152,715) $ (156,038) $ (390,928) Less: Preferred dividends (2,995) (2,995) (8,986) (8,986) Comprehensive Loss related to common stockholders $ (182,163) $ (155,710) $ (165,024) $ (399,914) Comprehensive Loss per share related to common stockholders: Basic $ (3.92) $ (6.32) $ (4.02) $ (18.38) Diluted $ (3.92) $ (6.32) $ (4.02) $ (18.38) Weighted average common shares outstanding: Basic 46,506 24,650 41,089 21,752 Add: Effect of dilutive non-vested awards, assumed vested — — — — Diluted 46,506 24,650 41,089 21,752 For the three and nine months ended September 30, 2023 and September 30, 2022, 318 and 633, respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Loss related to common stockholders because to have included them would have been anti-dilutive for the period.

Comprehensive Income (Loss) per

Comprehensive Income (Loss) per Common Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net Loss $ (179,168) $ (144,315) $ (167,565) $ (269,340) Less: Preferred dividends (2,995) (2,995) (8,986) (8,986) Net Loss related to common stockholders $ (182,163) $ (147,310) $ (176,551) $ (278,326) Weighted average common shares outstanding – basic 46,506 24,650 41,089 21,752 Add: Effect of dilutive non-vested awards, assumed vested — — — — Weighted average common shares outstanding – diluted 46,506 24,650 41,089 21,752 For the three and nine months ended September 30, 2023 and September 30, 2022, 318 and 633, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Comprehensive Loss $ (179,168) $ (152,715) $ (156,038) $ (390,928) Less: Preferred dividends (2,995) (2,995) (8,986) (8,986) Comprehensive Loss related to common stockholders $ (182,163) $ (155,710) $ (165,024) $ (399,914) Comprehensive Loss per share related to common stockholders: Basic $ (3.92) $ (6.32) $ (4.02) $ (18.38) Diluted $ (3.92) $ (6.32) $ (4.02) $ (18.38) Weighted average common shares outstanding: Basic 46,506 24,650 41,089 21,752 Add: Effect of dilutive non-vested awards, assumed vested — — — — Diluted 46,506 24,650 41,089 21,752 For the three and nine months ended September 30, 2023 and September 30, 2022, 318 and 633, respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Loss related to common stockholders because to have included them would have been anti-dilutive for the period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 GAAP net loss $ (179,168) $ (144,315) $ (167,565) $ (269,340) Book to tax differences: TRS (income) loss (18) 12 (15) 5 Premium amortization expense — (2) (1) (80) Agency Securities 468,280 514,483 505,573 1,017,894 U.S. Treasury Securities (5,438) 15,951 (5,517) 128,321 Changes in interest rate contracts (231,890) (351,203) (191,071) (806,847) Impairment losses on available for sale Agency Securities — 4,183 — 4,183 Security Sales — — 7,471 7,501 Amortization of deferred hedging costs (24,019) (36,482) (80,590) (112,778) Amortization of deferred Treasury Future gains 5,570 — 17,447 — Other 495 625 1,274 1,785 Estimated REIT taxable income (loss) $ 33,812 $ 3,252 $ 87,006 $ (29,356) 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 and futures contracts terminated before their maturity are deferred and amortized over the remainder of the original term of the contract for REIT taxable income. At September 30, 2023 and December 31, 2022, we had approximately $226,457 and $307,316, respectively, of net deductible expense relating to previously terminated interest rate swap and treasury futures contracts amortizing through the year 2033. At September 30, 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 September 30, 2023 by approximately $339,726, or approximately $6.93 per common share (based on the 48,995 common shares then outstanding). State and federal tax returns for the years 2020 and later remain open and are subject to possible examination. We are required and intend to timely distribute substantially all of our REIT taxable income in order to maintain our REIT status under the Code. Total dividend payments to stockholders for the three and nine months ended September 30, 2023 and September 30, 2022 were $59,833 and $166,165 and $40,140 and $107,396, 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	9 Months Ended
	Sep. 30, 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 has voluntarily waived a portion of its contractual management fee. ACM is currently waiving $550 per month of its contractual management fee 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 ARMOUR management fees $ 9,704 $ 8,519 $ 28,309 $ 24,926 Less management fees waived (1,650) (1,950) (4,950) (5,850) Total management fee expense $ 8,054 $ 6,569 $ 23,359 $ 19,076 We are required to take actions as may be reasonably required to permit and enable ACM to carry out its duties and obligations. We are also responsible for any costs and expenses that ACM incurred solely on our behalf other than the various overhead expenses specified in the terms of the management agreement. For the three and nine months ended September 30, 2023 and September 30, 2022, we reimbursed ACM $82 and $487 and $194 and $431, respectively, 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 $113 and $372 and $135 and $437 for the three and nine months ended September 30, 2023 and September 30, 2022, respectively. BUCKLER At September 30, 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 $487 at September 30, 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 and nine months ended September 30, 2023 and September 30, 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. 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, which was to mature on May 1, 2025. In March 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 nine months ended September 30, 2023 the Company earned $973 of interest on this loan. For the three and nine months ended September 30, 2022, the Company earned $521 and $697, respectively, of interest on this loan. On February 22, 2021, the Company entered into an uncommitted revolving credit facility and security agreement with BUCKLER. Under the terms of the facility, the Company may, in its sole and absolute discretion, provide drawings to BUCKLER of up to $50,000. Interest on drawings is payable monthly at the Federal Reserve Bank of New York SOFR plus 2% per annum. To date, BUCKLER has not yet used the facility and therefore no interest expense was payable for the nine months ended September 30, 2023. With BUCKLER as the sales agent, under the 2021 Common stock ATM Sales Agreement, we sold 1,223 and 8,626 common shares for proceeds of $31,354 and $246,672, net of issuance costs and commissions of approximately $268 and $2,358 during the three and nine months ended September 30, 2023, respectively. We also repurchased 253 common shares under the current repurchase authorization which cost $6,376, including commissions of approximately $54, to BUCKLER during the nine months ended September 30, 2023. During the three and nine months ended September 30, 2023, we sold 3,113 shares under the 2023 Common stock ATM Sales Agreement for proceeds of $77,092, net of issuance costs and commissions of approximately $661 to BUCKLER (see Note 10 - Stockholders' Equity). The table below summarizes other transactions with BUCKLER for the nine months ended September 30, 2023 and for the year ended December 31, 2022. Transactions with BUCKLER September 30, 2023 December 31, 2022 Repurchase agreements, net (1) $ 5,767,098 $ 3,247,474 Collateral posted on repurchase agreements $ 6,156,345 $ 3,920,706 Agency Securities Purchased $ 233,048 $ 203,147 U.S. Treasury Securities Purchased $ 155,857 $ 593,162 U.S. Treasury Securities Sold $ 154,875 $ 814,265

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 consolidated financial statements include the valuation of MBS, including an assessment of the allowance for credit losses, and derivative instruments. Certain prior year amounts have been reclassified to conform to the current year's presentation. All per share amounts, common shares outstanding and stock-based compensation amounts for all periods presented reflect our one-for-five reverse stock split (the “Reverse Stock Split”), which was effective September 29, 2023. 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. 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	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 moved in close relationship to the Federal Funds Effective Rate ("Fed Funds Rate") and 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
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 AssetsImpairment of available for sale securities was assessed at least on a quarterly basis and more frequently when economic or market concerns warranted such evaluation. An impairment was considered if we (1) intended to sell the available for sale securities, or (2) believed it was more likely than not that we were required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations) and a credit impairment existed where fair value was less than amortized cost. Impairment losses recognized established a new cost basis for the related available for sale securities.
Revenue Recognition	Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Premiums and discounts associated with the purchase of Multi-Family MBS, which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur. Purchase and sale transactions (including TBA Agency Securities) are recorded on the trade date to the extent it is probable that we will take or make timely physical delivery of the related securities. Gains or losses realized from sales of available for sale securities are reclassified into income from Comprehensive Income (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)	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022. September 30, 2023 Level 1 Level 2 Level 3 Balance Assets at Fair Value: Agency Securities $ — $ 12,384,137 $ — $ 12,384,137 Derivatives $ — $ 1,231,057 $ — $ 1,231,057 Liabilities at Fair Value: Derivatives $ — $ — $ — $ — 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)	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022. September 30, 2023 Principal Amount Amortized Cost Gross Unrealized Loss Gross Unrealized Gain Fair Value Agency Securities: Trading securities $ 13,184,779 $ 13,127,896 $ (743,759) $ — $ 12,384,137 Total Agency Securities $ 13,184,779 $ 13,127,896 $ (743,759) $ — $ 12,384,137 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 September 30, 2023 and December 31, 2022. Weighted Average Life Trading Securities September 30, 2023 Fair Value Amortized Cost ≥ 5 years 12,384,137 13,127,896 Totals $ 12,384,137 $ 13,127,896 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)	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022. Our repurchase agreements require excess collateral, known as a “haircut.” At September 30, 2023, the average haircut percentage was 2.73% 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. September 30, 2023 Balance Weighted Average Contractual Rate Weighted Average Maturity in days Agency Securities ≤ 30 days $ 7,704,103 5.47 % 15 > 30 days to ≤ 90 days 3,800,089 5.48 % 36 Total or Weighted Average $ 11,504,192 5.47 % 22 December 31, 2022 Balance Weighted Average Contractual Rate Weighted Average Maturity in days Agency Securities ≤ 30 days (1) $ 5,912,572 4.43 % 15 > 30 days to ≤ 60 days 550,486 4.48 % 34 Total or Weighted Average $ 6,463,058 4.43 % 16 (1) Net of reverse repurchase agreements of $704,276. Obligations to return securities received as collateral of $502,656 associated with the reverse repurchase agreements 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 December 31, 2022. At September 30, 2023, we did not have any reverse repurchase agreements. 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)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	The following tables present information about the potential effects of netting our derivatives if we were to offset the assets and liabilities on the accompanying consolidated balance sheets. We currently present these financial instruments at their gross amounts and they are included in Derivatives, at fair value on the accompanying consolidated balance sheets at September 30, 2023 and December 31, 2022. Gross Amounts Not Offset Assets Gross Amounts (1) Financial Cash Collateral Total Net September 30, 2023 Interest rate swap contracts (2) $ 1,219,773 $ — $ (1,112,429) $ 107,344 TBA Agency Securities 11,284 — (7,263) 4,021 Totals $ 1,231,057 $ — $ (1,119,692) $ 111,365 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 $92,885 of centrally-cleared interest rate swap contracts.
Schedule of Offsetting Liabilities	Gross Amounts Not Offset Liabilities Gross Amounts (1) Financial Cash Collateral Total Net December 31, 2022 Futures contracts $ (516) $ 516 $ — $ — TBA Agency Securities (12,500) 12,500 — — Totals $ (13,016) $ 13,016 $ — $ — (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 and nine months ended September 30, 2023 and September 30, 2022. Income (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, Derivatives 2023 2022 2023 2022 Interest rate swap contracts (1) $ 262,057 $ 300,139 $ 335,587 $ 865,597 Futures contracts 2,227 81,563 (11,070) 83,716 TBA Agency Securities 26,858 (11,468) 26,415 (128,561) Total Gain on Derivatives, net $ 291,142 $ 370,234 $ 350,932 $ 820,752 (1) Includes $93,035 and $115,026 of centrally-cleared interest rate swap contracts for the three and nine months ended September 30, 2023.
Schedule of Derivative Instruments	The following tables present information about our derivatives at September 30, 2023 and December 31, 2022. Interest Rate Swap Contracts (1) Notional Amount Weighted Average Remaining Term (Months) Weighted Average Rate September 30, 2023 < 3 years $ 680,000 11 2.43 % ≥ 3 years and < 5 years 1,629,000 46 1.60 % ≥ 5 years and < 7 years 1,452,000 76 0.56 % ≥ 7 years 4,575,000 103 2.24 % Total or Weighted Average (2) $ 8,336,000 80 1.84 % 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, $3,025,000 notional are SOFR based swaps, the last of which matures in 2033; and $5,311,000 notional are Fed Funds based swaps, the last of which matures in 2032. Of this amount, $2,825,000 notional are centrally-cleared interest rate swap contracts, the last of which matures in 2033. (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 September 30, 2023 30 Year Short, 3.0% $ (500,000) $ (425,190) $ (413,906) Total $ (500,000) $ (425,190) $ (413,906) December 31, 2022 30 Year Long, 4.5% $ 500,000 $ 489,805 $ 481,641 30 Year Long, 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)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Management Fee Commitments Obligation	Based on the management fee base, gross equity raised, as of September 30, 2023, the Company’s contractual management fee commitments are: Year Contractual Management Fee Remainder of 2023 $ 9,816 2024 39,264 2025 39,264 2026 39,264 2027 39,264 2028 39,264 2029 39,264 Total $ 245,400

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to awards for the nine months ended September 30, 2023 are summarized below: September 30, 2023 Number of Awards Weighted Unvested RSU Awards Outstanding beginning of period 114 $ 64.40 Granted (1) 260 $ 29.65 Vested (56) $ 48.22 Unvested RSU Awards Outstanding end of period 318 $ 38.81 (1) During the nine months ended September 30, 2023, 196 RSUs were granted to certain officers of ARMOUR and 64 RSUs were granted to the Board.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Dividends Payable	The following table presents the components of cumulative distributions to stockholders at September 30, 2023 and December 31, 2022. Cumulative Distributions to Stockholders September 30, 2023 December 31, 2022 Preferred dividends $ 153,813 $ 144,827 Common stock dividends 2,004,713 1,847,534 Totals $ 2,158,526 $ 1,992,361
Schedule of Equity Transactions	The following tables present our equity transactions for the nine months ended September 30, 2023 and for the year ended December 31, 2022. Transaction Type Completion Date Number of Shares Per Share price (1) Net Proceeds (costs) September 30, 2023 2021 Common stock ATM Sales Agreement January 4, 2023 - July 12, 2023 13,305 $ 27.66 $ 367,997 2023 Common stock ATM Sales Agreement July 26, 2023 - September 29, 2023 3,328 $ 24.67 $ 82,125 DRIP shares issued July 25, 2023 - September 29, 2023 1 $ 23.82 $ 26 Common stock repurchased March, May and September (264) $ 24.98 $ (6,609) December 31, 2022 2021 Common stock ATM Sales Agreement January 11, 2022 - December 21, 2022 14,008 $ 33.95 $ 475,537 Common stock repurchased June, September and October (296) $ 25.95 $ (7,664) (1) Weighted average price
Schedule of Dividends Transactions	The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 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 April 15, 2023 April 27, 2023 $ 0.14583 998.5 May 15, 2023 May 30, 2023 $ 0.14583 998.5 June 15, 2023 June 27, 2023 $ 0.14583 998.5 July 15, 2023 July 27, 2023 $ 0.14583 998.5 August 15, 2023 August 28, 2023 $ 0.14583 998.5 September 15, 2023 September 27, 2023 $ 0.14583 998.5 Total dividends paid $ 8,986.5 The following table presents our common stock dividend transactions for the nine months ended September 30, 2023. Record Date Payment Date Rate per common share Aggregate amount paid to holders of record January 17, 2023 January 30, 2023 $ 0.50 $ 17,007 February 15, 2023 February 27, 2023 $ 0.50 19,471 March 15, 2023 March 28, 2023 $ 0.40 15,526 April 17, 2023 April 27, 2023 $ 0.40 15,788 May 15, 2023 May 30, 2023 $ 0.40 15,964 June 15, 2023 June 29, 2023 $ 0.40 16,585 July 17, 2023 July 28, 2023 $ 0.40 18,405 August 15, 2023 August 30, 2023 $ 0.40 19,123 September 15, 2023 September 28, 2023 $ 0.40 19,310 Total dividends paid $ 157,179

Net Income (Loss) per Common _2

Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net Loss $ (179,168) $ (144,315) $ (167,565) $ (269,340) Less: Preferred dividends (2,995) (2,995) (8,986) (8,986) Net Loss related to common stockholders $ (182,163) $ (147,310) $ (176,551) $ (278,326) Weighted average common shares outstanding – basic 46,506 24,650 41,089 21,752 Add: Effect of dilutive non-vested awards, assumed vested — — — — Weighted average common shares outstanding – diluted 46,506 24,650 41,089 21,752

Comprehensive Income (Loss) p_2

Comprehensive Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Comprehensive Loss $ (179,168) $ (152,715) $ (156,038) $ (390,928) Less: Preferred dividends (2,995) (2,995) (8,986) (8,986) Comprehensive Loss related to common stockholders $ (182,163) $ (155,710) $ (165,024) $ (399,914) Comprehensive Loss per share related to common stockholders: Basic $ (3.92) $ (6.32) $ (4.02) $ (18.38) Diluted $ (3.92) $ (6.32) $ (4.02) $ (18.38) Weighted average common shares outstanding: Basic 46,506 24,650 41,089 21,752 Add: Effect of dilutive non-vested awards, assumed vested — — — — Diluted 46,506 24,650 41,089 21,752

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 GAAP net loss $ (179,168) $ (144,315) $ (167,565) $ (269,340) Book to tax differences: TRS (income) loss (18) 12 (15) 5 Premium amortization expense — (2) (1) (80) Agency Securities 468,280 514,483 505,573 1,017,894 U.S. Treasury Securities (5,438) 15,951 (5,517) 128,321 Changes in interest rate contracts (231,890) (351,203) (191,071) (806,847) Impairment losses on available for sale Agency Securities — 4,183 — 4,183 Security Sales — — 7,471 7,501 Amortization of deferred hedging costs (24,019) (36,482) (80,590) (112,778) Amortization of deferred Treasury Future gains 5,570 — 17,447 — Other 495 625 1,274 1,785 Estimated REIT taxable income (loss) $ 33,812 $ 3,252 $ 87,006 $ (29,356)
Schedule of Tax Credit Carryforwards	Net capital losses realized Amount Available to offset capital gains through 2018 $ (136,388) 2023 2019 $ (13,819) 2024 2021 $ (15,605) 2026 2022 $ (732,478) 2027

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 ARMOUR management fees $ 9,704 $ 8,519 $ 28,309 $ 24,926 Less management fees waived (1,650) (1,950) (4,950) (5,850) Total management fee expense $ 8,054 $ 6,569 $ 23,359 $ 19,076 The table below summarizes other transactions with BUCKLER for the nine months ended September 30, 2023 and for the year ended December 31, 2022. Transactions with BUCKLER September 30, 2023 December 31, 2022 Repurchase agreements, net (1) $ 5,767,098 $ 3,247,474 Collateral posted on repurchase agreements $ 6,156,345 $ 3,920,706 Agency Securities Purchased $ 233,048 $ 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)	Sep. 30, 2023
BUCKLER Securities, LLC | Related Party
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of voting interests acquired	10.80%

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Details)	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Conversion ratio of reverse stock split	0.2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Realized gain (loss) on sale of available for sale Agency Securities	$ 0		$ 0	$ (7,471,000)	$ (7,501,000)
Reverse repurchase agreements						$ 704,276,000
Obligations to return securities received as collateral	0			0		502,656,000
Repurchase Agreements
Related Party Transaction [Line Items]
Reverse repurchase agreements	$ 0			$ 0		$ 704,276,000
Agency Securities
Related Party Transaction [Line Items]
Realized gain (loss) on sale of available for sale Agency Securities		$ (7,471,000)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 dealer
Fair Value Disclosures [Abstract]
Trading securities, number of dealers	3

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets at Fair Value:
Agency Securities		$ 187,945
Derivatives	$ 1,231,057	984,456
Liabilities at Fair Value:
Derivatives	0	13,016
Fair Value, Measurements, Recurring
Assets at Fair Value:
Derivatives	1,231,057	984,456
Liabilities at Fair Value:
Derivatives	0	13,016
Fair Value, Measurements, Recurring | Agency Securities
Assets at Fair Value:
Agency Securities	12,384,137	8,198,591
Fair Value, Measurements, Recurring | Level 1
Assets at Fair Value:
Derivatives	0	94
Liabilities at Fair Value:
Derivatives	0	516
Fair Value, Measurements, Recurring | Level 1 | Agency Securities
Assets at Fair Value:
Agency Securities	0	0
Fair Value, Measurements, Recurring | Level 2
Assets at Fair Value:
Derivatives	1,231,057	984,362
Liabilities at Fair Value:
Derivatives	0	12,500
Fair Value, Measurements, Recurring | Level 2 | Agency Securities
Assets at Fair Value:
Agency Securities	12,384,137	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:
Agency Securities	$ 0	$ 0

Investments in Securities - Add

Investments in Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 12,384,137			$ 12,384,137		$ 8,198,591
Realized gain (loss) on sale of available for sale Agency Securities	0		$ 0	(7,471)	$ (7,501)
To-be-Announced Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net	11,284			11,284		(11,797)
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	(413,906)			(413,906)		777,469
Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	$ 12,384,137			$ 12,384,137		$ 8,198,591
Realized gain (loss) on sale of available for sale Agency Securities		$ (7,471)

Investments in Securities - Sch

Investments in Securities - Schedule of Available-for-sale Securities in an Unrealized Gain or Loss Position (Details) - Agency Securities - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 13,184,779	$ 8,711,267
Amortized Cost	13,127,896	8,752,957
Gross Unrealized Loss	(743,759)	(554,734)
Gross Unrealized Gain	0	368
Fair Value	12,384,137	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	13,184,779	8,519,397
Amortized Cost	13,127,896	8,553,485
Gross Unrealized Loss	(743,759)	(543,207)
Gross Unrealized Gain	0	368
Fair Value	$ 12,384,137	$ 8,010,646

Investment In Securities - Sche

Investment In Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Less than 1 year		$ 0
Greater than or equal to 1 year and less than 3 years		0
Greater than or equal to 3 years and less than 5 years		0
Greater than or equal to 5 years	$ 12,384,137	8,010,646
Totals	12,384,137	8,010,646
Amortized Cost
Less than 1 year		0
Greater than or equal to 1 year and less than 3 years		0
Greater than or equal to 3 years and less than 5 years		0
Greater than or equal to 5 years	13,127,896	8,553,485
Totals	$ 13,127,896	8,553,485
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

Investments in Securities - S_2

Investments in Securities - Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (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	9 Months Ended	12 Months Ended
	Sep. 30, 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 | $	$ 11,504,192	$ 6,463,058
Number of counterparties with repurchase agreements outstanding	18	16
Average haircut (as a percent)	2.73%	3.85%
Ratio of indebtedness to net capital	12
Counterparty Concentration Risk | Aggregate Borrowings
Concentration Risk [Line Items]
Number of counterparties	2	3
Counterparty Concentration Risk | BUCKLER Securities, LLC | Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	50.10%	50.20%
Counterparty Concentration Risk | BUCKLER Securities, LLC | Stockholders' Equity
Concentration Risk [Line Items]
Percentage of concentration risk	9.50%	12.90%
Weighted average maturity (in days)	19 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	15.90%	28.10%

Repurchase Agreements, net - Sc

Repurchase Agreements, net - Schedule of Repurchase Agreements (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 11,504,192,000	$ 6,463,058,000
Weighted Average Contractual Rate		4.43%
Weighted Average Maturity in days		16 days
Reverse repurchase agreements		$ 704,276,000
Obligations to return securities received as collateral	0	502,656,000
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Reverse repurchase agreements	0	704,276,000
Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 11,504,192,000
Weighted Average Contractual Rate	5.47%
Weighted Average Maturity in days	22 days
≤ 30 days | Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 7,704,103,000	$ 5,912,572,000
Weighted Average Contractual Rate	5.47%	4.43%
Weighted Average Maturity in days	15 days	15 days
> 30 days to ≤ 90 days | Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 3,800,089,000
Weighted Average Contractual Rate	5.48%
Weighted Average Maturity in days	36 days
> 30 days to ≤ 60 days | Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance		$ 550,486,000
Weighted Average Contractual Rate		4.48%
Weighted Average Maturity in days		34 days

Repurchase Agreements, net - _2

Repurchase Agreements, net - Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets		$ 704,276,000
Gross Amounts offset in the Consolidated Balance Sheet, Assets		(704,276,000)
Net Amounts Presented in the Consolidated Balance Sheet, Assets		0
Gross Amounts Not Offset Financial Instruments, Assets		0
Gross Amounts Not Offset Cash Collateral, Assets		189,000
Total Net, Assets		189,000
Gross Amounts, Liabilities		(7,167,334,000)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities		704,276,000
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities		(6,463,058,000)
Gross Amounts Not Offset Financial Instruments, Liabilities		6,463,058,000
Gross Amounts Not Offset Cash Collateral, Liabilities		0
Total Net, Liabilities		0
Pledged securities		7,249,039,000
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	$ 0	704,276,000
Gross Amounts offset in the Consolidated Balance Sheet, Assets		(704,276,000)
Net Amounts Presented in the Consolidated Balance Sheet, Assets		0
Gross Amounts Not Offset Financial Instruments, Assets		0
Gross Amounts Not Offset Cash Collateral, Assets		189,000
Total Net, Assets		189,000
Gross Amounts, Liabilities		(7,167,334,000)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities		704,276,000
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities		(6,463,058,000)
Gross Amounts Not Offset Financial Instruments, Liabilities		6,463,058,000
Gross Amounts Not Offset Cash Collateral, Liabilities		0
Total Net, Liabilities		$ 0

Derivatives - Additional Inform

Derivatives - Additional Information (Details)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ratio of indebtedness to net capital	12

Derivatives - Schedule of Offse

Derivatives - Schedule of Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross Amounts	$ 1,231,057	$ 984,456
Gross Amounts Not Offset, Financial Instruments	0	(13,016)
Gross Amounts Not Offset, Cash Collateral	(1,119,692)	(932,974)
Total Net	111,365	38,466
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	1,219,773	983,659
Gross Amounts Not Offset, Financial Instruments	0	0
Gross Amounts Not Offset, Cash Collateral	(1,112,429)	(955,941)
Total Net	107,344	27,718
Derivative asset, centrally - cleared	92,885
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts		94
Gross Amounts Not Offset, Financial Instruments		(516)
Gross Amounts Not Offset, Cash Collateral		9,334
Total Net		8,912
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	11,284	703
Gross Amounts Not Offset, Financial Instruments	0	(12,500)
Gross Amounts Not Offset, Cash Collateral	(7,263)	13,633
Total Net	$ 4,021	$ 1,836

Derivatives - Schedule of Off_2

Derivatives - Schedule of Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross Amounts	$ 0	$ (13,016)
Gross Amounts Not Offset, Financial Instruments		13,016
Gross Amounts Not Offset, Cash Collateral		0
Net Amount		0
Futures contracts
Offsetting Liabilities [Line Items]
Gross Amounts		(516)
Gross Amounts Not Offset, Financial Instruments		516
Gross Amounts Not Offset, Cash Collateral		0
Net Amount		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 - Schedule of Deriv

Derivatives - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net	[1]	$ 291,142	$ 370,234	$ 350,932	$ 820,752
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net		262,057	300,139	335,587	865,597
Cleared interest rate swap contracts		93,035		115,026
Futures contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net		2,227	81,563	(11,070)	83,716
TBA Agency Securities
Derivative Instruments, Gain (Loss) [Line Items]
Total Gain on Derivatives, net		$ 26,858	$ (11,468)	$ 26,415	$ (128,561)
[1]Interest income and 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 - Schedule of Der_2

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 8,336,000	$ 6,350,000
Weighted Average Remaining Term (Months)	80 months	73 months
Weighted Average Rate	1.84%	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)
Derivative [Line Items]
Notional Amount	3,025,000	$ 803,000
Interest rate swap contracts
Derivative [Line Items]
Notional Amount	$ 2,825,000
Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 years	3 years
Notional Amount	$ 680,000	$ 1,066,000
Weighted Average Remaining Term (Months)	11 months	10 months
Weighted Average Rate	2.43%	0.10%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount	$ 1,629,000	$ 1,182,000
Weighted Average Remaining Term (Months)	46 months	50 months
Weighted Average Rate	1.60%	0.63%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 1,452,000	$ 754,000
Weighted Average Remaining Term (Months)	76 months	82 months
Weighted Average Rate	0.56%	0.62%
Greater than or equal to 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	7 years	7 years
Notional Amount	$ 4,575,000	$ 3,348,000
Weighted Average Remaining Term (Months)	103 months	99 months
Weighted Average Rate	2.24%	0.96%
Minimum | Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 years	3 years
Minimum | Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	5 years	5 years
Maximum | Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	5 years	5 years
Maximum | Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	7 years	7 years

Derivatives - Schedule of TBA A

Derivatives - Schedule of TBA Agency Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 8,336,000	$ 6,350,000
TBA Agency Securities, 30-year, 3.0%
Derivative [Line Items]
Fixed interest rate (as percent)	3%
Notional Amount	$ (500,000)
Cost Basis	(425,190)
Fair Value	(413,906)
TBA Agency Securities, 30-year, 5.0%
Derivative [Line Items]
Fixed interest rate (as percent)		5%
Notional Amount		$ 300,000
Cost Basis		300,164
Fair Value		$ 295,828
TBA Agency Securities, 30-year, 4.5%
Derivative [Line Items]
Fixed interest rate (as percent)		4.50%
Notional Amount		$ 500,000
Cost Basis		489,805
Fair Value		481,641
TBA Agency Securities
Derivative [Line Items]
Notional Amount	(500,000)	800,000
Cost Basis	(425,190)	789,969
Fair Value	$ (413,906)	777,469
Notional amount, forward settling		$ 400,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Apr. 25, 2016 lawsuit	Apr. 24, 2016 lawsuit	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) lawsuit defendant	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage			8.33%		8.33%
Gross equity raised			$ 4,235,238		$ 4,235,238
Effective management fee percentage based on total stockholder's equity			3.18%		3.18%
Management fees waived			$ 1,650	$ 1,950	$ 4,950	$ 5,850
Transactions
Other Commitments [Line Items]
Number of new claims filed | lawsuit	1	8			9
Number of defendants that are current directors | defendant					8
ACM
Other Commitments [Line Items]
Percentage of gross equity raised used in calculation of management fee up to 1 billion			1.50%		1.50%
Percentage of gross equity raised used in calculation of management fee in excess of 1 billion			0.75%		0.75%
Effective management fee (as percent)			0.93%		0.93%

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Contractual Management Fee Commitments Obligation (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 9,816
2024	39,264
2025	39,264
2026	39,264
2027	39,264
2028	39,264
2029	39,264
Total	$ 245,400

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, year one	$ 957
Compensation cost not yet recognized, year two	3,626
Compensation cost not yet recognized, thereafter	7,736
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)	173
Compensation cost not yet recognized	$ 12,319
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)	$ 38.81	$ 64.40

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - The 2009 Stock Incentive Plan - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares)	114
Granted (in shares)	260
Vested (in shares)	(56)
Unvested RSU Awards Outstanding end of period (in shares)	318
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share) | $ / shares	$ 64.40
Granted (in dollars per share) | $ / shares	29.65
Vested (in dollars per share) | $ / shares	48.22
Unvested RSU Awards Outstanding end of period (in dollars per share) | $ / shares	$ 38.81
Board of Directors
Number of Awards
Granted (in shares)	64
Armour Capital Management | Officer
Number of Awards
Granted (in shares)	196

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,158,526	$ 1,992,361
Preferred dividends
Class of Stock [Line Items]
Cumulative distributions to stockholders	153,813	144,827
Common Stock
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,004,713	$ 1,847,534

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands																											3 Months Ended		7 Months Ended	9 Months Ended						12 Months Ended
	Dec. 15, 2023 $ / shares	Nov. 15, 2023 $ / shares	Oct. 30, 2023 USD ($) $ / shares shares	Oct. 27, 2023 USD ($) $ / shares	Sep. 29, 2023 shares	Sep. 28, 2023 USD ($) $ / shares	Sep. 27, 2023 $ / shares	Aug. 30, 2023 USD ($) $ / shares	Aug. 28, 2023 $ / shares	Jul. 28, 2023 USD ($) $ / shares	Jul. 27, 2023 $ / shares	Jul. 26, 2023 $ / shares shares	Jun. 29, 2023 USD ($) $ / shares	Jun. 27, 2023 $ / shares	May 30, 2023 USD ($) $ / shares	Apr. 27, 2023 USD ($) $ / shares	Mar. 28, 2023 USD ($) $ / shares	Mar. 27, 2023 $ / shares	Feb. 27, 2023 USD ($) $ / shares	Jan. 30, 2023 USD ($) $ / shares	Jan. 27, 2023 $ / shares	Jan. 17, 2023 shares	Nov. 04, 2022 shares	Jun. 09, 2022 shares	Nov. 12, 2021 shares	May 14, 2021 $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares	Jul. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares $ / ₫ shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares $ / ₫ shares	Feb. 14, 2023 shares	Feb. 13, 2023 shares	Jul. 26, 2022 shares	Jan. 29, 2020 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																											50,000,000			50,000,000	50,000,000	50,000,000	50,000,000	50,000,000		50,000,000
Preferred stock, par value (in dollars per share) | $ / shares																											$ 0.001			$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001		$ 0.001
Preferred stock, undesignated shares authorized (in shares)																											40,000,000			40,000,000	40,000,000	40,000,000	40,000,000	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																						90,000,000			90,000,000	90,000,000	90,000,000	90,000,000	90,000,000		60,000,000	90,000,000	60,000,000
Common stock, par value (in dollars per share) | $ / shares																											$ 0.001			$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001		$ 0.001
Common stock, shares issued (in shares)																											48,995,000			48,995,000	48,995,000	48,995,000	48,995,000	48,995,000		32,582,000
Common stock, shares outstanding (in shares)																											48,995,000			48,995,000	48,995,000	48,995,000	48,995,000	48,995,000		32,582,000
Remaining shares authorized to be repurchased (in shares)																											1,082,000			1,082,000	1,082,000	1,082,000	1,082,000	1,082,000		1,346,000
Common stock repurchased | $																																		$ 6,376	$ 1,544
Aggregate amount paid to holders of record | $																																		$ 157,179	$ 98,410
Dividends declared per common share (in dollars per share) | $ / shares																											$ 1.20	$ 1.50			$ 3.80				$ 4.50
Conversion ratio of reverse stock split					0.2
Subsequent Event
Class of Stock [Line Items]
Repurchase program, shares authorized (in shares)			2,500,000
Aggregate amount paid to holders of record | $			$ 19,730
Common stock dividends, cash paid (in dollars per share) | $ / shares			$ 0.40
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.40	$ 0.40
2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Commission rate (as percent)																										2%
Common stock, par value (in dollars per share) | $ / shares																										$ 0.001
Number of shares issued in transaction (in shares)																										3,400,000
Common stock, additional shares authorized (in shares)																						9,736,000	7,000,000	5,760,000	5,000,000
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares												$ 0.001
Number of shares issued in transaction (in shares)												15,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																											10,000,000			10,000,000	10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares																											$ 0.001			$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001		$ 0.001
Preferred stock, dividend rate (as percent)																														7%		7%				7%
Preferred stock, shares outstanding (in shares)																											6,847,000			6,847,000	6,847,000	6,847,000	6,847,000	6,847,000		6,847,000
Preferred stock, shares issued (in shares)																											6,847,000			6,847,000	6,847,000	6,847,000	6,847,000	6,847,000		6,847,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares																											$ 25			$ 25	$ 25	$ 25	$ 25	$ 25		$ 25
Preferred stock, aggregate liquidation preference | $																											$ 171,175			$ 171,175	$ 171,175	$ 171,175	$ 171,175	$ 171,175		$ 171,175
Preferred stock dividends, cash paid (in dollars per share) | $ / shares							$ 0.14583		$ 0.14583		$ 0.14583			$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583
Series C Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Preferred stock dividends, cash paid (in dollars per share) | $ / shares		$ 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) | $ / shares																											$ 25			$ 25	$ 25	$ 25	$ 25	$ 25		$ 25
Series C Preferred Stock | Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																								6,550,000
Commission rate (as percent)																																								2%
Preferred stock, designated but unissued shares authorized (in shares)																											3,153,000			3,153,000	3,153,000	3,153,000	3,153,000	3,153,000		3,153,000
Common Stock
Class of Stock [Line Items]
Issuance of common stock under dividend reinvestment program (in shares)																																	1,000
Issuance of common stock under dividend reinvestment program | $																																		$ 26
Aggregate amount paid to holders of record | $						$ 19,310		$ 19,123		$ 18,405			$ 16,585		$ 15,964	$ 15,788	$ 15,526		$ 19,471	$ 17,007														157,179
Common stock dividends, cash paid (in dollars per share) | $ / shares						$ 0.40		$ 0.40		$ 0.40			$ 0.40		$ 0.40	$ 0.40	$ 0.40		$ 0.50	$ 0.50
Common Stock | 2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																													13,305,000							14,008,000
Payments of stock issuance costs | $																													$ 3,725
Proceeds from issuance of common stock, net | $																													$ 367,997							$ 475,537
Common Stock | 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																																	3,328,000
Payments of stock issuance costs | $																																		877
Proceeds from issuance of common stock, net | $																																		$ 82,125

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		7 Months Ended	9 Months Ended		12 Months Ended
	Jul. 26, 2023	May 14, 2021	Sep. 30, 2023	Sep. 30, 2022	Jul. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Common stock repurchased (in shares)						0
Payments for common stock repurchased						$ (6,376)	$ (1,544)
DRIP, Per Share price (in dollars per share)			$ 23.82			$ 23.82
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)			(11,000)	(156,000)		(264,000)	(206,000)	(296,000)
Per Share price (in dollars per share)			$ 24.98			$ 24.98		$ 25.95
Payments for common stock repurchased			$ 233			$ (6,609)		$ (7,664)
2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)		3,400,000
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)	15,000
Common Stock
Class of Stock [Line Items]
DRIP shares issued (in shares)						1,000
Proceeds from issuance of DRIP, net						$ 26
Common Stock | 2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)					13,305,000			14,008,000
Per Share price (in dollars per share)			$ 27.66			$ 27.66		$ 33.95
Proceeds from issuance of common stock, net					$ 367,997			$ 475,537
Common Stock | 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)						3,328,000
Per Share price (in dollars per share)			$ 24.67			$ 24.67
Proceeds from issuance of common stock, net						$ 82,125

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Dividends Transactions (Details) - USD ($)																9 Months Ended
	Sep. 28, 2023	Sep. 27, 2023	Aug. 30, 2023	Aug. 28, 2023	Jul. 28, 2023	Jul. 27, 2023	Jun. 29, 2023	Jun. 27, 2023	May 30, 2023	Apr. 27, 2023	Mar. 28, 2023	Mar. 27, 2023	Feb. 27, 2023	Jan. 30, 2023	Jan. 27, 2023	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Aggregate amount paid to holders of record																$ 8,986,000	$ 8,986,000
Aggregate amount paid to holders of record																157,179,000	$ 98,410,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid (in dollars per share)		$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583	$ 0.14583		$ 0.14583
Aggregate amount paid to holders of record		$ 998,500		$ 998,500		$ 998,500		$ 998,500	$ 998,500	$ 998,500		$ 998,500	$ 998,500		$ 998,500	8,986,500
Common Stock
Class of Stock [Line Items]
Common stock dividends, cash paid (in dollars per share)	$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40	$ 0.40	$ 0.40		$ 0.50	$ 0.50
Aggregate amount paid to holders of record	$ 19,310,000		$ 19,123,000		$ 18,405,000		$ 16,585,000		$ 15,964,000	$ 15,788,000	$ 15,526,000		$ 19,471,000	$ 17,007,000		$ 157,179,000

Net Income (Loss) per Common _3

Net Income (Loss) per Common Share - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss	$ (179,168)	$ (144,315)	$ (167,565)	$ (269,340)
Less: Preferred dividends	(2,995)	(2,995)	(8,986)	(8,986)
Net Loss related to common stockholders	$ (182,163)	$ (147,310)	$ (176,551)	$ (278,326)
Weighted average common shares outstanding – basic (in shares)	46,506	24,650	41,089	21,752
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	0	0	0
Weighted average common shares outstanding – diluted (in shares)	46,506	24,650	41,089	21,752
Potentially dilutive non-vested awards outstanding (in shares)	318	633	318	633

Comprehensive Income (Loss) p_3

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Comprehensive Loss	$ (179,168)	$ (152,715)	$ (156,038)	$ (390,928)
Less: Preferred dividends	(2,995)	(2,995)	(8,986)	(8,986)
Comprehensive Loss related to common stockholders	$ (182,163)	$ (155,710)	$ (165,024)	$ (399,914)
Comprehensive Loss per share related to common stockholders:
Basic (in dollars per share)	$ (3.92)	$ (6.32)	$ (4.02)	$ (18.38)
Diluted (in dollars per share)	$ (3.92)	$ (6.32)	$ (4.02)	$ (18.38)
Weighted average common shares outstanding:
Basic (in shares)	46,506	24,650	41,089	21,752
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	0	0	0
Diluted (in shares)	46,506	24,650	41,089	21,752
Potentially dilutive non-vested awards outstanding (in shares)	318	633	318	633

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
GAAP net loss	$ (179,168)	$ (144,315)	$ (167,565)	$ (269,340)
Book to tax differences:
TRS (income) loss	(18)	12	(15)	5
Premium amortization expense	0	(2)	(1)	(80)
Agency Securities	468,280	514,483	505,573	1,017,894
U.S. Treasury Securities	(5,438)	15,951	(5,517)	128,321
Changes in interest rate contracts	(231,890)	(351,203)	(191,071)	(806,847)
Impairment losses on available for sale Agency Securities	0	4,183	0	4,183
Security Sales	0	0	7,471	7,501
Amortization of deferred hedging costs	(24,019)	(36,482)	(80,590)	(112,778)
Amortization of deferred Treasury Future gains	5,570	0	17,447	0
Other	495	625	1,274	1,785
Estimated REIT taxable income (loss)	$ 33,812	$ 3,252	$ 87,006	$ (29,356)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards available for use indefinitely	$ 257,341		$ 257,341
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ (339,726)		$ (339,726)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ (6.93)		$ (6.93)
Common stock, shares issued (in shares)	48,995		48,995		32,582
Payment of dividends	$ 59,833	$ 40,140	$ 166,165	$ 107,396
Interest Rate Swap
Tax Credit Carryforward [Line Items]
Unrealized gain (loss) yet to be amortized	$ 226,457		$ 226,457		$ 307,316

Income Taxes - Schedule of Tax

Income Taxes - Schedule of Tax Credit Carryforwards (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		9 Months Ended		12 Months Ended
	Jul. 26, 2023	Feb. 14, 2023	May 14, 2021	Feb. 22, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Mar. 20, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Interest income					$ 153,636	$ 73,968	$ 406,706	$ 155,778
Proceeds from issuance of common stock							$ 450,148	301,384
Common stock repurchased (in shares)							0
Common stock repurchased							$ 6,376	$ 1,544
2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Stock issued (in shares)			3,400,000
2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Stock issued (in shares)	15,000
Common Stock
Related Party Transaction [Line Items]
Common stock repurchased (in shares)					(11,000)	(156,000)	(264,000)	(206,000)	(296,000)
Common stock repurchased					$ (233)		$ 6,609		$ 7,664
Affiliated Entity
Related Party Transaction [Line Items]
Period of written notice of termination (in days)							180 days
Stock-based compensation expense					113	$ 135	$ 372	$ 437
Affiliated Entity | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Award vesting period (in years)							5 years
Related Party | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Subordinated loan to BUCKLER					0		$ 0		105,000
Interest income					$ 0	521	$ 973	697
Related Party | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Ownership percentage					10.80%		10.80%
Equity method investments, value					$ 487		$ 487		$ 377
Proceeds from divestiture of interest in joint venture					0	0	0	0
Required annual reduction in share of gross financing profit											$ 306
Subordinated loan to BUCKLER										$ 200,000
Payments of stock issuance costs							54
Related Party | BUCKLER Securities, LLC | 2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Payments of stock issuance costs					268		2,358
Related Party | BUCKLER Securities, LLC | 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Payments of stock issuance costs					$ 661		$ 661
Related Party | BUCKLER Securities, LLC | Common Stock
Related Party Transaction [Line Items]
Common stock repurchased (in shares)							(253,000)
Common stock repurchased							$ 6,376
Related Party | BUCKLER Securities, LLC | Common Stock | 2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Stock issued (in shares)					1,223,000		8,626,000
Proceeds from issuance of common stock					$ 31,354		$ 246,672
Related Party | BUCKLER Securities, LLC | Common Stock | 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Stock issued (in shares)					3,113,000		3,113,000
Proceeds from issuance of common stock					$ 77,092		$ 77,092
Armour Management Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Automatic renewal period of management agreement							5 years
Fee waiver adjustment, every month thereafter | Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction		$ 550
Other Expenses Reimbursed | Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction					82	$ 194	$ 487	$ 431
Required Regulatory Capital Requirement of Related Party | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Loans receivable related parties					$ 105,000		$ 105,000
Required Regulatory Capital Requirement of Related Party | Related Party | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Related party transaction, rate							0%
Uncommitted Revolving Credit Facility and Security Agreement
Related Party Transaction [Line Items]
Maximum lending capacity				$ 50,000
Uncommitted Revolving Credit Facility and Security Agreement | Related Party
Related Party Transaction [Line Items]
Basis spread (as percent)				2%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Repurchase agreements, net	$ 11,504,192		$ 11,504,192		$ 6,463,058
Agency Securities Purchased			10,013,127	$ 9,304,581
Interest on repurchase agreements	150,041	$ 44,323	385,361	59,763
ARMOUR Management Fees
Related Party Transaction [Line Items]
Amounts of transaction	9,704	8,519	28,309	24,926
Management Fees Waived
Related Party Transaction [Line Items]
Amounts of transaction	(1,650)	(1,950)	(4,950)	(5,850)
Management Fee Expense
Related Party Transaction [Line Items]
Amounts of transaction	8,054	6,569	23,359	19,076
US Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased			1,111,123	3,992,820
U.S. Treasury Securities Sold			613,852	4,065,900
Related Party | BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Repurchase agreements, net	5,767,098		5,767,098		3,247,474
Collateral posted on repurchase agreements	6,156,345		6,156,345		3,920,706
Agency Securities Purchased			233,048		203,147
Interest on repurchase agreements	$ 72,206	$ 21,423	180,555	28,918
Related Party | BUCKLER Securities, LLC | US Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased			155,857	592,600	593,162
U.S. Treasury Securities Sold			$ 154,875	$ 767,448	$ 814,265