0001428205-25-000233 | 10-Q | XBRL Viewer | Armour Residential Reit INC

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Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
ARMOUR management fees
Related Party Transaction [Line Items]
Amounts of transaction	$ 11,703	$ 9,920	$ 33,532	$ 29,530
Less management fees waived
Related Party Transaction [Line Items]
Amounts of transaction	(1,650)	(1,650)	(4,950)	(4,950)
Total management fee expense
Related Party Transaction [Line Items]
Amounts of transaction	$ 10,053	$ 8,270	$ 28,582	$ 24,580

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

Repurchase Agreements, net (Tables)

9 Months Ended

Sep. 30, 2025

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements

The following tables represent the contractual repricing regarding our repurchase agreements to finance MBS and Treasury purchases at September 30, 2025 and December 31, 2024. Our repurchase agreements require excess collateral, known as a “haircut.” At September 30, 2025, the average gross haircut percentage was 2.75% compared to 2.77% at December 31, 2024. 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, 2025	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 30 days	$	15,956,618	4.39	%	12
> 30 days to ≤ 60 days	399,727		4.25	%	49
> 60 days to ≤ 90 days	106,537		4.20	%	76
> 90 days	94,544		4.29	%	106
Total or Weighted Average	$	16,557,426	4.39	%	14


December 31, 2024	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 30 days (1)	$	10,466,630	4.72	%	17
> 30 days to ≤ 60 days	247,200		4.63	%	31
Total or Weighted Average	$	10,713,830	4.72	%	17

(1)Net of reverse repurchase agreements of $498,250 ($447,063 of which were with BUCKLER). Obligations to return securities received as collateral of $493,433 associated with the reverse repurchase agreements all matured in January 2025.

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, 2024. We did not have reverse repurchase agreements at September 30, 2025.


December 31, 2024							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	$	498,250	$	(498,250)	$	—	$	—	$	—	$	—
Totals	$	498,250	$	(498,250)	$	—	$	—	$	—	$	—

Liabilities
Repurchase Agreements	$	(11,212,080)	$	498,250	$	(10,713,830)	$	10,713,830	$	—	$	—
Totals	$	(11,212,080)	$	498,250	$	(10,713,830)	$	10,713,830	$	—	$	—

(1)The fair value of securities pledged against our repurchase agreements was $11,796,858 at December 31, 2024.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3 - Summary of Significant Accounting Policies

Cash and cash equivalents

Cash and cash equivalents include cash on deposit and highly liquid short-term investments with financial institutions with original maturities of three months or less. 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").

The interest earned or paid on cash collateral posted to/by counterparties is recorded in gain on derivatives, net in the consolidated statements of operations.

Investments in Securities, at Fair Value

Our investments in securities are generally classified as 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.

Receivables and Payables for Unsettled Sales and Purchases

We account for purchases and sales of securities on the trade date based on the specific identification method, 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, net. 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 ("Federal Funds Rate") and the Secured Overnight Financing 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 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 or allow us to take back certain pledged collateral if values increase.

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, 2025 we did not have reverse repurchase agreements. At December 31, 2024, we had $498,250 ($447,063 of which were with BUCKLER) 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, 2025 and December 31, 2024, we had obligations to return securities received as collateral associated with our reverse repurchase agreements of $0 and $493,433, respectively.

Derivatives, at Fair Value

We recognize all derivatives individually as either assets or liabilities at fair value on our consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our consolidated statements of operations. 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.

Revenue Recognition

Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. We record interest payable for interest received on securities sold during the period between the trade date and settlement date and interest receivable for purchases during the period between the trade date and settlement date. 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, based on the specific identification method, to the extent it is probable that we will take or make timely physical delivery of the related securities.

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.

Net Income per Common Share - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income	$ 159,259	$ 65,880	$ 110,983	$ 32,046
Less: Preferred dividends	(3,003)	(2,995)	(9,006)	(8,986)
Net Income available to common stockholders	$ 156,256	$ 62,885	$ 101,977	$ 23,060
Weighted average common shares outstanding – basic (in shares)	104,318	51,647	87,886	49,736
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	255	186	255	186
Weighted average common shares outstanding – diluted (in shares)	104,573	51,833	88,141	49,922
Net Income per share available to common stockholders - basic (in dollars per share)	$ 1.50	$ 1.22	$ 1.16	$ 0.46
Net Income per share available to common stockholders - diluted (in dollars per share)	$ 1.49	$ 1.21	$ 1.16	$ 0.46

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 21, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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)		111,898,236
Entity Central Index Key	0001428205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
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

Investments in Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value
Greater than or equal to 1 year and less than 3 years	$ 925,820	$ 0
Greater than or equal to 3 years and less than 5 years	5,936,610	1,329,834
Greater than or equal to 5 years	11,194,405	11,109,580
Totals	18,056,835	12,439,414
Amortized Cost
Greater than or equal to 1 year and less than 3 years	916,324	0
Greater than or equal to 3 years and less than 5 years	5,876,524	1,341,663
Greater than or equal to 5 years	11,215,603	11,464,841
Totals	$ 18,008,451	$ 12,806,504

Stockholders' Equity - Schedule of Dividends Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended									3 Months Ended		9 Months Ended
	Sep. 30, 2025	Aug. 31, 2025	Jul. 31, 2025	Jun. 30, 2025	May 31, 2025	Apr. 30, 2025	Mar. 31, 2025	Feb. 28, 2025	Jan. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Class of Stock [Line Items]
Aggregate amount paid to holders of record											$ 2,995		$ 8,986
Aggregate amount paid to holders of record										$ 76,196	$ 37,475	$ 190,716	$ 108,053
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	$ 1,001	$ 1,001	$ 1,001	$ 1,001	$ 1,001	$ 1,001	$ 1,001	$ 1,001	$ 998			9,006
Common Stock
Class of Stock [Line Items]
Common stock dividends, cash paid (in dollars per share)	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24
Aggregate amount paid to holders of record				$ 20,823	$ 19,954	$ 19,661	$ 19,689	$ 18,384	$ 16,009			$ 190,716

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Reporting (Details)	9 Months Ended
Segment Reporting (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Investments in Securities - Schedule of Available-for-sale Securities in an Unrealized Gain or Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 18,148,690	$ 12,957,039
Amortized Cost	18,008,451	12,806,504
Gross Unrealized Loss	(125,103)	(370,044)
Gross Unrealized Gain	173,487	2,954
Fair Value	18,056,835	12,439,414
Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	17,898,690	12,957,039
Amortized Cost	17,757,600	12,806,504
Gross Unrealized Loss	(125,103)	(370,044)
Gross Unrealized Gain	172,697	2,954
Fair Value	17,805,194	$ 12,439,414
U.S. Treasury Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	250,000
Amortized Cost	250,851
Gross Unrealized Loss	0
Gross Unrealized Gain	790
Fair Value	$ 251,641

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References

+ Details

Investments in Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Note 5 - Investments in Securities

As of September 30, 2025 and December 31, 2024, our securities portfolio consisted of $18,056,835 and $12,439,414 of trading securities, at fair value, respectively. We also had $124,009 and $0 of TBA Agency Securities, at fair value, which were reported at net carrying value of $273 and $(908), respectively, at September 30, 2025 and December 31, 2024. 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.

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, 2025 and December 31, 2024.


September 30, 2025	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	17,898,690	$	17,757,600	$	(125,103)	$	172,697	$	17,805,194

U.S. Treasury Securities	250,000		250,851		—		790		251,641
Total Trading Securities	$	18,148,690	$	18,008,451	$	(125,103)	$	173,487	$	18,056,835

December 31, 2024	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	12,957,039	$	12,806,504	$	(370,044)	$	2,954	$	12,439,414
Total Trading Securities	$	12,957,039	$	12,806,504	$	(370,044)	$	2,954	$	12,439,414

The following table summarizes the weighted average lives of our investments in securities at September 30, 2025 and December 31, 2024.


	September 30, 2025				December 31, 2024
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost

≥ 1 year and < 3 years	$	925,820	$	916,324	$	—	$	—
≥ 3 years and < 5 years	5,936,610		5,876,524		1,329,834		1,341,663
≥ 5 years	11,194,405		11,215,603		11,109,580		11,464,841
Totals	$	18,056,835	$	18,008,451	$	12,439,414	$	12,806,504

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, 2025 and December 31, 2024 in the table above are based upon market factors, assumptions, models and estimates from the third-party model and also incorporate management’s judgment and experience. The actual weighted average lives of these securities could be longer or shorter than estimated.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

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 13 - 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, before deduction of brokerage commissions and other costs of capital raising. Amounts paid to stockholders to repurchase stock, before deduction of 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, 2025, the effective management fee was 0.89% prior to management fees waived, and 0.80% after management fees waived, based on gross equity raised of $5,362,440.

During each of the three and nine months ended September 30, 2025, and September 30, 2024, ACM voluntarily waived management fees of $1,650 and $4,950, 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.

ACM may terminate this waiver by providing notice to ARMOUR on or before the 25th day of the preceding month. This waiver does not constitute a waiver of any other amounts due to ACM from ARMOUR under the management agreement or otherwise, including but not limited to any expense reimbursements, any amounts calculated by reference to the contractual Base Management Fee, or any awards under the 2009 Stock Incentive Plan as amended (the “Plan”).

The contractual term of the management agreement extends through December 31, 2029. Based on the management fee base, gross equity raised, as of September 30, 2025, the Company’s contractual management fee commitments, prior to management fees waived, are:


Year	Contractual Management Fee
Remainder of 2025	11,930
2026	47,718
2027	47,718
2028	47,718
2029	47,718
Total	$	202,802

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, 2025 and December 31, 2024.

Basis of Presentation and Consolidation

9 Months Ended

Sep. 30, 2025

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, 2025 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025. 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, 2024.

The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiary. 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 and derivative instruments.

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 15 - Subsequent Events

Except as disclosed above in Note 10, no subsequent events were identified through the date of filing this Quarterly Report on Form 10-Q.

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, 2025 $ / shares shares
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares)	170
Granted (in shares)	135
Vested (in shares)	(50)
Unvested RSU Awards Outstanding end of period (in shares)	255
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share) \| $ / shares	$ 36.38
Granted (in dollars per share) \| $ / shares	16.42
Vested (in dollars per share) \| $ / shares	33.69
Unvested RSU Awards Outstanding end of period (in dollars per share) \| $ / shares	$ 26.32
Officer
Number of Awards
Granted (in shares)	135

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets at Fair Value:
Derivatives	$ 613,021	$ 908,063
Liabilities at Fair Value:
Obligations to return securities as collateral	0	493,433
Derivatives	73,659	1,285
Fair Value, Measurements, Recurring
Assets at Fair Value:
Derivatives	613,021	908,063
Liabilities at Fair Value:
Obligations to return securities as collateral		493,433
Derivatives	73,659	1,285
Fair Value, Measurements, Recurring \| Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	17,805,194	12,439,414
Fair Value, Measurements, Recurring \| U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	251,641
Fair Value, Measurements, Recurring \| Level 1
Assets at Fair Value:
Derivatives	47	13,300
Liabilities at Fair Value:
Obligations to return securities as collateral		0
Derivatives	38,546	328
Fair Value, Measurements, Recurring \| Level 1 \| Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	0	0
Fair Value, Measurements, Recurring \| Level 1 \| U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	251,641
Fair Value, Measurements, Recurring \| Level 2
Assets at Fair Value:
Derivatives	612,974	894,763
Liabilities at Fair Value:
Obligations to return securities as collateral		493,433
Derivatives	35,113	957
Fair Value, Measurements, Recurring \| Level 2 \| Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	17,805,194	12,439,414
Fair Value, Measurements, Recurring \| Level 2 \| U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	0
Fair Value, Measurements, Recurring \| Level 3
Assets at Fair Value:
Derivatives	0	0
Liabilities at Fair Value:
Obligations to return securities as collateral		0
Derivatives	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	0	$ 0
Fair Value, Measurements, Recurring \| Level 3 \| U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	$ 0

Related Party Transactions - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jul. 26, 2023	Feb. 22, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Feb. 28, 2025	Dec. 31, 2024	Mar. 20, 2023
Related Party Transaction [Line Items]
Issuance of common stock, net of expenses					$ 874,195,000	$ 127,514,000
Common stock repurchased (in shares)					0
Common stock repurchased					$ (19,947,000)	$ (1,344,000)
2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	15,000,000
Common Stock
Related Party Transaction [Line Items]
Common stock repurchased (in shares)			(684,000)		(1,351,000)	(70,000)
Affiliated Entity
Related Party Transaction [Line Items]
Period of written notice of termination (in days)					180 days
Stock-based compensation expense			$ 73,000	$ 90,000	$ 218,000	$ 268,000
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]
Percentage of voting interests acquired			10.80%		10.80%
Equity method investments, value			$ 826,000		$ 826,000			$ 453,000
Proceeds from divestiture of interest in joint venture			0	0	0	0
Other Receivables							$ 50,000,000		$ 200,000,000
Payments of stock issuance costs			$ 74,000		$ 149,000
Common stock repurchased (in shares)			(684,000)		(1,351,000)
Common stock repurchased			$ (9,916,000)		$ (19,947,000)
Related Party \| BUCKLER Securities, LLC \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Payments of stock issuance costs			$ 515,000		$ 2,653,000
Related Party \| BUCKLER Securities, LLC \| Common Stock \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)			4,094,000		19,890,000
Issuance of common stock, net of expenses			$ 68,213,000		$ 351,129,000
Armour Management Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Automatic renewal period of management agreement (in years)					5 years
Fee waiver adjustment, every month thereafter \| Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction					$ 550,000
Other Expenses Reimbursed \| Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction			$ 350,000	$ 446,000	$ 2,021,000	$ 701,000
Uncommitted Revolving Credit Facility and Security Agreement
Related Party Transaction [Line Items]
Maximum lending capacity		$ 50,000,000
Uncommitted Revolving Credit Facility and Security Agreement \| Related Party
Related Party Transaction [Line Items]
Basis spread (as percent)		2.00%

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest on repurchase agreements	$ (171,665)	$ (125,221)	$ (455,986)	$ (384,326)
BUCKLER Securities, LLC \| Related Party
Interest on repurchase agreements	$ (82,157)	$ (55,940)	$ (211,475)	$ (192,061)

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Dividends Payable

The following table presents the components of cumulative distributions to stockholders at September 30, 2025 and December 31, 2024.


Cumulative Distributions to Stockholders	September 30, 2025		December 31, 2024
Preferred dividends	$	177,798	$	168,791
Common stock dividends	2,405,463		2,214,748
Totals	$	2,583,261	$	2,383,539

Schedule of Equity Transactions

The following tables present our equity transactions for the nine months ended September 30, 2025 and for the year ended December 31, 2024.


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (costs)
September 30, 2025
Preferred C ATM Sales Agreement	January 22, 2025 - January 23, 2025	17	$	16.08	$	279
August 2025 Public Offering	August 5, 2025	18,500	$	16.14	$	298,572
2023 Common stock ATM Sales Agreement	January 2, 2025 - July 30, 2025	32,290	$	17.83	$	575,573
DRIP shares issued	January 27, 2025 - September 29, 2025	6	$	16.50	$	87
Common stock repurchased	April 8, 2025 -September 22, 2025	(1,351)	$	14.77	$	(19,947)

December 31, 2024
2023 Common stock ATM Sales Agreement	July 26, 2024 - December 27, 2024	13,619	$	19.50	$	265,614
DRIP shares issued	January 25, 2024 - December 30, 2024	5	$	18.95	$	86
Common stock repurchased	January 22, 2024 - January 25, 2024	(70)	$	19.31	$	(1,344)

(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, 2025.


Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2025	January 27, 2025	$	0.14583	$	998
February 15, 2025	February 27, 2025	$	0.14583	1,001
March 15, 2025	March 27, 2025	$	0.14583	1,001
April 15, 2025	April 28, 2025	$	0.14583	1,001
May 15, 2025	May 27, 2025	$	0.14583	1,001
June 15, 2025	June 27, 2025	$	0.14583	1,001
July 15, 2025	July 28, 2025	$	0.14583	1,001
August 15, 2025	August 27, 2025	$	0.14583	1,001
September 15, 2025	September 29, 2025	$	0.14583	1,001
Total dividends paid				$	9,006

The following table presents our common stock dividend transactions for the nine months ended September 30, 2025.


Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 15, 2025	January 30, 2025	$	0.24	$	16,009
February 14, 2025	February 27, 2025	$	0.24	18,384
March 17, 2025	March 27, 2025	$	0.24	19,689
April 15, 2025	April 29, 2025	$	0.24	19,661
May 15, 2025	May 29, 2025	$	0.24	19,954
June 16, 2025	June 27, 2025	$	0.24	20,823
July 15, 2025	July 30, 2025	$	0.24	22,028
August 15, 2025	August 29, 2025	$	0.24	27,085
September 15, 2025	September 29, 2025	$	0.24	27,083
Total dividends paid				$	190,716

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Investments in Securities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 18,056,835	$ 12,439,414
Trading securities	18,056,835	12,439,414
To-be-Announced Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net	273	(908)
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	$ 124,009	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References

+ Details

Derivatives - Schedule of Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Offsetting Liabilities [Line Items]
Gross Amounts	$ (73,659)	$ (1,285)
Gross Amounts Not Offset, Financial Instruments	73,932	1,285
Gross Amounts Not Offset, Cash Collateral	(279)	0
Total Net	(6)	0
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(34,921)
Gross Amounts Not Offset, Financial Instruments	34,921
Gross Amounts Not Offset, Cash Collateral	0
Total Net	0
Derivative liability, centrally-cleared	(34,921)
Futures contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(38,546)	(328)
Gross Amounts Not Offset, Financial Instruments	38,546	328
Gross Amounts Not Offset, Cash Collateral	0	0
Total Net	0	0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts	(192)	(957)
Gross Amounts Not Offset, Financial Instruments	465	957
Gross Amounts Not Offset, Cash Collateral	(279)	0
Total Net	$ (6)	$ 0

- Definition

Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities.

+ References + Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Disbursements on reverse repurchase agreements	$ (2,268,875)	$ (4,808,012)
Receipts from reverse repurchase agreements	2,767,125	4,639,012
Proceeds from repurchase agreements	106,444,574	71,693,256
Principal repayments on repurchase agreements	(101,099,228)	(70,985,823)
U.S. Treasury Securities
Purchases of securities	1,106,410	869,257
Agency Securities
Proceeds from sale of securities	351,608	1,050,020
BUCKLER Securities, LLC \| Related Party
Disbursements on reverse repurchase agreements	(1,860,188)	(3,725,263)
Receipts from reverse repurchase agreements	2,307,250	3,610,013
Proceeds from repurchase agreements	64,158,045	41,619,024
Principal repayments on repurchase agreements	(62,334,995)	$ (41,957,630)
BUCKLER Securities, LLC \| Related Party \| U.S. Treasury Securities
Purchases of securities	203,422
BUCKLER Securities, LLC \| Related Party \| Agency Securities
Proceeds from sale of securities	$ 100,502

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, remainder of fiscal year	$ 608
Compensation cost not yet recognized, year one	2,236
Compensation cost not yet recognized, thereafter	3,855
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)	93
Compensation cost not yet recognized	$ 6,699
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)	$ 26.32	$ 36.38

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

Note 10 - Stockholders' Equity

The following table presents the components of cumulative distributions to stockholders at September 30, 2025 and December 31, 2024.


Cumulative Distributions to Stockholders	September 30, 2025		December 31, 2024
Preferred dividends	$	177,798	$	168,791
Common stock dividends	2,405,463		2,214,748
Totals	$	2,583,261	$	2,383,539

Preferred Stock

At September 30, 2025 and December 31, 2024, 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, 2025, 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share were 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 remained available for designation as future series.

At September 30, 2025 and December 31, 2024, we had 6,864 and 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 $171,600 and $171,175 in the aggregate, respectively. At September 30, 2025 and December 31, 2024, there were no accrued or unpaid dividends on the Series C Preferred Stock. Shares designated as Series C Preferred Stock but unissued, which are available under the Preferred C ATM Sales Agreement, totaled 3,136 and 3,153 at September 30, 2025 and December 31, 2024.

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 Series C Preferred Stock sold through the designated agent under the Preferred C ATM Sales Agreement. On June 20, 2024, the Preferred C ATM Sales Agreement was amended to add BTIG, LLC, as a sales agent. During the nine months ended September 30, 2025, we sold 17 shares under this agreement for proceeds of $279, net of issuance costs and commissions of approximately $106.

In the fourth quarter of 2025, through October 10, 2025, we sold 14 preferred shares under the Preferred C ATM Sales Agreement for proceeds of $305, net of issuance costs and commissions of approximately $3.

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 Exchange Act 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, 2025.

Common Stock

At September 30, 2025 and December 31, 2024, we were authorized to issue up to 175,000 and 125,000, respectively, shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 111,898 and 62,412 shares of common stock issued and outstanding at September 30, 2025 and December 31, 2024, respectively.

On July 26, 2023 we entered into an 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 and on June 20, 2024 it was further amended to add BTIG, LLC as a sales agent. On August 23, 2024, the 2023 Common stock ATM Sales Agreement was amended to increase by 25,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement. On September 20, 2024, the 2023 Common stock ATM Sales Agreement was further amended to add Janney Montgomery Scott LLC, as a sales agent. On February 13, 2025, the 2023 Common stock ATM Sales Agreement was further amended to increase by 15,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement. On July 25, 2025, the 2023 Common stock ATM Sales Agreement was further amended to increase by 9,500 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement.

During the nine months ended September 30, 2025, we sold 32,290 common shares under this agreement for proceeds of $575,573, net of issuance costs and commissions of approximately $4,837. See Note 13 - Related Party Transactions for discussion of additional transactions with BUCKLER.

During the nine months ended September 30, 2025, we issued 6 common shares under our Common Stock Dividend Reinvestment Program ("DRIP") for net proceeds of $87.

Common Stock Repurchase Program

At September 30, 2025 and December 31, 2024, there were 866 and 2,217, respectively, authorized shares remaining under the Company's common stock repurchase authorization (the "Common Stock Repurchase Program"). 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. During the three and nine months ended September 30, 2025 we repurchased (684) and (1,351) common shares under this authorization for a cost of $(9,916) and $(19,947), respectively, with BUCKLER. See Note 13 - 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, 2025 and for the year ended December 31, 2024.


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (costs)
September 30, 2025
Preferred C ATM Sales Agreement	January 22, 2025 - January 23, 2025	17	$	16.08	$	279
August 2025 Public Offering	August 5, 2025	18,500	$	16.14	$	298,572
2023 Common stock ATM Sales Agreement	January 2, 2025 - July 30, 2025	32,290	$	17.83	$	575,573
DRIP shares issued	January 27, 2025 - September 29, 2025	6	$	16.50	$	87
Common stock repurchased	April 8, 2025 -September 22, 2025	(1,351)	$	14.77	$	(19,947)

December 31, 2024
2023 Common stock ATM Sales Agreement	July 26, 2024 - December 27, 2024	13,619	$	19.50	$	265,614
DRIP shares issued	January 25, 2024 - December 30, 2024	5	$	18.95	$	86
Common stock repurchased	January 22, 2024 - January 25, 2024	(70)	$	19.31	$	(1,344)

(1)Weighted average price.

Dividends

A cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $1,003 in the aggregate, will be paid on October 27, 2025, to holders of record on October 15, 2025. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable November 28, 2025, to holders of record on November 15, 2025, and payable December 29, 2025, to holders of record on December 15, 2025.

A cash dividend of $0.24 per outstanding common share, or $26,920 in the aggregate, will be paid on October 30, 2025, to holders of record on October 15, 2025. We have also declared a cash dividend of $0.24 per outstanding common share payable November 28, 2025, to holders of record on November 17, 2025.

The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 2025.


Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2025	January 27, 2025	$	0.14583	$	998
February 15, 2025	February 27, 2025	$	0.14583	1,001
March 15, 2025	March 27, 2025	$	0.14583	1,001
April 15, 2025	April 28, 2025	$	0.14583	1,001
May 15, 2025	May 27, 2025	$	0.14583	1,001
June 15, 2025	June 27, 2025	$	0.14583	1,001
July 15, 2025	July 28, 2025	$	0.14583	1,001
August 15, 2025	August 27, 2025	$	0.14583	1,001
September 15, 2025	September 29, 2025	$	0.14583	1,001
Total dividends paid				$	9,006

The following table presents our common stock dividend transactions for the nine months ended September 30, 2025.


Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 15, 2025	January 30, 2025	$	0.24	$	16,009
February 14, 2025	February 27, 2025	$	0.24	18,384
March 17, 2025	March 27, 2025	$	0.24	19,689
April 15, 2025	April 29, 2025	$	0.24	19,661
May 15, 2025	May 29, 2025	$	0.24	19,954
June 16, 2025	June 27, 2025	$	0.24	20,823
July 15, 2025	July 30, 2025	$	0.24	22,028
August 15, 2025	August 29, 2025	$	0.24	27,085
September 15, 2025	September 29, 2025	$	0.24	27,083
Total dividends paid				$	190,716

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Interest Income:

Interest Income

$ 210,182

$ 127,060

$ 563,949

$ 398,465

Interest expense (including $(82,157) and $(55,940) and $(211,475) and $(192,061), respectively with BUCKLER)

(171,665)

(125,221)

(455,986)

(384,326)

Net Interest Income

38,517

1,839

107,963

14,139

Other Income (Loss):

Loss on derivatives, net

^[1]

(49,287)

(209,959)

(348,527)

(3,829)

Total Other Income

134,018

74,487

43,787

60,069

Expenses:

Management fees

11,703

9,920

33,532

29,530

Compensation

926

1,137

2,626

3,709

Other operating

2,297

1,039

9,559

13,873

Total Expenses

14,926

12,096

45,717

47,112

Less management fees waived

(1,650)

(4,950)

Total Expenses after fees waived

13,276

10,446

40,767

42,162

Net Income

159,259

65,880

110,983

32,046

Dividends on preferred stock

(3,003)

(2,995)

(9,006)

(8,986)

Net Income available to common stockholders

$ 156,256

$ 62,885

$ 101,977

$ 23,060

Net Income per share available to common stockholders (Note 11):

Basic (in dollars per share)

$ 1.50

$ 1.22

$ 1.16

$ 0.46

Diluted (in dollars per share)

1.49

1.21

1.16

0.46

Dividends declared per common share (in dollars per share)

$ 0.72

$ 2.16

Weighted average common shares outstanding:

Basic (in shares)

104,318

51,647

87,886

49,736

Diluted (in shares)

104,573

51,833

88,141

49,922

Agency Securities

Other Income (Loss):

Gain on Agency Securities, trading, net

$ 177,108

$ 306,141

$ 401,910

$ 55,522

U.S. Treasury Securities

Other Income (Loss):

Gain (Loss) on U.S. Treasury Securities, net

$ 6,197

$ (21,695)

$ (9,596)

$ 8,376

[1]	Interest income and expense related to our interest rate swap contracts is recorded in loss on derivatives, net on the consolidated statements of operations. For additional information, see financial statement Note 7.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and September 30, 2024.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
ARMOUR management fees	$	11,703	$	9,920	$	33,532	$	29,530
Less management fees waived	(1,650)		(1,650)		(4,950)		(4,950)
Total management fee expense	$	10,053	$	8,270	$	28,582	$	24,580

Repurchase Agreements, net

9 Months Ended

Sep. 30, 2025

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements, net

Note 6 - Repurchase Agreements, net

At September 30, 2025, we had active MRAs with 33 counterparties and had $16,557,426 in outstanding borrowings with 20 of those counterparties. At December 31, 2024, we had MRAs with 33 counterparties and had $10,713,830 in outstanding borrowings with 17 counterparties.


September 30, 2025	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 30 days	$	15,956,618	4.39	%	12
> 30 days to ≤ 60 days	399,727		4.25	%	49
> 60 days to ≤ 90 days	106,537		4.20	%	76
> 90 days	94,544		4.29	%	106
Total or Weighted Average	$	16,557,426	4.39	%	14


December 31, 2024	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 30 days (1)	$	10,466,630	4.72	%	17
> 30 days to ≤ 60 days	247,200		4.63	%	31
Total or Weighted Average	$	10,713,830	4.72	%	17


December 31, 2024							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	$	498,250	$	(498,250)	$	—	$	—	$	—	$	—
Totals	$	498,250	$	(498,250)	$	—	$	—	$	—	$	—

Liabilities
Repurchase Agreements	$	(11,212,080)	$	498,250	$	(10,713,830)	$	10,713,830	$	—	$	—
Totals	$	(11,212,080)	$	498,250	$	(10,713,830)	$	10,713,830	$	—	$	—

(1)The fair value of securities pledged against our repurchase agreements was $11,796,858 at December 31, 2024.

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, 2025 and December 31, 2024, BUCKLER accounted for 43.3% and 45.7% of our aggregate borrowings and had an amount at risk of 6.7% and 8.0%, respectively, of our total stockholders' equity with a weighted average maturity of 12 days and 15 days, respectively, on repurchase agreements, net (see Note 13 - Related Party Transactions).

In addition, at September 30, 2025, we had 3 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for approximately 17.0% of our repurchase agreement borrowings outstanding at September 30, 2025. At December 31, 2024, we had 3 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for 19.9% of our repurchase agreement borrowings at December 31, 2024.

Stock Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Note 9 - Stock Based Compensation

We adopted the Plan to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“RSUs”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively, “Awards”), subject to terms as provided in the Plan. At September 30, 2025, there were 93 shares available for future issuance under the Plan.

Transactions related to awards for the nine months ended September 30, 2025 are summarized below:


	September 30, 2025
	Number of Awards	Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	170	$	36.38
Granted (1)	135	$	16.42
Vested	(50)	$	33.69

Unvested RSU Awards Outstanding end of period	255	$	26.32

(1)During the nine months ended September 30, 2025, 135 RSUs were granted to certain officers of ARMOUR.

At September 30, 2025, there was approximately $6,699 of unvested stock based compensation related to the Awards (based on a weighted grant date price of $26.32 per share), which we expect to recognize as an expense as follows: for the remainder of 2025 an expense of $608, in 2026 an expense of $2,236, and thereafter an expense of $3,855. Our policy is to account for forfeitures as they occur. We also pay each of our non-executive Board members quarterly fees of $33, which are payable in cash, common stock, RSUs or a combination of common stock, RSUs and cash at the option of the director. Non-executive Board members have the option to participate in the Company's Non-Management Director Compensation and Deferral Program (the "Deferral Program"). The Deferral Program permits non-executive Board members to elect to receive either common stock or RSUs or a combination of common stock and RSUs at the option of the director, instead of all or part of their quarterly cash compensation and/or all or part of their committee and chairperson cash retainers.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025, the Company’s contractual management fee commitments, prior to management fees waived, are:


Year	Contractual Management Fee
Remainder of 2025	11,930
2026	47,718
2027	47,718
2028	47,718
2029	47,718
Total	$	202,802

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
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, 2025 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025. 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, 2024.
Consolidation	The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiary. 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 and derivative instruments.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash on deposit and highly liquid short-term investments with financial institutions with original maturities of three months or less. 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"). The interest earned or paid on cash collateral posted to/by counterparties is recorded in gain on derivatives, net in the consolidated statements of operations.
Investments in Securities, at Fair Value	Investments in Securities, at Fair Value Our investments in securities are generally classified as 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.
Receivables and Payables for Unsettled Sales and Purchases	Receivables and Payables for Unsettled Sales and Purchases We account for purchases and sales of securities on the trade date based on the specific identification method, 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, net. 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 ("Federal Funds Rate") and the Secured Overnight Financing 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 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 or allow us to take back certain pledged collateral if values increase. 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.
Obligations to Return Securities Received as Collateral, at Fair Value	Obligations to Return Securities Received as Collateral, at Fair Value We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our consolidated balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged.
Derivatives, at Fair Value	Derivatives, at Fair Value We recognize all derivatives individually as either assets or liabilities at fair value on our consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our consolidated statements of operations. We designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income. These transactions may include interest rate swap contracts, interest rate swaptions, 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.
Revenue Recognition	Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. We record interest payable for interest received on securities sold during the period between the trade date and settlement date and interest receivable for purchases during the period between the trade date and settlement date. 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, based on the specific identification method, to the extent it is probable that we will take or make timely physical delivery of the related securities. 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.

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage	8.33%		8.33%
Management fees waived	$ 1,650	$ 1,650	$ 4,950	$ 4,950
Termination fee ratio based on contractual management fee			4
Less management fees waived
Other Commitments [Line Items]
Amounts of transaction	$ (1,650)	$ (1,650)	$ (4,950)	$ (4,950)
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%
Gross equity raised	$ 5,362,440		$ 5,362,440
ACM \| Prior To Management Fees Waived
Other Commitments [Line Items]
Effective management fee (as percent)	0.89%		0.89%
ACM \| Less management fees waived
Other Commitments [Line Items]
Effective management fee (as percent)	0.80%		0.80%
Affiliated Entity \| Fee waiver adjustment, every month thereafter
Other Commitments [Line Items]
Amounts of transaction			$ 550

Repurchase Agreements, net - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) counterparty	Dec. 31, 2024 USD ($) counterparty
Concentration Risk [Line Items]
Number of counterparties with master repurchase agreements	33	33
Repurchase agreements, carrying amount \| $	$ 16,557,426	$ 10,713,830
Number of counterparties with repurchase agreements outstanding	20	17
Average haircut (as a percent)	2.75%	2.77%
Ratio of indebtedness to net capital	12
Aggregate Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Number of counterparties	3	3
BUCKLER Securities, LLC \| Aggregate Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	43.30%	45.70%
BUCKLER Securities, LLC \| Stockholders' Equity \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	6.70%	8.00%
Weighted average maturity (in days)	12 days	15 days
Three Repurchase Agreement Counterparties \| Aggregate Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	5.00%	5.00%
Three Repurchase Agreement Counterparties \| Repurchase Agreement Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	17.00%	19.90%

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Reverse repurchase agreements		$ 498,250
Obligations to return securities as collateral	$ 0	493,433
Repurchase Agreements
Related Party Transaction [Line Items]
Reverse repurchase agreements		498,250
Repurchase Agreements \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Reverse repurchase agreements		$ 447,063

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivatives - Schedule of TBA Agency Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional Amount	$ 10,402,000	$ 7,232,000
TBA Agency Securities
Derivative [Line Items]
Notional Amount	125,000
Cost Basis	123,682
Fair Value	$ 124,009
TBA Agency Securities, 30-year, 6.5%
Derivative [Line Items]
Fixed interest rate (as percent)	5.00%
Notional Amount	$ 125,000
Cost Basis	123,682
Fair Value	$ 124,009

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024.


September 30, 2025	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	17,805,194	$	—	$	17,805,194
U.S. Treasury Securities	$	251,641	$	—	$	—	$	251,641
Derivatives	$	47	$	612,974	$	—	$	613,021
Liabilities at Fair Value:

Derivatives	$	38,546	$	35,113	$	—	$	73,659

December 31, 2024	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	12,439,414	$	—	$	12,439,414

Derivatives	$	13,300	$	894,763	$	—	$	908,063
Liabilities at Fair Value:
Obligations to return securities as collateral	$	—	$	493,433	$	—	$	493,433
Derivatives	$	328	$	957	$	—	$	1,285

Derivatives - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Derivative Instruments, Gain (Loss) [Line Items]

Total Loss on Derivatives, net

^[1]

$ (49,287)

$ (209,959)

$ (348,527)

$ (3,829)

Interest rate swap contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Loss on Derivatives, net

(17,232)

(232,604)

(233,797)

(41,767)

Centrally-cleared

(17,173)

(128,745)

(78,766)

(57,829)

Futures contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Loss on Derivatives, net

(32,605)

(16,450)

(121,698)

(20,054)

TBA Agency Securities

Derivative Instruments, Gain (Loss) [Line Items]

Total Loss on Derivatives, net

$ 550

$ 39,095

$ 6,968

$ 57,992

[1]	Interest income and expense related to our interest rate swap contracts is recorded in loss on derivatives, net on the consolidated statements of operations. For additional information, see financial statement Note 7.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (b)
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024.


			Gross Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2025
Interest rate swap contracts (2)	$	612,509	$	(34,921)	$	(300,906)	$	276,682
Futures contracts	47		(38,546)		111,847		73,348
TBA Agency Securities	465		(465)		—		—
Totals	$	613,021	$	(73,932)	$	(189,059)	$	350,030

December 31, 2024
Interest rate swap contracts (2)	$	894,714	$	—	$	(781,923)	$	112,791
Futures contracts	13,300		(328)		24,702		37,674
TBA Agency Securities	49		(957)		1,578		670
Totals	$	908,063	$	(1,285)	$	(755,643)	$	151,135

(1)See Note 4 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $3,267 and $47,045 of centrally-cleared interest rate swap contracts, respectively.

Schedule of Offsetting Liabilities


			Gross Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2025
Interest rate swap contracts (2)	$	(34,921)	$	34,921	$	—	$	—
Futures contracts	(38,546)		38,546		—		—
TBA Agency Securities	(192)		465		(279)		(6)
Totals	$	(73,659)	$	73,932	$	(279)	$	(6)

December 31, 2024

Futures contracts	$	(328)	$	328	$	—	$	—
TBA Agency Securities	(957)		957		—		—
Totals	$	(1,285)	$	1,285	$	—	$	—

(1)See Note 4 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $(34,921) of centrally-cleared interest rate swap contracts, respectively.

Schedule of Derivative Instruments, Gain (Loss)

The following table represents the information regarding our derivatives which are included in Loss on derivatives, net in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2025 and September 30, 2024.


	Income (Loss) Recognized
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivatives	2025		2024		2025		2024
Interest rate swap contracts (1)	$	(17,232)	$	(232,604)	$	(233,797)	$	(41,767)
Futures contracts	(32,605)		(16,450)		(121,698)		(20,054)
TBA Agency Securities	550		39,095		6,968		57,992
Total Loss on Derivatives, net	$	(49,287)	$	(209,959)	$	(348,527)	$	(3,829)

(1)Includes $(17,173) and $(78,766) and $(128,745) and $(57,829) of centrally-cleared interest rate swap contract income (loss) for the three and nine months ended September 30, 2025 and September 30, 2024, respectively.

Schedule of Derivative Instruments

The following tables present information about our derivatives at September 30, 2025 and December 31, 2024. We did not have any TBA Agency Securities at December 31, 2024.


Interest Rate Swap Contracts (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
September 30, 2025
< 3 years	$	5,225,000	27	3.00	%
≥ 3 years and < 5 years	1,302,000		52	0.49	%
≥ 5 years and < 7 years	2,650,000		68	1.09	%
≥ 7 years and < 10 years	1,025,000		112	3.75	%
≥ 10 years	200,000		179	4.01	%
Total or Weighted Average (2)	$	10,402,000	52	2.29	%

December 31, 2024
< 3 years	$	1,255,000	24	0.60	%
≥ 3 years and < 5 years	604,000		58	0.49	%
≥ 5 years and < 7 years	2,648,000		71	0.85	%
≥ 7 years	2,725,000		108	3.20	%
Total or Weighted Average (3)	$	7,232,000	76	1.66	%

(1)Pay Fixed/Receive Variable.

(2)Of this amount, $5,468,000 notional are SOFR based swaps, the last of which matures in 2040; and $4,934,000 notional are Federal Funds based swaps, the last of which matures in 2032. Of this amount, $5,268,000 notional are centrally-cleared interest rate swap contracts, the last of which matures in 2040.

(3)Of this amount, $2,225,000 notional are SOFR based swaps, the last of which matures in 2034; and $5,007,000 notional are Federal Funds based swaps, the last of which matures in 2032. Of this amount, $2,025,000 notional are centrally-cleared interest rate swap contracts, the last of which matures in 2034.


TBA Agency Securities	Notional Amount		Cost Basis		Fair Value
September 30, 2025





30 Year Long, 5.0%	125,000		123,682		124,009

Total TBA Agency Securities	$	125,000	$	123,682	$	124,009

Income Taxes - Schedule of Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ (46,823)	$ (472,002)	$ (732,477)	$ (15,606)

Net Income per Common Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following table presents a reconciliation of net income and the shares used in calculating weighted average basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and September 30, 2024.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Net Income	$	159,259	$	65,880	$	110,983	$	32,046
Less: Preferred dividends	(3,003)		(2,995)		(9,006)		(8,986)
Net Income available to common stockholders	$	156,256	$	62,885	$	101,977	$	23,060

Weighted average common shares outstanding – basic	104,318		51,647		87,886		49,736
Add: Effect of dilutive non-vested awards, assumed vested	255		186		255		186
Weighted average common shares outstanding – diluted	104,573		51,833		88,141		49,922

Net Income per share available to common stockholders - basic	1.50		1.22		1.16		0.46
Net Income per share available to common stockholders - diluted	1.49		1.21		1.16		0.46

Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024.


September 30, 2025	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	17,898,690	$	17,757,600	$	(125,103)	$	172,697	$	17,805,194

U.S. Treasury Securities	250,000		250,851		—		790		251,641
Total Trading Securities	$	18,148,690	$	18,008,451	$	(125,103)	$	173,487	$	18,056,835

December 31, 2024	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	12,957,039	$	12,806,504	$	(370,044)	$	2,954	$	12,439,414
Total Trading Securities	$	12,957,039	$	12,806,504	$	(370,044)	$	2,954	$	12,439,414

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the weighted average lives of our investments in securities at September 30, 2025 and December 31, 2024.


	September 30, 2025				December 31, 2024
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost

≥ 1 year and < 3 years	$	925,820	$	916,324	$	—	$	—
≥ 3 years and < 5 years	5,936,610		5,876,524		1,329,834		1,341,663
≥ 5 years	11,194,405		11,215,603		11,109,580		11,464,841
Totals	$	18,056,835	$	18,008,451	$	12,439,414	$	12,806,504

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 14 - Segment Reporting

We operate in the U.S. and invest primarily in fixed rate residential, adjustable rate and hybrid adjustable rate residential MBS issued or guaranteed by U.S. GSEs or guaranteed by Ginnie Mae. From time to time, we may also invest in U.S. Treasury Securities and money market instruments. Resources and financial performance are assessed by our CEO and Co-Chief Investment Officers who collectively are the Company’s Chief Operating Decision Maker (“CODM”), based on total assets reported on the consolidated balance sheets and net income (loss) as reported on the consolidated statements of operations. Our CODM views consolidated expense information related to interest expense, management fees, compensation and other operating expenses as disclosed on our consolidated statement of operations as significant. The CODM manages our investment portfolio as a whole and decisions regarding investments and hedging are made collectively based on the inputs above. Accordingly, the Company consists of a single operating and reportable segment and the consolidated financial statements and notes thereto are presented as a single reportable segment. Since the Company operates in a single segment, the segment information is consistent with the consolidated financial statements. Therefore, no reconciliation is necessary.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Series C Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions to Stockholders	Cumulative Distributions to Stockholders Series C Preferred Stock	Accumulated Net Loss
Beginning balance, preferred (in shares) at Dec. 31, 2023			6,847,000
Beginning balance, common (in shares) at Dec. 31, 2023				48,799,000
Beginning balance at Dec. 31, 2023	$ 1,271,184		$ 7	$ 49	$ 4,318,155	$ (2,220,567)		$ (826,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	32,046							32,046
Issuance of common stock, net (in shares)				6,417,000
Issuance of common stock, net	129,430			$ 6	129,424
Stock based compensation, net of withholding requirements (in shares)				46,000
Stock based compensation, net of withholding requirements	2,580				2,580
Common stock repurchased (in shares)				(70,000)
Common stock repurchased	(1,344)				(1,344)
Preferred stock dividends	(8,986)					(8,986)
Common stock dividends	(108,053)					(108,053)
Ending balance, preferred (in shares) at Sep. 30, 2024			6,847,000
Ending balance, common (in shares) at Sep. 30, 2024				55,192,000
Ending balance at Sep. 30, 2024	1,316,857		$ 7	$ 55	4,448,815	(2,337,606)		(794,414)
Beginning balance, preferred (in shares) at Dec. 31, 2023			6,847,000
Beginning balance, common (in shares) at Dec. 31, 2023				48,799,000
Beginning balance at Dec. 31, 2023	$ 1,271,184		$ 7	$ 49	4,318,155	(2,220,567)		(826,460)
Ending balance, preferred (in shares) at Dec. 31, 2024		6,847,000	6,847,000
Ending balance, common (in shares) at Dec. 31, 2024	62,412,000			62,412,000
Ending balance at Dec. 31, 2024	$ 1,361,415		$ 7	$ 62	4,585,739	(2,383,539)		(840,854)
Beginning balance, preferred (in shares) at Jun. 30, 2024			6,847,000
Beginning balance, common (in shares) at Jun. 30, 2024				48,765,000
Beginning balance at Jun. 30, 2024	1,161,292		$ 7	$ 49	4,318,666	(2,297,136)		(860,294)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	65,880							65,880
Issuance of common stock, net (in shares)				6,415,000
Issuance of common stock, net	129,394			$ 6	129,388
Stock based compensation, net of withholding requirements (in shares)				12,000
Stock based compensation, net of withholding requirements	761				761
Preferred stock dividends	(2,995)					(2,995)
Common stock dividends	(37,475)					(37,475)
Ending balance, preferred (in shares) at Sep. 30, 2024			6,847,000
Ending balance, common (in shares) at Sep. 30, 2024				55,192,000
Ending balance at Sep. 30, 2024	$ 1,316,857		$ 7	$ 55	4,448,815	(2,337,606)		(794,414)
Beginning balance, preferred (in shares) at Dec. 31, 2024		6,847,000	6,847,000
Beginning balance, common (in shares) at Dec. 31, 2024	62,412,000			62,412,000
Beginning balance at Dec. 31, 2024	$ 1,361,415		$ 7	$ 62	4,585,739	(2,383,539)		(840,854)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	110,983							110,983
Issuance of Preferred stock, net (in shares)			17,000
Issuance of Preferred stock, net	279				279
Issuance of common stock, net (in shares)				50,796,000
Issuance of common stock, net	874,232			$ 51	874,181
Stock based compensation, net of withholding requirements (in shares)				41,000
Stock based compensation, net of withholding requirements	$ 1,556				1,556
Common stock repurchased (in shares)	0			(1,351,000)
Common stock repurchased	$ (19,947)			$ (1)	(19,946)
Preferred stock dividends		$ (9,006)					$ (9,006)
Common stock dividends	$ (190,716)					(190,716)
Ending balance, preferred (in shares) at Sep. 30, 2025		6,864,000	6,864,000
Ending balance, common (in shares) at Sep. 30, 2025	111,898,000			111,898,000
Ending balance at Sep. 30, 2025	$ 2,128,796		$ 7	$ 112	5,441,809	(2,583,261)		(729,871)
Beginning balance, preferred (in shares) at Jun. 30, 2025			6,864,000
Beginning balance, common (in shares) at Jun. 30, 2025				88,071,000
Beginning balance at Jun. 30, 2025	1,659,951		$ 7	$ 88	5,053,048	(2,504,062)		(889,130)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	159,259							159,259
Issuance of common stock, net (in shares)				24,496,000
Issuance of common stock, net	398,131			$ 25	398,106
Stock based compensation, net of withholding requirements (in shares)				15,000
Stock based compensation, net of withholding requirements	570				570
Common stock repurchased (in shares)				(684,000)
Common stock repurchased	(9,916)	$ (3,003)		$ (1)	(9,915)
Preferred stock dividends							$ (3,003)
Common stock dividends	$ (76,196)					(76,196)
Ending balance, preferred (in shares) at Sep. 30, 2025		6,864,000	6,864,000
Ending balance, common (in shares) at Sep. 30, 2025	111,898,000			111,898,000
Ending balance at Sep. 30, 2025	$ 2,128,796		$ 7	$ 112	$ 5,441,809	$ (2,583,261)		$ (729,871)

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares
Receivable for unsettled sales	$ 282,869
Repurchase agreements, net	16,557,426
Accrued interest payable, repurchase agreements, amounts with BUCKLER	$ 63,988
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Preferred stock, shares authorized (in shares) \| shares	50,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, shares authorized (in shares) \| shares	175,000,000
Common stock, shares issued (in shares) \| shares	111,898,000
Common stock, shares outstanding (in shares) \| shares	111,898,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Preferred stock, shares authorized (in shares) \| shares	10,000,000
Preferred stock, dividend rate (as percent)	7.00%
Preferred stock, shares issued (in shares) \| shares	6,864,000
Preferred stock, shares outstanding (in shares) \| shares	6,864,000
Preferred stock, liquidation preference (in dollars per share) \| $ / shares	$ 25.00
BUCKLER Securities, LLC \| Related Party
Repurchase agreements, net	$ 7,165,115
Agency Securities
Pledged securities	16,998,530
Agency Securities \| BUCKLER Securities, LLC \| Related Party
Pledged securities	7,442,873
Accrued interest payable, repurchase agreements, amounts with BUCKLER	24,352
U.S. Treasury Securities
Pledged securities	251,641
U.S. Treasury Securities \| BUCKLER Securities, LLC
Pledged securities	$ 100,656

Net Income per Common Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income per Common Share

Note 11 - Net Income per Common Share


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Net Income	$	159,259	$	65,880	$	110,983	$	32,046
Less: Preferred dividends	(3,003)		(2,995)		(9,006)		(8,986)
Net Income available to common stockholders	$	156,256	$	62,885	$	101,977	$	23,060

Weighted average common shares outstanding – basic	104,318		51,647		87,886		49,736
Add: Effect of dilutive non-vested awards, assumed vested	255		186		255		186
Weighted average common shares outstanding – diluted	104,573		51,833		88,141		49,922

Net Income per share available to common stockholders - basic	1.50		1.22		1.16		0.46
Net Income per share available to common stockholders - diluted	1.49		1.21		1.16		0.46

Derivatives

9 Months Ended

Sep. 30, 2025

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 long-term average funding costs for repurchase agreements associated with our assets in an attempt to maximize earnings from our assets. 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 with 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 Federal Funds Rate or SOFR. The Federal 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 agreement would give our counterparty to the applicable agreement the right to terminate the agreement. In addition, certain of our ISDA agreements 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.


			Gross Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2025
Interest rate swap contracts (2)	$	612,509	$	(34,921)	$	(300,906)	$	276,682
Futures contracts	47		(38,546)		111,847		73,348
TBA Agency Securities	465		(465)		—		—
Totals	$	613,021	$	(73,932)	$	(189,059)	$	350,030

December 31, 2024
Interest rate swap contracts (2)	$	894,714	$	—	$	(781,923)	$	112,791
Futures contracts	13,300		(328)		24,702		37,674
TBA Agency Securities	49		(957)		1,578		670
Totals	$	908,063	$	(1,285)	$	(755,643)	$	151,135

(1)See Note 4 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $3,267 and $47,045 of centrally-cleared interest rate swap contracts, respectively.


			Gross Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2025
Interest rate swap contracts (2)	$	(34,921)	$	34,921	$	—	$	—
Futures contracts	(38,546)		38,546		—		—
TBA Agency Securities	(192)		465		(279)		(6)
Totals	$	(73,659)	$	73,932	$	(279)	$	(6)

December 31, 2024

Futures contracts	$	(328)	$	328	$	—	$	—
TBA Agency Securities	(957)		957		—		—
Totals	$	(1,285)	$	1,285	$	—	$	—

(1)See Note 4 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $(34,921) of centrally-cleared interest rate swap contracts, respectively.


	Income (Loss) Recognized
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivatives	2025		2024		2025		2024
Interest rate swap contracts (1)	$	(17,232)	$	(232,604)	$	(233,797)	$	(41,767)
Futures contracts	(32,605)		(16,450)		(121,698)		(20,054)
TBA Agency Securities	550		39,095		6,968		57,992
Total Loss on Derivatives, net	$	(49,287)	$	(209,959)	$	(348,527)	$	(3,829)

The following tables present information about our derivatives at September 30, 2025 and December 31, 2024. We did not have any TBA Agency Securities at December 31, 2024.


Interest Rate Swap Contracts (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
September 30, 2025
< 3 years	$	5,225,000	27	3.00	%
≥ 3 years and < 5 years	1,302,000		52	0.49	%
≥ 5 years and < 7 years	2,650,000		68	1.09	%
≥ 7 years and < 10 years	1,025,000		112	3.75	%
≥ 10 years	200,000		179	4.01	%
Total or Weighted Average (2)	$	10,402,000	52	2.29	%

December 31, 2024
< 3 years	$	1,255,000	24	0.60	%
≥ 3 years and < 5 years	604,000		58	0.49	%
≥ 5 years and < 7 years	2,648,000		71	0.85	%
≥ 7 years	2,725,000		108	3.20	%
Total or Weighted Average (3)	$	7,232,000	76	1.66	%

(1)Pay Fixed/Receive Variable.


TBA Agency Securities	Notional Amount		Cost Basis		Fair Value
September 30, 2025





30 Year Long, 5.0%	125,000		123,682		124,009

Total TBA Agency Securities	$	125,000	$	123,682	$	124,009

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 44,238	$ 67,970
Cash collateral posted to counterparties	264,282	78,213
Investments in securities, at fair value
Receivable for unsettled sales (including pledged securities of $282,869 at September 30, 2025)	296,523	0
Derivatives, at fair value	613,021	908,063
Accrued interest receivable	79,672	52,874
Prepaid and other	2,675	1,419
Total Assets	19,357,246	13,547,953
Liabilities
Repurchase agreements, net (including $7,165,115 and $4,895,003, at September 30, 2025 and December 31, 2024, respectively with BUCKLER)	16,557,426	10,713,830
Obligations to return securities received as collateral, at fair value	0	493,433
Cash collateral posted by counterparties	453,620	833,857
Payable for unsettled purchases	72,933	103,509
Derivatives, at fair value	73,659	1,285
Accrued interest payable- repurchase agreements (including $24,352 and $14,442, at September 30, 2025 and December 31, 2024, respectively with BUCKLER)	63,988	32,090
Accrued interest payable- U.S. Treasury Securities sold short	0	3,801
Accounts payable and other accrued expenses	6,824	4,733
Total Liabilities	17,228,450	12,186,538
Commitments and contingencies (Note 8 and Note 13)
Stockholders’ Equity
Common stock, $0.001 par value, 175,000 and 125,000 shares authorized; 111,898 shares and 62,412 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively.	112	62
Additional paid-in capital	5,441,809	4,585,739
Cumulative distributions to stockholders	(2,583,261)	(2,383,539)
Accumulated net loss	(729,871)	(840,854)
Total Stockholders’ Equity	2,128,796	1,361,415
Total Liabilities and Stockholders’ Equity	19,357,246	13,547,953
Series C Preferred Stock
Stockholders’ Equity
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 6,864 shares and 6,847 shares issued and outstanding ($25.00 per share liquidation preference) at September 30, 2025 and December 31, 2024, respectively	7	7
Agency Securities
Investments in securities, at fair value
Debt securities	17,805,194	12,439,414
U.S. Treasury Securities
Investments in securities, at fair value
Debt securities	$ 251,641	$ 0

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional Amount	$ 10,402,000	$ 7,232,000
Weighted Average Remaining Term (Months)	52 months	76 months
Weighted Average Rate	2.29%	1.66%
Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Notional Amount	$ 5,468,000	$ 2,225,000
Fed Funds Effective Rate Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	4,934,000	5,007,000
Interest rate swap contracts
Derivative [Line Items]
Notional Amount	$ 5,268,000	$ 2,025,000
Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 years	3 years
Notional Amount	$ 5,225,000	$ 1,255,000
Weighted Average Remaining Term (Months)	27 months	24 months
Weighted Average Rate	3.00%	0.60%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount	$ 1,302,000	$ 604,000
Weighted Average Remaining Term (Months)	52 months	58 months
Weighted Average Rate	0.49%	0.49%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 2,650,000	$ 2,648,000
Weighted Average Remaining Term (Months)	68 months	71 months
Weighted Average Rate	1.09%	0.85%
Greater than or equal to 7 years and less than 10 years
Derivative [Line Items]
Notional Amount	$ 1,025,000
Weighted Average Remaining Term (Months)	112 months
Weighted Average Rate	3.75%
Greater than or equal to 10 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	10 years
Notional Amount	$ 200,000
Weighted Average Remaining Term (Months)	179 months
Weighted Average Rate	4.01%
Greater than or equal to 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)		7 years
Notional Amount		$ 2,725,000
Weighted Average Remaining Term (Months)		108 months
Weighted Average Rate		3.20%
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
Minimum \| Greater than or equal to 7 years and less than 10 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	7 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
Maximum \| Greater than or equal to 7 years and less than 10 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	10 years

Stockholders' Equity - Schedule of Dividends Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Totals	$ 2,583,261	$ 2,383,539
Preferred dividends
Class of Stock [Line Items]
Totals	177,798	168,791
Common Stock
Class of Stock [Line Items]
Totals	$ 2,405,463	$ 2,214,748

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivatives - Additional Information (Details)	Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ratio of indebtedness to net capital	12

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

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.

The fair value of financial instruments is the amount received to sell an asset or the amount paid to transfer the liability in a transaction between willing market participants on the measurement date. At the beginning of each period, 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, 2025 and December 31, 2024.


September 30, 2025	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	17,805,194	$	—	$	17,805,194
U.S. Treasury Securities	$	251,641	$	—	$	—	$	251,641
Derivatives	$	47	$	612,974	$	—	$	613,021
Liabilities at Fair Value:

Derivatives	$	38,546	$	35,113	$	—	$	73,659

December 31, 2024	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	12,439,414	$	—	$	12,439,414

Derivatives	$	13,300	$	894,763	$	—	$	908,063
Liabilities at Fair Value:
Obligations to return securities as collateral	$	—	$	493,433	$	—	$	493,433
Derivatives	$	328	$	957	$	—	$	1,285

There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the nine months ended September 30, 2025 or for the year ended December 31, 2024.

Excluded from the tables above are financial instruments, including cash and cash equivalents, cash collateral posted to/by counterparties, receivables, payables (categorized as Level 1) and borrowings under repurchase agreements, net (categorized as Level 2), which are presented in our consolidated financial statements at cost, which approximates fair value at September 30, 2025 and December 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Organization and Nature of Business Operations

9 Months Ended

Sep. 30, 2025

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 subsidiary. 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. 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 13 - 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, 2025, our investments in securities included 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") and U.S. Treasury Securities. At December 31, 2024, we invested solely in MBS. Our investment in securities consist primarily of fixed rate loans. Our charter permits us to invest in MBS backed by fixed rate, hybrid adjustable rate and adjustable rate home loans as well as unsecured notes and bonds issued by GSEs, U.S. Treasuries and money market instruments.

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

Note 13 - 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, 2025 and September 30, 2024.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
ARMOUR management fees	$	11,703	$	9,920	$	33,532	$	29,530
Less management fees waived	(1,650)		(1,650)		(4,950)		(4,950)
Total management fee expense	$	10,053	$	8,270	$	28,582	$	24,580

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, which are included in Other Operating expenses in the consolidated statements of operations specified in the terms of the management agreement. For the three and nine months ended September 30, 2025 and September 30, 2024, we reimbursed ACM $350 and $2,021 and $446 and $701, respectively, for other expenses incurred on our behalf. In 2020, 2021, 2023 and 2025, we elected to grant restricted stock unit awards to our executive officers and other ACM employees that generally vest over 5 years. In 2020, 2021 and 2023, we elected to grant RSUs to the Board. We recognized stock based compensation expense of $73 and $218 and $90 and $268 for the three and nine months ended September 30, 2025 and September 30, 2024, respectively.

BUCKLER

At September 30, 2025, 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. Based on our evaluation of certain protective rights and the nature of the on demand subordinated loan agreement, we have determined that we do not have the power to direct the day-to-day activities that most significantly impact BUCKLER's economic performance and additionally do not have the obligation to absorb losses or the right to receive benefits that could be significant to BUCKLER. As a result, we do not have a controlling financial interest, and thus, are not BUCKLER's primary beneficiary and do not consolidate BUCKLER.

The value of the investment was $826 at September 30, 2025 and $453 at December 31, 2024, 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.

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, under certain circumstances, 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). For each of the three and nine months

ended September 30, 2025 and September 30, 2024, 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.

Effective March 20, 2023, the Company committed to provide on demand a subordinated loan agreement to BUCKLER in an amount up to $200,000, this commitment extends through March 20, 2026. Effective February 28, 2025, the Company committed to an additional on demand subordinated loan agreement in the amount of $50,000 that extends through February 28, 2028. These commitments are collateralized by mortgage backed and/or U.S. Treasury Securities owned by the Company and pledged to BUCKLER. They are treated by BUCKLER currently as capital for regulatory purposes and BUCKLER may pledge the securities to secure its own borrowings.

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, 2025.

With BUCKLER as the sales agent, under the 2023 Common stock ATM Sales Agreement, we sold 4,094 and 19,890 common shares for proceeds of $68,213 and $351,129, net of issuance costs and commissions of approximately $515 and $2,653, respectively, during the three and nine months ended September 30, 2025.

During the three and nine months ended September 30, 2025, with BUCKLER as the agent, we repurchased (684) and (1,351) common shares under the current repurchase authorization which cost $(9,916) and $(19,947), including commissions of approximately $74 and $149, to BUCKLER (see Note 10 - Stockholders' Equity).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Repurchase Agreements, net - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 16,557,426	$ 10,713,830
Weighted Average Contractual Rate	4.39%	4.72%
Weighted Average Maturity in days	14 days	17 days
Reverse repurchase agreements		$ 498,250
Obligations to return securities as collateral	$ 0	493,433
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Reverse repurchase agreements		498,250
Repurchase Agreements \| BUCKLER Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Reverse repurchase agreements		447,063
≤ 30 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 15,956,618	$ 10,466,630
Weighted Average Contractual Rate	4.39%	4.72%
Weighted Average Maturity in days	12 days	17 days
> 30 days to ≤ 60 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 399,727	$ 247,200
Weighted Average Contractual Rate	4.25%	4.63%
Weighted Average Maturity in days	49 days	31 days
> 60 days to ≤ 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 106,537
Weighted Average Contractual Rate	4.20%
Weighted Average Maturity in days	76 days
> 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 94,544
Weighted Average Contractual Rate	4.29%
Weighted Average Maturity in days	106 days

Derivatives - Schedule of Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Offsetting Assets [Line Items]
Gross Amounts	$ 613,021	$ 908,063
Gross Amounts Not Offset, Financial Instruments	(73,932)	(1,285)
Gross Amounts Not Offset, Cash Collateral	(189,059)	(755,643)
Total Net	350,030	151,135
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	612,509	894,714
Gross Amounts Not Offset, Financial Instruments	(34,921)	0
Gross Amounts Not Offset, Cash Collateral	(300,906)	(781,923)
Total Net	276,682	112,791
Derivative asset, centrally - cleared	3,267	47,045
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts	47	13,300
Gross Amounts Not Offset, Financial Instruments	(38,546)	(328)
Gross Amounts Not Offset, Cash Collateral	111,847	24,702
Total Net	73,348	37,674
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	465	49
Gross Amounts Not Offset, Financial Instruments	(465)	(957)
Gross Amounts Not Offset, Cash Collateral	0	1,578
Total Net	$ 0	$ 670

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Amount of obligation to return cash collateral under master netting arrangements that have not been offset against derivative assets.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Cash Flows Provided By (Used In) Operating Activities:
Net Income	$ 159,259	$ 65,880	$ 110,983	$ 32,046
Adjustments to reconcile net income to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
Net (accretion) amortization of premium on Agency Securities			(1,176)	188
Stock based compensation			1,556	2,580
Changes in operating assets and liabilities:
Increase in accrued interest receivable			(26,888)	(1,035)
(Increase) Decrease in prepaid and other assets			(1,256)	299
Change in derivatives, at fair value			367,416	198,492
Increase (Decrease) in accrued interest payable- repurchase agreements			31,898	(1,651)
Increase (Decrease) in accrued interest payable- U.S. Treasury Securities sold short			(3,801)	2,245
Increase in accounts payable and other accrued expenses			2,091	1,751
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities			88,641	171,017
Cash Flows Provided By (Used In) Investing Activities:
Purchases of Agency Securities			(7,669,859)	(5,502,474)
Principal repayments of Agency Securities			1,038,458	687,362
Proceeds from sales of Agency Securities			1,341,698	4,022,334
Disbursements on reverse repurchase agreements (includes $(1,860,188) and $(3,725,263) with BUCKLER, respectively)			(2,268,875)	(4,808,012)
Receipts from reverse repurchase agreements (includes $2,307,250 and $3,610,013 with BUCKLER, respectively)			2,767,125	4,639,012
Decrease in cash collateral posted by counterparties			(380,237)	(167,352)
Net cash and cash equivalents and cash collateral posted to counterparties used in investing activities			(5,926,492)	(948,367)
Cash Flows Provided By (Used In) Financing Activities:
Issuance of common stock, net of expenses			874,195	127,514
Proceeds from repurchase agreements (including $64,158,045 and $41,619,024, respectively with BUCKLER)			106,444,574	71,693,256
Principal repayments on repurchase agreements (including $(62,334,995) and $(41,957,630), respectively with BUCKLER)			(101,099,228)	(70,985,823)
Common stock dividends paid			(190,679)	(108,024)
Common stock repurchased			(19,947)	(1,344)
Net cash and cash equivalents and cash collateral posted to counterparties provided by financing activities			6,000,188	716,593
Net increase (decrease) in cash and cash equivalents and cash collateral posted to counterparties			162,337	(60,757)
Cash and cash equivalents and cash collateral posted to counterparties - beginning of period			146,183	258,858	$ 258,858
Cash and cash equivalents and cash collateral posted to counterparties - end of period	308,520	198,101	308,520	198,101	$ 146,183
Supplemental Disclosure:
Cash paid during the period for interest			507,495	519,717
Non-Cash Investing Activities:
Receivable for unsettled sales			296,523	0
Payable for unsettled purchases			(72,933)	(587,263)
Non-Cash Financing Activities:
Amounts receivable for issuance of common stock			0	1,887
Series C Preferred Stock
Cash Flows Provided By (Used In) Financing Activities:
Issuance of Series C Preferred stock, net of expenses			279	0
Series C Preferred stock dividends paid			(9,006)	(8,986)
U.S. Treasury Securities
Adjustments to reconcile net income to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
Net amortization of U.S. Treasury Securities			132	0
(Gain) Loss on U.S. Treasury Securities, net			9,596	(8,376)
Cash Flows Provided By (Used In) Investing Activities:
Purchases of U.S. Treasury Securities (includes $(203,422) with BUCKLER through September 30, 2025)			(1,106,410)	(869,257)
Agency Securities
Adjustments to reconcile net income to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
Gain on Agency Securities, trading, net	$ (177,108)	$ (306,141)	(401,910)	(55,522)
Cash Flows Provided By (Used In) Investing Activities:
Proceeds from sales of U.S. Treasury Securities (includes $100,502 with BUCKLER through September 30, 2025)			$ 351,608	$ 1,050,020

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

Transactions related to awards for the nine months ended September 30, 2025 are summarized below:


	September 30, 2025
	Number of Awards	Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	170	$	36.38
Granted (1)	135	$	16.42
Vested	(50)	$	33.69

Unvested RSU Awards Outstanding end of period	255	$	26.32

(1)During the nine months ended September 30, 2025, 135 RSUs were granted to certain officers of ARMOUR.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
GAAP net income	$ 159,259	$ 65,880	$ 110,983	$ 32,046
Book to tax differences:
TRS income	(94)	(99)	(289)	0
Agency Securities	(177,108)	(306,142)	(401,910)	(55,522)
U.S. Treasury Securities	(6,197)	21,695	9,596	(8,376)
Changes in interest rate contracts	101,641	274,030	491,547	185,737
Amortization of deferred hedging costs	(18,437)	(20,025)	(52,132)	(62,339)
Amortization of deferred Treasury Future gains	1,981	4,140	7,558	13,465
Other	113	517	242	1,699
Estimated REIT taxable income	$ 61,158	$ 39,996	$ 165,595	$ 106,710

Stockholders' Equity - Schedule of Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
	Jul. 26, 2023	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Class of Stock [Line Items]
Net Proceeds (costs)		$ 874,195	$ 127,514
DRIP, Per Share price (in dollars per share)				$ 18.95
Common stock repurchased (in shares)		0
Common stock repurchased		$ (19,947)	$ (1,344)
August 2025 Public Offering
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		18,500,000
Per Share price (in dollars per share)		$ 16.14
Net Proceeds (costs)		$ 298,572
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	15,000,000
Series C Preferred Stock \| ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		17,000
Per Share price (in dollars per share)		$ 16.08
Net Proceeds (costs)		$ 279
Common Stock
Class of Stock [Line Items]
Per Share price (in dollars per share)		$ 14.77		$ 19.31
Issuance of common stock under dividend reinvestment program (in shares)		6,000		5,000
DRIP, Per Share price (in dollars per share)		$ 16.50
Proceeds from issuance of DRIP, net		$ 87		$ 86
Common stock repurchased (in shares)		(1,351,000)		(70,000)
Common stock repurchased		$ (19,947)		$ (1,344)
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		32,290,000		13,619,000
Per Share price (in dollars per share)		$ 17.83		$ 19.50
Net Proceeds (costs)		$ 575,573		$ 265,614

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 - Income Taxes

The following table reconciles our GAAP net income to estimated REIT taxable income for the three and nine months ended September 30, 2025 and September 30, 2024.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
GAAP net income	$	159,259	$	65,880	$	110,983	$	32,046
Book to tax differences:
TRS income	(94)		(99)		(289)		—

Agency Securities	(177,108)		(306,142)		(401,910)		(55,522)
U.S. Treasury Securities	(6,197)		21,695		9,596		(8,376)
Changes in interest rate contracts	101,641		274,030		491,547		185,737

Amortization of deferred hedging costs	(18,437)		(20,025)		(52,132)		(62,339)
Amortization of deferred Treasury Future gains	1,981		4,140		7,558		13,465
Other	113		517		242		1,699
Estimated REIT taxable income	$	61,158	$	39,996	$	165,595	$	106,710

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, 2025 and December 31, 2024, we had approximately $(281,360) and $(189,450), respectively, of net deductible expense relating to previously terminated interest rate swap and treasury futures/shorts contracts amortizing through the year 2040

and 2034, respectively. At September 30, 2025, we had $257,341 of net operating loss carryforwards available for use indefinitely.


Net capital losses realized	Amount		Available to offset capital gains through


2021	$	(15,606)	2026
2022	$	(732,477)	2027
2023	$	(472,002)	2028
2024	$	(46,823)	2029

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, 2025 by approximately $252,453, or approximately $2.26 per common share (based on the 111,898 common shares then outstanding). State and federal tax returns for the years 2022 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, 2025 and September 30, 2024 were $79,199 and $40,470 and $199,722 and $117,039, 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 had no material unrecognized tax benefits or material uncertain tax positions for any periods presented.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Additional Information (Details) - USD ($)									1 Months Ended									3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 28, 2025	Oct. 30, 2025	Oct. 27, 2025	Oct. 10, 2025	Jul. 25, 2025	Feb. 13, 2025	Aug. 23, 2024	Jul. 26, 2023	Sep. 30, 2025	Aug. 31, 2025	Jul. 31, 2025	Jun. 30, 2025	May 31, 2025	Apr. 30, 2025	Mar. 31, 2025	Feb. 28, 2025	Jan. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jul. 26, 2022	Jan. 29, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)									50,000,000									50,000,000		50,000,000		50,000,000
Preferred stock, par value (in dollars per share)									$ 0.001									$ 0.001		$ 0.001		$ 0.001
Preferred stock, undesignated shares authorized (in shares)									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)									175,000,000									175,000,000		175,000,000		125,000,000
Common stock, par value (in dollars per share)									$ 0.001									$ 0.001		$ 0.001		$ 0.001
Common stock, shares issued (in shares)									111,898,000									111,898,000		111,898,000		62,412,000
Common stock, shares outstanding (in shares)									111,898,000									111,898,000		111,898,000		62,412,000
Issuance of common stock, net of expenses																				$ 874,195,000	$ 127,514,000
Remaining shares authorized to be repurchased (in shares)									866,000									866,000		866,000		2,217,000
Common stock repurchased																				$ (19,947,000)	(1,344,000)
Aggregate amount paid to holders of record																				$ 190,679,000	$ 108,024,000
Dividends declared per common share (in dollars per share)																		$ 0.72	$ 0.72	$ 2.16	$ 2.16
Forecast
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.24
BUCKLER Securities, LLC \| Related Party
Class of Stock [Line Items]
Payments of stock issuance costs																		$ 74,000		$ 149,000
Common stock repurchased (in shares)																		684,000		1,351,000
Common stock repurchased																		$ (9,916,000)		$ (19,947,000)
Subsequent Event
Class of Stock [Line Items]
Aggregate amount paid to holders of record		$ 26,920,000
Common stock dividends, cash paid (in dollars per share)		$ 0.24
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)								15,000,000
Common stock, par value (in dollars per share)								$ 0.001
Common stock, additional shares authorized (in shares)					9,500,000	15,000,000	25,000,000
2023 Common stock ATM Sales Agreement \| BUCKLER Securities, LLC \| Related Party
Class of Stock [Line Items]
Payments of stock issuance costs																		$ 515,000		$ 2,653,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)									10,000,000									10,000,000		10,000,000
Preferred stock, par value (in dollars per share)									$ 0.001									$ 0.001		$ 0.001		$ 0.001
Preferred stock, dividend rate (as percent)																				7.00%		7.00%
Preferred stock, shares outstanding (in shares)									6,864,000									6,864,000		6,864,000		6,847,000
Preferred stock, shares issued (in shares)									6,864,000									6,864,000		6,864,000		6,847,000
Preferred stock, liquidation preference (in dollars per share)									$ 25.00									$ 25.00		$ 25.00		$ 25.00
Preferred stock, aggregate liquidation preference									$ 171,600,000									$ 171,600,000		$ 171,600,000		$ 171,175,000
Dividends payable									$ 0									$ 0		0		$ 0
Issuance of Series C Preferred stock, net of expenses																				$ 279,000	$ 0
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
Series C Preferred Stock \| Forecast
Class of Stock [Line Items]
Preferred stock dividends, cash paid (in dollars per share)	$ 0.14583
Series C Preferred Stock \| Subsequent Event
Class of Stock [Line Items]
Preferred stock dividends, cash paid (in dollars per share)			$ 0.14583
Aggregate amount paid to holders of record			$ 1,003,000
Series C Preferred Stock \| Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																								6,550,000
Preferred stock, designated but unissued shares authorized (in shares)									3,136,000									3,136,000		3,136,000		3,153,000
Commission rate (as percent)																								2.00%
Number of shares issued in transaction (in shares)																				17,000
Issuance of Series C Preferred stock, net of expenses																				$ 279,000
Payments of stock issuance costs																				$ 106,000
Preferred Stock \| Preferred C ATM Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)				14,000
Payments of stock issuance costs				$ 3,000
Issuance of common stock, net of expenses				$ 305,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																				1,351,000		70,000
Issuance of common stock under dividend reinvestment program (in shares)																				6,000		5,000
Proceeds from issuance of DRIP, net																				$ 87,000		$ 86,000
Common stock repurchased																				$ (19,947,000)		$ (1,344,000)
Aggregate amount paid to holders of record									$ 27,083,000	$ 27,085,000	$ 22,028,000
Common stock dividends, cash paid (in dollars per share)									$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																				32,290,000		13,619,000
Payments of stock issuance costs																				$ 4,837,000
Issuance of common stock, net of expenses																				$ 575,573,000		$ 265,614,000

Fair Value of Financial Instruments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2025 dealer
Fair Value Disclosures [Abstract]
Trading securities, number of dealers	3

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
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	$ (252,453)		$ (252,453)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ (2.26)		$ (2.26)
Common stock, shares issued (in shares)	111,898		111,898		62,412
Payment of dividends	$ 79,199	$ 40,470	$ 199,722	$ 117,039
Interest Rate Swap
Tax Credit Carryforward [Line Items]
Unrealized gain (loss) yet to be amortized	$ (281,360)		$ (281,360)		$ (189,450)

Organization and Nature of Business Operations (Details)	Sep. 30, 2025
BUCKLER Securities, LLC \| Related Party
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of voting interests acquired	10.80%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Schedule of Contractual Management Fee Commitments Obligation (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2025	$ 11,930
2026	47,718
2027	47,718
2028	47,718
2029	47,718
Total	$ 202,802

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles our GAAP net income to estimated REIT taxable income for the three and nine months ended September 30, 2025 and September 30, 2024.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
GAAP net income	$	159,259	$	65,880	$	110,983	$	32,046
Book to tax differences:
TRS income	(94)		(99)		(289)		—

Agency Securities	(177,108)		(306,142)		(401,910)		(55,522)
U.S. Treasury Securities	(6,197)		21,695		9,596		(8,376)
Changes in interest rate contracts	101,641		274,030		491,547		185,737

Amortization of deferred hedging costs	(18,437)		(20,025)		(52,132)		(62,339)
Amortization of deferred Treasury Future gains	1,981		4,140		7,558		13,465
Other	113		517		242		1,699
Estimated REIT taxable income	$	61,158	$	39,996	$	165,595	$	106,710

Schedule of Tax Credit Carryforwards


Net capital losses realized	Amount		Available to offset capital gains through


2021	$	(15,606)	2026
2022	$	(732,477)	2027
2023	$	(472,002)	2028
2024	$	(46,823)	2029

Repurchase Agreements, net - Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	$ 498,250
Gross Amounts offset in the Consolidated Balance Sheet, Assets	(498,250)
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	0
Total Net, Assets	0
Gross Amounts, Liabilities	(11,212,080)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities	498,250
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities	(10,713,830)
Gross Amounts Not Offset Financial Instruments, Liabilities	10,713,830
Gross Amounts Not Offset Cash Collateral, Liabilities	0
Total Net, Liabilities	0
Pledged securities	11,796,858
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	498,250
Gross Amounts offset in the Consolidated Balance Sheet, Assets	(498,250)
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	0
Total Net, Assets	0
Gross Amounts, Liabilities	(11,212,080)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities	498,250
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities	(10,713,830)
Gross Amounts Not Offset Financial Instruments, Liabilities	10,713,830
Gross Amounts Not Offset Cash Collateral, Liabilities	0
Total Net, Liabilities	$ 0