0001428205-24-000061 | 10-K | XBRL Viewer | Armour Residential Reit INC

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Realized gain (loss) on sale of available for sale Agency Securities (reclassified from Other comprehensive loss)	$ (7,471)	$ (7,452)	$ 10,952
Reverse repurchase agreements	353,937	704,276
Obligations to return securities received as collateral, at fair value (including $0 and $100,531 with BUCKLER respectively	350,273	502,656
BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Obligations to return securities received as collateral, at fair value (including $0 and $100,531 with BUCKLER respectively	0	100,531
Reverse Repurchase Agreements
Related Party Transaction [Line Items]
Reverse repurchase agreements	$ 353,937	$ 704,276

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Interest Income:

Interest Income (including $973, $1,597 and $70, respectively with BUCKLER)

$ 552,903

$ 228,432

$ 80,478

Interest expense (including $245,846, $59,807 and $3,504, respectively with BUCKLER)

(525,794)

(120,768)

(7,109)

Net Interest Income

27,109

107,664

73,369

Other Income (Loss):

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

(7,471)

(7,452)

10,952

Impairment losses on available for sale Agency Securities

(4,183)

Loss on Agency Securities, trading

(52,665)

(946,666)

(77,145)

Gain on derivatives, net

^[1]

51,748

810,808

52,493

Total Other Loss

(51,481)

(299,761)

(23,091)

Expenses:

Management fees

38,188

33,774

31,108

Compensation

4,944

5,485

6,614

Other Operating

7,019

6,374

5,793

Total Expenses

50,151

45,633

43,515

Less management fees waived

(6,600)

(7,800)

(8,600)

Total Expenses after fees waived

43,551

37,833

34,915

Net Income (Loss)

(67,923)

(229,930)

15,363

Dividends on preferred stock

(11,982)

(11,473)

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

(79,905)

(241,912)

3,890

Reclassification adjustment for realized (gain) loss on sale of available for sale Agency Securities

7,471

7,452

(10,952)

Reclassification adjustment for impairment losses on available for sale Agency Securities

4,183

Net unrealized gain (loss) on available for sale Agency Securities

4,056

(130,135)

(61,106)

Other Comprehensive income (loss)

11,527

(118,500)

(72,058)

Comprehensive Loss

(56,396)

(348,430)

(56,695)

Dividends on preferred stock

11,982

11,473

Comprehensive Loss related to common stockholders

$ (68,378)

$ (360,412)

$ (68,168)

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

Basic (in dollars per share)

$ (1.86)

$ (10.25)

$ 0.24

Diluted (in dollars per share)

(1.86)

(10.25)

0.24

Dividends declared per common share (in dollars per share)

$ 5.00

$ 6.00

Weighted average common shares outstanding:

Basic (in shares)

43,054

23,594

15,897

Diluted (in shares)

43,054

23,594

16,062

Agency Securities

Other Income (Loss):

Loss on Agency Securities, trading

$ (52,665)

$ (946,666)

$ (77,145)

US Treasury Securities

Other Income (Loss):

Loss on U.S. Treasury Securities

$ (43,093)

$ (152,268)

$ (9,391)

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

Investment In Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Note 5 - Investments in Securities

As of December 31, 2023 and December 31, 2022, our securities portfolio consisted of $11,159,754 and $8,198,591 of investment securities, at fair value, respectively, and $305,039 and $777,469 of TBA Agency Securities, at fair value, respectively. Our TBA Agency Securities are reported at net carrying value of $1,816 and $(11,797), at December 31, 2023 and December 31, 2022, respectively, and are reported in Derivatives, at fair value on our consolidated balance sheets (see Note 7 - Derivatives). The net carrying value of our TBA Agency Securities represents the difference between the fair value of the underlying Agency Security in the TBA contract and the cost basis or the forward price to be paid or received for the underlying Agency Security.

During the first quarter of 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $(7,471).

The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at December 31, 2023 and December 31, 2022.


December 31, 2023	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities:
Trading securities	11,278,161		11,283,380		(176,660)		53,034		11,159,754
Total Agency Securities	$	11,278,161	$	11,283,380	$	(176,660)	$	53,034	$	11,159,754

December 31, 2022	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities:
Available for sale securities	$	191,870	$	199,472	$	(11,527)	$	—	$	187,945
Trading securities	8,519,397		8,553,485		(543,207)		368		8,010,646
Total Agency Securities	$	8,711,267	$	8,752,957	$	(554,734)	$	368	$	8,198,591

The following tables summarize the weighted average lives of our investments in securities at December 31, 2023 and December 31, 2022.


Weighted Average Life	Trading Securities
December 31, 2023	Fair Value		Amortized Cost
< 1 year	$	—	$	—
≥ 1 year and < 3 years	202,508		195,904
≥ 3 years and < 5 years	2,757,464		2,747,842
≥ 5 years	8,199,782		8,339,634
Totals	$	11,159,754	$	11,283,380


Weighted Average Life	Available for Sale Securities				Trading Securities
December 31, 2022	Fair Value		Amortized Cost		Fair Value		Amortized Cost
< 1 year	$	61	$	64	$	—	$	—
≥ 1 year and < 3 years	2,390		2,525		—		—
≥ 3 years and < 5 years	11,541		12,171		—		—
≥ 5 years	173,953		184,712		8,010,646		8,553,485
Totals	$	187,945	$	199,472	$	8,010,646	$	8,553,485

We use a third-party model to calculate the weighted average lives of our investments in securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our investments in securities. These estimated prepayments are based on assumptions such as interest rates, current and future home prices, housing policy and borrower incentives. The weighted average lives of our investments in securities at December 31, 2023 and December 31, 2022 in the tables above are based upon market factors, assumptions, models and estimates from the third-party model and also incorporate management’s judgment and experience. The actual weighted average lives of these securities could be longer or shorter than estimated.

Available for Sale Securities

The following table presents the unrealized losses and estimated fair value of our available for sale securities by length of time that such securities were in a continuous unrealized loss position at December 31, 2022. All of the available for sale securities were issued and guaranteed by GSEs (with a long term credit rating of AA+) or Ginnie Mae at December 31, 2022.


	Unrealized Loss Position For:
	< 12 Months				≥ 12 Months				Total
Agency Securities Available for Sale	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2022	$	187,397	$	(11,497)	$	548	$	(30)	$	187,945	$	(11,527)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Dividends Payable

The following table presents the components of cumulative distributions to stockholders at December 31, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
Cumulative Distributions to Stockholders	December 31, 2023		December 31, 2022		December 31, 2021
Preferred dividends	$	156,809	$	144,827	$	132,845
Common stock dividends	2,063,758		1,847,534		1,705,110
Total	$	2,220,567	$	1,992,361	$	1,837,955

Schedule of Equity Transactions

The following tables present our equity transactions for the years ended December 31, 2023 , December 31, 2022 and December 31, 2021.


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)

December 31, 2022
2021 Common stock ATM Sales Agreement	January 11, 2022 - December 21, 2022	14,008	$	33.95	$	475,537
Common stock repurchased	June, September and October	(296)	$	25.94	$	(7,664)


December 31, 2021
Preferred C ATM Sales Agreement	January 19. 2021 - April 9, 2021	1,500	$	24.38	$	36,585
Common stock ATM Sales Agreement	March 3, 2021 - May 18, 2021	2,143	$	60.35	$	129,336
2021 Common stock ATM Sales Agreement	May 19, 2021 - December 10, 2021	3,583	$	55.65	$	199,444

(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, 2023, December 31, 2022 and December 31, 2021.


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


2022 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2022	January 27, 2022	$	0.14583	998.5
February 15, 2022	February 28, 2022	$	0.14583	998.5
March 15, 2022	March 28, 2022	$	0.14583	998.5
April 15, 2022	April 27, 2022	$	0.14583	998.5
May 15, 2022	May 27, 2022	$	0.14583	998.5
June 15, 2022	June 27, 2022	$	0.14583	998.5
July 15, 2022	July 27, 2022	$	0.14583	998.5
August 15, 2022	August 29, 2022	$	0.14583	998.5
September 15, 2022	September 27, 2022	$	0.14583	998.5
October 15, 2022	October 27, 2022	$	0.14583	998.5
November 15, 2022	November 28, 2022	$	0.14583	998.5
December 15, 2022	December 27, 2022	$	0.14583	998.5
Total dividends paid				$	11,982


2021 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2021	January 27, 2021	$	0.14583	$	779.7
February 15, 2021	February 26, 2021	$	0.14583	836.9
March 15, 2021	March 29, 2021	$	0.14583	869.6
April 15, 2021	April 27, 2021	$	0.14583	998.5
May 15, 2021	May 27, 2021	$	0.14583	998.5
June 15, 2021	June 28, 2021	$	0.14583	998.5
July 15, 2021	July 27, 2021	$	0.14583	998.5
August 15, 2021	August 27, 2021	$	0.14583	998.5
September 15, 2021	September 27, 2021	$	0.14583	998.5
October 15, 2021	October 27, 2021	$	0.14583	998.5
November 15, 2021	November 29, 2021	$	0.14583	998.5
December 15, 2021	December 27, 2021	$	0.14583	998.5
Total dividends paid				$	11,473

The following tables present our common stock dividend transactions for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


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


2022 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 18, 2022	January 28, 2022	$	0.50	$	9,654
February 15, 2022	February 28, 2022	$	0.50	9,690
March 15, 2022	March 28, 2022	$	0.50	9,764
April 18, 2022	April 29, 2022	$	0.50	10,359
May 16, 2022	May 27, 2022	$	0.50	10,639
June 15, 2022	June 29, 2022	$	0.50	11,159
July 15, 2022	July 29, 2022	$	0.50	11,426
August 15, 2022	August 29, 2022	$	0.50	12,313
September 15, 2022	September 29, 2022	$	0.50	13,406
October 17, 2022	October 28, 2022	$	0.50	13,284
November 15, 2022	November 28, 2022	$	0.50	14,465
December 15, 2022	December 28, 2022	$	0.50	16,265
Total dividends paid				$	142,424


2021 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 15, 2021	January 28, 2021	$	0.50	$	6,646
February 16, 2021	February 26, 2021	$	0.50	6,645
March 15, 2021	March 29, 2021	$	0.50	6,766
April 15, 2021	April 29, 2021	$	0.50	7,234
May 17, 2021	May 27, 2021	$	0.50	7,646
June 15, 2021	June 29, 2021	$	0.50	8,317
July 15, 2021	July 29, 2021	$	0.50	8,413
August 16, 2021	August 27, 2021	$	0.50	8,413
September 15, 2021	September 29, 2021	$	0.50	8,635
October 15, 2021	October 28, 2021	$	0.50	9,065
November 15, 2021	November 29, 2021	$	0.50	9,347
December 15, 2021	December 29, 2021	$	0.50	9,503
Total dividends paid				$	96,630

- Definition

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

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+ Details

Stockholders' Equity - Schedule of Dividends Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,220,567	$ 1,992,361	$ 1,837,955
Preferred dividends
Class of Stock [Line Items]
Cumulative distributions to stockholders	156,809	144,827	132,845
Common Stock
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,063,758	$ 1,847,534	$ 1,705,110

- 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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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

Derivatives - Schedule of Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross Amounts	$ (5,036)	$ (13,016)
Gross Amounts Not Offset, Financial Instruments	6,852	13,016
Gross Amounts Not Offset, Cash Collateral	(2,070)	0
Total Net	(254)	0
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(5,036)
Gross Amounts Not Offset, Financial Instruments	5,036
Gross Amounts Not Offset, Cash Collateral	0
Total Net	0
Derivative liability, centrally-cleared	(5,036)
Futures contracts
Offsetting Liabilities [Line Items]
Gross Amounts		(516)
Gross Amounts Not Offset, Financial Instruments		516
Gross Amounts Not Offset, Cash Collateral		0
Total Net		0
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts	0	(12,500)
Gross Amounts Not Offset, Financial Instruments	1,816	12,500
Gross Amounts Not Offset, Cash Collateral	(2,070)	0
Total Net	$ (254)	$ 0

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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://www.xbrl.org/2009/role/commonPracticeRef
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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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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 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Commitments and Contingencies - Schedule of Contractual Management Fee Commitments Obligation (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 39,240
2025	39,240
2026	39,240
2027	39,240
2028	39,240
2029	39,240
Total	$ 235,440

Organization and Nature of Business Operations (Details)	Dec. 31, 2023
BUCKLER Securities, LLC \| Corporate Joint Venture
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			1 Months Ended	7 Months Ended	12 Months Ended
	Jul. 26, 2023	May 14, 2021	Feb. 08, 2023	Jul. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock repurchased (in shares)					0	0
Dividend Reinvestment Program, Per Share Price					$ 19.71
Payments for common stock repurchased					$ (9,935)	$ (7,664)	$ 0
Proceeds from issuance of common stock					$ 450,148	$ 475,537	$ 328,780
2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)		3,400,000
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)	15,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)					(477,000)
Per Share price (in dollars per share)					$ 20.80
DRIP shares issued (in shares)					3,000
DRIP shares issued					$ 51
Payments for common stock repurchased					$ (9,935)
Common Stock \| 2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)				13,305,000	13,305,000	14,008,000	3,583,000
Per Share price (in dollars per share)					$ 27.66	$ 33.95	$ 55.65
Proceeds from issuance of preferred stock, net				$ 367,997	$ 367,997
Proceeds from issuance of common stock						$ 475,537	$ 199,444
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)					3,328,000
Per Share price (in dollars per share)					$ 24.66
Proceeds from issuance of preferred stock, net					$ 82,100
Common Stock \| Common stock repurchased
Class of Stock [Line Items]
Common stock repurchased (in shares)						(296,000)
Per Share price (in dollars per share)						$ 25.94
Payments for common stock repurchased						$ (7,664)
Common Stock \| Common stock ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)			70,000				2,143,000
Per Share price (in dollars per share)							$ 60.35
Proceeds from issuance of preferred stock, net			$ (1,344)				$ 129,336
Series C Preferred Stock
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net					$ 0	$ 0	36,585
Proceeds from issuance of common stock							$ 36,585
Series C Preferred Stock \| Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Stock issued (in shares)							1,500,000
Per Share price (in dollars per share)							$ 24.38
Proceeds from issuance of preferred stock, net							$ 36,585

Stock Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - The 2009 Stock Incentive Plan - $ / shares shares in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares)		114	165	99
Granted (in shares)		260	0	127
Vested (in shares)		(76)	(51)	(61)
Unvested RSU Awards Outstanding end of period (in shares)		298	114	165
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share)		$ 64.40	$ 70.35	$ 98.85
Granted (in dollars per share)		29.65	0	55.40
Vested (in dollars per share)		48.24	83.60	85.40
Unvested RSU Awards Outstanding end of period (in dollars per share)		$ 38.21	$ 64.40	$ 70.35
Director
Number of Awards
Granted (in shares)			20
Certain Officers of ARMOUR
Number of Awards
Granted (in shares)	196
Board of Directors
Number of Awards
Granted (in shares)	64
Armour Capital Management
Number of Awards
Granted (in shares)			107

Derivatives - Schedule of TBA Agency Securities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 6,786,000,000	$ 6,350,000,000
TBA Agency Securities 30 Year 4.5%
Derivative [Line Items]
Derivative, fixed interest rate		4.50%
Notional Amount		$ 500,000,000
Cost Basis		489,805,000
Fair Value		$ 481,641,000
TBA Agency Securities 30 Year 5.0%
Derivative [Line Items]
Derivative, fixed interest rate	6.00%	5.00%
Notional Amount	$ 300,000,000	$ 300,000,000
Cost Basis	303,223,000	300,164,000
Fair Value	305,039,000	295,828,000
TBA Agency Securities
Derivative [Line Items]
Notional Amount	300,000,000	800,000,000
Cost Basis	303,223,000	789,969,000
Fair Value	305,039,000	777,469,000
Notional amount, forward settling	$ 0	$ 400,000,000

Repurchase Agreements, net

12 Months Ended

Dec. 31, 2023

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements, net

Note 6 - Repurchase Agreements, net

At December 31, 2023, we had active MRAs with 39 counterparties and had $9,647,982 in outstanding borrowings with 14 of those counterparties. At December 31, 2022, we had active MRAs with 38 counterparties and had $6,463,058 in outstanding borrowings with 16 of those counterparties.

The following table represents the contractual repricing regarding our repurchase agreements to finance MBS purchases at December 31, 2023 and December 31, 2022. Our repurchase agreements require excess collateral, known as a "haircut." At December 31, 2023, the average haircut percentage was 2.74% compared to 3.85% at December 31, 2022. The haircut for our repurchase agreements vary by counterparty and therefore, the changes in the average haircut percentage will vary with the changes in our counterparty repurchase agreement balances.


December 31, 2023	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days
Agency Securities
≤ 30 days (1)	$	9,647,982	5.54	%	12



Total or Weighted Average	$	9,647,982	5.54	%	12

(1) Net of reverse repurchase agreements of $353,937. Obligations to return securities received as collateral of $350,273 associated with the reverse repurchase agreements are all due within 30 days.


December 31, 2022	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days
Agency Securities
≤ 30 days (1)	$	5,912,572	4.43	%	15
> 30 days to ≤ 60 days	550,486		4.48	%	34


Total or Weighted Average	$	6,463,058	4.43	%	16

(1) Net of reverse repurchase agreements of $704,276. Obligations to return securities received as collateral of $502,656 associated with the reverse repurchase agreements all matured in January 2023.

The following 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, 2023 and December 31, 2022.


December 31, 2023							Gross Amounts Not Offset
	Gross Amounts		Gross Amounts offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments (1)		Cash Collateral		Total Net
Assets
Reverse Repurchase Agreements	$	353,937	$	(353,937)	$	—	$	—	$	—	$	—
Totals	$	353,937	$	(353,937)	$	—	$	—	$	—	$	—

Liabilities
Repurchase Agreements	$	(10,001,919)	$	353,937	$	(9,647,982)	$	9,647,982	$	—	$	—
Totals	$	(10,001,919)	$	353,937	$	(9,647,982)	$	9,647,982	$	—	$	—

December 31, 2022							Gross Amounts Not Offset
	Gross Amounts		Gross Amounts offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments (1)		Cash Collateral		Total Net
Assets
Reverse Repurchase Agreements	$	704,276	$	(704,276)	$	—	$	—	$	189	$	189
Totals	$	704,276	$	(704,276)	$	—	$	—	$	189	$	189

Liabilities
Repurchase Agreements	$	(7,167,334)	$	704,276	$	(6,463,058)	$	6,463,058	$	—	$	—
Totals	$	(7,167,334)	$	704,276	$	(6,463,058)	$	6,463,058	$	—	$	—

(1) The fair value of securities pledged against our repurchase agreements was $10,599,340 and $7,249,039 at December 31, 2023 and December 31, 2022, respectively.

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, 2023 and December 31, 2022, BUCKLER accounted for 48.4% and 50.2%, respectively, of our aggregate borrowings and had an amount at risk of 8.1% and 12.9%, respectively, of our total stockholders'

equity with a weighted average maturity of 12 days and 15 days, respectively, on repurchase agreements, net (see Note 14 - Related Party Transactions).

In addition, at December 31, 2023, we had 4 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for approximately 27.2% of our repurchase agreement borrowings outstanding at December 31, 2023. At December 31, 2022, we had 3 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for 28.1% of our repurchase agreement borrowings at December 31, 2022.

Investment in Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Less than 1 year		$ 61
Greater than or equal to 1 year and less than 3 years		2,390
Greater than or equal to 3 years and less than 5 years		11,541
Greater than or equal to 5 years		173,953
Totals		187,945
Amortized Cost
Less than 1 year		64
Greater than or equal to 1 year and less than 3 years		2,525
Greater than or equal to 3 years and less than 5 years		12,171
Greater than or equal to 5 years		184,712
Totals		199,472
Fair Value
Less than 1 year	$ 0	0
Greater than or equal to 1 year and less than 3 years	202,508	0
Greater than or equal to 3 years and less than 5 years	2,757,464	0
Greater than or equal to 5 years	8,199,782	8,010,646
Totals	11,159,754	8,010,646
Amortized Cost
Less than 1 year	0	0
Greater than or equal to 1 year and less than 3 years	195,904	0
Greater than or equal to 3 years and less than 5 years	2,747,842	0
Greater than or equal to 5 years	8,339,634	8,553,485
Totals	$ 11,283,380	$ 8,553,485

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 - Income Taxes

The following table reconciles our GAAP net income (loss) to estimated REIT taxable income (loss) for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
GAAP net income (loss)	$	(67,923)	$	(229,930)	$	15,363
Book to tax differences:
TRS (income) loss	81		(186)		37
Premium amortization expense	(1)		(81)		(148)
Agency Securities, trading	52,665		946,666		77,145
U.S. Treasury Securities	43,093		152,268		9,391
Changes in interest rate contracts	167,963		(757,742)		(77,300)
(Gain) Loss on Security sales	7,471		7,452		(10,952)
Impairment losses on available for sale Agency Securities	—		4,183		—
Amortization of deferred hedging costs	(103,669)		(145,267)		(163,837)
Amortization of deferred Treasury Future gains	23,161		3,383		—
Other	1,876		2,340		1,834
Estimated REIT taxable income (loss)	$	124,717	$	(16,914)	$	(148,467)

Interest rate and futures contracts are treated as hedging transactions for U.S. federal income tax purposes. Unrealized gains and losses on open interest rate contracts are not included in the determination of REIT taxable income. Realized gains and losses on interest rate contracts terminated before their maturity are deferred and amortized over the remainder of the original term of the contract for REIT taxable income. At December 31, 2023 and December 31, 2022, we had approximately $(247,349) and $(307,316) in tax deductible expense relating to previously terminated interest rate swap and treasury futures contracts amortizing through the years 2033 and 2032, respectively. At December 31, 2023, we had $257,341 of net operating loss carryforwards available for use indefinitely.


Net capital losses realized	Amount	Available to offset capital gains through
2019	(13,819)	2024

2021	(15,605)	2026
2022	(732,478)	2027
2023	(496,265)	2028

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, 2023, by approximately $93,462, or approximately $1.92 per common share (based on the 48,799 common shares then outstanding). State and federal tax returns for the years 2019 and later remain open and are subject to possible examination.

We are required and intend to timely distribute substantially all of our REIT taxable income in order to maintain our REIT status under the Code. Total dividend payments to stockholders for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 were $228,206, $154,406 and $108,103, respectively.

Our estimated REIT taxable income (loss) available for distribution as dividends was $124,717, $(16,914) and $(148,467) for the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Our REIT taxable income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends paid in excess of current tax earnings and profits for the year will generally not be taxable to common stockholders. The portion of the dividends on our common stock which represented non-taxable return of capital was 47.5% in 2023, 100.0% in 2022 and 100.0% in 2021.

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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities:
Net Income (Loss)	$ (67,923,000)	$ (229,930,000)	$ 15,363,000
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 premium on Agency Securities	3,388,000	18,390,000	48,127,000
Realized (gain) loss on sale of Agency Securities, available for sale	7,471,000	7,452,000	(10,952,000)
Impairment losses on available for sale Agency Securities	0	4,183,000	0
Loss on Agency Securities, trading	52,665,000	946,666,000	77,145,000
Stock based compensation	3,201,000	3,696,000	4,768,000
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	(18,474,000)	(17,734,000)	2,263,000
(Increase) decrease in prepaid and other assets	841,000	(1,007,000)	883,000
Change in derivatives, at fair value	99,064,000	(783,267,000)	(134,704,000)
Increase (decrease) in accrued interest payable- repurchase agreements	7,413,000	18,152,000	(681,000)
Increase in accrued interest payable- U.S. Treasury Securities sold short	1,631,000	3,418,000	0
Increase in accounts payable and other accrued expenses	315,000	3,677,000	156,000
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities	132,816,000	124,085,000	11,738,000
Cash Flows From Investing Activities:
Purchases of Agency Securities (including $240,573 and $203,147 with BUCKLER in 2023 and 2022, respectively)	(10,288,661,000)	(11,456,994,000)	(1,265,942,000)
Principal repayments of Agency Securities	803,158,000	573,609,000	870,985,000
Proceeds from sales of Agency Securities	6,290,592,000	6,349,056,000	980,380,000
Disbursements on reverse repurchase agreements (including $(2,774,490), $(1,958,460) and $(197,750), respectively with BUCKLER)	(2,774,490,000)	(1,958,460,000)	(391,125,000)
Receipts from reverse repurchase agreements (including $3,124,829, $1,254,184 and $197,750, respectively with BUCKLER)	3,124,829,000	1,254,184,000	391,125,000
Increase (decrease) in cash collateral posted by counterparties	(103,461,000)	792,531,000	126,356,000
Proceeds from subordinated loan due to BUCKLER	105,000,000	0	0
Net cash and cash equivalents and cash collateral posted to counterparties provided by (used in) investing activities	(3,038,640,000)	(3,894,975,000)	503,576,000
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses	450,117,000	475,537,000	328,780,000
Proceeds from repurchase agreements (including $69,806,936, $47,627,748 and $18,442,875, respectively with BUCKLER)	119,704,734,000	80,087,456,000	27,238,071,000
Principal repayments on repurchase agreements (including $(68,737,266), $(45,639,677) and $(19,477,307), respectively with BUCKLER)	(116,870,149,000)	(76,868,159,000)	(27,826,099,000)
Common stock dividends paid	(216,193,000)	(142,424,000)	(96,630,000)
Common stock repurchased, net	(9,935,000)	(7,664,000)	0
Net cash and cash equivalents and cash collateral posted to counterparties provided by (used in) financing activities	3,046,592,000	3,532,764,000	(330,766,000)
Net increase (decrease) in cash and cash equivalents and cash collateral posted to counterparties	140,768,000	(238,126,000)	184,548,000
Cash and cash equivalents and cash collateral posted to counterparties - beginning of year	118,090,000	356,216,000	171,668,000
Cash and cash equivalents and cash collateral posted to counterparties - end of year	258,858,000	118,090,000	356,216,000
Supplemental Disclosure:
Cash paid during the year for interest	607,030,000	136,966,000	21,316,000
Non-Cash Investing and Financing Activities
Payable for unsettled purchases	(171,513,000)	(353,436,000)	0
Net unrealized gain (loss) on available for sale Agency Securities	4,056,000	(130,135,000)	(61,106,000)
Series C Preferred Stock
Cash Flows From Financing Activities:
Issuance of Series C Preferred stock, net of expenses	0	0	36,585,000
Preferred dividends paid	(11,982,000)	(11,982,000)	(11,473,000)
US Treasury Securities
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
Amortization (accretion)	131,000	(1,879,000)	(21,000)
(Gain) loss on debt securities, trading	43,093,000	152,268,000	9,391,000
Cash Flows From Investing Activities:
Purchases of trading securities	(1,465,748,000)	(4,820,464,000)	(987,887,000)
U.S. Treasury Securities Sold	$ 1,270,141,000	$ 5,371,563,000	$ 779,684,000

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain on Derivatives, net

^[1]

$ 51,748

$ 810,808

$ 52,493

Interest rate swap contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain on Derivatives, net

58,300

852,913

73,837

Cleared interest rate swap contracts

36,547

Futures contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain on Derivatives, net

(30,645)

95,509

TBA Agency Securities

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain on Derivatives, net

$ 24,093

$ (137,614)

$ (21,346)

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

Comprehensive Income (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of comprehensive loss and the shares used in calculating weighted average basic and diluted comprehensive loss per common share for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Comprehensive Loss	$	(56,396)	$	(348,430)	$	(56,695)
Less: Preferred dividends	(11,982)		(11,982)		(11,473)
Comprehensive Loss related to common stockholders	$	(68,378)	$	(360,412)	$	(68,168)
Comprehensive Loss per share related to common stockholders:
Basic	$	(1.59)	$	(15.28)	$	(4.29)
Diluted	$	(1.59)	$	(15.28)	$	(4.29)
Weighted average common shares outstanding:
Basic	43,054		23,594		15,897
Add: Effect of dilutive non-vested awards, assumed vested	—		—		—
Diluted	43,054		23,594		15,897

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Agency Securities Purchased	$ 10,288,661	$ 11,456,994	$ 1,265,942
Disbursements on reverse repurchase agreements	(2,774,490)	(1,958,460)	(391,125)
Receipts from reverse repurchase agreements	3,124,829	1,254,184	391,125
Proceeds from repurchase agreements	119,704,734	80,087,456	27,238,071
Principal repayments on repurchase agreements	(116,870,149)	(76,868,159)	(27,826,099)
US Treasury Securities
U.S. Treasury Securities Purchased	1,465,748	4,820,464	987,887
U.S. Treasury Securities Sold	1,270,141	5,371,563	779,684
BUCKLER Securities, LLC \| Related Party
Agency Securities Purchased	240,573	203,147
Disbursements on reverse repurchase agreements	(2,774,490)	(1,958,460)	(197,750)
Receipts from reverse repurchase agreements	3,124,829	1,254,184	197,750
Proceeds from repurchase agreements	69,806,936	47,627,748	18,442,875
Principal repayments on repurchase agreements	(68,737,266)	(45,639,677)	(19,477,307)
BUCKLER Securities, LLC \| US Treasury Securities \| Related Party
U.S. Treasury Securities Purchased	155,857	593,162	$ 99,053
U.S. Treasury Securities Sold	$ 154,875	$ 814,265

Basis of Presentation and Consolidation	12 Months Ended
Basis of Presentation and Consolidation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 2 - Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of MBS, including an assessment of the allowance for credit losses, and derivative instruments. Certain prior year amounts have been reclassified to conform to the current year's presentation. All per share amounts, common shares outstanding and stock-based compensation amounts for all periods presented reflect our one-for-five reverse stock split (the “Reverse Stock Split”), which was effective September 29, 2023. Interest earned/paid on cash collateral posted/held on interest rate swap contracts was reclassified from Interest Income to Gain (loss) on derivatives, net, in the consolidated financial statements to conform to current presentation. No other reclassifications have been made to previously reported amounts.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 and December 31, 2022.


December 31, 2023	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	11,159,754	$	—	$	11,159,754

Derivatives	$	—	$	877,412	$	—	$	877,412
Liabilities at Fair Value:
Derivatives	$	—	$	5,036	$	—	$	5,036


December 31, 2022	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	8,198,591	$	—	$	8,198,591
Derivatives	$	94	$	984,362	$	—	$	984,456
Liabilities at Fair Value:
Derivatives	$	516	$	12,500	$	—	$	13,016

Net Income (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Net Income (Loss)	$	(67,923)	$	(229,930)	$	15,363
Less: Preferred dividends	(11,982)		(11,982)		(11,473)
Net Income (loss) available (related) to common stockholders	$	(79,905)	$	(241,912)	$	3,890

Weighted average common shares outstanding – basic	43,054		23,594		15,897
Add: Effect of dilutive non-vested awards, assumed vested	—		—		165
Weighted average common shares outstanding – diluted	43,054		23,594		16,062

Investments in Securities - Schedule of Available-for-sale Securities in an Unrealized Gain or Loss Position (Details) - Agency Securities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 11,278,161	$ 8,711,267
Amortized Cost	11,283,380	8,752,957
Gross Unrealized Loss	(176,660)	(554,734)
Gross Unrealized Gain	53,034	368
Fair Value	11,159,754	8,198,591
Available for sale securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount		191,870
Amortized Cost		199,472
Gross Unrealized Loss		(11,527)
Gross Unrealized Gain		0
Fair Value		187,945
Trading securities
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	11,278,161	8,519,397
Amortized Cost	11,283,380	8,553,485
Gross Unrealized Loss	(176,660)	(543,207)
Gross Unrealized Gain	53,034	368
Fair Value	$ 11,159,754	$ 8,010,646

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8 - Commitments and Contingencies

Management

The Company is managed by ACM, pursuant to a management agreement (see also Note 14, “Related Party Transactions”). The management agreement entitles ACM to receive 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, 2023, December 31, 2022 and December 31, 2021, the effective management fee, prior to management fees waived, was 0.93%, 0.95% and 0.98% based on gross equity raised of $4,231,965, $3,787,042 and $3,313,937, respectively.

ACM began waiving 40% of its management fee during the second quarter of 2020 and on January 13, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $2,400 for the first quarter of 2021 and $800 per month thereafter. On April 20, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $2,100 for the second quarter of 2021 and $700 per month thereafter. On October 25, 2021, ACM notified ARMOUR that it intended to adjust the fee waiver from the rate of $700 per month to $650 per month, effective November 1, 2021, until further notice. On February 14, 2023, ACM notified ARMOUR that it intended to adjust the fee waiver to the rate of $1,650 for the first quarter of 2023 and $550 per month thereafter until ACM provides further notice to ARMOUR.

During the years ended December 31, 2023, December 31, 2022 and December 31, 2021 ACM voluntarily waived management fees of $6,600, $7,800 and $8,600 respectively. The monthly management fees are not calculated based on the performance of our assets. Accordingly, the payment of our monthly management fees may not decline in the event of a decline in our earnings and may cause us to incur losses. We are also responsible for any costs and expenses that ACM incurs solely on our behalf other than the various overhead expenses specified in the terms of the management agreement.

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

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, 2023, the Company’s contractual management fee commitments are:


Year	Contractual Management Fee

2024	39,240
2025	39,240
2026	39,240
2027	39,240
2028	39,240
2029	39,240
Total	$	235,440

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, 2023 and December 31, 2022.

Nine putative class action lawsuits were filed in connection with the tender offer and merger for JAVELIN alleging, among other things, breach of fiduciary duties and seeking equitable relief, including, among other relief, to enjoin consummation of the transactions, or rescind or unwind the transactions if already consummated, and award costs and disbursements, including reasonable attorneys' fees and expenses. The sole Florida lawsuit was never served on the defendants, and that case was voluntarily dismissed and closed on January 20, 2017. On April 25, 2016, the Maryland court issued an order consolidating the eight Maryland cases into one action, captioned In re JAVELIN Mortgage Investment Corp. Shareholder Litigation (Case No. 24-C-16-001542), and designated counsel for one of the Maryland cases as interim lead co-counsel. On May 26, 2016, interim lead counsel filed the Consolidated Amended Class Action Complaint for Breach of Fiduciary Duty asserting consolidated claims of breach of fiduciary duty, aiding and abetting the breaches of fiduciary duty, and waste. On June 27, 2016, defendants filed a Motion to Dismiss the Consolidated Amended Class Action Complaint for failing to state a claim upon which relief can be granted. A hearing was held on the Motion to Dismiss on March 3, 2017, and the Court reserved ruling. The Court deferred ruling on the Motion to Dismiss several times. On February 14, 2024, the Court issued an order granting defendants’ Motion to Dismiss, and dismissed all of plaintiffs’ claims with prejudice, and without leave to amend. On March 11, 2024, plaintiffs filed a Notice of Appeal of the Court's order of dismissal.

Each of ARMOUR, JAVELIN, ACM and the Individual Defendants intends to defend the claims made in these lawsuits vigorously; however, there can be no assurance that any of ARMOUR, JAVELIN, ACM or the Individual Defendants will prevail in its defense of any of these lawsuits to which it is a party. An unfavorable resolution of any such litigation surrounding the Transactions may result in monetary damages being awarded to the plaintiffs and the putative class of former stockholders of JAVELIN and the cost of defending the litigation, even if resolved favorably, could be substantial. Due to the preliminary nature of all of these suits, ARMOUR is not able at this time to estimate their outcome.

Investment in Securities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 11,159,754	$ 8,198,591
Realized gain (loss) on sale of available for sale agency securities	(7,471)	(7,452)	$ 10,952
To-be-Announced Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net	1,816	(11,797)
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	305,039	777,469
Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	$ 11,159,754	$ 8,198,591

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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

Stockholders' Equity - Additional Information (Details)																																																																												7 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Details)	Mar. 15, 2024 $ / shares	Feb. 28, 2024 USD ($) $ / shares	Feb. 27, 2024 USD ($) $ / shares	Jan. 30, 2024 USD ($) $ / shares	Jan. 29, 2024 USD ($) $ / shares	Dec. 28, 2023 $ / shares	Dec. 27, 2023 $ / shares	Nov. 29, 2023 $ / shares	Nov. 27, 2023 $ / shares	Oct. 30, 2023 $ / shares shares	Oct. 27, 2023 $ / shares	Sep. 29, 2023 shares	Sep. 28, 2023 $ / shares shares	Sep. 27, 2023 $ / shares	Aug. 30, 2023 $ / shares	Aug. 28, 2023 $ / shares	Jul. 28, 2023 $ / shares	Jul. 27, 2023 $ / shares	Jul. 26, 2023 $ / shares shares	Jun. 29, 2023 $ / shares	Jun. 27, 2023 $ / shares	May 30, 2023 $ / shares	Apr. 27, 2023 $ / shares	Mar. 28, 2023 $ / shares	Mar. 27, 2023 $ / shares	Mar. 15, 2023 $ / shares	Feb. 27, 2023 $ / shares	Jan. 30, 2023 $ / shares	Jan. 27, 2023 $ / shares	Jan. 17, 2023 shares	Dec. 28, 2022 $ / shares	Dec. 27, 2022 $ / shares	Nov. 28, 2022 $ / shares	Nov. 04, 2022 shares	Oct. 28, 2022 $ / shares	Oct. 27, 2022 $ / shares	Sep. 29, 2022 $ / shares	Sep. 27, 2022 $ / shares	Aug. 29, 2022 $ / shares	Jul. 29, 2022 $ / shares	Jul. 27, 2022 $ / shares	Jun. 29, 2022 $ / shares	Jun. 27, 2022 $ / shares	Jun. 09, 2022 shares	May 27, 2022 $ / shares	Apr. 29, 2022 $ / shares	Apr. 27, 2022 $ / shares	Mar. 28, 2022 $ / shares	Feb. 28, 2022 $ / shares	Feb. 26, 2022 $ / shares	Jan. 28, 2022 $ / shares	Jan. 27, 2022 $ / shares	Dec. 29, 2021 $ / shares	Dec. 27, 2021 $ / shares	Nov. 29, 2021 $ / shares	Nov. 12, 2021 shares	Oct. 28, 2021 $ / shares	Oct. 27, 2021 $ / shares	Sep. 29, 2021 $ / shares	Sep. 27, 2021 $ / shares	Aug. 27, 2021 $ / shares	Jul. 29, 2021 $ / shares	Jul. 27, 2021 $ / shares	Jun. 29, 2021 $ / shares	Jun. 28, 2021 $ / shares	May 27, 2021 $ / shares	May 14, 2021 $ / shares shares	Apr. 29, 2021 $ / shares	Apr. 27, 2021 $ / shares	Mar. 29, 2021 $ / shares	Feb. 26, 2021 $ / shares	Jan. 28, 2021 $ / shares	Jan. 27, 2021 $ / shares	Jan. 29, 2020 shares	Jan. 28, 2020 USD ($) $ / shares shares	Jul. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jul. 26, 2022 shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																													50,000,000	50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares																																																																													$ 0.001	$ 0.001
Preferred stock, undesignated shares authorized (in shares)																																																																													40,000,000
Issuance of stock, net \| $																																																																													$ 450,148,000	$ 475,537,000	$ 328,780,000
Stock repurchase program, number of shares authorized to be repurchased( in shares)																																																																																2,000,000
Common stock repurchased (in shares)																																																																													0	0
Conversion ratio of reverse stock split												0.2
Common stock, shares authorized (in shares)												90,000,000	450,000,000																																																																90,000,000	60,000,000
Common stock, par value (in dollars per share) \| $ / shares																																																																													$ 0.001	$ 0.001
Common stock, shares issued (in shares)																																																																													48,799,000	32,582,000
Common stock, shares outstanding (in shares)																																																																													48,799,000	32,582,000
Common stock repurchased \| $																																																																													$ 9,935,000	$ 7,664,000	0
Aggregate amount paid to holders of record \| $																																																																													$ 216,193,000	$ 142,424,000	$ 96,630,000
Dividends declared per common share (in dollars per share) \| $ / shares																																																																													$ 5.00	$ 6.00	$ 6.00
Common Stock
Class of Stock [Line Items]
Issuance of stock, net \| $																																																																													$ 16,000	$ 14,000	$ 6,000
Common stock repurchased (in shares)																																																																													477,000	296,000
Common stock, shares outstanding (in shares)																																																																													48,799,000	32,582,000	18,831,000		13,058,000
Common Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased( in shares)										2,500,000
Remaining shares authorized to be repurchased (in shares)																																																																													2,287,000	1,346,000
Common Stock Repurchase Program \| Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																																																																													466,000
Common stock repurchased \| $																																																																													$ 9,702,000
Reverse Stock Split \| Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																																																																													11,000
Common stock repurchased \| $																																																																													$ 233,000
Subsequent Event
Class of Stock [Line Items]
Aggregate amount paid to holders of record \| $		$ 11,769,000	$ 998,000	$ 11,786,000	$ 998,000
Common stock dividends cash paid (in dollars per share) \| $ / shares		$ 0.24		$ 0.24
Dividends declared per common share (in dollars per share) \| $ / shares	$ 0.24
2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																																																																			3,400,000
Common stock, par value (in dollars per share) \| $ / shares																																																																			$ 0.001
Common stock, additional shares authorized (in shares)																														9,736,000				7,000,000										5,760,000												5,000,000
Sale of stock, commission rate (as percent)																																																																			2.00%
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																			15,000
Common stock, par value (in dollars per share) \| $ / shares																			$ 0.001
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																											10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares																																																																											$ 0.001		$ 0.001	$ 0.001
Preferred stock, dividend rate (as percent)																																																																											7.00%		7.00%	7.00%
Preferred stock, shares issued (in shares)																																																																													6,847,000	6,847,000
Preferred stock, shares outstanding (in shares)																																																																													6,847,000	6,847,000
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares																																																																													$ 25.00	$ 25.00
Preferred stock, aggregate liquidation preference \| $																																																																													$ 171,175,000	$ 171,175,000
Unissued preferred stock (in shares)																																																																													3,153,000
Accrued or unpaid dividends \| $																																																																													$ 0
Issuance of stock, net \| $																																																																															$ 36,585,000
Issuance of Preferred stock, net of expenses \| $																																																																													$ 0	$ 0	$ 36,585,000
Preferred stock dividends cash paid (in dollars per share) \| $ / shares							$ 0.14583		$ 0.14583		$ 0.14583			$ 0.14583		$ 0.14583		$ 0.14583			$ 0.14583	$ 0.14583	$ 0.14583		$ 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) \| $ / shares			$ 0.14583		$ 0.14583
Series C Preferred Stock \| January 29, 2020, Equity Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																																																										6,550,000
Series C Preferred Stock \| Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Percent of outstanding shares intended to be redeemed																																																																										2.00%
Series C Preferred Stock \| Over-Allotment Option
Class of Stock [Line Items]
Payments of stock issuance costs \| $																																																																											$ 445,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																																																																													477,000
DRIP shares issued (in shares)																																																																													3,000
DRIP shares issued \| $																																																																													$ 51,000
Common stock repurchased \| $																																																																													$ 9,935,000
Common stock dividends cash paid (in dollars per share) \| $ / shares						$ 0.40		$ 0.40		$ 0.40			$ 0.40		$ 0.40		$ 0.40			$ 0.40		$ 0.40	$ 0.40	$ 0.40			$ 0.50	$ 0.50			$ 0.50		$ 0.50		$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50			$ 0.50	$ 0.50		$ 0.50	$ 0.50		$ 0.50		$ 0.50		$ 0.50		$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50		$ 0.50		$ 0.50		$ 0.50	$ 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	13,305,000	14,008,000	3,583,000
Issuance of stock, net \| $																																																																														$ 475,537,000	$ 199,444,000
Payments of stock issuance costs \| $																																																																												$ 3,725,000
Issuance of Preferred stock, net of expenses \| $																																																																												$ 367,997,000	$ 367,997,000
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																																																																													3,328,000
Payments of stock issuance costs \| $																																																																													$ 903,000
Issuance of Preferred stock, net of expenses \| $																																																																													$ 82,100,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Miami, Florida
Auditor Firm ID	34

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Note 9 - Stock Based Compensation

We adopted the Plan to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“RSUs”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively, “Awards”), subject to terms as provided in the Plan. In connection with the Reverse Stock Split, the number of shares of common stock issuable under the Plan was proportionately adjusted. At December 31, 2023, there were 173 shares available for future issuance under the Plan.

Transactions related to awards for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 are summarized below:


	For the Years Ended
	December 31, 2023			December 31, 2022			December 31, 2021
	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	114	$	64.40	165	$	70.35	99	$	98.85
Granted (1)	260	$	29.65	—	$	—	127	$	55.40
Vested	(76)	$	48.24	(51)	$	83.60	(61)	$	85.40

Unvested RSU Awards Outstanding end of period	298	$	38.21	114	$	64.40	165	$	70.35

(1)During the year ended December 31, 2023, 196 RSUs were granted to certain officers of ARMOUR and 64 RSUs were granted to the Board. During the year ended December 31, 2021, 107 RSUs were granted to certain officers of ARMOUR and 20 RSUs were granted to the Board.

At December 31, 2023, there was approximately $11,404 of unvested stock based compensation related to the Awards (based on a weighted grant date price of $38.21 per share), which we expect to recognize as an expense as follows: in 2024 an expense of $3,626, in 2025 an expense of $2,346, and thereafter an expense of $5,432. 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.

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ (93,462)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ (1.92)
Common stock, shares issued (in shares)	48,799	32,582
Payment of dividends	$ 228,206	$ 154,406	$ 108,103
Estimated REIT taxable Income	$ 124,717	$ (16,914)	$ (148,467)
Percent of dividends that represent nontaxable return of capital	47.50%	100.00%	100.00%
Interest rate swap contracts
Related Party Transaction [Line Items]
Unrealized gain (loss) yet to be amortized	$ (247,349)	$ (307,316)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
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, including an assessment of the allowance for credit losses, and derivative instruments. Certain prior year amounts have been reclassified to conform to the current year's presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes cash on deposit with financial institutions. We may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held.
Cash Collateral Posted To/By Counterparties	Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents cash posted by us to counterparties or posted by counterparties to us as collateral. Cash collateral posted to/by counterparties may include collateral for interest rate swap contracts, interest rate swaptions, basis swap contracts, futures contracts, repurchase agreements on our MBS and our Agency Securities purchased or sold on a to-be-announced basis ("TBA Agency Securities"). 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.
Investments in Securities, at Fair Value	Investments in Securities, at Fair Value Our investments in securities are generally classified as either available for sale or trading securities. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Trading Securities are reported at their estimated fair values with gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations and comprehensive income. Available for Sale Securities represent investments that we intend to hold for extended periods of time and are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss). 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, 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 Funding Rate ("SOFR"). Under these repurchase agreements, we sell MBS to a lender and agree to repurchase the same MBS in the future for a price that is higher than the original sales price. The difference between the sales price that we receive and the repurchase price that we pay represents interest paid to the lender, which accrues over the life of the repurchase agreement. A repurchase agreement operates as a financing arrangement under which we pledge our MBS as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. We retain beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, we are required to repay the loan and concurrently receive back our pledged collateral from the lender or, with the consent of the lender, we may renew such agreement at the then prevailing interest rate. The repurchase agreements may require us to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines or 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, 2023 and December 31, 2022, we had $353,937 and $704,276 in reverse repurchase agreements which are netted 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. We had obligations to return securities received as collateral associated with our reverse repurchase agreements at December 31, 2023 and December 31, 2022 of $350,273 ($0 of which were with BUCKLER) and $502,656 ($100,531 of which were with BUCKLER), 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 and comprehensive income (loss). We designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income. These transactions may include interest rate swap contracts, interest rate swaptions, basis swap contracts and futures contracts. We also may utilize forward contracts for the purchase or sale of TBA Agency Securities. We account for TBA Agency Securities as derivative instruments if it is reasonably possible that we will not take or make physical delivery of the Agency Security upon settlement of the contract. We account for TBA dollar roll transactions as a series of derivative transactions. We may also purchase and sell TBA Agency Securities as a means of investing in and financing Agency Securities (thereby increasing our “at risk” leverage) or as a means of disposing of or reducing our exposure to Agency Securities (thereby reducing our “at risk” leverage). We agree to purchase or sell, for future delivery, Agency Securities with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency Security for a later settlement date. This transaction is commonly referred to as a “dollar roll.” When it is reasonably possible that we will pair off a TBA Agency Security, we account for that contract as a derivative.
Revenue Recognition	Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction or maturity. Premiums and discounts associated with the purchase of Multi-Family MBS, which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur. Purchase and sale transactions (including TBA Agency Securities) are recorded on the trade date to the extent it is probable that we will take or make timely physical delivery of the related securities. Gains or losses realized from sales of available for sale securities are reclassified into income from Comprehensive Income (Loss) and are determined using the specific identification method. Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) refers to the sum of net income and other comprehensive income (loss). It represents all changes in equity during a period from transactions and other events from non-owner sources. It excludes all changes in equity during a period resulting from investments by owners and distributions to owners.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income	$ 552,903	$ 228,432	$ 80,478
Interest expense	525,794	120,768	7,109
BUCKLER Securities, LLC \| Related Party
Interest income	973	1,597	70
Interest expense	$ 245,846	$ 59,807	$ 3,504

Income Taxes - Schedule of Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ (496,265)	$ (732,478)	$ (15,605)	$ (13,819)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
	Jan. 28, 2020	Dec. 31, 2023	Dec. 31, 2022	Sep. 29, 2023	Sep. 28, 2023
Repurchase agreements, net		$ 9,647,982	$ 6,463,058
Obligations to return securities received as collateral		350,273	502,656
Accrued interest payable, repurchase agreements, amounts with BUCKLER		26,509	19,096
Accrued interest payable, U.S. Treasury Securities sold short, amounts with BUCKLER		$ 5,049	$ 3,418
Preferred stock, par value (in dollars per share)		$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common stock, shares authorized (in shares)		90,000,000	60,000,000	90,000,000	450,000,000
Common stock, shares issued (in shares)		48,799,000	32,582,000
Common stock, shares outstanding (in shares)		48,799,000	32,582,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, dividend rate (as percent)	7.00%	7.00%	7.00%
Preferred stock, shares issued (in shares)		6,847,000	6,847,000
Preferred stock, shares outstanding (in shares)		6,847,000	6,847,000
Preferred stock, aggregate liquidation preference		$ 171,175	$ 171,175
BUCKLER Securities, LLC
Obligations to return securities received as collateral		0	100,531
BUCKLER Securities, LLC \| Related Party
Repurchase agreements, net		4,667,483	3,247,474
Agency Securities
Pledged securities		10,599,340	7,249,039
Agency Securities \| BUCKLER Securities, LLC \| Related Party
Pledged securities		5,400,138	3,920,706
Accrued interest payable, repurchase agreements, amounts with BUCKLER		12,345	9,908
US Treasury Securities \| BUCKLER Securities, LLC \| Related Party
Accrued interest payable, U.S. Treasury Securities sold short, amounts with BUCKLER		$ 0	$ 684

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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 (loss) for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
GAAP net income (loss)	$	(67,923)	$	(229,930)	$	15,363
Book to tax differences:
TRS (income) loss	81		(186)		37
Premium amortization expense	(1)		(81)		(148)
Agency Securities, trading	52,665		946,666		77,145
U.S. Treasury Securities	43,093		152,268		9,391
Changes in interest rate contracts	167,963		(757,742)		(77,300)
(Gain) Loss on Security sales	7,471		7,452		(10,952)
Impairment losses on available for sale Agency Securities	—		4,183		—
Amortization of deferred hedging costs	(103,669)		(145,267)		(163,837)
Amortization of deferred Treasury Future gains	23,161		3,383		—
Other	1,876		2,340		1,834
Estimated REIT taxable income (loss)	$	124,717	$	(16,914)	$	(148,467)

Schedule of Tax Credit Carryforwards


Net capital losses realized	Amount	Available to offset capital gains through
2019	(13,819)	2024

2021	(15,605)	2026
2022	(732,478)	2027
2023	(496,265)	2028

Comprehensive Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Comprehensive Income (Loss) per Common Share

Note 11 - Net Income (Loss) per Common Share


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Net Income (Loss)	$	(67,923)	$	(229,930)	$	15,363
Less: Preferred dividends	(11,982)		(11,982)		(11,473)
Net Income (loss) available (related) to common stockholders	$	(79,905)	$	(241,912)	$	3,890

Weighted average common shares outstanding – basic	43,054		23,594		15,897
Add: Effect of dilutive non-vested awards, assumed vested	—		—		165
Weighted average common shares outstanding – diluted	43,054		23,594		16,062

For the years ended December 31, 2023 and December 31, 2022, 298 and 114, respectively, of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Loss related to common stockholders because to have included them would have been anti-dilutive for the period.

Note 12 - Comprehensive Income (Loss) per Common Share


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Comprehensive Loss	$	(56,396)	$	(348,430)	$	(56,695)
Less: Preferred dividends	(11,982)		(11,982)		(11,473)
Comprehensive Loss related to common stockholders	$	(68,378)	$	(360,412)	$	(68,168)
Comprehensive Loss per share related to common stockholders:
Basic	$	(1.59)	$	(15.28)	$	(4.29)
Diluted	$	(1.59)	$	(15.28)	$	(4.29)
Weighted average common shares outstanding:
Basic	43,054		23,594		15,897
Add: Effect of dilutive non-vested awards, assumed vested	—		—		—
Diluted	43,054		23,594		15,897

For the years ended December 31, 2023, December 31, 2022 and December 31, 2021, 298, 114 and 165 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Loss related to common stockholders because to have included them would have been anti-dilutive for the period.

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Jul. 26, 2023	May 14, 2021	Feb. 22, 2021	Jun. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 20, 2023	Feb. 14, 2023	Oct. 25, 2021	Jul. 01, 2021	Jun. 30, 2021	Apr. 01, 2021	Mar. 31, 2021
Related Party Transaction [Line Items]
Management fee waived percentage				40.00%
Fee waiver adjustment, first quarter										$ 1,650			$ 2,100		$ 2,400
Fee waiver adjustment, every month thereafter										$ 550	$ 650	$ 700		$ 800
Interest Income (including $973, $1,597 and $70, respectively with BUCKLER)					$ 552,903	$ 228,432	$ 80,478
Issuance of common stock, net of expenses					$ 450,117	$ 475,537	328,780
Common stock repurchased (in shares)					0	0
Common stock repurchased, net					$ (9,935)	$ (7,664)	0
2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		3,400,000
2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	15,000
Common Stock
Related Party Transaction [Line Items]
Common stock repurchased (in shares)					(477,000)	(296,000)
Affiliated Entity
Related Party Transaction [Line Items]
Period of written notice of termination (in days)					180 days
Stock-based compensation expense					$ 456	$ 544	781
Affiliated Entity \| Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Award vesting period (in years)					5 years
Related Party \| Common Stock
Related Party Transaction [Line Items]
Common stock repurchased (in shares)					(466,000)
Common stock repurchased, net					$ (9,702)
Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Subordinated loan to BUCKLER					0	105,000
Interest Income (including $973, $1,597 and $70, respectively with BUCKLER)					$ 973	1,597	70
Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Ownership percentage					10.80%
Equity method investments, value					$ 382	377
Proceeds from divestiture of interest in joint venture					0	0
Required annual reduction in share of gross financing profit								$ 306
Subordinated loan to BUCKLER									$ 200,000
Payments of stock issuance costs					82
Related Party \| BUCKLER Securities, LLC \| 2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Payments of stock issuance costs					2,358	$ 3,375	$ 1,801
Related Party \| BUCKLER Securities, LLC \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Payments of stock issuance costs					$ 661
Related Party \| BUCKLER Securities, LLC \| Common Stock \| 2021 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					8,626,000	10,117,000	3,243,000
Issuance of common stock, net of expenses					$ 246,672	$ 334,415	$ 180,855
Related Party \| BUCKLER Securities, LLC \| Common Stock \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					3,113,000
Issuance of common stock, net of expenses					$ 77,092
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					$ 535	$ 606	$ 189
Required Regulatory Capital Requirement of Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Loans receivable related parties					$ 105,000
Related party transaction, rate					0.00%
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%

Organization and Nature of Business Operations	12 Months Ended
Organization and Nature of Business Operations	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business Operations	Note 1 - Organization and Nature of Business Operations References to “we,” “us,” “our,” or the “Company” are to ARMOUR Residential REIT, Inc. (“ARMOUR”) and its subsidiaries. References to “ACM” are to ARMOUR Capital Management LP, a Delaware limited partnership. ARMOUR owns a 10.8% equity interest in BUCKLER Securities LLC ("BUCKLER"). BUCKLER is a Delaware limited liability company and a FINRA-regulated broker-dealer, controlled by ACM and certain executive officers of ARMOUR. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report. U.S. dollar amounts are presented in thousands, except per share amounts or as otherwise noted. ARMOUR is an externally managed Maryland corporation incorporated in 2008. The Company is managed by ACM, an investment advisor registered with the 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, 2023 and December 31, 2022, we invested in mortgage backed securities ("MBS"), issued or guaranteed by a United States ("U.S.") Government-sponsored entity ("GSE"), such as the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or a government agency such as Government National Mortgage Administration ("Ginnie Mae") (collectively, "Agency Securities"). Our Agency Securities consist of fixed rate loans. From time to time we also invest in U.S. Treasury Securities and money market instruments subject to certain income tests we must satisfy for our qualification as a REIT.

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Comprehensive Loss	$ (56,396)	$ (348,430)	$ (56,695)
Less: Preferred dividends	(11,982)	(11,982)	(11,473)
Comprehensive Loss related to common stockholders	$ (68,378)	$ (360,412)	$ (68,168)
Comprehensive Loss per share related to common stockholders:
Basic (in dollars per share)	$ (1.59)	$ (15.28)	$ (4.29)
Diluted (in dollars per share)	$ (1.59)	$ (15.28)	$ (4.29)
Weighted average common shares outstanding:
Basic (in shares)	43,054	23,594	15,897
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	0	0
Weighted average common shares outstanding - diluted (in shares)	43,054	23,594	15,897
Potentially dilutive non-vested awards outstanding (in shares)	298	114	165

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Note 10 - Stockholders' Equity

The following table presents the components of cumulative distributions to stockholders at December 31, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
Cumulative Distributions to Stockholders	December 31, 2023		December 31, 2022		December 31, 2021
Preferred dividends	$	156,809	$	144,827	$	132,845
Common stock dividends	2,063,758		1,847,534		1,705,110
Total	$	2,220,567	$	1,992,361	$	1,837,955

Preferred Stock

At December 31, 2023 and December 31, 2022, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof. On January 28,

2020, we filed Articles Supplementary with the Department to designate 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share, as shares of 7.00% Series C Preferred Stock with the powers, designations, preferences and other rights as set forth therein. At December 31, 2023, a total of 40,000 shares of our authorized preferred stock remained available for designation as future series.

At December 31, 2023 and December 31, 2022, we had 6,847 shares of Series C Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $171,175 in the aggregate. Shares designated as Series C Preferred Stock but unissued totaled 3,153 at December 31, 2023. At December 31, 2023, there were no accrued or unpaid dividends on the Series C Preferred Stock.

On January 29, 2020, the Company entered into an Equity Sales Agreement (the “Preferred C ATM Sales Agreement”) with B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.) and BUCKLER, as sales agents (individually and collectively, the “Agents"), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one or more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Preferred C ATM Sales Agreement relates to a proposed “at-the-market” offering program. Under the Preferred C ATM Sales Agreement, we will pay the agent designated to sell our shares an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent under the Preferred C ATM Sales Agreement. We did not sell any shares under the Preferred C ATM Sales Agreement during the years ended December 31, 2023 and December 31, 2022. During the year ended December 31, 2021, we sold 1,500 shares under this agreement for proceeds of $36,585, net of issuance costs and commissions of approximately $445.

Preferred Stock Repurchase Program

On July 26, 2022, the Board authorized a repurchase program of up to an aggregate of 2,000 shares of the Company’s outstanding Series C Preferred Stock ("Series C Preferred Stock Repurchase Program"). Under the Series C Preferred Stock Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, in consultation with the Pricing Committee of the Board, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Series C Preferred Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. We did not repurchase any shares under the Series C Preferred Stock Repurchase Program during the years ended December 31, 2023 and December 31, 2022.

Common Stock

On August 29, 2023, we announced that our Board of Directors had approved the Reverse Stock Split. The Reverse Stock Split took effect at approximately 5:00 p.m. Eastern Time on September 29, 2023 (the “Effective Time”). At the Effective Time, every five issued and outstanding shares of common stock was converted into one share of common stock and the number of authorized shares of common stock was also reduced, on a one-for-five basis, from 450,000 to 90,000. The par value of each share of common stock remained unchanged. No fractional shares were issued in connection with the Reverse Stock Split.

At December 31, 2023 and December 31, 2022, we were authorized to issue up to 90,000 and 60,000 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 48,799 and 32,582 shares of common stock issued and outstanding at December 31, 2023 and December 31, 2022, 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. From January 2023 through July 2023, we sold 13,305 shares under this agreement for proceeds of $367,997, net of issuance costs and commissions of approximately $3,725. Those sales fully utilized the shares allocated to the 2021 Common stock ATM Sales Agreement, which has been completed (see Note 14 - Related Party Transactions for discussion of additional transactions with BUCKLER).

On July 26, 2023 we entered into a new Equity Sales Agreement (the “2023 Common stock ATM Sales Agreement”), with BUCKLER, JonesTrading Institutional Services LLC, Citizens JMP Securities, LLC (formerly JMP Securities LLC), Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2023 Common Stock ATM Sales agreement, we may offer and sell over a period of time and from time to time, up to 15,000 shares of our common stock, par value $0.001 per share. On October 25, 2023, the 2023 Common stock ATM Sales Agreement was amended to add StockBlock Securities LLC, as a sales agent. During the year ended December 31, 2023, we sold 3,328 shares under this agreement for proceeds of 82,100, net of issuance costs and commissions of approximately $903.

During the year ended December 31, 2023, we issued 3 common shares under our Common Stock Dividend Reinvestment Program ("DRIP") for net proceeds of $51.

Common Stock Repurchase Program

Effective October 30, 2023, the Common Stock Repurchase Program authorization was increased to 2,500 shares. At December 31, 2023 and December 31, 2022, there were 2,287 and 1,346 authorized shares remaining under the repurchase authorization (the "Common Stock Repurchase Program"). During the year ended December 31, 2023 we repurchased a total of 11 fractional shares for a cost of $233, in connection with the Reverse Stock Split. During the year ended December 31, 2023, we repurchased 466 common shares under this authorization for a cost of $9,702. In January 2024, we repurchased 70 shares under this authorization for a cost of $1,344 with BUCKLER. See Note 14 - Related Party Transactions for discussion of additional transactions with BUCKLER. Under the Common Stock Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Exchange Act, and related rules. We are not required to repurchase any shares under the Common Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued.

Equity Capital Activities

The following tables present our equity transactions for the years ended December 31, 2023 , December 31, 2022 and December 31, 2021.


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)

December 31, 2022
2021 Common stock ATM Sales Agreement	January 11, 2022 - December 21, 2022	14,008	$	33.95	$	475,537
Common stock repurchased	June, September and October	(296)	$	25.94	$	(7,664)


December 31, 2021
Preferred C ATM Sales Agreement	January 19. 2021 - April 9, 2021	1,500	$	24.38	$	36,585
Common stock ATM Sales Agreement	March 3, 2021 - May 18, 2021	2,143	$	60.35	$	129,336
2021 Common stock ATM Sales Agreement	May 19, 2021 - December 10, 2021	3,583	$	55.65	$	199,444

(1)Weighted average price

Dividends

On January 29, 2024 and February 27, 2024 cash dividends of $0.14583 per outstanding share of Series C Preferred Stock, or $998 in the aggregate each month, was paid to holders of record on January 15, 2024 and February 15, 2024, respectively. We have also declared cash dividends of $0.14583 payable March 27, 2024 to holders of record on March 15, 2024.

On January 30, 2024 and February 28, 2024 cash dividends of $0.24 per outstanding common share each month, or $11,786 and $11,769 in the aggregate, was paid to holders of record on January 16, 2024 and February 15, 2024, respectively. We have also declared a cash dividend of $0.24 per outstanding common share payable March 28, 2024 to holders of record on March 15, 2024.

The following table presents our Series C Preferred Stock dividend transactions for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


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


2022 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2022	January 27, 2022	$	0.14583	998.5
February 15, 2022	February 28, 2022	$	0.14583	998.5
March 15, 2022	March 28, 2022	$	0.14583	998.5
April 15, 2022	April 27, 2022	$	0.14583	998.5
May 15, 2022	May 27, 2022	$	0.14583	998.5
June 15, 2022	June 27, 2022	$	0.14583	998.5
July 15, 2022	July 27, 2022	$	0.14583	998.5
August 15, 2022	August 29, 2022	$	0.14583	998.5
September 15, 2022	September 27, 2022	$	0.14583	998.5
October 15, 2022	October 27, 2022	$	0.14583	998.5
November 15, 2022	November 28, 2022	$	0.14583	998.5
December 15, 2022	December 27, 2022	$	0.14583	998.5
Total dividends paid				$	11,982


2021 Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2021	January 27, 2021	$	0.14583	$	779.7
February 15, 2021	February 26, 2021	$	0.14583	836.9
March 15, 2021	March 29, 2021	$	0.14583	869.6
April 15, 2021	April 27, 2021	$	0.14583	998.5
May 15, 2021	May 27, 2021	$	0.14583	998.5
June 15, 2021	June 28, 2021	$	0.14583	998.5
July 15, 2021	July 27, 2021	$	0.14583	998.5
August 15, 2021	August 27, 2021	$	0.14583	998.5
September 15, 2021	September 27, 2021	$	0.14583	998.5
October 15, 2021	October 27, 2021	$	0.14583	998.5
November 15, 2021	November 29, 2021	$	0.14583	998.5
December 15, 2021	December 27, 2021	$	0.14583	998.5
Total dividends paid				$	11,473

The following tables present our common stock dividend transactions for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


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


2022 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 18, 2022	January 28, 2022	$	0.50	$	9,654
February 15, 2022	February 28, 2022	$	0.50	9,690
March 15, 2022	March 28, 2022	$	0.50	9,764
April 18, 2022	April 29, 2022	$	0.50	10,359
May 16, 2022	May 27, 2022	$	0.50	10,639
June 15, 2022	June 29, 2022	$	0.50	11,159
July 15, 2022	July 29, 2022	$	0.50	11,426
August 15, 2022	August 29, 2022	$	0.50	12,313
September 15, 2022	September 29, 2022	$	0.50	13,406
October 17, 2022	October 28, 2022	$	0.50	13,284
November 15, 2022	November 28, 2022	$	0.50	14,465
December 15, 2022	December 28, 2022	$	0.50	16,265
Total dividends paid				$	142,424


2021 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 15, 2021	January 28, 2021	$	0.50	$	6,646
February 16, 2021	February 26, 2021	$	0.50	6,645
March 15, 2021	March 29, 2021	$	0.50	6,766
April 15, 2021	April 29, 2021	$	0.50	7,234
May 17, 2021	May 27, 2021	$	0.50	7,646
June 15, 2021	June 29, 2021	$	0.50	8,317
July 15, 2021	July 29, 2021	$	0.50	8,413
August 16, 2021	August 27, 2021	$	0.50	8,413
September 15, 2021	September 29, 2021	$	0.50	8,635
October 15, 2021	October 28, 2021	$	0.50	9,065
November 15, 2021	November 29, 2021	$	0.50	9,347
December 15, 2021	December 29, 2021	$	0.50	9,503
Total dividends paid				$	96,630

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15 - Subsequent Events Except as disclosed above, no subsequent events were identified through the date of issuance.

Repurchase Agreements, net - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($) counterparty
Concentration Risk [Line Items]
Number of counterparties with master repurchase agreements	39	38
Repurchase agreements, carrying amount \| $	$ 9,647,982	$ 6,463,058
Number of counterparties with repurchase agreements outstanding	14	16
Ratio of indebtedness to net capital	12
Counterparty Concentration Risk \| Aggregate Borrowings
Concentration Risk [Line Items]
Number of counterparties	4	3
Counterparty Concentration Risk \| BUCKLER Securities, LLC \| Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	48.40%	50.20%
Counterparty Concentration Risk \| BUCKLER Securities, LLC \| Stockholders' Equity
Concentration Risk [Line Items]
Percentage of concentration risk	8.10%	12.90%
Weighted average maturity (in days)	12 days	15 days
Counterparty Concentration Risk \| One Repurchase Agreement Counterparty \| Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	5.00%
Counterparty Concentration Risk \| One Repurchase Agreement Counterparty \| Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk	27.20%
Counterparty Concentration Risk \| Two Repurchase Agreement Counterparties \| Aggregate Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk		5.00%
Counterparty Concentration Risk \| Two Repurchase Agreement Counterparties \| Repurchase Agreement Borrowings
Concentration Risk [Line Items]
Percentage of concentration risk		28.10%
Collateralized Mortgage-Backed Securities
Concentration Risk [Line Items]
Average haircut (as a percent)	2.74%	3.85%

Stockholders' Equity - Schedule of Dividend Transactions (Details) - USD ($)																																																														12 Months Ended
	Dec. 28, 2023	Dec. 27, 2023	Nov. 29, 2023	Nov. 27, 2023	Oct. 30, 2023	Oct. 27, 2023	Sep. 28, 2023	Sep. 27, 2023	Aug. 30, 2023	Aug. 28, 2023	Jul. 28, 2023	Jul. 27, 2023	Jun. 29, 2023	Jun. 27, 2023	May 30, 2023	Apr. 27, 2023	Mar. 28, 2023	Mar. 27, 2023	Mar. 15, 2023	Feb. 27, 2023	Jan. 30, 2023	Jan. 27, 2023	Dec. 28, 2022	Dec. 27, 2022	Nov. 28, 2022	Oct. 28, 2022	Oct. 27, 2022	Sep. 29, 2022	Sep. 27, 2022	Aug. 29, 2022	Jul. 29, 2022	Jul. 27, 2022	Jun. 29, 2022	Jun. 27, 2022	May 27, 2022	Apr. 29, 2022	Apr. 27, 2022	Mar. 28, 2022	Feb. 28, 2022	Feb. 26, 2022	Jan. 28, 2022	Jan. 27, 2022	Dec. 29, 2021	Dec. 27, 2021	Nov. 29, 2021	Oct. 28, 2021	Oct. 27, 2021	Sep. 29, 2021	Sep. 27, 2021	Aug. 27, 2021	Jul. 29, 2021	Jul. 27, 2021	Jun. 29, 2021	Jun. 28, 2021	May 27, 2021	Apr. 29, 2021	Apr. 27, 2021	Mar. 29, 2021	Feb. 26, 2021	Jan. 28, 2021	Jan. 27, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Aggregate amount paid to holders of record																																																														$ 216,224,000	$ 142,424,000	$ 96,630,000
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		$ 0.14583
Payments of dividends		$ 998,500		$ 998,500		$ 998,500		$ 998,500		$ 998,500		$ 998,500		$ 998,500	$ 998,500	$ 998,500		$ 998,500		$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500		$ 998,500	$ 998,500		$ 998,500	$ 869,600	$ 836,900		$ 779,700	11,982,000	11,982,000	11,473,000
Common Stock
Class of Stock [Line Items]
Common stock dividends cash paid (in dollars per share)	$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40	$ 0.40	$ 0.40			$ 0.50	$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50	$ 0.50		$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50		$ 0.50	$ 0.50		$ 0.50	$ 0.50	$ 0.50
Aggregate amount paid to holders of record	$ 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		$ 16,265,000		$ 14,465,000	$ 13,284,000		$ 13,406,000		$ 12,313,000	$ 11,426,000		$ 11,159,000		$ 10,639,000	$ 10,359,000		$ 9,764,000	$ 9,690,000		$ 9,654,000		$ 9,503,000		$ 9,347,000	$ 9,065,000		$ 8,635,000		$ 8,413,000	$ 8,413,000		$ 8,317,000		$ 7,646,000	$ 7,234,000		$ 6,766,000	$ 6,645,000	$ 6,646,000		$ 216,224,000	$ 142,424,000	$ 96,630,000

- 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

+ Details

Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 7 - Derivatives

We enter into derivative transactions to manage our interest rate risk and agency mortgage rate exposures. We have agreements with our derivative counterparties that provide for the posting of collateral based on the fair values of our derivatives. Through this margin process, either we or our counterparties may be required to pledge cash or securities as collateral. Collateral requirements vary by counterparty and change over time based on the fair value, notional amount and remaining term of the contracts. Certain contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty.

Interest rate swap contracts are designed to lock in 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 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 would give our counterparty the option to terminate all repurchase transactions existing with us and require any amount due to be payable immediately. In addition, certain of our ISDAs contain a restriction that prohibits our leverage from exceeding twelve times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital.

The following tables present information about the potential effects of netting our derivatives if we were to offset the assets and liabilities on the accompanying consolidated balance sheets. We currently present these financial instruments at their gross amounts and they are included in Derivatives, at fair value on the accompanying consolidated balance sheets at December 31, 2023 and December 31, 2022.


			Gross Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2023
Interest rate swap contracts (2)	$	875,596	$	(5,036)	$	(821,089)	$	49,471

TBA Agency Securities	1,816		(1,816)		—		—
Totals	$	877,412	$	(6,852)	$	(821,089)	$	49,471

December 31, 2022
Interest rate swap contracts	$	983,659	$	—	$	(955,941)	$	27,718
Futures contracts	94		(516)		9,334		8,912
TBA Agency Securities	703		(12,500)		13,633		1,836
Totals	$	984,456	$	(13,016)	$	(932,974)	$	38,466

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

(2)Includes $6,104 of centrally-cleared interest rate swap contracts.


			Gross Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2023
Interest rate swap contracts (2)	$	(5,036)	$	5,036	$	—	$	—

TBA Agency Securities	—		1,816		(2,070)		(254)
Totals	$	(5,036)	$	6,852	$	(2,070)	$	(254)

December 31, 2022
Futures contracts	$	(516)	$	516	$	—	$	—
TBA Agency Securities	(12,500)		12,500		—		—
Totals	$	(13,016)	$	13,016	$	—	$	—

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

(2)Includes $(5,036) of centrally-cleared interest rate swap contracts.

The following table represents the information regarding our derivatives which are included in Gain on derivatives, net in the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


			Income (Loss) Recognized
			For the Years Ended
Derivatives			December 31, 2023		December 31, 2022		December 31, 2021
Interest rate swap contracts (1)			$	58,300	$	852,913	$	73,837
Futures contracts			(30,645)		95,509		2
TBA Agency Securities			24,093		(137,614)		(21,346)
Total Gain on Derivatives, net	$	51,748	$	810,808	$	52,493

(1)Includes $36,547 of centrally-cleared interest rate swap contracts, entered into for the year ended December 31, 2023.

The following tables present information about our derivatives at December 31, 2023 and December 31, 2022.


Interest Rate Swaps (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
December 31, 2023
< 3 years	$	1,102,000	18	1.60	%
≥ 3 years and < 5 years	1,207,000		45	2.06	%
≥ 5 years and < 7 years	1,952,000		75	0.58	%
≥ 7 years	2,525,000		95	1.56	%

Total or Weighted Average (2)	$	6,786,000	68	1.37	%

December 31, 2022
< 3 years	$	1,066,000	10	0.10	%
≥ 3 years and < 5 years	1,182,000		50	0.63	%
≥ 5 years and < 7 years	754,000		82	0.62	%
≥ 7 years	3,348,000		99	0.96	%

Total or Weighted Average (3)	$	6,350,000	73	0.72	%

(1)Pay Fixed/Receive Variable

(2)Of this amount, $1,475,000 notional are SOFR based swaps, the last of which matures in 2033; and $5,311,000 notional are Federal Funds Rate based swaps, the last of which matures in 2032. Of this amount, $1,275,000 notional are centrally-cleared interest rate swap contracts, the last of which matures in 2033.

(3)Of this amount, $803,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,547,000 notional are Federal Funds Rate based swaps, the last of which matures in 2032.


TBA Agency Securities	Notional Amount		Cost Basis		Fair Value
December 31, 2023
30 Year Long, 6.0%	300,000		303,223		305,039
Total (1)	$	300,000	$	303,223	$	305,039

TBA Agency Securities	Notional Amount		Cost Basis		Fair Value
December 31, 2022
30 Year Long, 4.5%	500,000		489,805		481,641
30 Year Long, 5.0%	300,000		300,164		295,828
Total (1)	$	800,000	$	789,969	$	777,469

(1)$0 notional and $400,000 notional were forward settling at December 31, 2023 and December 31, 2022, respectively.

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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)	173
Compensation cost not yet recognized	$ 11,404
Compensation cost not yet recognized, year one	3,626
Compensation cost not yet recognized, year two	2,346
Compensation cost not yet recognized, thereafter	$ 5,432
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)	$ 38.21	$ 64.40	$ 70.35	$ 98.85

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Repurchase agreements, net	$ 9,647,982	$ 6,463,058
Agency Securities Purchased	10,288,661	11,456,994	$ 1,265,942
Interest expense	525,794	120,768	7,109
ARMOUR Management Fees
Related Party Transaction [Line Items]
Amounts of transaction	38,121	33,714	31,063
Management Fees Waived
Related Party Transaction [Line Items]
Amounts of transaction	6,600	7,800	8,600
Management Fee Expense
Related Party Transaction [Line Items]
Amounts of transaction	31,521	25,914	22,463
US Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased	1,465,748	4,820,464	987,887
U.S. Treasury Securities Sold	1,270,141	5,371,563	779,684
Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Repurchase agreements, net	4,667,483	3,247,474
Collateral posted on repurchase agreements	5,400,138	3,920,706
Agency Securities Purchased	240,573	203,147
Interest expense	245,846	59,807	3,504
Related Party \| BUCKLER Securities, LLC \| US Treasury Securities
Related Party Transaction [Line Items]
U.S. Treasury Securities Purchased	155,857	593,162	$ 99,053
U.S. Treasury Securities Sold	$ 154,875	$ 814,265

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions

The following table reconciles the fees incurred in accordance with the management agreement for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
ARMOUR management fees	$	38,121	$	33,714	$	31,063
Less management fees waived	(6,600)		(7,800)		(8,600)
Total management fee expense	$	31,521	$	25,914	$	22,463

The table below summarizes other transactions with BUCKLER as of and for the years ended December 31, 2023 and December 31, 2022.


	For the Years Ended
Transactions with BUCKLER	December 31, 2023		December 31, 2022
Repurchase agreements, net (1)	$	4,667,483	$	3,247,474
Collateral posted on repurchase agreements	$	5,400,138	$	3,920,706
Agency Securities Purchased	$	240,573	$	203,147
U.S. Treasury Securities Purchased	$	155,857	$	593,162
U.S. Treasury Securities Sold	$	154,875	$	814,265

(1)Interest on repurchase agreements, net was $245,846, $59,807 and $3,504, for the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. See also, Note 6 - Repurchase Agreements, net, for transactions with BUCKLER.

Commitments and Contingencies - Additional Information (Details) $ in Thousands				3 Months Ended	12 Months Ended
	Apr. 25, 2016 lawsuit	Apr. 24, 2016 defendant	Mar. 01, 2016 lawsuit	Jun. 30, 2020	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 14, 2023 USD ($)	Oct. 25, 2021 USD ($)	Jul. 01, 2021 USD ($)	Jun. 30, 2021 USD ($)	Apr. 01, 2021 USD ($)	Mar. 31, 2021 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage					8.33%
Gross equity raised					$ 4,231,965	$ 3,787,042	$ 3,313,937
Management fee waived percentage				40.00%
Fee waiver adjustment, first quarter								$ 1,650			$ 2,100		$ 2,400
Fee waiver adjustment, every month thereafter								$ 550	$ 650	$ 700		$ 800
Transactions Case
Other Commitments [Line Items]
Number of new claims filed \| lawsuit			9
Number of defendants, current directors \| defendant		8
Number of consolidated claims \| lawsuit	1
Management Fees Waived
Other Commitments [Line Items]
Amounts of transaction					$ 6,600	$ 7,800	$ 8,600
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%
Effective management fee (as percent)					0.93%	0.95%	0.98%

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 14 - Related Party Transactions

ACM

The Company is managed by ACM, pursuant to a management agreement. All of our executive officers are also employees of ACM. ACM manages our day-to-day operations, subject to the direction and oversight of the Board. The management agreement runs through December 31, 2029 and is thereafter automatically renewed for an additional five-year term unless terminated under certain circumstances. Either party must provide 180 days prior written notice of any such termination.

Under the terms of the management agreement, ACM is responsible for costs incident to the performance of its duties, such as compensation of its employees and various overhead expenses. ACM is responsible for the following primary roles:

•Advising us with respect to, arranging for and managing the acquisition, financing, management and disposition of, elements of our investment portfolio;

•Evaluating the duration risk and prepayment risk within the investment portfolio and arranging borrowing and hedging strategies;

•Coordinating capital raising activities;

•Advising us on the formulation and implementation of operating strategies and policies, arranging for the acquisition of assets, monitoring the performance of those assets and providing administrative and managerial services in connection with our day-to-day operations; and

•Providing executive and administrative personnel, office space and other appropriate services required in rendering management services to us.

The following table reconciles the fees incurred in accordance with the management agreement for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
ARMOUR management fees	$	38,121	$	33,714	$	31,063
Less management fees waived	(6,600)		(7,800)		(8,600)
Total management fee expense	$	31,521	$	25,914	$	22,463

We are required to take actions as may be reasonably required to permit and enable ACM to carry out its duties and obligations. We are also responsible for any costs and expenses that ACM incurred solely on our behalf other than the various overhead expenses specified in the terms of the management agreement. For the years ended December 31, 2023, December 31, 2022 and December 31, 2021 we reimbursed ACM $535, $606 and $189, respectively for other expenses incurred on our behalf. In 2017, 2020, 2021 and 2023, we elected to grant RSUs to our executive officers through ACM that generally vest over 5 years. In 2017, 2020, 2021 and 2023, we elected to grant RSUs to the Board. We recognized stock based compensation expense of $456, $544 and $781 for the years ended, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.

BUCKLER

At December 31, 2023, we held an ownership interest in BUCKLER of 10.8%, which is included in prepaid and other assets in our consolidated balance sheet and is accounted for using the equity method as BUCKLER maintains specific ownership accounts. Based on our evaluation of certain protective rights and the nature of the on demand subordinated loan agreement, we have determined that we do not have the power to direct the activities that most significantly impact BUCKLER's economic performance and 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.

The value of the investment was $382 at December 31, 2023 and $377 at December 31, 2022 reflecting our total investment plus our share of BUCKLER’s operating results, in accordance with the terms of the operating agreement of BUCKLER that our independent directors negotiated. Our exposure to the losses in BUCKLER is generally limited to the value of our investment. The primary purpose of our investment in BUCKLER is to facilitate our access to repurchase financing on potentially attractive terms (considering rate, term, size, haircut, relationship and funding commitment) compared to other suitable repurchase financing counterparties.

Our operating agreement with BUCKLER contains certain provisions to benefit and protect the Company, including (1) sharing in any (a) defined profits realized by BUCKLER from the anticipated financing spreads resulting from repurchase financing facilitated by BUCKLER, and (b) distributions from BUCKLER to its members of net cash receipts, and (2) the realization of anticipated savings from reduced clearing, brokerage, trading and administrative fees. In addition, the independent directors of the Company must approve, in their sole discretion, any third-party business engaged by BUCKLER and may cause BUCKLER to wind up and dissolve and promptly return certain subordinated loans we provide to BUCKLER as regulatory capital (as described more fully below) if the independent directors reasonably determine that BUCKLER’s ability to provide attractive securities transactions for the Company is materially adversely affected. For each of the years ended December 31, 2023 and December 31, 2022, we earned $0 from BUCKLER as an allocated share of Financing Gross Profit for a reduction of interest on repurchase agreements charged to the Company. Financing Gross Profit is defined in the operating agreement, subject to a contractually required reduction in our share of the Financing Gross Profit of $306 per annum, which expired at the end of the first quarter of 2022.

Effective March 20, 2023, the Company committed to provide on demand a subordinated loan agreement to BUCKLER in an amount up to $200,000. The commitment extends through March 20, 2026, and is collateralized

by mortgage backed and/or U.S. Treasury Securities owned by the Company and pledged to BUCKLER. The commitment is treated by BUCKLER currently as capital for regulatory purposes and BUCKLER may pledge the securities to secure its own borrowings.

This arrangement replaced the prior $105,000 subordinated loan, which was to mature on May 1, 2025. In March 2023, BUCKLER, at its option after obtaining regulatory approval, repaid all of the principal amount of the loan. The loan had a stated interest rate of zero, plus additional interest payable to the Company in an amount equal to the amount of interest earned by BUCKLER on the investment of the loan proceeds, generally in government securities funds. For the years ended December 31, 2023, December 31, 2022 and December 31, 2021, the Company earned $973, $1,597 and $70 in interest on this loan.

On February 22, 2021, the Company entered into an uncommitted revolving credit facility and security agreement with BUCKLER. Under the terms of the facility, the Company may, in its sole and absolute discretion, provide drawings to BUCKLER of up to $50,000. Interest on drawings is payable monthly at the Federal Reserve Bank of New York SOFR plus 2% per annum. To date, BUCKLER has not used the facility and therefore no interest was payable for the year ended December 31, 2023.

With BUCKLER as the sales agent, under the 2021 Common stock ATM Sales Agreement, we sold 8,626, 10,117 and 3,243 common shares for proceeds of $246,672, $334,415 and $180,855, net of issuance costs and commissions of approximately $2,358, $3,375 and $1,801 respectively, during the years ended December 31, 2023 and December 31, 2022 and December 31, 2021. During the year ended December 31, 2023, we sold 3,113 shares under the 2023 Common stock ATM Sales Agreement for proceeds of $77,092, net of issuance costs and commissions of approximately $661 to BUCKLER (see Note 10 - Stockholders' Equity).

During the year ended December 31, 2023, we repurchased 466 common shares under the current repurchase authorization which cost $9,702, including commissions of approximately $82 to BUCKLER.In January 2024, we repurchased 70 shares under this authorization for a cost of $1,344 with BUCKLER (see Note 10 - Stockholders' Equity).

The table below summarizes other transactions with BUCKLER as of and for the years ended December 31, 2023 and December 31, 2022.


	For the Years Ended
Transactions with BUCKLER	December 31, 2023		December 31, 2022
Repurchase agreements, net (1)	$	4,667,483	$	3,247,474
Collateral posted on repurchase agreements	$	5,400,138	$	3,920,706
Agency Securities Purchased	$	240,573	$	203,147
U.S. Treasury Securities Purchased	$	155,857	$	593,162
U.S. Treasury Securities Sold	$	154,875	$	814,265

- 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
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Reference 2: 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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 221,888	$ 87,284
Cash collateral posted to counterparties	36,970	30,806
Investments in securities, at fair value:
Derivatives, at fair value	877,412	984,456
Accrued interest receivable	47,111	28,809
Prepaid and other	1,260	2,101
Total Assets	12,344,395	9,437,047
Liabilities:
Repurchase agreements, net (including $4,667,483 and $3,247,474, respectively with BUCKLER)	9,647,982	6,463,058
Obligations to return securities received as collateral, at fair value (including $0 and $100,531 with BUCKLER respectively	350,273	502,656
Cash collateral posted by counterparties	860,130	963,591
Payable for unsettled purchases	171,513	353,436
Derivatives, at fair value	5,036	13,016
Accrued interest payable- repurchase agreements (including $12,345 and $9,908, respectively with BUCKLER)	26,509	19,096
Accrued interest payable- U.S. Treasury Securities sold short (including $0 and $684, respectively with BUCKLER)	5,049	3,418
Accounts payable and other accrued expenses	6,719	6,404
Total Liabilities	11,073,211	8,324,675
Commitments and contingencies (Note 8)
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock, $0.001 par value, 90,000 and 60,000 shares authorized; 48,799 shares and 32,582 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively.	49	33
Additional paid-in capital	4,318,155	3,874,757
Cumulative distributions to stockholders	(2,220,567)	(1,992,361)
Accumulated net loss	(826,460)	(758,537)
Accumulated other comprehensive loss	0	(11,527)
Total Stockholders’ Equity	1,271,184	1,112,372
Total Liabilities and Stockholders’ Equity	12,344,395	9,437,047
Series C Preferred Stock
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 6,847 shares issued and outstanding ($171,175 aggregate liquidation preference) at December 31, 2023 and December 31, 2022.	7	7
BUCKLER Securities, LLC
Liabilities:
Obligations to return securities received as collateral, at fair value (including $0 and $100,531 with BUCKLER respectively	0	100,531
BUCKLER Securities, LLC \| Related Party
Investments in securities, at fair value:
Subordinated loan to BUCKLER	0	105,000
Liabilities:
Repurchase agreements, net (including $4,667,483 and $3,247,474, respectively with BUCKLER)	4,667,483	3,247,474
Agency Securities
Investments in securities, at fair value:
Debt securities	11,159,754	8,198,591
Agency Securities \| BUCKLER Securities, LLC \| Related Party
Liabilities:
Accrued interest payable- repurchase agreements (including $12,345 and $9,908, respectively with BUCKLER)	12,345	9,908
US Treasury Securities \| BUCKLER Securities, LLC \| Related Party
Liabilities:
Accrued interest payable- U.S. Treasury Securities sold short (including $0 and $684, respectively with BUCKLER)	$ 0	$ 684

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Mar. 14, 2024	Jun. 30, 2023
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, 2023
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			$ 1,094,476,261
Entity Common Stock, Shares Outstanding (in shares)		48,749,890
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 2024 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	2023
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

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

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4 - Fair Value of Financial Instruments

Our valuation techniques for financial instruments use observable and unobservable inputs. Observable inputs reflect readily obtainable data from third-party sources, while unobservable inputs reflect management’s market assumptions. The Accounting Standards Codification Topic No. 820, "Fair Value Measurement," classifies these inputs into the following hierarchy:

Level 1 Inputs - Quoted prices for identical instruments in active markets.

Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 Inputs - Prices determined using significant unobservable inputs. Unobservable inputs may be used in situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period). Unobservable inputs reflect management’s assumptions about the factors that market participants would use in pricing an asset or liability and would be based on the best information available.

At the beginning of each quarter, we assess the assets and liabilities that are measured at fair value on a recurring basis to determine if any transfers between levels in the fair value hierarchy are needed.

The following describes the valuation methodologies used for our assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Any transfers between levels are assumed to occur at the beginning of the reporting period.

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, 2023 and December 31, 2022.


December 31, 2023	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	11,159,754	$	—	$	11,159,754

Derivatives	$	—	$	877,412	$	—	$	877,412
Liabilities at Fair Value:
Derivatives	$	—	$	5,036	$	—	$	5,036


December 31, 2022	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	8,198,591	$	—	$	8,198,591
Derivatives	$	94	$	984,362	$	—	$	984,456
Liabilities at Fair Value:
Derivatives	$	516	$	12,500	$	—	$	13,016

There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the year ended December 31, 2023 or for the year ended December 31, 2022.

Excluded from the tables above are financial instruments, including cash and cash equivalents, cash collateral posted to/by counterparties, receivables, the Subordinated loan to BUCKLER, payables, borrowings under repurchase agreements, net and obligations to return securities received as collateral, which are presented in our consolidated financial statements at cost, which approximates fair value. The estimated fair value of these instruments is measured using "Level 1" or "Level 2" inputs at December 31, 2023 and December 31, 2022.

- 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 + Details

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 6,786,000	$ 6,350,000
Weighted Average Remaining Term (Months)	68 months	73 months
Weighted Average Rate	1.37%	0.72%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	$ 1,475,000	$ 803,000
Fed Funds Effective Rate Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	5,311,000	5,547,000
Less than 3 years
Derivative [Line Items]
Notional Amount	$ 1,102,000	$ 1,066,000
Weighted Average Remaining Term (Months)	18 months	10 months
Weighted Average Rate	1.60%	0.10%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount	$ 1,207,000	$ 1,182,000
Weighted Average Remaining Term (Months)	45 months	50 months
Weighted Average Rate	2.06%	0.63%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 1,952,000	$ 754,000
Weighted Average Remaining Term (Months)	75 months	82 months
Weighted Average Rate	0.58%	0.62%
Greater than 7 years
Derivative [Line Items]
Notional Amount	$ 2,525,000	$ 3,348,000
Weighted Average Remaining Term (Months)	95 months	99 months
Weighted Average Rate	1.56%	0.96%
Interest rate swap contracts
Derivative [Line Items]
Notional Amount	$ 1,275,000
Maximum \| Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 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
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 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	7 years	7 years

Repurchase Agreements, net (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements


December 31, 2023	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days
Agency Securities
≤ 30 days (1)	$	9,647,982	5.54	%	12



Total or Weighted Average	$	9,647,982	5.54	%	12

(1) Net of reverse repurchase agreements of $353,937. Obligations to return securities received as collateral of $350,273 associated with the reverse repurchase agreements are all due within 30 days.


December 31, 2022	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days
Agency Securities
≤ 30 days (1)	$	5,912,572	4.43	%	15
> 30 days to ≤ 60 days	550,486		4.48	%	34


Total or Weighted Average	$	6,463,058	4.43	%	16

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


December 31, 2023							Gross Amounts Not Offset
	Gross Amounts		Gross Amounts offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments (1)		Cash Collateral		Total Net
Assets
Reverse Repurchase Agreements	$	353,937	$	(353,937)	$	—	$	—	$	—	$	—
Totals	$	353,937	$	(353,937)	$	—	$	—	$	—	$	—

Liabilities
Repurchase Agreements	$	(10,001,919)	$	353,937	$	(9,647,982)	$	9,647,982	$	—	$	—
Totals	$	(10,001,919)	$	353,937	$	(9,647,982)	$	9,647,982	$	—	$	—

December 31, 2022							Gross Amounts Not Offset
	Gross Amounts		Gross Amounts offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments (1)		Cash Collateral		Total Net
Assets
Reverse Repurchase Agreements	$	704,276	$	(704,276)	$	—	$	—	$	189	$	189
Totals	$	704,276	$	(704,276)	$	—	$	—	$	189	$	189

Liabilities
Repurchase Agreements	$	(7,167,334)	$	704,276	$	(6,463,058)	$	6,463,058	$	—	$	—
Totals	$	(7,167,334)	$	704,276	$	(6,463,058)	$	6,463,058	$	—	$	—

(1) The fair value of securities pledged against our repurchase agreements was $10,599,340 and $7,249,039 at December 31, 2023 and December 31, 2022, respectively.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Series C Preferred Stock	Preferred Stock	Preferred Stock Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series C Preferred Stock	Cumulative Distributions to Stockholders	Accumulated Net Loss	Accumulated Other Comprehensive Income (Loss)
Beginning balance, preferred (in shares) at Dec. 31, 2020			5,347,000
Beginning balance, common (in shares) at Dec. 31, 2020					13,058,000
Beginning balance at Dec. 31, 2020	$ 938,304		$ 5		$ 13	$ 3,033,077		$ (1,729,852)	$ (543,970)	$ 179,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(56,695)								15,363	(72,058)
Issuance of stock, net (in shares)				1,500,000	5,726,000
Issuance of stock, net	328,780	$ 36,585		$ 2	$ 6	328,774	$ 36,583
Stock based compensation, net of withholding requirements (in shares)					47,000
Stock based compensation, net of withholding requirements	4,768					4,768
Preferred stock dividends	(11,473)							(11,473)
Common stock dividends	(96,630)							(96,630)
Ending balance, preferred (in shares) at Dec. 31, 2021			6,847,000
Ending balance, common (in shares) at Dec. 31, 2021					18,831,000
Ending balance at Dec. 31, 2021	1,143,639		$ 7		$ 19	3,403,202		(1,837,955)	(528,607)	106,973
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(348,430)								(229,930)	(118,500)
Issuance of stock, net (in shares)					14,008,000
Issuance of stock, net	475,537				$ 14	475,523
Stock based compensation, net of withholding requirements (in shares)					39,000
Stock based compensation, net of withholding requirements	$ 3,696					3,696
Common stock repurchased, net (in shares)	0				(296,000)
Common stock repurchased	$ (7,664)					(7,664)
Preferred stock dividends	(11,982)							(11,982)
Common stock dividends	$ (142,424)							(142,424)
Ending balance, preferred (in shares) at Dec. 31, 2022		6,847,000	6,847,000
Ending balance, common (in shares) at Dec. 31, 2022	32,582,000				32,582,000
Ending balance at Dec. 31, 2022	$ 1,112,372		$ 7		$ 33	3,874,757		(1,992,361)	(758,537)	(11,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(56,396)								(67,923)	11,527
Issuance of stock, net (in shares)					16,636,000
Issuance of 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, net (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	6,847,000
Ending balance, common (in shares) at Dec. 31, 2023	48,799,000				48,799,000
Ending balance at Dec. 31, 2023	$ 1,271,184		$ 7		$ 49	$ 4,318,155		$ (2,220,567)	$ (826,460)	$ 0

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 - Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents includes cash on deposit with financial institutions. We may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, management believes we are not exposed to significant credit risk due to the financial position and creditworthiness of the depository institutions in which those deposits are held. Cash Collateral Posted To/By Counterparties Cash collateral posted to/by counterparties represents cash posted by us to counterparties or posted by counterparties to us as collateral. Cash collateral posted to/by counterparties may include collateral for interest rate swap contracts, interest rate swaptions, basis swap contracts, futures contracts, repurchase agreements on our MBS and our Agency Securities purchased or sold on a to-be-announced basis ("TBA Agency Securities"). 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. Investments in Securities, at Fair Value Our investments in securities are generally classified as either available for sale or trading securities. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Trading Securities are reported at their estimated fair values with gains and losses included in Other Income (Loss) as a component of the consolidated statements of operations and comprehensive income. Available for Sale Securities represent investments that we intend to hold for extended periods of time and are reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss). During the first quarter of 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $(7,471). Receivables and Payables for Unsettled Sales and Purchases We account for purchases and sales of securities on the trade date, including purchases and sales for forward settlement. Receivables and payables for unsettled trades represent the agreed trade price multiplied by the outstanding balance of the securities at the balance sheet date. Accrued Interest Receivable and Payable Accrued interest receivable includes interest accrued between payment dates on securities and interest on unsettled sales of securities. Accrued interest payable includes interest on unsettled purchases of securities and interest on repurchase agreements, 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 Funding Rate ("SOFR"). Under these repurchase agreements, we sell MBS to a lender and agree to repurchase the same MBS in the future for a price that is higher than the original sales price. The difference between the sales price that we receive and the repurchase price that we pay represents interest paid to the lender, which accrues over the life of the repurchase agreement. A repurchase agreement operates as a financing arrangement under which we pledge our MBS as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. We retain beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, we are required to repay the loan and concurrently receive back our pledged collateral from the lender or, with the consent of the lender, we may renew such agreement at the then prevailing interest rate. The repurchase agreements may require us to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines or 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, 2023 and December 31, 2022, we had $353,937 and $704,276 in reverse repurchase agreements which are netted in repurchase agreements, net on our consolidated balance sheet. Obligations to Return Securities Received as Collateral, at Fair Value We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our consolidated balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged. We had obligations to return securities received as collateral associated with our reverse repurchase agreements at December 31, 2023 and December 31, 2022 of $350,273 ($0 of which were with BUCKLER) and $502,656 ($100,531 of which were with BUCKLER), respectively. Derivatives, at Fair Value We recognize all derivatives individually as either assets or liabilities at fair value on our consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our consolidated statements of operations and comprehensive income (loss). We designate derivatives as hedges for tax purposes and any unrealized derivative gains or losses would not affect our distributable net taxable income. These transactions may include interest rate swap contracts, interest rate swaptions, basis swap contracts and futures contracts. We also may utilize forward contracts for the purchase or sale of TBA Agency Securities. We account for TBA Agency Securities as derivative instruments if it is reasonably possible that we will not take or make physical delivery of the Agency Security upon settlement of the contract. We account for TBA dollar roll transactions as a series of derivative transactions. We may also purchase and sell TBA Agency Securities as a means of investing in and financing Agency Securities (thereby increasing our “at risk” leverage) or as a means of disposing of or reducing our exposure to Agency Securities (thereby reducing our “at risk” leverage). We agree to purchase or sell, for future delivery, Agency Securities with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. We may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency Security for a later settlement date. This transaction is commonly referred to as a “dollar roll.” When it is reasonably possible that we will pair off a TBA Agency Security, we account for that contract as a derivative. Revenue Recognition Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction or maturity. Premiums and discounts associated with the purchase of Multi-Family MBS, which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur. Purchase and sale transactions (including TBA Agency Securities) are recorded on the trade date to the extent it is probable that we will take or make timely physical delivery of the related securities. Gains or losses realized from sales of available for sale securities are reclassified into income from Comprehensive Income (Loss) and are determined using the specific identification method. Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Comprehensive Income (Loss) Comprehensive income (loss) 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.

Investment in Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities in an Unrealized Gain or Loss Position

The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at December 31, 2023 and December 31, 2022.


December 31, 2023	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities:
Trading securities	11,278,161		11,283,380		(176,660)		53,034		11,159,754
Total Agency Securities	$	11,278,161	$	11,283,380	$	(176,660)	$	53,034	$	11,159,754

December 31, 2022	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value
Agency Securities:
Available for sale securities	$	191,870	$	199,472	$	(11,527)	$	—	$	187,945
Trading securities	8,519,397		8,553,485		(543,207)		368		8,010,646
Total Agency Securities	$	8,711,267	$	8,752,957	$	(554,734)	$	368	$	8,198,591

Schedule of Investments Classified by Contractual Maturity Date

The following tables summarize the weighted average lives of our investments in securities at December 31, 2023 and December 31, 2022.


Weighted Average Life	Trading Securities
December 31, 2023	Fair Value		Amortized Cost
< 1 year	$	—	$	—
≥ 1 year and < 3 years	202,508		195,904
≥ 3 years and < 5 years	2,757,464		2,747,842
≥ 5 years	8,199,782		8,339,634
Totals	$	11,159,754	$	11,283,380


Weighted Average Life	Available for Sale Securities				Trading Securities
December 31, 2022	Fair Value		Amortized Cost		Fair Value		Amortized Cost
< 1 year	$	61	$	64	$	—	$	—
≥ 1 year and < 3 years	2,390		2,525		—		—
≥ 3 years and < 5 years	11,541		12,171		—		—
≥ 5 years	173,953		184,712		8,010,646		8,553,485
Totals	$	187,945	$	199,472	$	8,010,646	$	8,553,485

Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

December 31, 2022. All of the available for sale securities were issued and guaranteed by GSEs (with a long term credit rating of AA+) or Ginnie Mae at December 31, 2022.


	Unrealized Loss Position For:
	< 12 Months				≥ 12 Months				Total
Agency Securities Available for Sale	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2022	$	187,397	$	(11,497)	$	548	$	(30)	$	187,945	$	(11,527)

- Definition

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

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+ Details

Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss)	$ (67,923)	$ (229,930)	$ 15,363
Less: Preferred dividends	(11,982)	(11,982)	(11,473)
Net Income (loss) available (related) to common stockholders	$ (79,905)	$ (241,912)	$ 3,890
Weighted average common shares outstanding – basic (in shares)	43,054	23,594	15,897
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	0	0	165
Weighted average common shares outstanding – diluted (in shares)	43,054	23,594	16,062
Potentially dilutive non-vested awards outstanding (in shares)	298	114	165

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

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

+ References

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+ Details

Repurchase Agreements, net - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 9,647,982	$ 6,463,058
Reverse repurchase agreements	353,937	704,276
Obligations to return securities received as collateral	350,273	502,656
Reverse Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Reverse repurchase agreements	353,937	704,276
Agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 9,647,982	$ 6,463,058
Weighted Average Contractual Rate	5.54%	4.43%
Weighted Average Maturity in days	12 days	16 days
≤ 30 days \| Agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 9,647,982	$ 5,912,572
Weighted Average Contractual Rate	5.54%	4.43%
Weighted Average Maturity in days	12 days	15 days
> 30 days to ≤ 60 days \| Agency securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance		$ 550,486
Weighted Average Contractual Rate		4.48%
Weighted Average Maturity in days		34 days

Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets


			Gross Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2023
Interest rate swap contracts (2)	$	875,596	$	(5,036)	$	(821,089)	$	49,471

TBA Agency Securities	1,816		(1,816)		—		—
Totals	$	877,412	$	(6,852)	$	(821,089)	$	49,471

December 31, 2022
Interest rate swap contracts	$	983,659	$	—	$	(955,941)	$	27,718
Futures contracts	94		(516)		9,334		8,912
TBA Agency Securities	703		(12,500)		13,633		1,836
Totals	$	984,456	$	(13,016)	$	(932,974)	$	38,466

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

(2)Includes $6,104 of centrally-cleared interest rate swap contracts.

Schedule of Offsetting Liabilities


			Gross Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
December 31, 2023
Interest rate swap contracts (2)	$	(5,036)	$	5,036	$	—	$	—

TBA Agency Securities	—		1,816		(2,070)		(254)
Totals	$	(5,036)	$	6,852	$	(2,070)	$	(254)

December 31, 2022
Futures contracts	$	(516)	$	516	$	—	$	—
TBA Agency Securities	(12,500)		12,500		—		—
Totals	$	(13,016)	$	13,016	$	—	$	—

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

(2)Includes $(5,036) of centrally-cleared interest rate swap contracts.

Schedule of Derivative Instruments, Gain (Loss)


			Income (Loss) Recognized
			For the Years Ended
Derivatives			December 31, 2023		December 31, 2022		December 31, 2021
Interest rate swap contracts (1)			$	58,300	$	852,913	$	73,837
Futures contracts			(30,645)		95,509		2
TBA Agency Securities			24,093		(137,614)		(21,346)
Total Gain on Derivatives, net	$	51,748	$	810,808	$	52,493

(1)Includes $36,547 of centrally-cleared interest rate swap contracts, entered into for the year ended December 31, 2023.

Schedule of Derivative Instruments

The following tables present information about our derivatives at December 31, 2023 and December 31, 2022.


Interest Rate Swaps (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
December 31, 2023
< 3 years	$	1,102,000	18	1.60	%
≥ 3 years and < 5 years	1,207,000		45	2.06	%
≥ 5 years and < 7 years	1,952,000		75	0.58	%
≥ 7 years	2,525,000		95	1.56	%

Total or Weighted Average (2)	$	6,786,000	68	1.37	%

December 31, 2022
< 3 years	$	1,066,000	10	0.10	%
≥ 3 years and < 5 years	1,182,000		50	0.63	%
≥ 5 years and < 7 years	754,000		82	0.62	%
≥ 7 years	3,348,000		99	0.96	%

Total or Weighted Average (3)	$	6,350,000	73	0.72	%

(1)Pay Fixed/Receive Variable

(3)Of this amount, $803,000 notional are SOFR based swaps, the last of which matures in 2032; and $5,547,000 notional are Federal Funds Rate based swaps, the last of which matures in 2032.


TBA Agency Securities	Notional Amount		Cost Basis		Fair Value
December 31, 2023
30 Year Long, 6.0%	300,000		303,223		305,039
Total (1)	$	300,000	$	303,223	$	305,039

TBA Agency Securities	Notional Amount		Cost Basis		Fair Value
December 31, 2022
30 Year Long, 4.5%	500,000		489,805		481,641
30 Year Long, 5.0%	300,000		300,164		295,828
Total (1)	$	800,000	$	789,969	$	777,469

(1)$0 notional and $400,000 notional were forward settling at December 31, 2023 and December 31, 2022, respectively.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Net Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

Note 11 - Net Income (Loss) per Common Share


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Net Income (Loss)	$	(67,923)	$	(229,930)	$	15,363
Less: Preferred dividends	(11,982)		(11,982)		(11,473)
Net Income (loss) available (related) to common stockholders	$	(79,905)	$	(241,912)	$	3,890

Weighted average common shares outstanding – basic	43,054		23,594		15,897
Add: Effect of dilutive non-vested awards, assumed vested	—		—		165
Weighted average common shares outstanding – diluted	43,054		23,594		16,062

Note 12 - Comprehensive Income (Loss) per Common Share


	For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Comprehensive Loss	$	(56,396)	$	(348,430)	$	(56,695)
Less: Preferred dividends	(11,982)		(11,982)		(11,473)
Comprehensive Loss related to common stockholders	$	(68,378)	$	(360,412)	$	(68,168)
Comprehensive Loss per share related to common stockholders:
Basic	$	(1.59)	$	(15.28)	$	(4.29)
Diluted	$	(1.59)	$	(15.28)	$	(4.29)
Weighted average common shares outstanding:
Basic	43,054		23,594		15,897
Add: Effect of dilutive non-vested awards, assumed vested	—		—		—
Diluted	43,054		23,594		15,897

Repurchase Agreements, net - Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	$ 353,937	$ 704,276
Gross Amounts offset in the Consolidated Balance Sheet, Assets	(353,937)	(704,276)
Net Amounts Presented in the Consolidated Balance Sheet, Assets	0	0
Gross Amounts Not Offset Financial Instruments, Assets	0	0
Gross Amounts Not Offset Cash Collateral, Assets	0	189
Total Net, Assets	0	189
Gross Amounts, Liabilities	(10,001,919)	(7,167,334)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities	353,937	704,276
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities	(9,647,982)	(6,463,058)
Gross Amounts Not Offset Financial Instruments, Liabilities	9,647,982	6,463,058
Gross Amounts Not Offset Cash Collateral, Liabilities	0	0
Total Net, Liabilities	0	0
Reverse Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	353,937	704,276
Gross Amounts offset in the Consolidated Balance Sheet, Assets	(353,937)	(704,276)
Net Amounts Presented in the Consolidated Balance Sheet, Assets	0	0
Gross Amounts Not Offset Financial Instruments, Assets	0	0
Gross Amounts Not Offset Cash Collateral, Assets	0	189
Total Net, Assets	0	189
Gross Amounts, Liabilities	(10,001,919)	(7,167,334)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities	353,937	704,276
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities	(9,647,982)	(6,463,058)
Gross Amounts Not Offset Financial Instruments, Liabilities	9,647,982	6,463,058
Gross Amounts Not Offset Cash Collateral, Liabilities	0	0
Total Net, Liabilities	0	0
Pledged securities	$ 10,599,340	$ 7,249,039

Derivatives - Schedule of Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross Amounts	$ 877,412	$ 984,456
Gross Amounts Not Offset, Financial Instruments	(6,852)	(13,016)
Gross Amounts Not Offset, Cash Collateral	(821,089)	(932,974)
Total Net	49,471	38,466
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	875,596	983,659
Gross Amounts Not Offset, Financial Instruments	(5,036)	0
Gross Amounts Not Offset, Cash Collateral	(821,089)	(955,941)
Total Net	49,471	27,718
Derivative asset, centrally-cleared	6,104
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts		94
Gross Amounts Not Offset, Financial Instruments		(516)
Gross Amounts Not Offset, Cash Collateral		9,334
Total Net		8,912
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	1,816	703
Gross Amounts Not Offset, Financial Instruments	(1,816)	(12,500)
Gross Amounts Not Offset, Cash Collateral	0	13,633
Total Net	$ 0	$ 1,836

- 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.

+ References

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-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Management Fee Commitments Obligation

Based on the management fee base, gross equity raised, as of December 31, 2023, the Company’s contractual management fee commitments are:


Year	Contractual Management Fee

2024	39,240
2025	39,240
2026	39,240
2027	39,240
2028	39,240
2029	39,240
Total	$	235,440

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets at Fair Value:
Agency Securities		$ 187,945
Derivatives, at fair value	$ 877,412	984,456
Liabilities at Fair Value:
Derivatives, at fair value	5,036	13,016
Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities	11,159,754	8,198,591
Derivatives, at fair value	877,412	984,456
Liabilities at Fair Value:
Derivatives, at fair value	5,036	13,016
Level 1 \| Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities	0	0
Derivatives, at fair value	0	94
Liabilities at Fair Value:
Derivatives, at fair value	0	516
Level 2 \| Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities	11,159,754	8,198,591
Derivatives, at fair value	877,412	984,362
Liabilities at Fair Value:
Derivatives, at fair value	5,036	12,500
Level 3 \| Fair Value, Measurements, Recurring
Assets at Fair Value:
Agency Securities	0	0
Derivatives, at fair value	0	0
Liabilities at Fair Value:
Derivatives, at fair value	$ 0	$ 0

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

Transactions related to awards for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 are summarized below:


	For the Years Ended
	December 31, 2023			December 31, 2022			December 31, 2021
	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	114	$	64.40	165	$	70.35	99	$	98.85
Granted (1)	260	$	29.65	—	$	—	127	$	55.40
Vested	(76)	$	48.24	(51)	$	83.60	(61)	$	85.40

Unvested RSU Awards Outstanding end of period	298	$	38.21	114	$	64.40	165	$	70.35

Derivatives - Additional Information (Details)	Dec. 31, 2023
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, 2023 dealer
Fair Value Disclosures [Abstract]
Trading securities, number of dealers	3

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
GAAP net income (loss)	$ (67,923)	$ (229,930)	$ 15,363
Book to tax differences:
TRS (income) loss	81	(186)	37
Premium amortization expense	(1)	(81)	(148)
Agency Securities, trading	52,665	946,666	77,145
U.S. Treasury Securities	43,093	152,268	9,391
Changes in interest rate contracts	167,963	(757,742)	(77,300)
(Gain) Loss on Security sales	7,471	7,452	(10,952)
Impairment losses on available for sale Agency Securities	0	4,183	0
Amortization of deferred hedging costs	(103,669)	(145,267)	(163,837)
Amortization of deferred Treasury Future gains	23,161	3,383	0
Other	1,876	2,340	1,834
Estimated REIT taxable income (loss)	$ 124,717	$ (16,914)	$ (148,467)