0001428205-26-000029 | 10-K | XBRL Viewer | Armour Residential Reit INC

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Stock Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - The 2009 Stock Incentive Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares)	170	298	114
Granted (in shares)	225	0	260
Vested (in shares)	(70)	(73)	(76)
Forfeited (in shares)	0	(55)	0
Unvested RSU Awards Outstanding end of period (in shares)	325	170	298
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share)	$ 36.38	$ 38.21	$ 64.40
Granted (in dollars per share)	16.60	0	29.65
Vested (in dollars per share)	33.19	48.90	48.24
Forfeited (in dollars per share)	0	29.65	0
Unvested RSU Awards Outstanding end of period (in dollars per share)	$ 23.37	$ 36.38	$ 38.21
Certain Officers of ARMOUR
Number of Awards
Granted (in shares)	135		196
Board of Directors
Number of Awards
Granted (in shares)	90		64

Derivatives - Schedule of Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Offsetting Assets [Line Items]
Gross Amounts	$ 611,544	$ 908,063
Financial Instruments	(19,303)	(1,285)
Cash Collateral	(191,668)	(755,643)
Total Net	400,573	151,135
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	593,724	894,714
Financial Instruments	(19,210)	0
Cash Collateral	(244,878)	(781,923)
Total Net	329,635	112,791
Derivative asset, centrally-cleared	15,329	47,045
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts	17,820	13,300
Financial Instruments	(93)	(328)
Cash Collateral	53,210	24,702
Total Net	$ 70,937	37,674
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts		49
Financial Instruments		(957)
Cash Collateral		1,578
Total Net		$ 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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Amount of obligation to return cash collateral under master netting arrangements that have not been offset against derivative assets.

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- Definition

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+ Details

Investments in Securities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and December 31, 2024.


December 31, 2025	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	19,380,804	$	19,257,086	$	(87,828)	$	248,382	$	19,417,640
U.S. Treasury Securities	600,000		598,760		(1,078)		427		598,109
Totals	$	19,980,804	$	19,855,846	$	(88,906)	$	248,809	$	20,015,749

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
Totals	$	12,957,039	$	12,806,504	$	(370,044)	$	2,954	$	12,439,414

Schedule of Investments Classified by Contractual Maturity Date

The following tables summarize the weighted average lives of our investments in securities at December 31, 2025 and December 31, 2024.


	December 31, 2025				December 31, 2024
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost
< 1 year	$	—	$	—	$	—	$	—
≥ 1 year and < 3 years	1,934,537		1,910,316		—		—
≥ 3 years and < 5 years	8,305,993		8,201,320		1,329,834		1,341,663
≥ 5 years	9,775,219		9,744,210		11,109,580		11,464,841
Totals	$	20,015,749	$	19,855,846	$	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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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Derivatives - Additional Information (Details)	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ratio of indebtedness to net capital	12

Fair Value of Financial Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 dealer
Fair Value Disclosures [Abstract]
Trading securities, number of dealers	3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Interest Income:

Interest Income (including $0, $0 and $973, respectively with BUCKLER)

$ 800,424

$ 550,946

$ 552,903

Interest expense (including $(294,368), $(249,313) and $(245,846), respectively with BUCKLER)

(642,085)

(524,146)

(525,794)

Net Interest Income

158,339

26,800

27,109

Other Income (Loss):

Realized loss on sale of available for sale Agency Securities (reclassified from Other comprehensive loss)

(7,471)

Gain (Loss) on Agency Securities, trading, net

514,836

(348,646)

(52,665)

Gain on derivatives, net

^[1]

(285,749)

323,500

51,748

Total Other Income (Loss)

219,097

12,456

(51,481)

Expenses:

Management fees

45,464

39,734

38,188

Compensation

3,561

4,737

4,944

Other Operating

12,324

15,779

7,019

Total Expenses

61,349

60,250

50,151

Less management fees waived

(6,600)

Total Expenses after fees waived

54,749

53,650

43,551

Net Income (Loss)

322,687

(14,394)

(67,923)

Dividends on preferred stock

(12,038)

(11,982)

Net Income (Loss) available (related) to common stockholders

310,649

(26,376)

(79,905)

Reclassification adjustment for realized loss on sale of available for sale Agency Securities

7,471

Net unrealized gain on available for sale Agency Securities

4,056

Other Comprehensive income

11,527

Comprehensive Income (Loss)

322,687

(14,394)

(56,396)

Comprehensive Income (Loss) available (related) to common stockholders

$ 310,649

$ (26,376)

$ (68,378)

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

Basic (in dollars per share)

$ 3.31

$ (0.51)

$ (1.86)

Diluted (in dollars per share)

3.30

(0.51)

(1.86)

Dividends declared per common share (in dollars per share)

$ 2.88

$ 5.00

Weighted average common shares outstanding:

Basic (in shares)

93,943

52,158

43,054

Diluted (in shares)

94,268

52,158

43,054

Agency Securities

Other Income (Loss):

Gain (Loss) on Agency Securities, trading, net

$ 514,836

$ (348,646)

$ (52,665)

U.S. Treasury Securities

Other Income (Loss):

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

$ (9,990)

$ 37,602

$ (43,093)

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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 and comprehensive income (loss).

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 and comprehensive income (loss).

Available for Sale Securities represented investments that we intended to hold for extended periods of time and were reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss). During the first quarter of 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $7,471.

Receivables and Payables for Unsettled Sales and Purchases

We account for purchases and sales of securities on the trade date 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 December 31, 2025 and December 31, 2024, we had $0 and $498,250 ($447,063 of which were with BUCKLER), respectively, in reverse repurchase agreements which are recorded in repurchase agreements, net on our consolidated balance sheet.

Obligations to Return Securities Received as Collateral, at Fair Value

We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our consolidated balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged. At December 31, 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. Gains or losses realized from sales of available for sale securities were reclassified into income from Comprehensive Income (Loss) and were determined using the specific identification method.

Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction.

Comprehensive Income (Loss)

Comprehensive income (loss) refers to the sum of net income and other comprehensive income (loss). It represents all changes in equity during a period from transactions and other events from non-owner sources. It excludes all changes in equity during a period resulting from investments by owners and distributions to owners.

Repurchase Agreements, net - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 17,941,796	$ 10,713,830
Weighted Average Contractual Rate	4.01%	4.72%
Weighted Average Maturity in days	15 days	17 days
Reverse repurchase agreements		$ 498,250
Obligations to return securities as collateral	$ 0	493,433
Reverse Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Reverse repurchase agreements	0	498,250
Reverse 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	$ 17,941,796	$ 10,466,630
Weighted Average Contractual Rate	4.01%	4.72%
Weighted Average Maturity in days	15 days	17 days
> 30 days to ≤ 60 days
Assets Sold under Agreements to Repurchase [Line Items]
Balance		$ 247,200
Weighted Average Contractual Rate		4.63%
Weighted Average Maturity in days		31 days

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Repurchase agreements, net	$ 17,941,796	$ 10,713,830
Accrued interest payable, repurchase agreements, amounts with BUCKLER	$ 59,267	$ 32,090
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, dividend rate (as percent)	7.00%	7.00%
Preferred stock, shares issued (in shares)	7,048,000	6,847,000
Preferred stock, shares outstanding (in shares)	7,048,000	6,847,000
Preferred stock, aggregate liquidation preference	$ 176,196	$ 171,175
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	175,000,000	125,000,000
Common stock, shares issued (in shares)	111,915,000	62,412,000
Common stock, shares outstanding (in shares)	111,915,000	62,412,000
BUCKLER Securities, LLC \| Related Party
Repurchase agreements, net	$ 8,426,540	$ 4,895,003
Agency Securities
Pledged securities	18,071,863	11,796,858
Agency Securities \| BUCKLER Securities, LLC \| Related Party
Pledged securities	8,324,007	5,733,374
Accrued interest payable, repurchase agreements, amounts with BUCKLER	27,752	$ 14,442
U.S. Treasury Securities
Pledged securities	598,109
U.S. Treasury Securities \| BUCKLER Securities, LLC
Pledged securities	$ 498,438

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Note 14 - Related Party Transactions

ACM

The Company is managed by ACM, pursuant to a management agreement. All of our executive officers are also employees of ACM. ACM manages our day-to-day operations, subject to the direction and oversight of the Board. The management agreement runs through December 31, 2029 and is thereafter automatically renewed for an additional five-year term unless terminated under certain circumstances. Either party must provide 180 days prior written notice of any such termination.During each of the years ended December 31, 2025, December 31, 2024 and December 31, 2023 ACM voluntarily waived management fees of $6,600, or $550 per month of its contractual management fee. On December 22, 2025, ACM notified ARMOUR that they were terminating the voluntarily waiver (see Note 8 - Commitments and Contingencies).

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.

The following table reconciles the fees incurred in accordance with the management agreement for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
ARMOUR management fees	$	45,464	$	39,726	$	38,121
Less management fees waived	(6,600)		(6,600)		(6,600)
Total management fee expense	$	38,864	$	33,126	$	31,521

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 years ended December 31, 2025, December 31, 2024 and December 31, 2023 we reimbursed ACM $2,803, $965 and $535, 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, 2023, and 2025 we elected to grant RSUs to the Board. We recognized stock based compensation expense of $300, $350 and $456 for the years ended, December 31, 2025, December 31, 2024 and December 31, 2023, respectively.

BUCKLER

At December 31, 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 agreements, 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 $583 at December 31, 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 BUCKLER operating agreement that our independent directors negotiated. The primary purpose of our investment in BUCKLER is to facilitate our access to repurchase financing.

BUCKLER's operating agreement (as may be amended and restated from time to time, the "BUCKLER operating agreement") 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. Other protective provisions in the BUCKLER operating agreement include (1) the requirement for the approval from the independent directors of the Company of any third-party business engaged by BUCKLER so long as any loan amount or indebtedness remains outstanding under the on demand subordinated loan agreements (as described more fully below) and (2) the independent directors may under certain circumstances cause BUCKLER to wind up and dissolve and promptly return certain on demand subordinated loans we provide to BUCKLER as regulatory capital. For each of the years ended December 31, 2025 and December 31, 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 BUCKLER 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 has been automatically extended through March 20, 2027. Effective February 28, 2025, the Company committed to provide an additional on demand subordinated loan agreement to BUCKLER 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. The scheduled maturity dates of the on demand subordinated loan agreements shall automatically be extended by an additional one year, unless the Company notifies BUCKLER of non-renewal, thirteen months in advance, on or before the scheduled maturity dates.

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 year ended December 31, 2025.

The following table presents our common stock ATM transactions, with BUCKLER as the sales agent, for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 (see Note 10 - Stockholders' Equity).


For the year ended	Common ATM shares sold	Net Proceeds		Commissions
2025 (1)	19,890	$	351,129	$	2,653
2024 (1)	11,370	$	221,472	$	1,740
2023 (1)	3,113	$	77,092	$	661
2023 (2)	8,626	$	246,672	$	2,358

(1)2023 Common stock ATM Sales Agreement.

(2)2021 Common stock ATM Sales Agreement.

During the first quarter of 2026, through January 28, 2026, with BUCKLER as the sales agent, under the 2023 Common stock ATM Sales Agreement, we sold 7,469 common shares for proceeds of $138,055, net of issuance costs and commissions of approximately $1,043.

The following table presents the common stock repurchased, with BUCKLER, under our current repurchase authorization, for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 (see Note 10 - Stockholders' Equity).


For the year ended	Common shares repurchased	Net Cost (including commissions)		Commissions
2025	(1,351)	$	(19,945)	$	(149)
2024	(70)	$	(1,344)	$	(11)
2023	(466)	$	(9,702)	$	(82)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows Provided By (Used In) Operating Activities:
Net Income (Loss)	$ 322,687,000	$ (14,394,000)	$ (67,923,000)
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
Net (accretion) amortization of premium (discount) on Agency Securities	1,940,000	(345,000)	3,388,000
Realized loss on sale of Agency Securities, available for sale	0	0	7,471,000
(Gain) Loss on Agency Securities, trading, net	(514,836,000)	348,646,000	52,665,000
Stock based compensation	2,125,000	3,241,000	3,201,000
Changes in operating assets and liabilities:
Increase in accrued interest receivable	(32,906,000)	(5,873,000)	(18,474,000)
(Increase) decrease in prepaid and other assets	(287,000)	(159,000)	841,000
Change in derivatives, at fair value	314,537,000	(34,402,000)	99,064,000
Increase in accrued interest payable- repurchase agreements	27,177,000	5,581,000	7,413,000
(Decrease) increase in accrued interest payable- U.S. Treasury Securities sold short	(3,801,000)	(1,248,000)	1,631,000
(Decrease) increase in accounts payable and other accrued expenses	(2,514,000)	(1,986,000)	315,000
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities	124,202,000	261,459,000	132,816,000
Cash Flows Provided By (Used In) Investing Activities:
Purchases of Agency Securities (including $0, $0 and $57,039 with BUCKLER, respectively)	(9,598,275,000)	(7,338,995,000)	(10,288,661,000)
Principal repayments of Agency Securities	1,696,914,000	1,053,625,000	803,158,000
Proceeds from sales of Agency Securities	1,634,243,000	4,589,515,000	6,290,592,000
Disbursements on reverse repurchase agreements (including $(1,860,188), $(4,643,450) and $(2,774,490), respectively with BUCKLER)	(2,268,875,000)	(5,829,200,000)	(2,774,490,000)
Receipts from reverse repurchase agreements (including $2,307,250, $4,550,325 and $3,124,829, respectively with BUCKLER)	2,767,125,000	5,684,888,000	3,124,829,000
Increase (decrease) in cash collateral posted by counterparties	(414,430,000)	(26,273,000)	(103,461,000)
Proceeds from subordinated loan due to BUCKLER	0	0	105,000,000
Net cash and cash equivalents and cash collateral posted to counterparties used in investing activities	(7,284,920,000)	(1,685,678,000)	(3,038,640,000)
Cash Flows Provided By (Used In) Financing Activities:
Issuance of common stock, net of expenses	874,117,000	265,660,000	450,117,000
Proceeds from repurchase agreements (including $89,783,916, $59,055,222 and $69,806,936, respectively with BUCKLER)	157,010,813,000	105,402,159,000	119,704,734,000
Principal repayments on repurchase agreements (including $(86,699,441), $(58,734,577) and $(68,737,266), respectively with BUCKLER)	(150,281,097,000)	(104,191,999,000)	(116,870,149,000)
Common stock dividends paid	(271,424,000)	(150,950,000)	(216,193,000)
Common stock repurchased, net	(19,947,000)	(1,344,000)	(9,935,000)
Net cash and cash equivalents and cash collateral posted to counterparties provided by financing activities	7,304,506,000	1,311,544,000	3,046,592,000
Net increase (decrease) in cash and cash equivalents and cash collateral posted to counterparties	143,788,000	(112,675,000)	140,768,000
Cash and cash equivalents and cash collateral posted to counterparties - beginning of year	146,183,000	258,858,000	118,090,000
Cash and cash equivalents and cash collateral posted to counterparties - end of year	289,971,000	146,183,000	258,858,000
Supplemental Disclosure:
Cash paid during the year for interest	735,444,000	686,182,000	607,030,000
Non-Cash Investing Activities:
Payable for unsettled purchases	(302,094,000)	(103,509,000)	(171,513,000)
Net unrealized gain (loss) on available for sale Agency Securities	0	0	4,056,000
Non-Cash Financing Activities:
Amounts receivable for issuance of preferred stock	36,000	0	0
BUCKLER Securities, LLC \| Related Party
Cash Flows Provided By (Used In) Investing Activities:
Purchases of Agency Securities (including $0, $0 and $57,039 with BUCKLER, respectively)	0	0	(57,039,000)
Disbursements on reverse repurchase agreements (including $(1,860,188), $(4,643,450) and $(2,774,490), respectively with BUCKLER)	(1,860,188,000)	(4,643,450,000)	(2,774,490,000)
Receipts from reverse repurchase agreements (including $2,307,250, $4,550,325 and $3,124,829, respectively with BUCKLER)	2,307,250,000	4,550,325,000	3,124,829,000
Cash Flows Provided By (Used In) Financing Activities:
Proceeds from repurchase agreements (including $89,783,916, $59,055,222 and $69,806,936, respectively with BUCKLER)	89,783,916,000	59,055,222,000	69,806,936,000
Principal repayments on repurchase agreements (including $(86,699,441), $(58,734,577) and $(68,737,266), respectively with BUCKLER)	(86,699,441,000)	(58,734,577,000)	(68,737,266,000)
Series C Preferred Stock
Cash Flows Provided By (Used In) Financing Activities:
Issuance of Series C Preferred stock, net of expenses	4,082,000	0	0
Series C Preferred stock dividends paid	(12,038,000)	(11,982,000)	(11,982,000)
U.S. Treasury Securities
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
Net amortization of U.S. Treasury Securities	90,000	0	131,000
(Gain) Loss on U.S. Treasury Securities, net	9,990,000	(37,602,000)	43,093,000
Cash Flows Provided By (Used In) Investing Activities:
Purchases of U.S. Treasury Securities (including $454,164, $0 and $155,857 with BUCKLER, respectively)	(1,705,115,000)	(869,257,000)	(1,465,748,000)
Proceeds from sales of U.S. Treasury Securities (including $100,502, $0 and $154,875 with BUCKLER, respectively)	603,493,000	1,050,019,000	1,270,141,000
U.S. Treasury Securities \| BUCKLER Securities, LLC \| Related Party
Cash Flows Provided By (Used In) Investing Activities:
Purchases of U.S. Treasury Securities (including $454,164, $0 and $155,857 with BUCKLER, respectively)	(454,164,000)	0	(155,857,000)
Proceeds from sales of U.S. Treasury Securities (including $100,502, $0 and $154,875 with BUCKLER, respectively)	$ 100,502,000	$ 0	$ 154,875,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income	$ 800,424	$ 550,946	$ 552,903
Interest expense	642,085	524,146	525,794
BUCKLER Securities, LLC \| Related Party
Interest income	0	0	973
Interest expense	$ 294,368	$ 249,313	$ 245,846

Organization and Nature of Business Operations (Details)	Dec. 31, 2025
BUCKLER Securities, LLC \| Related Party
Investments in and Advances to Affiliates [Line Items]
Ownership percentage	10.80%

Stockholders' Equity - Schedule of Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Jul. 26, 2023	May 14, 2021	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock repurchased (in shares)				0	0	0
DRIP shares issued (in dollars per share)						$ 19.71
Proceeds from issuance of common stock				$ 874,117	$ 265,660	$ 450,117
Payments for common stock repurchased				$ (19,947)	$ (1,344)	$ (9,935)
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
Proceeds from issuance of common stock				$ 298,502
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	15,000,000
2021 Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		3,400,000
Series C Preferred Stock \| ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)				201,000
Per Share price (in dollars per share)				$ 20.50
Proceeds from issuance of common stock				$ 4,118
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				(1,351,000)	(70,000)
Per Share price (in dollars per share)				$ 14.77	$ 19.31
DRIP shares issued (in shares)			3,000	7,000	5,000
DRIP shares issued (in dollars per share)				$ 16.59	$ 18.95
DRIP shares issued			$ 51	$ 111	$ 86
Payments for 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)			3,328,000	32,290,000	13,619,000	3,328,000
Per Share price (in dollars per share)				$ 17.82	$ 19.50	$ 24.66
Proceeds from issuance of common stock			$ 82,100	$ 575,554	$ 265,614	$ 82,100
Common Stock \| 2021 Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)						13,305,000
Per Share price (in dollars per share)						$ 27.66
Proceeds from issuance of common stock						$ 367,997
Common Stock \| Common stock ATM Sales Agreement
Class of Stock [Line Items]
Common stock repurchased (in shares)						(477,000)
Per Share price (in dollars per share)						$ 20.80
Payments for common stock repurchased						$ (9,935)

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and December 31, 2024.


December 31, 2025	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	19,417,640	$	—	$	19,417,640
U.S. Treasury Securities	$	598,109	$	—	$	—	$	598,109
Derivatives	$	17,820	$	593,724	$	—	$	611,544
Liabilities at Fair Value:

Derivatives	$	93	$	19,210	$	—	$	19,303


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

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

Transactions related to awards for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 are summarized below:


	For the Years Ended
	December 31, 2025			December 31, 2024			December 31, 2023
	Number of Awards	Weighted Average Grant Date Fair Value per Award		Number of Awards	Weighted Average Grant Date Fair Value per Award		Number of Awards	Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	170	$	36.38	298	$	38.21	114	$	64.40
Granted (1)	225	$	16.60	—	$	—	260	$	29.65
Vested	(70)	$	33.19	(73)	$	48.90	(76)	$	48.24
Forfeited	—	$	—	(55)	$	29.65	—	$	—
Unvested RSU Awards Outstanding end of period	325	$	23.37	170	$	36.38	298	$	38.21

(1)During the year ended December 31, 2025 135 RSUs were granted to certain officers of ARMOUR and 90 RSUs were granted to the Board. During the year ended December 31, 2023, 196 RSUs were granted to certain officers of ARMOUR and 64 RSUs were granted to the Board.

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 17, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-34766
Entity Registrant Name	ARMOUR RESIDENTIAL REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1908763
Entity Address, Address Line One	3001 Ocean Drive, Suite 201
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	617-4340
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,477,111,863
Entity Common Stock, Shares Outstanding (in shares)		119,384,920
Documents Incorporated by Reference	Certain portions of the registrant’s definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 for its 2026 annual meeting of stockholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001428205
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Series C Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.00% Series C Cumulative Redeemable
Trading Symbol	ARR-PRC
Security Exchange Name	NYSE
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ARR
Security Exchange Name	NYSE

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Net operating loss carryforwards available for use indefinitely	$ 257,341
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ (106,444)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ (0.95)
Common stock, shares issued (in shares)	111,915	62,412
Payment of dividends	$ 283,512	$ 162,972	$ 228,206
Percent of dividends that represent nontaxable return of capital	19.60%	14.80%	47.50%
Interest rate swap contracts
Related Party Transaction [Line Items]
Unrealized gain (loss) yet to be amortized	$ (313,284)	$ (189,450)

- 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

Derivatives - Schedule of Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Offsetting Liabilities [Line Items]
Gross Amounts	$ (19,303)	$ (1,285)
Financial Instruments	19,303	1,285
Cash Collateral	0	0
Total Net	0	0
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(19,210)
Financial Instruments	19,210
Cash Collateral	0
Total Net	0
Derivative liability, centrally-cleared	(19,210)
Futures contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(93)	(328)
Financial Instruments	93	328
Cash Collateral	0	0
Total Net	$ 0	0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts		(957)
Financial Instruments		957
Cash Collateral		0
Total Net		$ 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

- 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

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets


			Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2025
Interest rate swap contracts (2)	$	593,724	$	(19,210)	$	(244,878)	$	329,635
Futures contracts	17,820		(93)		53,210		70,937

Totals	$	611,544	$	(19,303)	$	(191,668)	$	400,573

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 $15,329 and $47,045 of centrally-cleared interest rate swap contracts, respectively.

Schedule of Offsetting Liabilities


			Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2025
Interest rate swap contracts (2)	$	(19,210)	$	19,210	$	—	$	—
Futures contracts	(93)		93		—		—

Totals	$	(19,303)	$	19,303	$	—	$	—

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 $(19,210) of centrally-cleared interest rate swap contracts.

Schedule of Derivative Instruments, Gain (Loss)

The following table represents the information regarding our derivatives which are included in Gain (Loss) on derivatives, net in the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


			Income (Loss) Recognized
			For the Years Ended
Derivatives			December 31, 2025		December 31, 2024		December 31, 2023
Interest rate swap contracts (1)			$	(185,332)	$	245,537	$	58,300
Futures contracts			(107,604)		21,569		(30,645)
TBA Agency Securities			7,187		56,394		24,093
Total Gain (Loss) on Derivatives, net	$	(285,749)	$	323,500	$	51,748

(1)Includes $(102,574), $42,102 and $36,547 of centrally-cleared interest rate swap contracts, entered into for the year ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively.

Schedule of Derivative Instruments

The following tables present information about our derivatives at December 31, 2025 and December 31, 2024.


Interest Rate Swap Contracts (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
December 31, 2025
< 3 years	$	6,475,000	25	3.02	%
≥ 3 years and < 5 years	1,802,000		52	0.53	%
≥ 5 years and < 7 years	2,400,000		69	1.43	%
≥ 7 years and < 10 years	1,350,000		111	3.73	%
≥ 10 years	300,000		176	3.96	%
Total or Weighted Average (2)	$	12,327,000	51	2.44	%

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, $7,393,000 notional are SOFR based swaps, the last of which matures in 2040; and $4,934,000 notional are Federal Funds Rate based swaps, the last of which matures in 2032. Of this amount, $7,193,000 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 Rate 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.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 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.

Investment in Securities

Fair value for our investments in securities are based on obtaining a valuation for each security from third-party pricing services and/or dealer quotes. The third-party pricing services use common market pricing methods that may include pricing models that may incorporate such factors as coupons, prepayment speeds, spread to the Treasury curves and interest rate swap curves, duration, periodic and life caps and credit enhancement. If the fair value of a security is not available from the third-party pricing services or such data appears unreliable, we obtain pricing indications from up to three dealers who make markets in similar securities. Management reviews pricing used to ensure that current market conditions are properly reflected. This review includes, but is not limited to, comparisons of similar market transactions or alternative third-party pricing services, dealer pricing indications and comparisons to a third-party pricing model. Fair values obtained from the third-party pricing services for similar instruments are classified as Level 2 securities if the inputs to the pricing models used are consistent with the Level 2 definition. If quoted prices for a security are not reasonably available from the third-party pricing service, but dealer pricing indications are, the security will be classified as a Level 2 security. If neither is available, management will determine the fair value based on characteristics of the security that we receive from the issuer and based on available market information and classify it as a Level 3 security. U.S. Treasury Securities are classified as Level 1, as quoted unadjusted prices are available in active markets for identical assets.

Derivatives

The fair values of our interest rate swap contracts, interest rate swaptions and basis swap contracts are valued using information provided by third-party pricing services that incorporate common market pricing methods that may include current interest rate curves, forward interest rate curves and market spreads to interest rate curves and are classified as Level 2. We estimate the fair value of TBA Agency Securities based on similar methods used to value our Agency Securities and they are classified as Level 2. Management compares the pricing information received to dealer quotes to ensure that the current market conditions are properly reflected. Futures contracts are traded on the Chicago Mercantile Exchange ("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 December 31, 2025 and December 31, 2024.


December 31, 2025	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	19,417,640	$	—	$	19,417,640
U.S. Treasury Securities	$	598,109	$	—	$	—	$	598,109
Derivatives	$	17,820	$	593,724	$	—	$	611,544
Liabilities at Fair Value:

Derivatives	$	93	$	19,210	$	—	$	19,303


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 year ended December 31, 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 December 31, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Note 10 - Stockholders' Equity

The following table presents the components of cumulative distributions to stockholders at December 31, 2025, December 31, 2024 and December 31, 2023.


Cumulative Distributions to Stockholders	December 31, 2025		December 31, 2024		December 31, 2023
Preferred dividends	$	180,829	$	168,791	$	156,809
Common stock dividends	2,486,222		2,214,748		2,063,758
Total	$	2,667,051	$	2,383,539	$	2,220,567

Preferred Stock

At December 31, 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 December

31, 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 December 31, 2025 and December 31, 2024, we had 7,048 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 $176,196 and $171,175 in the aggregate, respectively. At December 31, 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 (as defined below), totaled 2,952 and 3,153 at December 31, 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 year ended December 31, 2025, we sold 201 shares of Series C Preferred Stock under the Preferred C ATM Sales Agreement for proceeds of $4,118, net of issuance costs and commissions of approximately $146.

In the first quarter of 2026, through February 11, 2026, we sold 230 shares of Series C Preferred Stock under the Preferred C ATM Sales Agreement for proceeds of $4,787, net of issuance costs and commissions of approximately $48. See Note 14 - Related Party Transactions for discussion of transactions with BUCKLER.

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 of Series C Preferred Stock 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 years ended December 31, 2025, December 31, 2024 or December 31, 2023.

Common Stock

At December 31, 2025 and December 31, 2024, we were authorized to issue up to 175,000 and 125,000 shares of common stock, par value $0.001 per share, respectively, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 111,915 and 62,412 shares of common stock issued and outstanding at December 31, 2025 and December 31, 2024, respectively.

On May 14, 2021, we entered into a new Equity Sales Agreement (the “2021 Common stock ATM Sales Agreement”) with BUCKLER, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2021 Common Stock ATM Sales agreement, we could offer and sell over a period of time and from time to time, up to 3,400 shares of our common stock, par value $0.001 per share. On November 12, 2021, the 2021 Common stock ATM Sales Agreement was amended to add JonesTrading Institutional Services LLC, as a sales agent and to offer an additional 5,000 shares available for sale pursuant to the terms of the 2021 Common stock ATM Sales Agreement. On June 9, 2022, the 2021 Common stock ATM Sales Agreement was further amended to offer an additional 5,760 shares available for sale. On November 4, 2022, the Common stock ATM Sales Agreement was further amended to offer an additional 7,000 shares available for sale. On January 17, 2023, it was amended to add an additional 9,736 shares pursuant to the terms of the 2021 Common stock ATM Sales Agreement.

The 2021 Common stock ATM Sales Agreement related to an "at-the-market" offering program. The 2021 Common stock ATM Sales Agreement provided that we would pay the agent designated to sell our shares an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent under the 2021 Common stock ATM Sales Agreement. Sales from January 2023 through July 2023 fully utilized the shares allocated to the 2021 Common stock ATM Sales Agreement, which was completed.

On July 26, 2023 we entered into a new Equity Sales Agreement (the “2023 Common stock ATM Sales Agreement”), with BUCKLER, JonesTrading Institutional Services LLC, Citizens JMP Securities, LLC (formerly JMP Securities LLC), Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2023 Common Stock ATM Sales agreement, we may offer and sell over a period of time and from time to time, up to 15,000 shares of our common stock, par value $0.001 per share. On October 25, 2023, the 2023 Common stock ATM Sales Agreement was amended to add StockBlock Securities LLC, as a sales agent 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 ("Janney"), 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. On January 28, 2026, 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 and to remove Janney as a sales agent, and add Huntington Securities, Inc. as a sales agent.

The following table presents our common stock ATM transactions for the years ended December 31, 2025, December 31, 2024 and December 31, 2023. See Note 14 - Related Party Transactions for discussion of transactions with BUCKLER.


For the year ended	Common ATM shares sold	Net Proceeds		Issuance Costs and Commissions
2025 (1)	32,290	$	575,554	$	4,856
2024 (1)	13,619	$	265,614	$	2,545
2023 (1)	3,328	$	82,100	$	903
2023 (2)	13,305	367,997		3,725

(1)2023 Common stock ATM Sales Agreement.

(2)2021 Common stock ATM Sales Agreement.

In the first quarter of 2026, through January 28, 2026, we sold 7,469 common shares under the 2023 Common stock ATM Sales Agreement for proceeds of $137,990, net of issuance costs and commissions of approximately $1,108.

During the year ended December 31, 2025, we issued 7 common shares under our Common Stock Dividend Reinvestment Program ("DRIP") for net proceeds of $111.

Common Stock Repurchase Program

At December 31, 2025 and December 31, 2024, there were 866 and 2,217 authorized shares remaining under the Company's common stock repurchase authorization (the "Common Stock Repurchase Program"). Under the Common Stock Repurchase Program, shares of common stock 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.

The following table presents our common stock repurchase transactions under the Common Stock Repurchase Program for the years ended December 31, 2025, December 31, 2024 and December 31, 2023. See Note 14 - Related Party Transactions for discussion of transactions with BUCKLER.


For the year ended	Number of shares repurchased	Cost
2025	(1,351)	$	(19,947)
2024	(70)	$	(1,344)
2023(1)	(11)	$	(233)
2023	(466)	$	(9,702)

(1) Fractional shares repurchased in connection with the Reverse Stock Split.

Equity Capital Activities

The following tables present our equity transactions for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (Costs)
December 31, 2025
Preferred C ATM Sales Agreement	January 22, 2025 - December 31, 2025	201	$	20.50	$	4,118
August 2025 Public Offering	August 5, 2025	18,500	$	16.14	$	298,502
2023 Common stock ATM Sales Agreement	January 2, 2025 - July 30, 2025	32,290	$	17.82	$	575,554


DRIP shares issued	January 27, 2025 - December 29, 2025	7	$	16.59	$	111
Common stock repurchased	April 8, 2025 -September 22, 2025	(1,351)	$	14.77	$	(19,947)

(1)Weighted average price


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (Costs)
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


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (Costs)
December 31, 2023
2021 Common stock ATM Sales Agreement	January 4, 2023 - July 12, 2023	13,305	$	27.66	$	367,997
2023 Common stock ATM Sales Agreement	July 26, 2023 - September 29, 2023	3,328	$	24.66	$	82,100
DRIP shares issued	July 25, 2023 - September 29, 2023	3	$	19.71	$	51
Common stock repurchased	March, May and September, October and November	(477)	$	20.80	$	(9,935)

(1)Weighted average price

Dividends

On January 27, 2026, a cash dividend of $0.1458 per outstanding share of Series C Preferred Stock, or $1,041 in the aggregate, was paid to holders of record on January 15, 2026. We have also declared cash dividends of $0.1458 payable February 27, 2026 and March 27, 2026 to holders of record on February 15, 2026 and March 15, 2026, respectively.

On January 29, 2026, a cash dividend of $0.24 per outstanding common share, or $27,796 in the aggregate, was paid to holders of record on January 15, 2026. We have also declared cash dividends of $0.24 per outstanding common share payable February 27, 2026 and March 30, 2026 to holders of record on February 17, 2026 and March 16, 2026, respectively.

The following table presents our Series C Preferred Stock dividend transactions for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


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
October 15, 2025	October 27, 2025	$	0.14583	1,003
November 15, 2025	November 28, 2025	$	0.14583	1,003
December 15, 2025	December 29, 2025	$	0.14583	1,026
Total dividends paid				$	12,038


2024 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2024	January 29, 2024	$	0.14583	998.5
February 15, 2024	February 27, 2024	$	0.14583	998.5
March 15, 2024	March 27, 2024	$	0.14583	998.5
April 15, 2024	April 29, 2024	$	0.14583	998.5
May 15, 2024	May 28, 2024	$	0.14583	998.5
June 15, 2024	June 27, 2024	$	0.14583	998.5
July 15, 2024	July 29, 2024	$	0.14583	998.5
August 15, 2024	August 27, 2024	$	0.14583	998.5
September 15, 2024	September 27, 2024	$	0.14583	998.5
October 15, 2024	October 28, 2024	$	0.14583	998.5
November, 15, 2024	November 27, 2024	$	0.14583	998.5
December 15, 2024	December 27, 2024	$	0.14583	998.5
Total dividends paid				$	11,982


2023 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2023	January 27, 2023	$	0.14583	998.5
February 15, 2023	February 27, 2023	$	0.14583	998.5
March 15, 2023	March 27, 2023	$	0.14583	998.5
April 15, 2023	April 27, 2023	$	0.14583	998.5
May 15, 2023	May 30, 2023	$	0.14583	998.5
June 15, 2023	June 27, 2023	$	0.14583	998.5
July 15, 2023	July 27, 2023	$	0.14583	998.5
August 15, 2023	August 28, 2023	$	0.14583	998.5
September 15, 2023	September 27, 2023	$	0.14583	998.5
October 15, 2023	October 27, 2023	$	0.14583	998.5
November, 15, 2023	November 27, 2023	$	0.14583	998.5
December 15, 2023	December 27, 2023	$	0.14583	998.5
Total dividends paid				$	11,982

The following tables present our common stock dividend transactions for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


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
October 15, 2025	October 30, 2025	$	0.24	26,919
November 17, 2025	November 28, 2025	$	0.24	26,920
December 15, 2025	December 29, 2025	$	0.24	26,919
Total dividends paid				$	271,474


2024 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 16, 2024	January 30, 2024	$	0.24	$	11,787
February 15, 2024	February 28, 2024	$	0.24	11,770
March 15, 2024	March 28, 2024	$	0.24	11,755
April 15, 2024	April 29, 2024	$	0.24	11,756
May 15, 2024	May 28, 2024	$	0.24	11,756
June 17, 2024	June 27, 2024	$	0.24	11,754
July 15, 2024	July 30, 2024	$	0.24	11,755
August 15, 2024	August 29, 2024	$	0.24	12,532
September 16, 2024	September 27, 2024	$	0.24	13,188
October 15, 2024	October 30, 2024	$	0.24	13,389
November, 15, 2024	November 27, 2024	$	0.24	14,623
December 16, 2024	December 30, 2024	$	0.24	14,925
Total dividends paid				$	150,990


2023 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 17, 2023	January 30, 2023	$	0.50	$	17,007
February 15, 2023	February 27, 2023	$	0.50	19,471
March 15, 2023	March 28, 2023	$	0.40	15,526
April 17, 2023	April 27, 2023	$	0.40	15,788
May 15, 2023	May 30, 2023	$	0.40	15,964
June 15, 2023	June 29, 2023	$	0.40	16,585
July 17, 2023	July 28, 2023	$	0.40	18,405
August 15, 2023	August 30, 2023	$	0.40	19,123
September 15, 2023	September 28, 2023	$	0.40	19,310
October 16, 2023	October 30, 2023	$	0.40	19,730
November, 15, 2023	November 29, 2023	$	0.40	19,671
December 15, 2023	December 28, 2023	$	0.40	19,644
Total dividends paid				$	216,224

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional Amount	$ 12,327,000	$ 7,232,000
Weighted Average Remaining Term (Months)	51 months	76 months
Weighted Average Rate	2.44%	1.66%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	$ 7,393,000	$ 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	$ 7,193,000	2,025,000
Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 years
Notional Amount	$ 6,475,000	$ 1,255,000
Weighted Average Remaining Term (Months)	25 months	24 months
Weighted Average Rate	3.02%	0.60%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount	$ 1,802,000	$ 604,000
Weighted Average Remaining Term (Months)	52 months	58 months
Weighted Average Rate	0.53%	0.49%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 2,400,000	$ 2,648,000
Weighted Average Remaining Term (Months)	69 months	71 months
Weighted Average Rate	1.43%	0.85%
Greater than or equal to 7 years and less than 10 years
Derivative [Line Items]
Notional Amount	$ 1,350,000
Weighted Average Remaining Term (Months)	111 months
Weighted Average Rate	3.73%
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%
Greater than or equal to 10 years
Derivative [Line Items]
Notional Amount	$ 300,000
Weighted Average Remaining Term (Months)	176 months
Weighted Average Rate	3.96%
Minimum \| Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 years	3 years
Minimum \| Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	5 years	5 years
Minimum \| Greater than or equal to 7 years and less than 10 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	7 years
Maximum \| Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity (in years)		3 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
Maximum \| Greater than or equal to 10 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	10 years

Related Party Transactions - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 26, 2023	Mar. 20, 2023	Feb. 22, 2021	Jan. 28, 2026	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2025
Related Party Transaction [Line Items]
Issuance of common stock, net of expenses						$ 874,117	$ 265,660	$ 450,117
2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	15,000
2023 Common stock ATM Sales Agreement \| Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					3,328	32,290	13,619	3,328
Issuance of common stock, net of expenses					$ 82,100	$ 575,554	$ 265,614	$ 82,100
Commissions						$ 4,856	2,545	903
2023 Common stock ATM Sales Agreement \| Common Stock \| Subsequent Event
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				7,469
Issuance of common stock, net of expenses				$ 137,990
Commissions				$ 1,108
Affiliated Entity
Related Party Transaction [Line Items]
Period of written notice of termination (in days)						180 days
Stock-based compensation expense						$ 300	350	456
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]
Ownership percentage						10.80%
Equity method investments, value						$ 583	453
Proceeds from divestiture of interest in joint venture						0	0
Subordinated loan to BUCKLER		$ 200,000							$ 50,000
Subordinated loan agreements, automatic extension period		1 year
Non-renewal period		13 months
Related Party \| BUCKLER Securities, LLC \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Commissions						$ 149	$ 11	$ 82
Related Party \| BUCKLER Securities, LLC \| 2023 Common stock ATM Sales Agreement \| Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)						19,890	11,370	3,113
Issuance of common stock, net of expenses						$ 351,129	$ 221,472	$ 77,092
Commissions						$ 2,653	1,740	661
Related Party \| BUCKLER Securities, LLC \| Common Stock \| 2023 Common stock ATM Sales Agreement \| Subsequent Event
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				7,469
Issuance of common stock, net of expenses				$ 138,055
Commissions				$ 1,043
Armour Management Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Automatic renewal period of management agreement						5 years
Other Expenses Reimbursed \| Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction						$ 2,803	$ 965	$ 535
Uncommitted Revolving Credit Facility and Security Agreement
Related Party Transaction [Line Items]
Maximum lending capacity			$ 50,000
Uncommitted Revolving Credit Facility and Security Agreement \| Related Party
Related Party Transaction [Line Items]
Basis spread			2.00%

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

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Use of 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 and comprehensive income (loss).
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 and comprehensive income (loss). Available for Sale Securities represented investments that we intended to hold for extended periods of time and were reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss). During the first quarter of 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $7,471.
Receivables and Payables for Unsettled Sales and Purchases	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. At December 31, 2025 and December 31, 2024, we had $0 and $498,250 ($447,063 of which were with BUCKLER), respectively, in reverse repurchase agreements which are recorded in repurchase agreements, net on our consolidated balance sheet.
Obligations to Return Securities Received as Collateral, at Fair Value	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 December 31, 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	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. Gains or losses realized from sales of available for sale securities were reclassified into income from Comprehensive Income (Loss) and were determined using the specific identification method. Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) refers to the sum of net income and other comprehensive income (loss). It represents all changes in equity during a period from transactions and other events from non-owner sources. It excludes all changes in equity during a period resulting from investments by owners and distributions to owners.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 16 - Subsequent Events

Except as disclosed in Note 8, Note 10, and Note 14 no subsequent events were identified through the date of filing this Annual Report on Form 10-K.

Organization and Nature of Business Operations

12 Months Ended

Dec. 31, 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 subsidiaries. References to “ACM” are to ARMOUR Capital Management LP, a Delaware limited partnership. ARMOUR owns a 10.8% equity interest in BUCKLER Securities LLC ("BUCKLER"). BUCKLER is a Delaware limited liability company and a FINRA-regulated broker-dealer, which was controlled by ACM. Subsequent to year-end, ACM and BUCKLER are now under common control. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report. U.S. dollar and share amounts are presented in thousands, except per share amounts or as otherwise noted.

We are an externally managed Maryland corporation incorporated in 2008, managed by ACM, an investment advisor registered with the SEC (see Note 8 - Commitments and Contingencies and Note 14 - Related Party Transactions). We have elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). Our qualification as a REIT depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the concentration of ownership of our capital stock. We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes. As a REIT, we will generally not be subject to federal income tax on the REIT taxable income that we currently distribute to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to federal income tax at regular corporate rates. Even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some federal, state and local taxes on our income.

At December 31, 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 consists 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.

Repurchase Agreements, net

12 Months Ended

Dec. 31, 2025

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements, net

Note 6 - Repurchase Agreements, net

At December 31, 2025, we had active MRAs with 35 counterparties and had $17,941,796 in outstanding borrowings with 22 of those counterparties. At December 31, 2024, we had active MRAs with 33 counterparties and had $10,713,830 in outstanding borrowings with 17 of those counterparties.

The following tables represent the contractual repricing regarding our repurchase agreements to finance MBS purchases at December 31, 2025 and December 31, 2024. Our repurchase agreements require excess collateral, known as a "haircut." At December 31, 2025, the average gross haircut percentage was 2.73% 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.


December 31, 2025	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days
≤ 30 days	$	17,941,796	4.01	%	15



Total or Weighted Average	$	17,941,796	4.01	%	15


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 2024.

The following tables present 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 December 31, 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.

Our repurchase agreements require that we maintain adequate pledged collateral. A decline in the value of the MBS pledged as collateral for borrowings under repurchase agreements could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels. We manage this risk by maintaining an adequate balance of available cash and unpledged securities. An event of default or termination event under the standard MRA would give our counterparty the option to terminate all repurchase transactions existing with us and require any amount due to be payable immediately. In addition, certain of our MRAs contain a restriction that prohibits our leverage from exceeding twelve times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital. We also may receive cash or securities as collateral from our derivative counterparties which we may use as additional collateral for repurchase agreements. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty.

At December 31, 2025 and December 31, 2024, BUCKLER accounted for 47.0% and 45.7%, respectively, of our aggregate borrowings and had an amount at risk of 7.1% and 8.0%, respectively, of our total stockholders' equity with a weighted average maturity of 13 days and 15 days, respectively, on repurchase agreements, net (see Note 14 - Related Party Transactions).

In addition, at December 31, 2025, we had 2 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for approximately 12.1% of our repurchase agreement borrowings outstanding at December 31, 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.

Net Income per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following table presents a reconciliation of net income (loss) and the shares used in calculating weighted average basic and diluted earnings per common share for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Net Income (Loss)	$	322,687	$	(14,394)	$	(67,923)
Less: Preferred dividends	(12,038)		(11,982)		(11,982)
Net Income (Loss) available (related) to common stockholders	$	310,649	$	(26,376)	$	(79,905)

Weighted average common shares outstanding – basic	93,943		52,158		43,054
Add: Effect of dilutive non-vested awards, assumed vested	325		—		—
Weighted average common shares outstanding – diluted	94,268		52,158		43,054

Net Income (Loss) per share available (related) to common stockholders - basic	$	3.31	$	(0.51)	$	(1.86)
Net Income (Loss) per share available (related) to common stockholders - diluted	$	3.30	$	(0.51)	$	(1.86)

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ARMOUR management fees
Related Party Transaction [Line Items]
Amounts of transaction	$ 45,464	$ 39,726	$ 38,121
Less management fees waived
Related Party Transaction [Line Items]
Amounts of transaction	(6,600)	(6,600)	(6,600)
Total management fee expense
Related Party Transaction [Line Items]
Amounts of transaction	$ 38,864	$ 33,126	$ 31,521

- 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

Stockholders' Equity - Schedule of Common Stock Repurchase Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Number of shares repurchased (in shares)	0	0	0
Cost	$ (19,947)	$ (1,344)	$ (9,935)
Common Stock
Class of Stock [Line Items]
Number of shares repurchased (in shares)	(1,351,000)	(70,000)	(477,000)
Common Stock Repurchase Program \| Common Stock
Class of Stock [Line Items]
Number of shares repurchased (in shares)	(1,351,000)	(70,000)	(466,000)
Cost	$ (19,947)	$ (1,344)	$ (9,702)
Reverse Stock Split \| Common Stock
Class of Stock [Line Items]
Number of shares repurchased (in shares)			(11,000)
Cost			$ (233)

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

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8 - Commitments and Contingencies

Management Agreement

The Company is managed by ACM, pursuant to a management agreement (see also Note 14, “Related Party Transactions”). The management agreement entitles ACM to receive a management fee payable monthly in arrears. Currently, the monthly management fee is 1/12th of the sum of (a) 1.5% of gross equity raised up to $1.0 billion plus (b) 0.75% of gross equity raised in excess of $1.0 billion. Gross equity raised includes the total amounts of paid in capital relating to both our common and preferred stock, 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 December 31, 2025, December 31, 2024 and December 31, 2023, the effective management fee was 0.89%, 0.92% and 0.93% prior to management fees waived, and 0.77%, 0.77% and 0.77%, after management fees waived, based on gross equity raised of $5,366,343, $4,498,880 and $4,231,965, respectively.

During each of the years ended December 31, 2025, December 31, 2024 and December 31, 2023 ACM voluntarily waived management fees of $6,600, or $550 per month of its contractual management fee. The monthly management fees are not calculated based on the performance of our assets. Accordingly, the payment of our monthly management fees may not decline in the event of a decline in our earnings and may cause us to incur losses. We are also responsible for any costs and expenses that ACM incurs solely on our behalf other than the various overhead expenses specified in the terms of the management agreement.

On December 22, 2025, ACM notified ARMOUR that they were terminating the voluntarily waiver. The termination of the waiver is effective for the contractual management fee that becomes due and payable after February 1, 2026 (relating to services for the month of January 2026). This waiver did 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 Third Amended and Restated 2009 Stock Incentive Plan (the “Plan”).

On February 14, 2023, the Company extended the contractual term of the management agreement through December 31, 2029. Based on the management fee base, gross equity raised, as of December 31, 2025, the Company’s contractual management fee commitments are:


Year	Contractual Management Fee

2026	47,748
2027	47,748
2028	47,748
2029	47,748
Total	$	190,992

The Company cannot voluntarily terminate the management agreement without cause before the expiration of its contractual term. If the management agreement is terminated in connection with a liquidation of the Company or certain business combination transactions, the Company is obliged to pay ACM a termination fee equal to 4 times the contractual management fee (before any waiver) for the preceding 12 months.

Indemnifications and Litigation

We enter into certain contracts that contain a variety of indemnifications, principally with ACM and underwriters, against third-party claims for errors and omissions in connection with their services to us. We have not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements, as well as the maximum amount attributable to past events, is not material. Accordingly, we have no liabilities recorded for these agreements at December 31, 2025 and December 31, 2024.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Realized loss on sale of available for sale securities	$ 0	$ 0	$ (7,471)
Reverse repurchase agreements		498,250
Obligations to return securities received as collateral, at fair value	0	493,433
Repurchase Agreements
Related Party Transaction [Line Items]
Reverse repurchase agreements	$ 0	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Miami, Florida
Auditor Firm ID	34

Net Income per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income per Common Share

Note 11 - Net Income per Common Share


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Net Income (Loss)	$	322,687	$	(14,394)	$	(67,923)
Less: Preferred dividends	(12,038)		(11,982)		(11,982)
Net Income (Loss) available (related) to common stockholders	$	310,649	$	(26,376)	$	(79,905)

Weighted average common shares outstanding – basic	93,943		52,158		43,054
Add: Effect of dilutive non-vested awards, assumed vested	325		—		—
Weighted average common shares outstanding – diluted	94,268		52,158		43,054

Net Income (Loss) per share available (related) to common stockholders - basic	$	3.31	$	(0.51)	$	(1.86)
Net Income (Loss) per share available (related) to common stockholders - diluted	$	3.30	$	(0.51)	$	(1.86)

For the years ended December 31, 2024 and December 31, 2023, 170 and 298, respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period.

Note 12 - Comprehensive Income (Loss) per Common Share

The following table presents a reconciliation of comprehensive income (loss) and the shares used in calculating weighted average basic and diluted comprehensive loss per common share for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Comprehensive Income (Loss)	$	322,687	$	(14,394)	$	(56,396)
Less: Preferred dividends	(12,038)		(11,982)		(11,982)
Comprehensive Income (Loss) available (related) to common stockholders	$	310,649	$	(26,376)	$	(68,378)
Comprehensive Income (Loss) per share available (related) to common stockholders:
Basic	$	3.31	$	(0.51)	$	(1.59)
Diluted	$	3.30	$	(0.51)	$	(1.59)
Weighted average common shares outstanding:
Basic	93,943		52,158		43,054
Add: Effect of dilutive non-vested awards, assumed vested	325		—		—
Diluted	94,268		52,158		43,054

For the years ended December 31, 2024 and December 31, 2023, 170 and 298 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Income (Loss) available (related) to common stockholders because to have included them would have been anti-dilutive for the period.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Comprehensive Income (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Comprehensive Income (Loss)	$	322,687	$	(14,394)	$	(56,396)
Less: Preferred dividends	(12,038)		(11,982)		(11,982)
Comprehensive Income (Loss) available (related) to common stockholders	$	310,649	$	(26,376)	$	(68,378)
Comprehensive Income (Loss) per share available (related) to common stockholders:
Basic	$	3.31	$	(0.51)	$	(1.59)
Diluted	$	3.30	$	(0.51)	$	(1.59)
Weighted average common shares outstanding:
Basic	93,943		52,158		43,054
Add: Effect of dilutive non-vested awards, assumed vested	325		—		—
Diluted	94,268		52,158		43,054

Stockholders' Equity - Schedule of Common Stock ATM Transactions (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Jul. 26, 2023	May 14, 2021	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Net Proceeds				$ 874,117	$ 265,660	$ 450,117
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Common ATM shares sold (in shares)	15,000,000
2021 Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Common ATM shares sold (in shares)		3,400,000
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Common ATM shares sold (in shares)			3,328,000	32,290,000	13,619,000	3,328,000
Net Proceeds			$ 82,100	$ 575,554	$ 265,614	$ 82,100
Issuance Costs and Commissions				$ 4,856	$ 2,545	$ 903
Common Stock \| 2021 Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Common ATM shares sold (in shares)						13,305,000
Net Proceeds						$ 367,997
Issuance Costs and Commissions						$ 3,725

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

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Comprehensive Income (Loss)	$ 322,687	$ (14,394)	$ (56,396)
Less: Preferred dividends	(12,038)	(11,982)	(11,982)
Comprehensive Income (Loss) available (related) to common stockholders	$ 310,649	$ (26,376)	$ (68,378)
Comprehensive Income (Loss) per share available (related) to common stockholders:
Basic (in dollars per share)	$ 3.31	$ (0.51)	$ (1.59)
Diluted (in dollars per share)	$ 3.30	$ (0.51)	$ (1.59)
Weighted average common shares outstanding:
Basic (in shares)	93,943	52,158	43,054
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	325	0	0
Weighted average common shares outstanding - diluted (in shares)	94,268	52,158	43,054
Potentially dilutive non-vested awards outstanding (in shares)		170	298

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Dividends Payable

The following table presents the components of cumulative distributions to stockholders at December 31, 2025, December 31, 2024 and December 31, 2023.


Cumulative Distributions to Stockholders	December 31, 2025		December 31, 2024		December 31, 2023
Preferred dividends	$	180,829	$	168,791	$	156,809
Common stock dividends	2,486,222		2,214,748		2,063,758
Total	$	2,667,051	$	2,383,539	$	2,220,567

Schedule of Common Stock ATM Transactions


For the year ended	Common ATM shares sold	Net Proceeds		Issuance Costs and Commissions
2025 (1)	32,290	$	575,554	$	4,856
2024 (1)	13,619	$	265,614	$	2,545
2023 (1)	3,328	$	82,100	$	903
2023 (2)	13,305	367,997		3,725

(1)2023 Common stock ATM Sales Agreement.

(2)2021 Common stock ATM Sales Agreement.

Schedule of Common Stock Repurchase Transactions


For the year ended	Number of shares repurchased	Cost
2025	(1,351)	$	(19,947)
2024	(70)	$	(1,344)
2023(1)	(11)	$	(233)
2023	(466)	$	(9,702)

Schedule of Equity Transactions

The following tables present our equity transactions for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (Costs)
December 31, 2025
Preferred C ATM Sales Agreement	January 22, 2025 - December 31, 2025	201	$	20.50	$	4,118
August 2025 Public Offering	August 5, 2025	18,500	$	16.14	$	298,502
2023 Common stock ATM Sales Agreement	January 2, 2025 - July 30, 2025	32,290	$	17.82	$	575,554


DRIP shares issued	January 27, 2025 - December 29, 2025	7	$	16.59	$	111
Common stock repurchased	April 8, 2025 -September 22, 2025	(1,351)	$	14.77	$	(19,947)

(1)Weighted average price


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (Costs)
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


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (Costs)
December 31, 2023
2021 Common stock ATM Sales Agreement	January 4, 2023 - July 12, 2023	13,305	$	27.66	$	367,997
2023 Common stock ATM Sales Agreement	July 26, 2023 - September 29, 2023	3,328	$	24.66	$	82,100
DRIP shares issued	July 25, 2023 - September 29, 2023	3	$	19.71	$	51
Common stock repurchased	March, May and September, October and November	(477)	$	20.80	$	(9,935)

(1)Weighted average price

Schedule of Dividends Transactions

The following table presents our Series C Preferred Stock dividend transactions for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


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
October 15, 2025	October 27, 2025	$	0.14583	1,003
November 15, 2025	November 28, 2025	$	0.14583	1,003
December 15, 2025	December 29, 2025	$	0.14583	1,026
Total dividends paid				$	12,038


2024 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2024	January 29, 2024	$	0.14583	998.5
February 15, 2024	February 27, 2024	$	0.14583	998.5
March 15, 2024	March 27, 2024	$	0.14583	998.5
April 15, 2024	April 29, 2024	$	0.14583	998.5
May 15, 2024	May 28, 2024	$	0.14583	998.5
June 15, 2024	June 27, 2024	$	0.14583	998.5
July 15, 2024	July 29, 2024	$	0.14583	998.5
August 15, 2024	August 27, 2024	$	0.14583	998.5
September 15, 2024	September 27, 2024	$	0.14583	998.5
October 15, 2024	October 28, 2024	$	0.14583	998.5
November, 15, 2024	November 27, 2024	$	0.14583	998.5
December 15, 2024	December 27, 2024	$	0.14583	998.5
Total dividends paid				$	11,982


2023 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2023	January 27, 2023	$	0.14583	998.5
February 15, 2023	February 27, 2023	$	0.14583	998.5
March 15, 2023	March 27, 2023	$	0.14583	998.5
April 15, 2023	April 27, 2023	$	0.14583	998.5
May 15, 2023	May 30, 2023	$	0.14583	998.5
June 15, 2023	June 27, 2023	$	0.14583	998.5
July 15, 2023	July 27, 2023	$	0.14583	998.5
August 15, 2023	August 28, 2023	$	0.14583	998.5
September 15, 2023	September 27, 2023	$	0.14583	998.5
October 15, 2023	October 27, 2023	$	0.14583	998.5
November, 15, 2023	November 27, 2023	$	0.14583	998.5
December 15, 2023	December 27, 2023	$	0.14583	998.5
Total dividends paid				$	11,982

The following tables present our common stock dividend transactions for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


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
October 15, 2025	October 30, 2025	$	0.24	26,919
November 17, 2025	November 28, 2025	$	0.24	26,920
December 15, 2025	December 29, 2025	$	0.24	26,919
Total dividends paid				$	271,474


2024 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 16, 2024	January 30, 2024	$	0.24	$	11,787
February 15, 2024	February 28, 2024	$	0.24	11,770
March 15, 2024	March 28, 2024	$	0.24	11,755
April 15, 2024	April 29, 2024	$	0.24	11,756
May 15, 2024	May 28, 2024	$	0.24	11,756
June 17, 2024	June 27, 2024	$	0.24	11,754
July 15, 2024	July 30, 2024	$	0.24	11,755
August 15, 2024	August 29, 2024	$	0.24	12,532
September 16, 2024	September 27, 2024	$	0.24	13,188
October 15, 2024	October 30, 2024	$	0.24	13,389
November, 15, 2024	November 27, 2024	$	0.24	14,623
December 16, 2024	December 30, 2024	$	0.24	14,925
Total dividends paid				$	150,990


2023 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 17, 2023	January 30, 2023	$	0.50	$	17,007
February 15, 2023	February 27, 2023	$	0.50	19,471
March 15, 2023	March 28, 2023	$	0.40	15,526
April 17, 2023	April 27, 2023	$	0.40	15,788
May 15, 2023	May 30, 2023	$	0.40	15,964
June 15, 2023	June 29, 2023	$	0.40	16,585
July 17, 2023	July 28, 2023	$	0.40	18,405
August 15, 2023	August 30, 2023	$	0.40	19,123
September 15, 2023	September 28, 2023	$	0.40	19,310
October 16, 2023	October 30, 2023	$	0.40	19,730
November, 15, 2023	November 29, 2023	$	0.40	19,671
December 15, 2023	December 28, 2023	$	0.40	19,644
Total dividends paid				$	216,224

- 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.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 - Income Taxes

The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
GAAP net income (loss)	$	322,687	$	(14,394)	$	(67,923)
Book to tax differences:
TRS (income) loss	(49)		(51)		81
Premium amortization expense			—		(1)
Agency Securities, trading	(514,836)		348,646		52,665
U.S. Treasury Securities	9,990		(37,602)		43,093
Changes in interest rate contracts	475,165		(93,236)		167,963
Loss on Security sales	—		—		7,471

Amortization of deferred hedging costs	(71,930)		(82,209)		(103,669)
Amortization of deferred Treasury Future gains	8,392		16,753		23,161
Other	313		2,134		1,876
Estimated REIT taxable income	$	229,732	$	140,041	$	124,717

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 December 31, 2025 and December 31, 2024, we had approximately $(313,284) and $(189,450) of net deductible expense relating to previously terminated interest rate swap and treasury futures/shorts contracts amortizing through the years 2040 and 2034, respectively. At December 31, 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


2022	(732,477)	2027
2023	(472,002)	2028
2024	(46,823)	2029
2025	(4,137)	2030

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 December 31, 2025, by approximately $106,444, or approximately $0.95 per common share (based on the 111,915 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 years ended December 31, 2025, December 31, 2024 and December 31, 2023 were $283,512, $162,972 and $228,206, 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. The portion of the dividends on our common stock which represented non-taxable return of capital was 19.6% in 2025, 14.8% in 2024 and 47.5% in 2023.

Our management is responsible for determining whether tax positions taken by us are more likely than not to be sustained on their merits. We have no material unrecognized tax benefits or material uncertain tax positions for all 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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+ Details

Investments in Securities - Schedule of Available-for-sale Securities in an Unrealized Gain or Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 19,980,804	$ 12,957,039
Amortized Cost	19,855,846	12,806,504
Gross Unrealized Loss	(88,906)	(370,044)
Gross Unrealized Gain	248,809	2,954
Fair Value	20,015,749	12,439,414
Agency Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	19,380,804	12,957,039
Amortized Cost	19,257,086	12,806,504
Gross Unrealized Loss	(87,828)	(370,044)
Gross Unrealized Gain	248,382	2,954
Fair Value	19,417,640	$ 12,439,414
U.S. Treasury Securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	600,000
Amortized Cost	598,760
Gross Unrealized Loss	(1,078)
Gross Unrealized Gain	427
Fair Value	$ 598,109

- Definition

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

+ References

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Management Fee Commitments Obligation

Based on the management fee base, gross equity raised, as of December 31, 2025, the Company’s contractual management fee commitments are:


Year	Contractual Management Fee

2026	47,748
2027	47,748
2028	47,748
2029	47,748
Total	$	190,992

Income Taxes - Schedule of Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ (4,137)	$ (46,823)	$ (472,002)	$ (732,477)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
GAAP net income (loss)	$	322,687	$	(14,394)	$	(67,923)
Book to tax differences:
TRS (income) loss	(49)		(51)		81
Premium amortization expense			—		(1)
Agency Securities, trading	(514,836)		348,646		52,665
U.S. Treasury Securities	9,990		(37,602)		43,093
Changes in interest rate contracts	475,165		(93,236)		167,963
Loss on Security sales	—		—		7,471

Amortization of deferred hedging costs	(71,930)		(82,209)		(103,669)
Amortization of deferred Treasury Future gains	8,392		16,753		23,161
Other	313		2,134		1,876
Estimated REIT taxable income	$	229,732	$	140,041	$	124,717

Schedule of Tax Credit Carryforwards


Net capital losses realized	Amount	Available to offset capital gains through


2022	(732,477)	2027
2023	(472,002)	2028
2024	(46,823)	2029
2025	(4,137)	2030

Repurchase Agreements, net - Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
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
Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Pledged securities	$ 18,071,863	11,796,858
Reverse Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	$ 0	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

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonemployee services transaction, quarterly fee	$ 33
The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	3
Compensation cost not yet recognized	$ 7,602
Compensation cost not yet recognized, year one	2,540
Compensation cost not yet recognized, year two	2,062
Compensation cost not yet recognized, thereafter	$ 3,000
The 2009 Stock Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSU awards outstanding (in dollars per share)	$ 23.37	$ 36.38	$ 38.21	$ 64.40

Investments In Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Note 5 - Investments in Securities

As of December 31, 2025 and December 31, 2024, our securities portfolio consisted of $20,015,749 and $12,439,414 of trading securities, at fair value, respectively.

The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at December 31, 2025 and December 31, 2024.


December 31, 2025	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities	$	19,380,804	$	19,257,086	$	(87,828)	$	248,382	$	19,417,640
U.S. Treasury Securities	600,000		598,760		(1,078)		427		598,109
Totals	$	19,980,804	$	19,855,846	$	(88,906)	$	248,809	$	20,015,749

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
Totals	$	12,957,039	$	12,806,504	$	(370,044)	$	2,954	$	12,439,414

The following tables summarize the weighted average lives of our investments in securities at December 31, 2025 and December 31, 2024.


	December 31, 2025				December 31, 2024
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost
< 1 year	$	—	$	—	$	—	$	—
≥ 1 year and < 3 years	1,934,537		1,910,316		—		—
≥ 3 years and < 5 years	8,305,993		8,201,320		1,329,834		1,341,663
≥ 5 years	9,775,219		9,744,210		11,109,580		11,464,841
Totals	$	20,015,749	$	19,855,846	$	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 December 31, 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.

Repurchase Agreements, net - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) counterparty	Dec. 31, 2024 USD ($) counterparty
Concentration Risk [Line Items]
Number of counterparties with master repurchase agreements	35	33
Repurchase agreements, carrying amount \| $	$ 17,941,796	$ 10,713,830
Number of counterparties with repurchase agreements outstanding	22	17
Ratio of indebtedness to net capital	12
Counterparty Concentration Risk \| Aggregate Borrowings
Concentration Risk [Line Items]
Number of counterparties	2	3
Counterparty Concentration Risk \| BUCKLER Securities, LLC \| Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	47.00%	45.70%
Counterparty Concentration Risk \| BUCKLER Securities, LLC \| Stockholders' Equity
Concentration Risk [Line Items]
Percentage of concentration risk	7.10%	8.00%
Weighted average maturity (in days)	13 days	15 days
Counterparty Concentration Risk \| One Repurchase Agreement Counterparty \| Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	12.10%
Counterparty Concentration Risk \| Two Repurchase Agreement Counterparties \| Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk		19.90%
Counterparty Concentration Risk \| Three Repurchase Agreement Counterparties \| Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	5.00%	5.00%
Collateralized Mortgage-Backed Securities
Concentration Risk [Line Items]
Average haircut (as a percent)	2.73%	2.77%

Related Party Transactions - Schedule of Sale of Common Stock Repurchases (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Jul. 26, 2023	May 14, 2021	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Issuance of common stock, net of expenses				$ 874,117	$ 265,660	$ 450,117
2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Common ATM shares sold (in shares)	15,000,000
2021 Common Stock ATM Sales Agreement
Related Party Transaction [Line Items]
Common ATM shares sold (in shares)		3,400,000
Common Stock \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Common ATM shares sold (in shares)			3,328,000	32,290,000	13,619,000	3,328,000
Issuance of common stock, net of expenses			$ 82,100	$ 575,554	$ 265,614	$ 82,100
Commissions				4,856	2,545	$ 903
Common Stock \| 2021 Common Stock ATM Sales Agreement
Related Party Transaction [Line Items]
Common ATM shares sold (in shares)						13,305,000
Issuance of common stock, net of expenses						$ 367,997
Commissions						3,725
BUCKLER Securities, LLC \| Related Party \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Commissions				$ 149	$ 11	$ 82
BUCKLER Securities, LLC \| Related Party \| Common Stock \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Common ATM shares sold (in shares)				19,890,000	11,370,000	3,113,000
Issuance of common stock, net of expenses				$ 351,129	$ 221,472	$ 77,092
Commissions				$ 2,653	$ 1,740	$ 661
BUCKLER Securities, LLC \| Related Party \| Common Stock \| 2021 Common Stock ATM Sales Agreement
Related Party Transaction [Line Items]
Common ATM shares sold (in shares)						8,626,000
Issuance of common stock, net of expenses						$ 246,672
Commissions						$ 2,358

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 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 December 31, 2025, there were 3 shares available for future issuance under the Plan.

Transactions related to awards for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 are summarized below:


	For the Years Ended
	December 31, 2025			December 31, 2024			December 31, 2023
	Number of Awards	Weighted Average Grant Date Fair Value per Award		Number of Awards	Weighted Average Grant Date Fair Value per Award		Number of Awards	Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	170	$	36.38	298	$	38.21	114	$	64.40
Granted (1)	225	$	16.60	—	$	—	260	$	29.65
Vested	(70)	$	33.19	(73)	$	48.90	(76)	$	48.24
Forfeited	—	$	—	(55)	$	29.65	—	$	—
Unvested RSU Awards Outstanding end of period	325	$	23.37	170	$	36.38	298	$	38.21

At December 31, 2025, there was approximately $7,602 of unvested stock based compensation related to the Awards (based on a weighted grant date price of $23.37 per share), which we expect to recognize as an expense as follows: in 2026 an expense of $2,540, in 2027 an expense of $2,062, and thereafter an expense of $3,000. 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.

Investments in Securities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt securities	$ 20,015,749	$ 12,439,414

Related Party Transactions - Schedule of Common Shares Repurchased (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Number of shares repurchased (in shares)	0	0	0
Common stock repurchased, net	$ (19,947)	$ (1,344)	$ (9,935)
Common Stock
Related Party Transaction [Line Items]
Number of shares repurchased (in shares)	(1,351,000)	(70,000)
Common stock repurchased, net	$ (19,947)	$ (1,344)
Common Stock \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Commissions	(4,856)	(2,545)	(903)
BUCKLER Securities, LLC \| Related Party \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Commissions	$ (149)	$ (11)	$ (82)
BUCKLER Securities, LLC \| Related Party \| Common Stock \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares repurchased (in shares)	(1,351,000)	(70,000)	(466,000)
Common stock repurchased, net	$ (19,945)	$ (1,344)	$ (9,702)
Commissions	$ (2,653)	$ (1,740)	$ (661)

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

- Definition

+ References + Details

Repurchase Agreements, net (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements


December 31, 2025	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days
≤ 30 days	$	17,941,796	4.01	%	15



Total or Weighted Average	$	17,941,796	4.01	%	15


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

Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold












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.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

The following table reconciles the fees incurred in accordance with the management agreement for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
ARMOUR management fees	$	45,464	$	39,726	$	38,121
Less management fees waived	(6,600)		(6,600)		(6,600)
Total management fee expense	$	38,864	$	33,126	$	31,521

Schedule of Sale of Common Stock Repurchases


For the year ended	Common ATM shares sold	Net Proceeds		Commissions
2025 (1)	19,890	$	351,129	$	2,653
2024 (1)	11,370	$	221,472	$	1,740
2023 (1)	3,113	$	77,092	$	661
2023 (2)	8,626	$	246,672	$	2,358

(1)2023 Common stock ATM Sales Agreement.

(2)2021 Common stock ATM Sales Agreement.

Schedule of Common Shares Repurchased


For the year ended	Common shares repurchased	Net Cost (including commissions)		Commissions
2025	(1,351)	$	(19,945)	$	(149)
2024	(70)	$	(1,344)	$	(11)
2023	(466)	$	(9,702)	$	(82)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions to Stockholders	Accumulated Net Loss	Accumulated Other Comprehensive Income (Loss)
Beginning balance, preferred (in shares) at Dec. 31, 2022		6,847,000
Beginning balance, common (in shares) at Dec. 31, 2022			32,582,000
Beginning balance at Dec. 31, 2022	$ 1,112,372	$ 7	$ 33	$ 3,874,757	$ (1,992,361)	$ (758,537)	$ (11,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive income (loss)	(56,396)					(67,923)	11,527
Issuance of common stock, net (in shares)			16,636,000
Issuance of common stock, net	450,148		$ 16	450,132
Stock based compensation, net of withholding requirements (in shares)			58,000
Stock based compensation, net of withholding requirements	$ 3,201			3,201
Common stock repurchased (in shares)	0		(477,000)
Common stock repurchased	$ (9,935)			(9,935)
Preferred stock dividends	(11,982)				(11,982)
Common stock dividends	(216,224)				(216,224)
Ending balance, preferred (in shares) at Dec. 31, 2023		6,847,000
Ending balance, common (in shares) at Dec. 31, 2023			48,799,000
Ending balance at Dec. 31, 2023	1,271,184	$ 7	$ 49	4,318,155	(2,220,567)	(826,460)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive income (loss)	(14,394)					(14,394)
Issuance of common stock, net (in shares)			13,624,000
Issuance of common stock, net	265,700		$ 13	265,687
Stock based compensation, net of withholding requirements (in shares)			59,000
Stock based compensation, net of withholding requirements	$ 3,241			3,241
Common stock repurchased (in shares)	0		(70,000)
Common stock repurchased	$ (1,344)			(1,344)
Preferred stock dividends	(11,982)				(11,982)
Common stock dividends	$ (150,990)				(150,990)
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)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive income (loss)	322,687					322,687
Issuance of Preferred stock, net (in shares)		201,000
Issuance of Preferred stock, net	4,118			4,118
Issuance of common stock, net (in shares)			50,797,000
Issuance of common stock, net	874,167		$ 51	874,116
Stock based compensation, net of withholding requirements (in shares)			57,000
Stock based compensation, net of withholding requirements	$ 2,125			2,125
Common stock repurchased (in shares)	0		(1,351,000)
Common stock repurchased	$ (19,947)		$ (1)	(19,946)
Preferred stock dividends	(12,038)				(12,038)
Common stock dividends	$ (271,474)				(271,474)
Ending balance, preferred (in shares) at Dec. 31, 2025	7,048,000	7,048,000
Ending balance, common (in shares) at Dec. 31, 2025	111,915,000		111,915,000
Ending balance at Dec. 31, 2025	$ 2,261,053	$ 7	$ 112	$ 5,446,152	$ (2,667,051)	$ (518,167)	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Purchases of agency securities	$ 9,598,275	$ 7,338,995	$ 10,288,661
Disbursements on reverse repurchase agreements	(2,268,875)	(5,829,200)	(2,774,490)
Receipts from reverse repurchase agreements	2,767,125	5,684,888	3,124,829
Proceeds from repurchase agreements	157,010,813	105,402,159	119,704,734
Principal repayments on repurchase agreements	(150,281,097)	(104,191,999)	(116,870,149)
U.S. Treasury Securities
Purchases of U.S. treasury securities	1,705,115	869,257	1,465,748
Proceeds from sales of U.S. treasury securities	603,493	1,050,019	1,270,141
BUCKLER Securities, LLC \| Related Party
Purchases of agency securities	0	0	57,039
Disbursements on reverse repurchase agreements	(1,860,188)	(4,643,450)	(2,774,490)
Receipts from reverse repurchase agreements	2,307,250	4,550,325	3,124,829
Proceeds from repurchase agreements	89,783,916	59,055,222	69,806,936
Principal repayments on repurchase agreements	(86,699,441)	(58,734,577)	(68,737,266)
BUCKLER Securities, LLC \| U.S. Treasury Securities \| Related Party
Purchases of U.S. treasury securities	454,164	0	155,857
Proceeds from sales of U.S. treasury securities	$ 100,502	$ 0	$ 154,875

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 63,270	$ 67,970
Cash collateral posted to counterparties	226,701	78,213
Investments in securities, at fair value:
Derivatives, at fair value	611,544	908,063
Accrued interest receivable	86,153	52,874
Prepaid and other	1,742	1,419
Total Assets	21,005,159	13,547,953
Liabilities:
Repurchase agreements, net (including $8,426,540 and $4,895,003, respectively with BUCKLER)	17,941,796	10,713,830
Obligations to return securities received as collateral, at fair value	0	493,433
Cash collateral posted by counterparties	419,427	833,857
Payable for unsettled purchases	302,094	103,509
Derivatives, at fair value	19,303	1,285
Accrued interest payable - repurchase agreements (including $27,752 and $14,442, respectively with BUCKLER)	59,267	32,090
Accrued interest payable - U.S. Treasury Securities sold short	0	3,801
Accounts payable and other accrued expenses	2,219	4,733
Total Liabilities	18,744,106	12,186,538
Commitments and contingencies (Note 8 and Note 14)
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 7,048 shares and 6,847 shares issued and outstanding ($176,196 and $171,175 aggregate liquidation preference), respectively.	7	7
Common stock, $0.001 par value, 175,000 and 125,000 shares authorized; 111,915 shares and 62,412 shares issued and outstanding, respectively.	112	62
Additional paid-in capital	5,446,152	4,585,739
Cumulative distributions to stockholders	(2,667,051)	(2,383,539)
Accumulated net loss	(518,167)	(840,854)
Total Stockholders’ Equity	2,261,053	1,361,415
Total Liabilities and Stockholders’ Equity	21,005,159	13,547,953
BUCKLER Securities, LLC \| Related Party
Liabilities:
Repurchase agreements, net (including $8,426,540 and $4,895,003, respectively with BUCKLER)	8,426,540	4,895,003
Agency Securities
Investments in securities, at fair value:
Debt securities	19,417,640	12,439,414
Agency Securities \| BUCKLER Securities, LLC \| Related Party
Liabilities:
Accrued interest payable - repurchase agreements (including $27,752 and $14,442, respectively with BUCKLER)	27,752	14,442
U.S. Treasury Securities
Investments in securities, at fair value:
Debt securities	$ 598,109	$ 0

Stockholders' Equity - Additional Information (Details) - USD ($)																	1 Months Ended																																						3 Months Ended	12 Months Ended
	Mar. 16, 2026	Mar. 15, 2026	Feb. 17, 2026	Feb. 15, 2026	Jan. 29, 2026	Jan. 28, 2026	Jan. 27, 2026	Jul. 25, 2025	Feb. 13, 2025	Aug. 23, 2024	Jul. 26, 2023	Jan. 17, 2023	Nov. 04, 2022	Jun. 09, 2022	Nov. 12, 2021	May 14, 2021	Feb. 11, 2026	Jan. 28, 2026	Dec. 31, 2025	Nov. 30, 2025	Oct. 31, 2025	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	Dec. 31, 2024	Nov. 30, 2024	Oct. 31, 2024	Sep. 30, 2024	Aug. 31, 2024	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	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, dividend rate (as percent)																																																								7.00%	7.00%
Preferred stock, undesignated shares authorized (in shares)																			40,000,000																																					40,000,000
Preferred stock, shares outstanding (in shares)																			7,048,000												6,847,000																									7,048,000	6,847,000
Preferred stock, shares issued (in shares)																			7,048,000												6,847,000																									7,048,000	6,847,000
Preferred stock, aggregate liquidation preference																			$ 176,196,000												$ 171,175,000																									$ 176,196,000	$ 171,175,000
Issuance of common stock, net of expenses																																																								$ 874,117,000	$ 265,660,000	$ 450,117,000
Stock repurchase program, number of shares authorized to be repurchased( in shares)																																																											2,000,000
Common stock repurchased (in shares)																																																								0	0	0
Common stock, shares authorized (in shares)																			175,000,000												125,000,000																									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 outstanding (in shares)																			111,915,000												62,412,000																									111,915,000	62,412,000
Common stock, shares issued (in shares)																			111,915,000												62,412,000																									111,915,000	62,412,000
Aggregate amount paid to holders of record																																																								$ 271,424,000	$ 150,950,000	$ 216,193,000
Dividends declared per common share (in dollars per share)																																																								$ 2.88	$ 2.88	$ 5.00
Subsequent Event
Class of Stock [Line Items]
Aggregate amount paid to holders of record					$ 27,796,000
Common stock dividends cash paid (in dollars per share)					$ 0.24
Dividends declared per common share (in dollars per share)	$ 0.24		$ 0.24
Common Stock Repurchase Program
Class of Stock [Line Items]
Remaining shares authorized to be repurchased (in shares)																			866,000												2,217,000																									866,000	2,217,000
2021 Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Sale of stock, commission rate (as percent)																2.00%
Number of shares issued in transaction (in shares)																3,400,000
Common stock, par value (in dollars per share)																$ 0.001
Common stock, additional shares authorized (in shares)												9,736,000	7,000,000	5,760,000	5,000,000
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
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 \| Subsequent Event
Class of Stock [Line Items]
Common stock, additional shares authorized (in shares)						15,000,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																			10,000,000																																					10,000,000
Preferred stock, par value (in dollars per share)																			$ 0.001												$ 0.001																									$ 0.001	$ 0.001
Preferred stock, dividend rate (as percent)																																																								7.00%
Preferred stock, shares outstanding (in shares)																			7,048,000												6,847,000																									7,048,000	6,847,000
Preferred stock, shares issued (in shares)																			7,048,000												6,847,000																									7,048,000	6,847,000
Preferred stock, liquidation preference per share (in dollars per share)																			$ 25.00												$ 25.00																									$ 25.00	$ 25.00
Preferred stock, aggregate liquidation preference																			$ 176,196,000												$ 171,175,000																									$ 176,196,000	$ 171,175,000
Accrued or unpaid dividends																			$ 0												$ 0																									$ 0	$ 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	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583
Series C Preferred Stock \| Subsequent Event
Class of Stock [Line Items]
Preferred stock dividends cash paid (in dollars per share)		$ 0.1458		$ 0.1458			$ 0.1458
Aggregate amount paid to holders of record							$ 1,041,000
Series C Preferred Stock \| Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																												6,550,000
Unissued preferred stock (in shares)																			2,952,000												3,153,000																									2,952,000	3,153,000
Sale of stock, commission rate (as percent)																																																												2.00%
Number of shares issued in transaction (in shares)																																																								201,000
Issuance of common stock, net of expenses																																																								$ 4,118,000
Commissions																																																								$ 146,000
Series C Preferred Stock \| Preferred C ATM Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																	4,787,000
Issuance of common stock, net of expenses																	$ 230,000
Commissions																	$ 48,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																																																								1,351,000	70,000
DRIP shares issued (in shares)																																																							3,000	7,000	5,000
DRIP shares issued																																																							$ 51,000	$ 111,000	$ 86,000
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	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.50	$ 0.50
Common Stock \| 2021 Common Stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																																																										13,305,000
Issuance of common stock, net of expenses																																																										$ 367,997,000
Commissions																																																										$ 3,725,000
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																																																							3,328,000	32,290,000	13,619,000	3,328,000
Issuance of common stock, net of expenses																																																							$ 82,100,000	$ 575,554,000	$ 265,614,000	$ 82,100,000
Commissions																																																								$ 4,856,000	$ 2,545,000	$ 903,000
Common Stock \| 2023 Common stock ATM Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																		7,469,000
Issuance of common stock, net of expenses																		$ 137,990,000
Commissions																		$ 1,108,000

Comprehensive Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Comprehensive Income (Loss) per Common Share

Note 11 - Net Income per Common Share


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Net Income (Loss)	$	322,687	$	(14,394)	$	(67,923)
Less: Preferred dividends	(12,038)		(11,982)		(11,982)
Net Income (Loss) available (related) to common stockholders	$	310,649	$	(26,376)	$	(79,905)

Weighted average common shares outstanding – basic	93,943		52,158		43,054
Add: Effect of dilutive non-vested awards, assumed vested	325		—		—
Weighted average common shares outstanding – diluted	94,268		52,158		43,054

Net Income (Loss) per share available (related) to common stockholders - basic	$	3.31	$	(0.51)	$	(1.86)
Net Income (Loss) per share available (related) to common stockholders - diluted	$	3.30	$	(0.51)	$	(1.86)

Note 12 - Comprehensive Income (Loss) per Common Share


	For the Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Comprehensive Income (Loss)	$	322,687	$	(14,394)	$	(56,396)
Less: Preferred dividends	(12,038)		(11,982)		(11,982)
Comprehensive Income (Loss) available (related) to common stockholders	$	310,649	$	(26,376)	$	(68,378)
Comprehensive Income (Loss) per share available (related) to common stockholders:
Basic	$	3.31	$	(0.51)	$	(1.59)
Diluted	$	3.30	$	(0.51)	$	(1.59)
Weighted average common shares outstanding:
Basic	93,943		52,158		43,054
Add: Effect of dilutive non-vested awards, assumed vested	325		—		—
Diluted	94,268		52,158		43,054

Investments in Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value
Less than 1 year	$ 0	$ 0
Greater than or equal to 1 year and less than 3 years	1,934,537	0
Greater than or equal to 3 years and less than 5 years	8,305,993	1,329,834
Greater than or equal to 5 years	9,775,219	11,109,580
Totals	20,015,749	12,439,414
Amortized Cost
Less than 1 year	0	0
Greater than or equal to 1 year and less than 3 years	1,910,316	0
Greater than or equal to 3 years and less than 5 years	8,201,320	1,341,663
Greater than or equal to 5 years	9,744,210	11,464,841
Totals	$ 19,855,846	$ 12,806,504

Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 322,687	$ (14,394)	$ (67,923)
Less: Preferred dividends	(12,038)	(11,982)	(11,982)
Net Income (Loss) available (related) to common stockholders	$ 310,649	$ (26,376)	$ (79,905)
Weighted average common shares outstanding – basic (in shares)	93,943	52,158	43,054
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	325	0	0
Weighted average common shares outstanding – diluted (in shares)	94,268	52,158	43,054
Net Income (Loss) per share available (related) to common stockholders - basic (in dollars per share)	$ 3.31	$ (0.51)	$ (1.86)
Net Income (Loss) per share available (related) to common stockholders - diluted (in dollars per share)	$ 3.30	$ (0.51)	$ (1.86)
Potentially dilutive non-vested awards outstanding (in shares)		170	298

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 15 - 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 comprehensive income as reported on the consolidated statements of operations and comprehensive income (loss). 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 Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Commitments and Contingencies - Schedule of Contractual Management Fee Commitments Obligation (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 47,748
2027	47,748
2028	47,748
2029	47,748
Total	$ 190,992

Stockholders' Equity - Schedule of Dividend Transactions (Details) - USD ($)	1 Months Ended																																				12 Months Ended
	Dec. 31, 2025	Nov. 30, 2025	Oct. 31, 2025	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	Dec. 31, 2024	Nov. 30, 2024	Oct. 31, 2024	Sep. 30, 2024	Aug. 31, 2024	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Aggregate amount paid to holders of record																																					$ 271,474,000	$ 150,990,000	$ 216,224,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends cash paid (in dollars per share)	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583
Payments of dividends	$ 1,026,000	$ 1,003,000	$ 1,003,000	$ 1,001,000	$ 1,001,000	$ 1,001,000	$ 1,001,000	$ 1,001,000	$ 1,001,000	$ 1,001,000	$ 1,001,000	$ 998,000	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	$ 998,500	12,038,000	11,982,000	11,982,000
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	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.50	$ 0.50
Aggregate amount paid to holders of record	$ 26,919,000	$ 26,920,000	$ 26,919,000	$ 27,083,000	$ 27,085,000	$ 22,028,000	$ 20,823,000	$ 19,954,000	$ 19,661,000	$ 19,689,000	$ 18,384,000	$ 16,009,000	$ 14,925,000	$ 14,623,000	$ 13,389,000	$ 13,188,000	$ 12,532,000	$ 11,755,000	$ 11,754,000	$ 11,756,000	$ 11,756,000	$ 11,755,000	$ 11,770,000	$ 11,787,000	$ 19,644,000	$ 19,671,000	$ 19,730,000	$ 19,310,000	$ 19,123,000	$ 18,405,000	$ 16,585,000	$ 15,964,000	$ 15,788,000	$ 15,526,000	$ 19,471,000	$ 17,007,000	$ 271,474,000	$ 150,990,000	$ 216,224,000

- 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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+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
GAAP net income (loss)	$ 322,687	$ (14,394)	$ (67,923)
Book to tax differences:
TRS (income) loss	(49)	(51)	81
Premium amortization expense		0	(1)
Agency Securities, trading	(514,836)	348,646	52,665
U.S. Treasury Securities	9,990	(37,602)	43,093
Changes in interest rate contracts	475,165	(93,236)	167,963
Loss on Security sales	0	0	7,471
Amortization of deferred hedging costs	(71,930)	(82,209)	(103,669)
Amortization of deferred Treasury Future gains	8,392	16,753	23,161
Other	313	2,134	1,876
Estimated REIT taxable income	$ 229,732	$ 140,041	$ 124,717

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets at Fair Value:
Derivatives	$ 611,544	$ 908,063
Liabilities at Fair Value:
Obligations to return securities as collateral	0	493,433
Derivatives	19,303	1,285
Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	19,417,640	12,439,414
U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	598,109
Level 1
Assets at Fair Value:
Derivatives	17,820	13,300
Liabilities at Fair Value:
Obligations to return securities as collateral		0
Derivatives	93	328
Level 1 \| Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	0	0
Level 1 \| U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	598,109
Level 2
Assets at Fair Value:
Derivatives	593,724	894,763
Liabilities at Fair Value:
Obligations to return securities as collateral		493,433
Derivatives	19,210	957
Level 2 \| Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	19,417,640	12,439,414
Level 2 \| U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	0
Level 3
Assets at Fair Value:
Derivatives	0	0
Liabilities at Fair Value:
Obligations to return securities as collateral		0
Derivatives	0	0
Level 3 \| Agency Securities
Assets at Fair Value:
Debt securities, Available-for-sale	0	$ 0
Level 3 \| U.S. Treasury Securities
Assets at Fair Value:
Debt securities, Available-for-sale	$ 0

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management

We recognize the importance of developing, implementing, and maintaining cybersecurity measures to safeguard our information systems and protect the integrity and confidentiality of our data. ACM has established the ITSC to help mitigate technology risks including those relating to cybersecurity. One of the roles of the ITSC is to oversee cyber risk assessments, monitor applicable key risk indicators, review cybersecurity training procedures, oversee the Company’s Cybersecurity Incident Response Plan and engage third-party service providers to conduct periodic penetration testing, advise on current best practices and review policies and procedures.

Third-party Service Providers

The ITSC engages with external experts, including cybersecurity assessors and consultants in evaluating and testing our cyber risk systems. These engagements enable leveraging specialized knowledge and provides insight to attempt to ensure the cybersecurity strategies and processes are industry best practices. Our collaboration with these third-party service providers includes regular audits, threat assessments, and consultation on security enhancements.

Because of the risks associated with third-party service providers, the ITSC has implemented processes to oversee and manage these risks. Security assessments of key third-party providers are performed before engagement with ongoing monitoring performed to attempt to ensure compliance with cybersecurity standards. The monitoring includes quarterly assessments by the ITSC. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties. Our cybersecurity risk assessment includes an evaluation of cyber risk related to sensitive data held by third parties on their systems. There is no assurance that these efforts will effectively mitigate cybersecurity risk and mitigation efforts are not an assurance that no cybersecurity incidents will occur.

Risks from Cybersecurity Threats

We rely on our financial, accounting and other data processing systems. Computer malware, viruses, computer hacking and phishing attacks have become more prevalent in our industry and may occur on our systems. Although we have not detected a material cybersecurity breach to date, or encountered any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to affect the Company, including its business strategy, results of operations or financial condition, other financial services institutions have reported material breaches of their systems, some of which have been significant. Even with all reasonable security efforts, not every breach can be prevented or even detected. It is possible that we have experienced an undetected breach. There is no assurance that we, or the third parties that facilitate our business activities, have not or will not experience a breach. It is difficult to determine what, if any, negative impact may directly result from any specific interruption or cyber-attacks or security breaches of our networks or systems (or the networks or systems of third parties that facilitate our business activities), any failure to maintain performance or any other risk from cybersecurity threats.See Item 1A. Risk Factors of this Form 10-K for further discussion.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

In addition to our scheduled meetings, the Audit Committee, ITSC and CEO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on any significant developments in the cybersecurity domain, attempting to ensure the Board’s oversight is proactive and responsive. The Audit Committee provides the guidance that attempts to ensure cybersecurity considerations are integrated into the broader operating environment. The Audit Committee conducts an annual review of the company’s cybersecurity position and the effectiveness of its risk management strategies. This review helps in identifying areas for improvement and attempting to ensure the alignment of cybersecurity efforts with the overall risk management framework.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Our Board is aware of the critical nature of managing risks associated with cybersecurity threats and has established oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity threats. Our Audit Committee periodically monitors and oversees our information and cybersecurity risks including reviewing and approving any information and cybersecurity policies, procedures and resources, and reviewing our information and cybersecurity risk assessment, detection, protection, and mitigation systems.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our Audit Committee periodically monitors and oversees our information and cybersecurity risks including reviewing and approving any information and cybersecurity policies, procedures and resources, and reviewing our information and cybersecurity risk assessment, detection, protection, and mitigation systems.

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Role of Management [Text Block]

Management’s Role

The ITSC and the Chief Executive Officer (“CEO") play a pivotal role in informing the Audit Committee on cybersecurity risks. They provide comprehensive briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including:

•Current cybersecurity landscape and emerging threats;

•Status of ongoing cybersecurity initiatives and strategies;

•Incident reports from any cybersecurity events; and

•Compliance with regulatory requirements and industry standards.

Risk Management Personnel

Primary responsibility for assessing, monitoring, and managing our cybersecurity risks rests with the ITSC. This committee consists of the Chief Technology Officer ("CTO"), Co-Chief Investment Officers, Controller and the CFO. Our CTO has over thirty years of cybersecurity experience. All ACM employees are required to complete monthly cybersecurity trainings. Our ITSC oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our cybersecurity training procedures.

Monitoring

The ITSC is informed by our CTO about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. Information technology subscriptions and cybersecurity updates are reviewed regularly by our CTO and continuing education in the cybersecurity field is ongoing. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. The ITSC implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the ITSC is equipped with a well-defined incident response plan. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Our CTO has over thirty years of cybersecurity experience. All ACM employees are required to complete monthly cybersecurity trainings.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Monitoring

Reporting

The ITSC regularly informs the CEO of all known aspects related to cybersecurity risks and incidents. This attempts to ensure that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing ARMOUR. Furthermore, significant cybersecurity matters are escalated to the Board, so that the Board can provide guidance on critical cybersecurity issues.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

^[1]

$ (285,749)

$ 323,500

$ 51,748

Interest rate swap contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

(185,332)

245,537

58,300

Centrally-cleared

(102,574)

42,102

36,547

Futures contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

(107,604)

21,569

(30,645)

TBA Agency Securities

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

$ 7,187

$ 56,394

$ 24,093

[1]	Interest income and expense related to our interest rate swap contracts is recorded in gain (loss) on derivatives, net on the consolidated statements of operations and comprehensive income (loss). 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage	8.33%
Gross equity raised	$ 5,366,343	$ 4,498,880	$ 4,231,965
Termination fee ratio based on contractual management fee	4
Management Fees Waived
Other Commitments [Line Items]
Management fees waived	$ (6,600)	$ (6,600)	$ (6,600)
ACM
Other Commitments [Line Items]
Percentage of gross equity raised used in calculation of management fee up to 1 Billion	1.50%
Percentage of gross equity raised used in calculation of management fee in excess of 1 Billion	0.75%
ACM \| Prior to Management Fees Waived
Other Commitments [Line Items]
Effective management fee (as percent)	0.89%	0.92%	0.93%
ACM \| Management Fees Waived
Other Commitments [Line Items]
Effective management fee (as percent)	0.77%	0.77%	0.77%
Affiliated Entity \| Management Fees Waived
Other Commitments [Line Items]
Management fees waived	$ 6,600	$ 6,600	$ 6,600
Affiliated Entity \| Fee Waiver Adjustment, Every Month Thereafter
Other Commitments [Line Items]
Management fees waived	$ 550	$ 550	$ 550

Basis of Presentation and Consolidation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Consolidation

Note 2 - Basis of Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of MBS and derivative instruments.

All per share amounts, common shares outstanding and stock-based compensation amounts for all periods presented reflect our one-for-five reverse stock split (the “Reverse Stock Split”), which was effective September 29, 2023. No other reclassifications have been made to previously reported amounts.

Stockholders' Equity - Schedule of Dividends Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,667,051	$ 2,383,539	$ 2,220,567
Preferred dividends
Class of Stock [Line Items]
Cumulative distributions to stockholders	180,829	168,791	156,809
Common Stock
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,486,222	$ 2,214,748	$ 2,063,758

- 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

Derivatives

12 Months Ended

Dec. 31, 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.

The following tables present information about the potential effects of netting our derivatives if we were to offset the assets and liabilities on the accompanying consolidated balance sheets. We currently present these financial instruments at their gross amounts and they are included in Derivatives, at fair value on the accompanying consolidated balance sheets at December 31, 2025 and December 31, 2024.


			Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2025
Interest rate swap contracts (2)	$	593,724	$	(19,210)	$	(244,878)	$	329,635
Futures contracts	17,820		(93)		53,210		70,937

Totals	$	611,544	$	(19,303)	$	(191,668)	$	400,573

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 $15,329 and $47,045 of centrally-cleared interest rate swap contracts, respectively.


			Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2025
Interest rate swap contracts (2)	$	(19,210)	$	19,210	$	—	$	—
Futures contracts	(93)		93		—		—

Totals	$	(19,303)	$	19,303	$	—	$	—

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 $(19,210) of centrally-cleared interest rate swap contracts.


			Income (Loss) Recognized
			For the Years Ended
Derivatives			December 31, 2025		December 31, 2024		December 31, 2023
Interest rate swap contracts (1)			$	(185,332)	$	245,537	$	58,300
Futures contracts			(107,604)		21,569		(30,645)
TBA Agency Securities			7,187		56,394		24,093
Total Gain (Loss) on Derivatives, net	$	(285,749)	$	323,500	$	51,748

The following tables present information about our derivatives at December 31, 2025 and December 31, 2024.


Interest Rate Swap Contracts (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
December 31, 2025
< 3 years	$	6,475,000	25	3.02	%
≥ 3 years and < 5 years	1,802,000		52	0.53	%
≥ 5 years and < 7 years	2,400,000		69	1.43	%
≥ 7 years and < 10 years	1,350,000		111	3.73	%
≥ 10 years	300,000		176	3.96	%
Total or Weighted Average (2)	$	12,327,000	51	2.44	%

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.

- 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.

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+ Details