0001428205-24-000235 | 10-Q | XBRL Viewer | Armour Residential Reit INC

[1]	Interest income and expense related to our interest rate swap contracts is recorded in gain (loss) on derivatives, net on the consolidated statements of operations and comprehensive income (loss). For additional information, see financial statement Note 8.

Stockholders' Equity - Additional Information (Details)																										1 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended		12 Months Ended
Stockholders' Equity - Additional Information (Details)	Nov. 15, 2024 $ / shares	Oct. 30, 2024 USD ($) $ / shares	Oct. 28, 2024 USD ($) $ / shares	Sep. 27, 2024 USD ($) $ / shares	Aug. 29, 2024 USD ($) $ / shares	Aug. 27, 2024 $ / shares	Aug. 23, 2024 shares	Jul. 30, 2024 USD ($) $ / shares	Jul. 29, 2024 $ / shares	Jun. 27, 2024 USD ($) $ / shares	May 28, 2024 USD ($) $ / shares	Apr. 29, 2024 USD ($) $ / shares	Mar. 28, 2024 $ / shares	Mar. 27, 2024 $ / shares	Feb. 28, 2024 $ / shares	Feb. 27, 2024 $ / shares	Jan. 30, 2024 $ / shares	Jan. 29, 2024 $ / shares	Sep. 29, 2023	Jul. 26, 2023 $ / shares shares	Jan. 17, 2023 shares	Nov. 04, 2022 shares	Jun. 09, 2022 shares	Nov. 12, 2021 shares	May 14, 2021 $ / shares shares	Oct. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares shares	Jul. 31, 2023 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares	Jul. 26, 2022 shares	Jan. 29, 2020 shares
Class of Stock [Line Items]
Conversion ratio of reverse stock split																			0.2
Preferred stock, shares authorized (in shares)																											50,000,000			50,000,000		50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares																											$ 0.001			$ 0.001		$ 0.001
Preferred stock, undesignated shares authorized (in shares)																											40,000,000			40,000,000
Repurchase program, shares authorized (in shares)																																				2,000,000
Common stock repurchased (in shares)																														0
Common stock, shares authorized (in shares)																											125,000,000			125,000,000		90,000,000
Common stock, par value (in dollars per share) \| $ / shares																											$ 0.001			$ 0.001		$ 0.001
Common stock, shares outstanding (in shares)																											55,192,000			55,192,000		48,799,000
Common stock, shares issued (in shares)																											55,192,000			55,192,000		48,799,000
Proceeds from issuance of common stock \| $																														$ 127,514,000	$ 450,148,000
Remaining shares authorized to be repurchased (in shares)																											2,217,000			2,217,000		2,287,000
Common stock repurchased \| $																														$ 1,344,000	6,376,000
Aggregate amount paid to holders of record \| $																														$ 108,024,000	$ 157,179,000
Dividends declared per common share (in dollars per share) \| $ / shares																											$ 0.72	$ 1.20		$ 2.16	$ 3.80
Subsequent Event
Class of Stock [Line Items]
Aggregate amount paid to holders of record \| $		$ 13,389,000
Common stock dividends, cash paid (in dollars per share) \| $ / shares		$ 0.24
Dividends declared per common share (in dollars per share) \| $ / shares	$ 0.24
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																												11,000		70,000	264,000
Common stock, shares outstanding (in shares)																											55,192,000	48,995,000		55,192,000	48,995,000	48,799,000	48,765,000	41,362,000	32,582,000
Common stock repurchased \| $																														$ 1,344,000
Common Stock Repurchase Program \| Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																														70,000
2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Commission rate (as percent)																									2.00%
Common stock, par value (in dollars per share) \| $ / shares																									$ 0.001
Number of shares issued in transaction (in shares)																									3,400,000
Common stock, additional shares authorized (in shares)																					9,736,000	7,000,000	5,760,000	5,000,000
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares																				$ 0.001
Number of shares issued in transaction (in shares)																				15,000,000
Common stock, additional shares authorized (in shares)							25,000,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																											10,000,000			10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares																											$ 0.001			$ 0.001		$ 0.001
Preferred stock, dividend rate (as percent)																														7.00%		7.00%
Preferred stock, shares outstanding (in shares)																											6,847,000			6,847,000		6,847,000
Preferred stock, shares issued (in shares)																											6,847,000			6,847,000		6,847,000
Preferred stock, liquidation preference (in dollars per share) \| $ / shares																											$ 25.00			$ 25.00		$ 25.00
Preferred stock, aggregate liquidation preference \| $																											$ 171,175,000			$ 171,175,000		$ 171,175,000
Dividends payable \| $																											$ 0			$ 0		$ 0
Preferred stock dividends, cash paid (in dollars per share) \| $ / shares				$ 0.14583		$ 0.14583			$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583
Series C Preferred Stock \| Subsequent Event
Class of Stock [Line Items]
Preferred stock dividends, cash paid (in dollars per share) \| $ / shares	$ 0.14583		$ 0.14583
Aggregate amount paid to holders of record \| $			$ 998,000
Series C Preferred Stock \| Preferred C ATM Sales Agreement
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)																																					6,550,000
Commission rate (as percent)																																					2.00%
Preferred stock, designated but unissued shares authorized (in shares)																											3,153,000			3,153,000		3,153,000
Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)																														70,000		477,000
Issuance of common stock under dividend reinvestment program (in shares)																														3,000		3,000
Proceeds from issuance of DRIP, net \| $																														$ 60,000		$ 51,000
Common stock repurchased \| $																														$ 1,344,000		$ 9,935,000
Aggregate amount paid to holders of record \| $				$ 13,188,000	$ 12,532,000			$ 11,755,000		$ 11,754,000	$ 11,756,000	$ 11,756,000
Common stock dividends, cash paid (in dollars per share) \| $ / shares				$ 0.24	$ 0.24			$ 0.24		$ 0.24	$ 0.24	$ 0.24	$ 0.24		$ 0.24		$ 0.24
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
Proceeds from issuance of common stock \| $																													$ 367,997,000			$ 367,997,000
Payments of stock issuance costs \| $																													$ 3,725,000
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																														6,414,000		3,328,000
Proceeds from issuance of common stock \| $																														$ 129,370,000		$ 82,100,000
Payments of stock issuance costs \| $																														$ 1,431,000		$ 903,000
Common Stock \| 2023 Common stock ATM Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																										568,000
Proceeds from issuance of common stock \| $																										$ 11,121,000
Common Stock \| 2023 Common stock ATM Sales Agreement \| Subsequent Event \| BUCKLER Securities, LLC
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)																										568,000
Proceeds from issuance of common stock \| $																										$ 11,121,000
Payments of stock issuance costs \| $																										$ 84,000

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 16 - Subsequent Events Except as disclosed above, no subsequent events were identified through the date of filing this Quarterly Report of Form 10-Q.

Net Income (Loss) per Common Share - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 65,880	$ (179,168)	$ 32,046	$ (167,565)
Less: Preferred dividends	(2,995)	(2,995)	(8,986)	(8,986)
Net Income (Loss) available (related) to common stockholders	$ 62,885	$ (182,163)	$ 23,060	$ (176,551)
Weighted average common shares outstanding – basic (in shares)	51,647	46,506	49,736	41,089
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	186	0	186	0
Weighted average common shares outstanding – diluted (in shares)	51,833	46,506	49,922	41,089
Potentially dilutive non-vested awards outstanding (in shares)		318		318

- Definition

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

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

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash Flows From Operating Activities:
Net Income (Loss)	$ 65,880	$ (179,168)		$ 32,046	$ (167,565)
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				188	3,189
Realized loss on sale of Agency Securities, available for sale	0	0	$ 7,471	0	7,471
Stock based compensation				2,580	2,341
Changes in operating assets and liabilities:
Increase in accrued interest receivable				(1,035)	(26,129)
Decrease in prepaid and other assets				299	1,118
Change in derivatives, at fair value				198,492	(259,617)
Increase (Decrease) in accrued interest payable- repurchase agreements				(1,651)	11,668
Increase (Decrease) in accrued interest payable- U.S. Treasury Securities sold short				2,245	(3,418)
Increase in accounts payable and other accrued expenses				1,751	3,226
Net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities				171,017	72,472
Cash Flows From Investing Activities:
Purchases of Agency Securities (includes $0 and $57,039 with BUCKLER, respectively)				(5,502,474)	(10,013,127)
Principal repayments of Agency Securities				687,362	622,330
Proceeds from sales of Agency Securities				4,022,334	4,251,123
Disbursements on reverse repurchase agreements (includes $(3,725,263) and $(1,057,803) with BUCKLER, respectively)				(4,808,012)	(1,057,803)
Receipts from reverse repurchase agreements (includes $3,610,013 and $1,762,079 with BUCKLER, respectively)				4,639,012	1,762,079
Increase (Decrease) in cash collateral posted by counterparties				(167,352)	169,736
Proceeds from subordinated loan due from BUCKLER				0	105,000
Net cash and cash equivalents and cash collateral posted to counterparties used in investing activities				(948,367)	(4,657,933)
Cash Flows From Financing Activities:
Issuance of common stock, net of expenses				127,514	450,148
Proceeds from repurchase agreements (including $41,619,024 and $53,152,051, respectively with BUCKLER)				71,693,256	89,831,839
Principal repayments on repurchase agreements (including $(41,957,630) and $(51,336,703), respectively with BUCKLER)				(70,985,823)	(85,494,981)
Series C Preferred stock dividends paid				(8,986)	(8,986)
Common stock dividends paid				(108,024)	(157,179)
Common stock repurchased				(1,344)	(6,376)
Net cash and cash equivalents and cash collateral posted to counterparties provided by financing activities				716,593	4,614,465
Net increase (decrease) in cash and cash equivalents and cash collateral posted to counterparties				(60,757)	29,004
Cash and cash equivalents and cash collateral posted to counterparties - beginning of period			$ 118,090	258,858	118,090	$ 118,090
Cash and cash equivalents and cash collateral posted to counterparties - end of period	198,101	147,094		198,101	147,094	$ 258,858
Supplemental Disclosure:
Cash paid during the period for interest				519,717	448,735
Non-Cash Investing Activities:
Receivable for unsettled sales				0	96,490
Payable for unsettled purchases				(587,263)	0
Net unrealized gain on available for sale Agency Securities				0	4,056
Non-Cash Financing Activities:
Amounts receivable for issuance of common stock				1,887	0
Amounts payable for common stock repurchased				0	(233)
BUCKLER Securities, LLC \| Related Party
Cash Flows From Investing Activities:
Purchases of Agency Securities (includes $0 and $57,039 with BUCKLER, respectively)				0	(57,039)
Disbursements on reverse repurchase agreements (includes $(3,725,263) and $(1,057,803) with BUCKLER, respectively)				(3,725,263)	(1,057,803)
Receipts from reverse repurchase agreements (includes $3,610,013 and $1,762,079 with BUCKLER, respectively)				3,610,013	1,762,079
Cash Flows From Financing Activities:
Proceeds from repurchase agreements (including $41,619,024 and $53,152,051, respectively with BUCKLER)				41,619,024	53,152,051
Principal repayments on repurchase agreements (including $(41,957,630) and $(51,336,703), respectively with BUCKLER)				(41,957,630)	(51,336,703)
Agency Securities
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
(Gain) Loss on Agency Securities, trading	$ (306,141)	$ 468,280		(55,522)	505,573
U.S. Treasury Securities
Adjustments to reconcile net income (loss) to net cash and cash equivalents and cash collateral posted to counterparties provided by operating activities:
Net amortization of U.S. Treasury Securities				0	132
Gain on U.S. Treasury Securities				(8,376)	(5,517)
Cash Flows From Investing Activities:
Purchases of U.S. Treasury Securities (includes $0 and $155,857 with BUCKLER, respectively)				(869,257)	(1,111,123)
Proceeds from sales of U.S. Treasury Securities (includes $0 and $154,875 with BUCKLER, respectively)				1,050,020	613,852
U.S. Treasury Securities \| BUCKLER Securities, LLC \| Related Party
Cash Flows From Investing Activities:
Purchases of U.S. Treasury Securities (includes $0 and $155,857 with BUCKLER, respectively)				0	(155,857)
Proceeds from sales of U.S. Treasury Securities (includes $0 and $154,875 with BUCKLER, respectively)				$ 0	$ 154,875

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

Transactions related to awards for the nine months ended September 30, 2024 are summarized below:


	September 30, 2024
	Number of Awards	Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	298	$	38.21

Vested	(57)	$	48.17
Forfeited	(55)	$	29.65
Unvested RSU Awards Outstanding end of period	186	$	37.68

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
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 (loss). Available for Sale Securities represented investments that we intended to hold for extended periods of time and were reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss). During the first quarter of 2023, we sold the remaining balance of our Available for Sale Securities which resulted in a realized loss of $(7,471). Receivables and Payables for Unsettled Sales and Purchases We account for purchases and sales of securities on the trade date, including purchases and sales for forward settlement. Receivables and payables for unsettled trades represent the agreed trade price multiplied by the outstanding balance of the securities at the balance sheet date. Accrued Interest Receivable and Payable Accrued interest receivable includes interest accrued between payment dates on securities and interest on unsettled sales of securities. Accrued interest payable includes interest on unsettled purchases of securities and interest on repurchase agreements, 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 September 30, 2024 and December 31, 2023, we had $522,938 ($469,188 of which were with BUCKLER) and $353,937 (all of which were with BUCKLER), respectively, in reverse repurchase agreements which are recorded in repurchase agreements, net on our consolidated balance sheet. Obligations to Return Securities Received as Collateral, at Fair Value We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our consolidated balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged. At September 30, 2024 and December 31, 2023, we had obligations to return securities received as collateral associated with our reverse repurchase agreements of $522,660 and $350,273, 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. We record interest payable for interest received on securities sold during the period between the trade date and settlement date and interest receivable for purchases during the period between the trade date and settlement date. Premiums and discounts associated with the purchase of Multi-Family MBS, which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur. Purchase and sale transactions (including TBA Agency Securities) are recorded on the trade date 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) is comprised of net income (loss) and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in additional paid-in capital and distributions to stockholders.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Related Party Transactions

The following table reconciles the fees incurred in accordance with the management agreement for the three and nine months ended September 30, 2024 and September 30, 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
ARMOUR management fees	$	9,919	$	9,704	$	29,532	$	28,309
Less management fees waived	(1,650)		(1,650)		(4,950)		(4,950)
Total management fee expense	$	8,269	$	8,054	$	24,582	$	23,359

Basis of Presentation and Consolidation	9 Months Ended
Basis of Presentation and Consolidation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 2 - Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023. The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of MBS 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. No other reclassifications have been made to previously reported amounts.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Management Fee Commitments Obligation

Based on the management fee base, gross equity raised, as of September 30, 2024, the Company’s contractual management fee commitments, prior to management fees waived, are:


Year	Contractual Management Fee
Remainder of 2024	10,053
2025	40,211
2026	40,211
2027	40,211
2028	40,211
2029	40,211
Total	$	211,108

Repurchase Agreements, net - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 10,186,415	$ 9,647,982
Weighted Average Contractual Rate		5.54%
Weighted Average Maturity in days		12 days
Reverse repurchase agreements	522,938	$ 353,937
Obligations to return securities received as collateral	522,660	350,273
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Reverse repurchase agreements	522,938	353,937
Repurchase Agreements \| BUCKLER Securities, LLC
Assets Sold under Agreements to Repurchase [Line Items]
Reverse repurchase agreements	469,188	353,937
Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 10,186,415
Weighted Average Contractual Rate	5.26%
Weighted Average Maturity in days	15 days
≤ 30 days \| Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 9,140,809	$ 9,647,982
Weighted Average Contractual Rate	5.28%	5.54%
Weighted Average Maturity in days	12 days	12 days
> 30 days to ≤ 60 days \| Agency Securities
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$ 1,045,606
Weighted Average Contractual Rate	5.10%
Weighted Average Maturity in days	36 days

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
GAAP net income (loss)	$ 65,880	$ (179,168)	$ 32,046	$ (167,565)
Book to tax differences:
TRS income	(99)	(18)	0	(15)
Premium amortization expense	0	0	0	(1)
Agency Securities	(306,142)	468,280	(55,522)	505,573
U.S. Treasury Securities	21,695	(5,438)	(8,376)	(5,517)
Changes in interest rate contracts	274,030	(231,890)	185,737	(191,071)
Security Sales	0	0	0	7,471
Amortization of deferred hedging costs	(20,025)	(24,019)	(62,339)	(80,590)
Amortization of deferred Treasury Future gains	4,140	5,570	13,465	17,447
Other	517	495	1,699	1,274
Estimated REIT taxable income	$ 39,996	$ 33,812	$ 106,710	$ 87,006

Commitments and Contingencies - Schedule of Contractual Management Fee Commitments Obligation (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 10,053
2025	40,211
2026	40,211
2027	40,211
2028	40,211
2029	40,211
Contractual Obligation, Total	$ 211,108

Investment in Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Greater than or equal to 1 year and less than 3 years	$ 2,011,748	$ 202,508
Greater than or equal to 3 years and less than 5 years	3,217,840	2,757,464
Greater than or equal to 5 years	7,193,174	8,199,782
Totals	12,422,762	11,159,754
Amortized Cost
Greater than or equal to 1 year and less than 3 years	1,992,179	195,904
Greater than or equal to 3 years and less than 5 years	3,205,993	2,747,842
Greater than or equal to 5 years	7,192,285	8,339,634
Totals	$ 12,390,457	$ 11,283,380

Net Income (Loss) per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

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 three and nine months ended September 30, 2024 and September 30, 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net Income (Loss)	$	65,880	$	(179,168)	$	32,046	$	(167,565)
Less: Preferred dividends	(2,995)		(2,995)		(8,986)		(8,986)
Net Income (Loss) related to common stockholders	$	62,885	$	(182,163)	$	23,060	$	(176,551)

Weighted average common shares outstanding – basic	51,647		46,506		49,736		41,089
Add: Effect of dilutive non-vested awards, assumed vested	186		—		186		—
Weighted average common shares outstanding – diluted	51,833		46,506		49,922		41,089

Stock Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - The 2009 Stock Incentive Plan - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Awards
Unvested RSU Awards Outstanding beginning of period (in shares) \| shares	298
Vested (in shares) \| shares	(57)
Forfeited (in shares) \| shares	(55)
Unvested RSU Awards Outstanding end of period (in shares) \| shares	186
Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period (in dollars per share) \| $ / shares	$ 38.21
Vested (in dollars per share) \| $ / shares	48.17
Forfeited (in dollars per share) \| $ / shares	29.65
Unvested RSU Awards Outstanding end of period (in dollars per share) \| $ / shares	$ 37.68

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 14 - Income Taxes

The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the three and nine months ended September 30, 2024 and September 30, 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
GAAP net income (loss)	$	65,880	$	(179,168)	$	32,046	$	(167,565)
Book to tax differences:
TRS income	(99)		(18)		—		(15)
Premium amortization expense	—		—		—		(1)
Agency Securities	(306,142)		468,280		(55,522)		505,573
U.S. Treasury Securities	21,695		(5,438)		(8,376)		(5,517)
Changes in interest rate contracts	274,030		(231,890)		185,737		(191,071)
Security Sales	—		—		—		7,471
Amortization of deferred hedging costs	(20,025)		(24,019)		(62,339)		(80,590)
Amortization of deferred Treasury Future gains	4,140		5,570		13,465		17,447
Other	517		495		1,699		1,274
Estimated REIT taxable income	$	39,996	$	33,812	$	106,710	$	87,006

Interest rate contracts and futures contracts are treated as hedging transactions for U.S. federal income tax purposes. Unrealized gains and losses on open interest rate contracts are not included in the determination of REIT taxable income. Realized gains and losses on interest rate contracts and futures contracts terminated before their maturity are deferred and amortized over the remainder of the original term of the contract for REIT taxable income. At September 30, 2024 and December 31, 2023, we had approximately $(225,758) and $(247,349), respectively, of net deductible expense relating to previously terminated interest rate swap and treasury futures/shorts contracts amortizing through the year 2034. At September 30, 2024, 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	$	(15,606)	2026
2022	$	(732,477)	2027
2023	$	(472,002)	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 September 30, 2024 by approximately $130,159, or approximately $2.36 per common share (based on the 55,192 common shares then outstanding). State and federal tax returns for the years 2021 and later remain open and are subject to possible examination.

We are required and intend to timely distribute substantially all of our REIT taxable income in order to maintain our REIT status under the Code. Total dividend payments to stockholders for the three and nine months ended September 30, 2024 and September 30, 2023 were $40,470 and $117,039 and $59,833 and $166,165, respectively.

Our estimated REIT taxable income and dividend requirements to maintain our REIT status are determined on an annual basis. Dividends paid in excess of current tax earnings and profits for the year will generally not be taxable to common stockholders.

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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 BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Pledged securities	$ 11,248,953	$ 10,599,340
Repurchase agreements, net	10,186,415	9,647,982
Accrued interest payable, repurchase agreements, amounts with BUCKLER	$ 24,858	$ 26,509
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)	125,000,000	90,000,000
Common stock, shares issued (in shares)	55,192,000	48,799,000
Common stock, shares outstanding (in shares)	55,192,000	48,799,000
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, dividend rate (as percent)	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 (in dollars per share)	$ 25.00	$ 25.00
BUCKLER Securities, LLC \| Related Party
Repurchase agreements, net	$ 4,213,627	$ 4,667,483
Agency Securities
Pledged securities	11,248,953	10,599,340
Agency Securities \| BUCKLER Securities, LLC \| Related Party
Pledged securities	5,026,931	5,400,138
Accrued interest payable, repurchase agreements, amounts with BUCKLER	$ 4,843	$ 12,345

Derivatives - Schedule of TBA Agency Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 6,686,000	$ 6,786,000
TBA Agency Securities
Derivative [Line Items]
Notional Amount		300,000
Cost Basis		303,223
Fair Value		$ 305,039
TBA Agency Securities, 30-year, 6.0%
Derivative [Line Items]
Fixed interest rate (as percent)		6.00%
Notional Amount		$ 300,000
Cost Basis		303,223
Fair Value		$ 305,039

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards available for use indefinitely	$ 257,341		$ 257,341
Aggregate tax basis of stockholders' equity in excess of assets and liabilities	$ (130,159)		$ (130,159)
Aggregate tax basis of stockholders' equity in excess of assets and liabilities (in dollars per share)	$ (2.36)		$ (2.36)
Common stock, shares issued (in shares)	55,192		55,192		48,799
Payment of dividends	$ 40,470	$ 59,833	$ 117,039	$ 166,165
Interest Rate Swap
Tax Credit Carryforward [Line Items]
Unrealized gain (loss) yet to be amortized	$ (225,758)		$ (225,758)		$ (247,349)

Comprehensive Income (Loss) per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Comprehensive Income (Loss) per Common Share

Note 12 - Net Income (Loss) per Common Share


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net Income (Loss)	$	65,880	$	(179,168)	$	32,046	$	(167,565)
Less: Preferred dividends	(2,995)		(2,995)		(8,986)		(8,986)
Net Income (Loss) related to common stockholders	$	62,885	$	(182,163)	$	23,060	$	(176,551)

Weighted average common shares outstanding – basic	51,647		46,506		49,736		41,089
Add: Effect of dilutive non-vested awards, assumed vested	186		—		186		—
Weighted average common shares outstanding – diluted	51,833		46,506		49,922		41,089

For the three and nine months ended September 30, 2023, 318 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Net Income (Loss) related to common stockholders because to have included them would have been anti-dilutive for the period.

Note 13 - Comprehensive Income (Loss) per Common Share

The following table presents a reconciliation of comprehensive income (loss) and the shares used in calculating weighted average basic and diluted comprehensive income (loss) per common share for the three and nine months ended September 30, 2024 and September 30, 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Comprehensive Income (Loss)	$	65,880	$	(179,168)	$	32,046	$	(156,038)
Less: Preferred dividends	(2,995)		(2,995)		(8,986)		(8,986)
Comprehensive Income (Loss) related to common stockholders	$	62,885	$	(182,163)	$	23,060	$	(165,024)
Comprehensive Income (Loss) per share related to common stockholders:
Basic	$	1.22	$	(3.92)	$	0.46	$	(4.02)
Diluted	$	1.21	$	(3.92)	$	0.46	$	4.02
Weighted average common shares outstanding:
Basic	51,647		46,506		49,736		41,089
Add: Effect of dilutive non-vested awards, assumed vested	186		—		186		—
Diluted	51,833		46,506		49,922		41,089

For the three and nine months ended September 30, 2023, 318 of potentially dilutive non-vested awards outstanding were excluded from the computation of diluted Comprehensive Income (Loss) related to common stockholders because to have included them would have been anti-dilutive for the period.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Dividends Payable

The following table presents the components of cumulative distributions to stockholders at September 30, 2024 and December 31, 2023.


Cumulative Distributions to Stockholders	September 30, 2024		December 31, 2023
Preferred dividends	$	165,796	$	156,809
Common stock dividends	2,171,810		2,063,758
Totals	$	2,337,606	$	2,220,567

Schedule of Equity Transactions

The following tables present our equity transactions for the nine months ended September 30, 2024 and for the year ended December 31, 2023.


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (costs)
September 30, 2024
2023 Common stock ATM Sales Agreement	July 26, 2024 - September 30, 2024	6,414	$	20.17	$	129,370
DRIP shares issued	January 25, 2024 - September 27, 2024	3	$	18.96	$	60
Common stock repurchased	January 22, 2024 - January 25, 2024	(70)	$	19.31	$	(1,344)

December 31, 2023
2021 Common stock ATM Sales Agreement	January 4, 2023 - July 12, 2023	13,305	$	27.66	$	367,997
2023 Common stock ATM Sales Agreement	July 26, 2023 - September 29, 2023	3,328	$	24.66	$	82,100
DRIP shares issued	July 25, 2023 - September 29, 2023	3	$	19.71	$	51
Common stock repurchased	March, May and September, October and November	(477)	$	20.80	$	(9,935)

(1)Weighted average price

Schedule of Dividends Transactions

The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 2024.


Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2024	January 29, 2024	$	0.14583	$	998.5
February 15, 2024	February 27, 2024	$	0.14583	998.5
March 15, 2024	March 27, 2024	$	0.14583	998.5
April 15, 2024	April 29, 2024	$	0.14583	998.5
May 15, 2024	May 28, 2024	$	0.14583	998.5
June 15, 2024	June 27, 2024	$	0.14583	998.5
July 15, 2024	July 29, 2024	$	0.14583	998.5
August 15, 2024	August 27, 2024	$	0.14583	998.5
September 15, 2024	September 27, 2024	$	0.14583	998.5
Total dividends paid				$	8,986.5

The following table presents our common stock dividend transactions for the nine months ended September 30, 2024.


Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 16, 2024	January 30, 2024	$	0.24	$	11,787
February 15, 2024	February 28, 2024	$	0.24	11,770
March 15, 2024	March 28, 2024	$	0.24	11,755
April 15, 2024	April 29, 2024	$	0.24	11,756
May 15, 2024	May 28, 2024	$	0.24	11,756
June 17, 2024	June 27, 2024	$	0.24	11,754
July 15, 2024	July 30, 2024	$	0.24	11,755
August 15, 2024	August 29, 2024	$	0.24	12,532
September 16, 2024	September 27, 2024	$	0.24	13,188
Total dividends paid				$	108,053

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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+ Details

Related Party Transactions - Additional Information (Details) - USD ($)				3 Months Ended		9 Months Ended
	Jul. 26, 2023	Feb. 14, 2023	Feb. 22, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 20, 2023
Related Party Transaction [Line Items]
Interest income				$ 127,060,000	$ 153,636,000	$ 398,465,000	$ 406,706,000
Issuance of common stock, net of expenses						$ 127,514,000	450,148,000
Common stock repurchased (in shares)						0
Common stock repurchased						$ (1,344,000)	$ (6,376,000)
2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	15,000,000
Common Stock
Related Party Transaction [Line Items]
Common stock repurchased (in shares)					(11,000)	(70,000)	(264,000)
Common stock repurchased						$ (1,344,000)
Affiliated Entity
Related Party Transaction [Line Items]
Period of written notice of termination (in days)						180 days
Stock-based compensation expense				$ 90,000	$ 113,000	$ 268,000	$ 372,000
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)						(70,000)
Common stock repurchased						$ (1,344,000)
Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Interest income					0		973,000
Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Ownership percentage				10.80%		10.80%
Equity method investments, value				$ 385,000		$ 385,000		$ 382,000
Proceeds from divestiture of interest in joint venture				0	0	0	0
Subordinated loan to BUCKLER									$ 200,000,000
Payments of stock issuance costs						11,000
Related Party \| BUCKLER Securities, LLC \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Payments of stock issuance costs				$ 833,000		$ 833,000
Related Party \| BUCKLER Securities, LLC \| Common Stock \| 2023 Common stock ATM Sales Agreement
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				5,014,000		5,014,000
Issuance of common stock, net of expenses				$ 101,384,000		$ 101,384,000
Armour Management Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Automatic renewal period of management agreement (in years)						5 years
Fee waiver adjustment, every month thereafter \| Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction		$ 550,000
Other Expenses Reimbursed \| Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction				446,000	$ 82,000	$ 701,000	$ 487,000
Required Regulatory Capital Requirement of Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Loans receivable related parties				$ 105,000,000		$ 105,000,000
Required Regulatory Capital Requirement of Related Party \| Related Party \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Related party transaction, rate						0.00%
Uncommitted Revolving Credit Facility and Security Agreement
Related Party Transaction [Line Items]
Maximum lending capacity			$ 50,000,000
Uncommitted Revolving Credit Facility and Security Agreement \| Related Party
Related Party Transaction [Line Items]
Basis spread (as percent)			2.00%

Organization and Nature of Business Operations (Details)	Sep. 30, 2024
BUCKLER Securities, LLC \| Related Party
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of voting interests acquired	10.80%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9

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Reference 6: 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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets

September 30, 2024 and December 31, 2023.


			Gross Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2024
Interest rate swap contracts (2)	$	730,965	$	(57,787)	$	(562,258)	$	110,920
Futures contracts	416		—		2,699		3,115
TBA Agency Securities	393		(103)		1,027		1,317
Totals	$	731,774	$	(57,890)	$	(558,532)	$	115,352

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

(1)See Note 5 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $0 and $6,104 of centrally-cleared interest rate swap contracts, respectively.

Schedule of Offsetting Liabilities


			Gross Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2024
Interest rate swap contracts (2)	$	(57,787)	$	57,787	$	—	$	—

TBA Agency Securities	(103)		103		—		—
Totals	$	(57,890)	$	57,890	$	—	$	—

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)

(1)See Note 5 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $(57,787) and $(5,036) of centrally-cleared interest rate swap contracts, respectively.

Schedule of Derivative Instruments, Gain (Loss)

The following table represents the information regarding our derivatives which are included in Gain on derivatives, net in the accompanying consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 and September 30, 2023.


	Income (Loss) Recognized
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivatives	2024		2023		2024		2023
Interest rate swap contracts (1)	$	(232,604)	$	262,057	$	(41,767)	$	335,587
Futures contracts	(16,450)		2,227		(20,054)		(11,070)
TBA Agency Securities	39,095		26,858		57,992		26,415
Total Gain (Loss) on Derivatives, net	$	(209,959)	$	291,142	$	(3,829)	$	350,932

(1)Includes $(78,766) and $(57,829) and $93,035 and $115,026 of centrally-cleared interest rate swap contract income (loss) for the three and nine months ended September 30, 2024 and September 30, 2023, respectively.

Schedule of Derivative Instruments

The following tables present information about our derivatives at September 30, 2024 and December 31, 2023. We did not have any TBA Agency Securities at September 30, 2024.


Interest Rate Swap Contracts (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
September 30, 2024
< 3 years	$	1,409,000	24	0.55	%
≥ 3 years and < 5 years	100,000		60	1.15	%
≥ 5 years and < 7 years	3,152,000		72	0.77	%
≥ 7 years	2,025,000		105	3.05	%

Total or Weighted Average (2)	$	6,686,000	72	1.42	%

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 (3)	$	6,786,000	68	1.37	%

(1)Pay Fixed/Receive Variable.

(2)Of this amount, $1,525,000 notional are SOFR based swaps, the last of which matures in 2034; and $5,161,000 notional are Fed Funds based swaps, the last of which matures in 2032. Of this amount, $1,325,000 notional are centrally-cleared interest rate swap contracts, the last of which matures in 2034.

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


TBA Agency Securities	Notional Amount		Cost Basis		Fair Value










December 31, 2023

30 Year Long, 6.0%	300,000		303,223		305,039
Totals	$	300,000	$	303,223	$	305,039

- 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

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

^[1]

$ (209,959)

$ 291,142

$ (3,829)

$ 350,932

Interest rate swap contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

(232,604)

262,057

(41,767)

335,587

Cleared interest rate swap contracts

(78,766)

93,035

(57,829)

115,026

Futures contracts

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

(16,450)

2,227

(20,054)

(11,070)

TBA Agency Securities

Derivative Instruments, Gain (Loss) [Line Items]

Total Gain (Loss) on Derivatives, net

$ 39,095

$ 26,858

$ 57,992

$ 26,415

[1]	Interest income and expense related to our interest rate swap contracts is recorded in gain (loss) on derivatives, net on the consolidated statements of operations and comprehensive income (loss). For additional information, see financial statement Note 8.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5 - Fair Value of Financial Instruments

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

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

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

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

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

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

Investments in Securities

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

Derivatives

The fair values of our interest rate swap contracts, interest rate swaptions and basis swap contracts are valued using information provided by third-party pricing services that incorporate common market pricing methods that may include current interest rate curves, forward interest rate curves and market spreads to interest rate curves and are classified as Level 2. We estimate the fair value of TBA Agency Securities based on similar methods used to value our Agency Securities and they are classified as Level 2. Management compares the pricing information received to dealer quotes to ensure that the current market conditions are properly reflected. Futures contracts are traded on the Chicago Mercantile Exchange ("CME") which requires the use of daily mark-to-market collateral and they are classified as Level 1.

The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023.


September 30, 2024	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	12,422,762	$	—	$	12,422,762

Derivatives	$	416	$	731,358	$	—	$	731,774
Liabilities at Fair Value:
Derivatives	$	—	$	57,890	$	—	$	57,890

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

There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the nine months ended September 30, 2024 or for the year ended December 31, 2023.

Excluded from the tables above are financial instruments, including cash and cash equivalents, cash collateral posted to/by counterparties, receivables, 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 September 30, 2024 and December 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2024. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023.
Consolidation	The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of MBS 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. No other reclassifications have been made to previously reported amounts.
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 (loss). Available for Sale Securities represented investments that we intended to hold for extended periods of time and were reported at their estimated fair values with unrealized gains and losses excluded from earnings and reported as part of comprehensive income (loss).
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.
Obligations to Return Securities Received as Collateral, at Fair Value	Obligations to Return Securities Received as Collateral, at Fair Value We also sell to third parties the U.S. Treasury Securities received as collateral for reverse repurchase agreements and recognize the resulting obligation to return said U.S. Treasury Securities as a liability on our consolidated balance sheet. Interest is recorded on the repurchase agreements, reverse repurchase agreements and U.S. Treasury Securities on an accrual basis and presented as net interest expense. Both parties to the transaction have the right to make daily margin calls based on changes in the fair value of the collateral received and/or pledged.
Derivatives, at Fair Value	Derivatives, at Fair Value We recognize all derivatives individually as either assets or liabilities at fair value on our consolidated balance sheets. All changes in the fair values of our derivatives are reflected in our consolidated statements of operations 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. We record interest payable for interest received on securities sold during the period between the trade date and settlement date and interest receivable for purchases during the period between the trade date and settlement date. Premiums and discounts associated with the purchase of Multi-Family MBS, which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur. Purchase and sale transactions (including TBA Agency Securities) are recorded on the trade date 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) is comprised of net income (loss) and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in additional paid-in capital and distributions to stockholders.
Recent Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in the standard apply to all public entities and requires enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact of the standard but does not expect it to have significant impact on the condensed consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Purchases of Agency Securities	$ 5,502,474	$ 10,013,127
Disbursements on reverse repurchase agreements	(4,808,012)	(1,057,803)
Receipts from reverse repurchase agreements	4,639,012	1,762,079
Proceeds from repurchase agreements	71,693,256	89,831,839
Principal repayments on repurchase agreements	(70,985,823)	(85,494,981)
U.S. Treasury Securities
Purchases of U.S. Treasury Securities	869,257	1,111,123
Proceeds from sales of U.S. Treasury Securities	1,050,020	613,852
BUCKLER Securities, LLC \| Related Party
Purchases of Agency Securities	0	57,039
Disbursements on reverse repurchase agreements	(3,725,263)	(1,057,803)
Receipts from reverse repurchase agreements	3,610,013	1,762,079
Proceeds from repurchase agreements	41,619,024	53,152,051
Principal repayments on repurchase agreements	(41,957,630)	(51,336,703)
BUCKLER Securities, LLC \| Related Party \| U.S. Treasury Securities
Purchases of U.S. Treasury Securities	0	155,857
Proceeds from sales of U.S. Treasury Securities	$ 0	$ 154,875

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
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ (472,002)	$ (732,477)	$ (15,606)	$ (13,819)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles our GAAP net income (loss) to estimated REIT taxable income for the three and nine months ended September 30, 2024 and September 30, 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
GAAP net income (loss)	$	65,880	$	(179,168)	$	32,046	$	(167,565)
Book to tax differences:
TRS income	(99)		(18)		—		(15)
Premium amortization expense	—		—		—		(1)
Agency Securities	(306,142)		468,280		(55,522)		505,573
U.S. Treasury Securities	21,695		(5,438)		(8,376)		(5,517)
Changes in interest rate contracts	274,030		(231,890)		185,737		(191,071)
Security Sales	—		—		—		7,471
Amortization of deferred hedging costs	(20,025)		(24,019)		(62,339)		(80,590)
Amortization of deferred Treasury Future gains	4,140		5,570		13,465		17,447
Other	517		495		1,699		1,274
Estimated REIT taxable income	$	39,996	$	33,812	$	106,710	$	87,006

Schedule of Tax Credit Carryforwards


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

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

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets at Fair Value:
Derivatives	$ 731,774	$ 877,412
Liabilities at Fair Value:
Derivatives	57,890	5,036
Fair Value, Measurements, Recurring
Assets at Fair Value:
Derivatives	731,774	877,412
Liabilities at Fair Value:
Derivatives	57,890	5,036
Fair Value, Measurements, Recurring \| Agency Securities
Assets at Fair Value:
Agency Securities	12,422,762	11,159,754
Fair Value, Measurements, Recurring \| Level 1
Assets at Fair Value:
Derivatives	416	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring \| Level 1 \| Agency Securities
Assets at Fair Value:
Agency Securities	0	0
Fair Value, Measurements, Recurring \| Level 2
Assets at Fair Value:
Derivatives	731,358	877,412
Liabilities at Fair Value:
Derivatives	57,890	5,036
Fair Value, Measurements, Recurring \| Level 2 \| Agency Securities
Assets at Fair Value:
Agency Securities	12,422,762	11,159,754
Fair Value, Measurements, Recurring \| Level 3
Assets at Fair Value:
Derivatives	0	0
Liabilities at Fair Value:
Derivatives	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Agency Securities
Assets at Fair Value:
Agency Securities	$ 0	$ 0

Investments in Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt securities	$ 12,422,762			$ 12,422,762		$ 11,159,754
Realized gain (loss) on sale of available for sale Agency Securities	0	$ 0	$ (7,471)	0	$ (7,471)
To-be-Announced Agency Securities
Debt Securities, Available-for-sale [Line Items]
Derivative assets (liabilities), net	290			290		1,816
TBA Agency Securities
Debt Securities, Available-for-sale [Line Items]
Trading securities	$ 0			$ 0		$ 305,039

- 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

- Definition

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

+ References + Details

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
ARMOUR Management Fees
Related Party Transaction [Line Items]
Amounts of transaction	$ 9,919	$ 9,704	$ 29,532	$ 28,309
Management Fees Waived
Related Party Transaction [Line Items]
Amounts of transaction	(1,650)	(1,650)	(4,950)	(4,950)
Management Fee Expense
Related Party Transaction [Line Items]
Amounts of transaction	$ 8,269	$ 8,054	$ 24,582	$ 23,359

Stock Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Note 10 - Stock Based Compensation

We adopted the Plan to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“RSUs”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively, “Awards”), subject to terms as provided in the Plan. At September 30, 2024, there were 228 shares available for future issuance under the Plan.

Transactions related to awards for the nine months ended September 30, 2024 are summarized below:


	September 30, 2024
	Number of Awards	Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	298	$	38.21

Vested	(57)	$	48.17
Forfeited	(55)	$	29.65
Unvested RSU Awards Outstanding end of period	186	$	37.68

At September 30, 2024, there was approximately $7,009 of unvested stock based compensation related to the Awards (based on a weighted grant date price of $37.68 per share), which we expect to recognize as an expense as follows: for the remainder of 2024 an expense of $835, in 2025 an expense of $1,986, and thereafter an expense of $4,188. 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.

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

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

Note 11 - Stockholders' Equity

The following table presents the components of cumulative distributions to stockholders at September 30, 2024 and December 31, 2023.


Cumulative Distributions to Stockholders	September 30, 2024		December 31, 2023
Preferred dividends	$	165,796	$	156,809
Common stock dividends	2,171,810		2,063,758
Totals	$	2,337,606	$	2,220,567

Preferred Stock

At September 30, 2024 and December 31, 2023, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof. At September 30, 2024, 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share are designated as shares of 7.00% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") with the powers, designations, preferences and other rights as set forth therein and a total of 40,000 shares of our authorized preferred stock remain available for designation as future series.

At September 30, 2024 and December 31, 2023, we had 6,847 shares of Series C Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $171,175 in the aggregate. At September 30, 2024 and 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. On June 20, 2024, the Preferred C ATM Sales Agreement was amended to add BTIG, LLC, as a sales agent. We did not sell any shares under the Preferred C ATM Sales Agreement during the nine months ended September 30, 2024. Shares designated as Series C Preferred Stock but unissued, which are available under the Preferred C ATM Sales Agreement, totaled 3,153 at September 30, 2024 and December 31, 2023.

Preferred Stock Repurchase Program

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

as authorized but unissued. We did not repurchase any shares under the Series C Preferred Stock Repurchase Program during the nine months ended September 30, 2024.

Common Stock

At September 30, 2024 and December 31, 2023, we were authorized to issue up to 125,000 and 90,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 55,192 and 48,799 shares of common stock issued and outstanding at September 30, 2024 and December 31, 2023, respectively.

On May 14, 2021, we entered into an Equity Sales Agreement (the “2021 Common stock ATM Sales Agreement”) with BUCKLER, JMP Securities LLC, Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2021 Common Stock ATM Sales agreement, we 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.

On July 26, 2023 we entered into a new Equity Sales Agreement (the “2023 Common stock ATM Sales Agreement”), with BUCKLER, JonesTrading Institutional Services LLC, Citizens JMP Securities, LLC (formerly JMP Securities LLC), Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2023 Common Stock ATM Sales agreement, we may offer and sell over a period of time and from time to time, up to 15,000 shares of our common stock, par value $0.001 per share. On October 25, 2023, the 2023 Common stock ATM Sales Agreement was amended to add StockBlock Securities LLC, as a sales agent and on June 20, 2024 it was further amended to add BTIG, LLC as a sales agent. On August 23, 2024, the 2023 Common stock ATM Sales Agreement was amended to increase by 25,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement. On September 20, 2024, the 2023 Common stock ATM Sales Agreement was further amended to add Janney Montgomery Scott LLC, as a sales agent. During the nine months ended September 30, 2024, we sold 6,414 common shares under this agreement for proceeds of $129,370, net of issuance costs and commissions of approximately $1,431. 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. In October 2024, we sold 568 shares under this agreement for proceeds of $11,121, net of issuance costs and commissions of approximately $84. See Note 15 - Related Party Transactions for discussion of additional transactions with BUCKLER.

During the nine months ended September 30, 2024, we issued 3 common shares under our Common Stock Dividend Reinvestment Program ("DRIP") for net proceeds of $60.

Common Stock Repurchase Program

At September 30, 2024 and December 31, 2023, there were 2,217 and 2,287 authorized shares remaining under the Company's common stock repurchase authorization (the "Common Stock Repurchase Program"). During the nine months ended September 30, 2024, we repurchased 70 common shares under this authorization for a cost of $(1,344). Under the Common Stock Repurchase Program, shares may be purchased in the open market, including block trades,

through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Exchange Act, and related rules. We are not required to repurchase any shares under the Common Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. See Note 15 - Related Party Transactions for discussion of additional transactions with BUCKLER.

Equity Capital Activities

The following tables present our equity transactions for the nine months ended September 30, 2024 and for the year ended December 31, 2023.


Transaction Type	Completion Date	Number of Shares	Per Share price (1)		Net Proceeds (costs)
September 30, 2024
2023 Common stock ATM Sales Agreement	July 26, 2024 - September 30, 2024	6,414	$	20.17	$	129,370
DRIP shares issued	January 25, 2024 - September 27, 2024	3	$	18.96	$	60
Common stock repurchased	January 22, 2024 - January 25, 2024	(70)	$	19.31	$	(1,344)

December 31, 2023
2021 Common stock ATM Sales Agreement	January 4, 2023 - July 12, 2023	13,305	$	27.66	$	367,997
2023 Common stock ATM Sales Agreement	July 26, 2023 - September 29, 2023	3,328	$	24.66	$	82,100
DRIP shares issued	July 25, 2023 - September 29, 2023	3	$	19.71	$	51
Common stock repurchased	March, May and September, October and November	(477)	$	20.80	$	(9,935)

(1)Weighted average price

Dividends

On October 28, 2024, a cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $998 in the aggregate, will be paid to holders of record on October 15, 2024. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable November 27, 2024 to holders of record on November 15, 2024 and payable December 27, 2024 to holders of record on December 15, 2024.

On October 30, 2024, a cash dividend of $0.24 per outstanding common share, or $13,389 in the aggregate, will be paid to holders of record on October 15, 2024. We have also declared a cash dividend of $0.24 per outstanding common share payable November 27, 2024 to holders of record on November 15, 2024.

The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 2024.


Record Date	Payment Date	Rate per Series C Preferred Share		Aggregate amount paid to holders of record
January 15, 2024	January 29, 2024	$	0.14583	$	998.5
February 15, 2024	February 27, 2024	$	0.14583	998.5
March 15, 2024	March 27, 2024	$	0.14583	998.5
April 15, 2024	April 29, 2024	$	0.14583	998.5
May 15, 2024	May 28, 2024	$	0.14583	998.5
June 15, 2024	June 27, 2024	$	0.14583	998.5
July 15, 2024	July 29, 2024	$	0.14583	998.5
August 15, 2024	August 27, 2024	$	0.14583	998.5
September 15, 2024	September 27, 2024	$	0.14583	998.5
Total dividends paid				$	8,986.5

The following table presents our common stock dividend transactions for the nine months ended September 30, 2024.


Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 16, 2024	January 30, 2024	$	0.24	$	11,787
February 15, 2024	February 28, 2024	$	0.24	11,770
March 15, 2024	March 28, 2024	$	0.24	11,755
April 15, 2024	April 29, 2024	$	0.24	11,756
May 15, 2024	May 28, 2024	$	0.24	11,756
June 17, 2024	June 27, 2024	$	0.24	11,754
July 15, 2024	July 30, 2024	$	0.24	11,755
August 15, 2024	August 29, 2024	$	0.24	12,532
September 16, 2024	September 27, 2024	$	0.24	13,188
Total dividends paid				$	108,053

- 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

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

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-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-SubTopic 235
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-Topic 946
-SubTopic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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

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-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Investments in Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Note 6 - Investments in Securities

As of September 30, 2024 and December 31, 2023, our securities portfolio consisted of $12,422,762 and $11,159,754 of investment securities, at fair value, respectively. We also had $0 and $305,039 of TBA Agency Securities, at fair value, which were reported at net carrying value of $290 and $1,816, respectively, at September 30, 2024 and December 31, 2023. TBA Securities are reported in Derivatives, at fair value on our consolidated balance sheets (see Note 8 - Derivatives). The net carrying value of our TBA Agency Securities represents the difference between the fair value of the underlying Agency Security in the TBA contract and the cost basis or the forward price to be paid or received for the underlying Agency Security.

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

The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at September 30, 2024 and December 31, 2023.


September 30, 2024	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value

Agency Securities, trading	$	12,615,755	$	12,390,457	$	(95,895)	$	128,200	$	12,422,762


December 31, 2023

Agency Securities, trading	$	11,278,161	$	11,283,380	$	(176,660)	$	53,034	$	11,159,754

The following table summarizes the weighted average lives of our investments in securities at September 30, 2024 and December 31, 2023.


	September 30, 2024				December 31, 2023
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost

≥ 1 year and < 3 years	2,011,748		1,992,179		202,508		195,904
≥ 3 years and < 5 years	3,217,840		3,205,993		2,757,464		2,747,842
≥ 5 years	7,193,174		7,192,285		8,199,782		8,339,634
Totals	$	12,422,762	$	12,390,457	$	11,159,754	$	11,283,380

We use a third-party model to calculate the weighted average lives of our investments in securities. Weighted average life is calculated based on expectations for estimated prepayments for the underlying mortgage loans of our investments in securities. These estimated prepayments are based on assumptions such as interest rates, current and future home prices, housing policy and borrower incentives. The weighted average lives of our investments in securities at September 30, 2024 and December 31, 2023 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.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 63,855	$ 221,888
Cash collateral posted to counterparties	134,246	36,970
Investments in securities, at fair value
Derivatives, at fair value	731,774	877,412
Accrued interest receivable	49,000	47,111
Prepaid and other	2,848	1,260
Total Assets	13,404,485	12,344,395
Liabilities:
Repurchase agreements, net (including $4,213,627 and $4,667,483, respectively with BUCKLER)	10,186,415	9,647,982
Obligations to return securities received as collateral, at fair value	522,660	350,273
Cash collateral posted by counterparties	692,778	860,130
Payable for unsettled purchases	587,263	171,513
Derivatives, at fair value	57,890	5,036
Accrued interest payable- repurchase agreements (including $4,843 and $12,345, respectively with BUCKLER)	24,858	26,509
Accrued interest payable- U.S. Treasury Securities sold short	7,294	5,049
Accounts payable and other accrued expenses	8,470	6,719
Total Liabilities	12,087,628	11,073,211
Commitments and contingencies (Note 9 and Note 15)
Stockholders’ Equity:
Common stock, $0.001 par value, 125,000 and 90,000 shares authorized; 55,192 shares and 48,799 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively.	55	49
Additional paid-in capital	4,448,815	4,318,155
Cumulative distributions to stockholders	(2,337,606)	(2,220,567)
Accumulated net loss	(794,414)	(826,460)
Total Stockholders’ Equity	1,316,857	1,271,184
Total Liabilities and Stockholders’ Equity	13,404,485	12,344,395
Series C Preferred Stock
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 6,847 shares issued and outstanding ($25.00 per share liquidation preference)	7	7
Agency Securities
Investments in securities, at fair value
Debt securities, available for sale and trading	$ 12,422,762	$ 11,159,754

Stockholders' Equity - Schedule of Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands			7 Months Ended	9 Months Ended		12 Months Ended
	Jul. 26, 2023	May 14, 2021	Jul. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Net Proceeds (costs)				$ 127,514	$ 450,148
DRIP, Per Share price (in dollars per share)						$ 19.71
Common stock repurchased (in shares)				0
Common stock repurchased				$ (1,344)	$ (6,376)
2021 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		3,400,000
2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	15,000,000
Common Stock
Class of Stock [Line Items]
Per Share price (in dollars per share)				$ 19.31		$ 20.80
Issuance of common stock under dividend reinvestment program (in shares)				3,000		3,000
DRIP, Per Share price (in dollars per share)				$ 18.96
Proceeds from issuance of DRIP, net				$ 60		$ 51
Common stock repurchased (in shares)				(70,000)		(477,000)
Common stock repurchased				$ (1,344)		$ (9,935)
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
Per Share price (in dollars per share)						$ 27.66
Net Proceeds (costs)			$ 367,997			$ 367,997
Common Stock \| 2023 Common stock ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)				6,414,000		3,328,000
Per Share price (in dollars per share)				$ 20.17		$ 24.66
Net Proceeds (costs)				$ 129,370		$ 82,100

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9 - Commitments and Contingencies

Management

The Company is managed by ACM, pursuant to a management agreement (see also Note 15 - Related Party Transactions). The management agreement entitles ACM to receive management fees payable monthly in arrears. Currently, the monthly management fee is 1/12th of the sum of (a) 1.5% of gross equity raised up to $1.0 billion plus (b) 0.75% of gross equity raised in excess of $1.0 billion. Gross equity raised includes the total amounts of paid in capital relating to both our common and preferred stock, before deduction of brokerage commissions and other costs of capital raising. Amounts paid to stockholders to repurchase stock, before deduction of brokerage commissions and costs, reduces gross equity raised. Dividends specifically designated by the Board as liquidation dividends will reduce the amount of gross equity raised. To date, the Board has not so designated any of the dividends paid by the Company. Realized and unrealized gains and losses do not affect the amount of gross equity raised. At September 30, 2024, the effective management fee, prior to management fees waived, was 0.92% based on gross equity raised of $4,361,496.

During each of the three and nine months ended September 30, 2024, and September 30, 2023 ACM voluntarily waived management fees of $1,650 and $4,950, respectively. ACM is currently waiving $550 per month of its contractual management fee until ACM provides further notice to ARMOUR. The monthly management fees are not calculated based on the performance of our assets. Accordingly, the payment of our monthly management fees may not decline in the event of a decline in our earnings and may cause us to incur losses. We are also responsible for any costs and expenses that ACM incurs solely on our behalf other than the various overhead expenses specified in the terms of the management agreement.

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

On February 14, 2023, the Company extended the contractual term of the management agreement through December 31, 2029. Based on the management fee base, gross equity raised, as of September 30, 2024, the Company’s contractual management fee commitments, prior to management fees waived, are:


Year	Contractual Management Fee
Remainder of 2024	10,053
2025	40,211
2026	40,211
2027	40,211
2028	40,211
2029	40,211
Total	$	211,108

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

Indemnifications and Litigation

We enter into certain contracts that contain a variety of indemnifications, principally with ACM and underwriters, against third-party claims for errors and omissions in connection with their services to us. We have not incurred any costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the estimated fair value of these agreements, as well as the maximum amount attributable to past events, is not material. Accordingly, we have no liabilities recorded for these agreements at September 30, 2024 and December 31, 2023.

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. On July 3, 2024, plaintiffs filed a voluntary notice of dismissal of the previously filed appeal.

Commitments and Contingencies - Additional Information (Details) $ in Thousands				3 Months Ended		9 Months Ended
	Feb. 14, 2023 USD ($)	Apr. 25, 2016 lawsuit	Apr. 24, 2016 defendant	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lawsuit	Sep. 30, 2023 USD ($)
Other Commitments [Line Items]
Monthly percentage of effective management fee percentage				8.33%		8.33%
Gross equity raised				$ 4,361,496		$ 4,361,496
Management fees waived				$ 1,650	$ 1,650	$ 4,950	$ 4,950
Transactions
Other Commitments [Line Items]
Number of new claims filed \| lawsuit						9
Number of defendants, current directors \| defendant			8
Number of consolidated claims \| lawsuit		1
ACM
Other Commitments [Line Items]
Percentage of gross equity raised used in calculation of management fee up to 1 billion				1.50%		1.50%
Percentage of gross equity raised used in calculation of management fee in excess of 1 billion				0.75%		0.75%
Effective management fee (as percent)				0.92%		0.92%
Affiliated Entity \| Fee waiver adjustment, every month thereafter
Other Commitments [Line Items]
Amounts of transaction	$ 550

Organization and Nature of Business Operations	9 Months Ended
Organization and Nature of Business Operations	Sep. 30, 2024
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. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report. U.S. dollar amounts are presented in thousands, except per share amounts or as otherwise noted. ARMOUR is an externally managed Maryland corporation incorporated in 2008. The Company is managed by ACM, an investment advisor registered with the Securities and Exchange Commission (the "SEC"), (see Note 9 - Commitments and Contingencies and Note 15 - Related Party Transactions). We have elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). Our qualification as a REIT depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the concentration of ownership of our capital stock. We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes. As a REIT, we will generally not be subject to federal income tax on the REIT taxable income that we currently distribute to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to federal income tax at regular corporate rates. Even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some federal, state and local taxes on our income. At September 30, 2024 and December 31, 2023, we invested in mortgage backed securities ("MBS"), issued or guaranteed by a United States ("U.S.") Government-sponsored entity ("GSE"), such as the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or a government agency such as Government National Mortgage Administration ("Ginnie Mae") (collectively, "Agency Securities"). Our Agency Securities consist primarily of fixed rate loans. The remaining are either backed by hybrid adjustable rate or adjustable rate loans. From time to time we have also invested in U.S. Treasury Securities and money market instruments.

Net Income (Loss) per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

Note 12 - Net Income (Loss) per Common Share


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net Income (Loss)	$	65,880	$	(179,168)	$	32,046	$	(167,565)
Less: Preferred dividends	(2,995)		(2,995)		(8,986)		(8,986)
Net Income (Loss) related to common stockholders	$	62,885	$	(182,163)	$	23,060	$	(176,551)

Weighted average common shares outstanding – basic	51,647		46,506		49,736		41,089
Add: Effect of dilutive non-vested awards, assumed vested	186		—		186		—
Weighted average common shares outstanding – diluted	51,833		46,506		49,922		41,089

Note 13 - Comprehensive Income (Loss) per Common Share


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Comprehensive Income (Loss)	$	65,880	$	(179,168)	$	32,046	$	(156,038)
Less: Preferred dividends	(2,995)		(2,995)		(8,986)		(8,986)
Comprehensive Income (Loss) related to common stockholders	$	62,885	$	(182,163)	$	23,060	$	(165,024)
Comprehensive Income (Loss) per share related to common stockholders:
Basic	$	1.22	$	(3.92)	$	0.46	$	(4.02)
Diluted	$	1.21	$	(3.92)	$	0.46	$	4.02
Weighted average common shares outstanding:
Basic	51,647		46,506		49,736		41,089
Add: Effect of dilutive non-vested awards, assumed vested	186		—		186		—
Diluted	51,833		46,506		49,922		41,089

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 8 - 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 to the applicable agreement the right to terminate the agreement. In addition, certain of our ISDAs contain a restriction that prohibits our leverage from exceeding twelve times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital.

The following tables present information about the potential effects of netting our derivatives if we were to offset the assets and liabilities on the accompanying consolidated balance sheets. We currently present these financial instruments at their gross amounts and they are included in Derivatives, at fair value on the accompanying consolidated balance sheets at September 30, 2024 and December 31, 2023.


			Gross Amounts Not Offset
Assets	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2024
Interest rate swap contracts (2)	$	730,965	$	(57,787)	$	(562,258)	$	110,920
Futures contracts	416		—		2,699		3,115
TBA Agency Securities	393		(103)		1,027		1,317
Totals	$	731,774	$	(57,890)	$	(558,532)	$	115,352

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

(1)See Note 5 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $0 and $6,104 of centrally-cleared interest rate swap contracts, respectively.


			Gross Amounts Not Offset
Liabilities	Gross Amounts(1)		Financial Instruments		Cash Collateral		Total Net
September 30, 2024
Interest rate swap contracts (2)	$	(57,787)	$	57,787	$	—	$	—

TBA Agency Securities	(103)		103		—		—
Totals	$	(57,890)	$	57,890	$	—	$	—

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)

(1)See Note 5 - Fair Value of Financial Instruments for additional discussion.

(2)Includes $(57,787) and $(5,036) of centrally-cleared interest rate swap contracts, respectively.


	Income (Loss) Recognized
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivatives	2024		2023		2024		2023
Interest rate swap contracts (1)	$	(232,604)	$	262,057	$	(41,767)	$	335,587
Futures contracts	(16,450)		2,227		(20,054)		(11,070)
TBA Agency Securities	39,095		26,858		57,992		26,415
Total Gain (Loss) on Derivatives, net	$	(209,959)	$	291,142	$	(3,829)	$	350,932

The following tables present information about our derivatives at September 30, 2024 and December 31, 2023. We did not have any TBA Agency Securities at September 30, 2024.


Interest Rate Swap Contracts (1)	Notional Amount		Weighted Average Remaining Term (Months)	Weighted Average Rate
September 30, 2024
< 3 years	$	1,409,000	24	0.55	%
≥ 3 years and < 5 years	100,000		60	1.15	%
≥ 5 years and < 7 years	3,152,000		72	0.77	%
≥ 7 years	2,025,000		105	3.05	%

Total or Weighted Average (2)	$	6,686,000	72	1.42	%

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 (3)	$	6,786,000	68	1.37	%

(1)Pay Fixed/Receive Variable.


TBA Agency Securities	Notional Amount		Cost Basis		Fair Value










December 31, 2023

30 Year Long, 6.0%	300,000		303,223		305,039
Totals	$	300,000	$	303,223	$	305,039

Derivatives - Schedule of Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Gross Amounts	$ 731,774	$ 877,412
Gross Amounts Not Offset, Financial Instruments	(57,890)	(6,852)
Gross Amounts Not Offset, Cash Collateral	(558,532)	(821,089)
Total Net	115,352	49,471
Interest rate swap contracts
Offsetting Assets [Line Items]
Gross Amounts	730,965	875,596
Gross Amounts Not Offset, Financial Instruments	(57,787)	(5,036)
Gross Amounts Not Offset, Cash Collateral	(562,258)	(821,089)
Total Net	110,920	49,471
Derivative asset, centrally - cleared	0	6,104
Futures contracts
Offsetting Assets [Line Items]
Gross Amounts	416
Gross Amounts Not Offset, Financial Instruments	0
Gross Amounts Not Offset, Cash Collateral	2,699
Total Net	3,115
TBA Agency Securities
Offsetting Assets [Line Items]
Gross Amounts	393	1,816
Gross Amounts Not Offset, Financial Instruments	(103)	(1,816)
Gross Amounts Not Offset, Cash Collateral	1,027	0
Total Net	$ 1,317	$ 0

- 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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+ Details

Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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

The tables below present the components of the carrying value and the unrealized gain or loss position of our investments in securities at September 30, 2024 and December 31, 2023.


September 30, 2024	Principal Amount		Amortized Cost		Gross Unrealized Loss		Gross Unrealized Gain		Fair Value

Agency Securities, trading	$	12,615,755	$	12,390,457	$	(95,895)	$	128,200	$	12,422,762


December 31, 2023

Agency Securities, trading	$	11,278,161	$	11,283,380	$	(176,660)	$	53,034	$	11,159,754

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the weighted average lives of our investments in securities at September 30, 2024 and December 31, 2023.


	September 30, 2024				December 31, 2023
Weighted Average Life	Fair Value		Amortized Cost		Fair Value		Amortized Cost

≥ 1 year and < 3 years	2,011,748		1,992,179		202,508		195,904
≥ 3 years and < 5 years	3,217,840		3,205,993		2,757,464		2,747,842
≥ 5 years	7,193,174		7,192,285		8,199,782		8,339,634
Totals	$	12,422,762	$	12,390,457	$	11,159,754	$	11,283,380

- 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

Derivatives - Schedule of Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Offsetting Liabilities [Line Items]
Gross Amounts	$ (57,890)	$ (5,036)
Gross Amounts Not Offset, Financial Instruments	57,890	6,852
Gross Amounts Not Offset, Cash Collateral	0	(2,070)
Total Net	0	(254)
Interest rate swap contracts
Offsetting Liabilities [Line Items]
Gross Amounts	(57,787)	(5,036)
Gross Amounts Not Offset, Financial Instruments	57,787	5,036
Gross Amounts Not Offset, Cash Collateral	0	0
Total Net	0	0
Derivative liability, centrally-cleared	(57,787)	(5,036)
TBA Agency Securities
Offsetting Liabilities [Line Items]
Gross Amounts	(103)	0
Gross Amounts Not Offset, Financial Instruments	103	1,816
Gross Amounts Not Offset, Cash Collateral	0	(2,070)
Total Net	$ 0	$ (254)

- Definition

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

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+ Details

Investments in Securities - Schedule of Available-for-sale Securities in an Unrealized Gain or Loss Position (Details) - Agency Securities - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Principal Amount	$ 12,615,755	$ 11,278,161
Amortized Cost	12,390,457	11,283,380
Gross Unrealized Loss	(95,895)	(176,660)
Gross Unrealized Gain	128,200	53,034
Fair Value	$ 12,422,762	$ 11,159,754

- Definition

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

+ References + Details

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($)	Total	Series C Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions to Stockholders	Cumulative Distributions to Stockholders Series C Preferred Stock	Accumulated Net Loss	Accumulated Other Comprehensive Income (Loss)
Beginning balance, preferred (in shares) at Dec. 31, 2022			6,847,000
Beginning balance, common (in shares) at Dec. 31, 2022				32,582,000
Beginning balance at Dec. 31, 2022	$ 1,112,372,000		$ 7,000	$ 33,000	$ 3,874,757,000	$ (1,992,361,000)		$ (758,537,000)	$ (11,527,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	(156,038,000)							(167,565,000)	11,527,000
Issuance of common stock, net (in shares)				16,634,000
Issuance of common stock, net	450,148,000			$ 16,000	450,132,000
Stock based compensation, net of withholding requirements (in shares)				43,000
Stock based compensation, net of withholding requirements	2,341,000				2,341,000
Common stock repurchased (in shares)				(264,000)
Common stock repurchased	(6,609,000)				(6,609,000)
Preferred stock dividends		$ (8,986,000)					$ (8,986,000)
Common stock dividends	(157,179,000)					(157,179,000)
Ending balance, preferred (in shares) at Sep. 30, 2023			6,847,000
Ending balance, common (in shares) at Sep. 30, 2023				48,995,000
Ending balance at Sep. 30, 2023	1,236,049,000		$ 7,000	$ 49,000	4,320,621,000	(2,158,526,000)		(926,102,000)	0
Beginning balance, preferred (in shares) at Dec. 31, 2022			6,847,000
Beginning balance, common (in shares) at Dec. 31, 2022				32,582,000
Beginning balance at Dec. 31, 2022	$ 1,112,372,000		$ 7,000	$ 33,000	3,874,757,000	(1,992,361,000)		(758,537,000)	(11,527,000)
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	$ 1,271,184,000		$ 7,000	$ 49,000	4,318,155,000	(2,220,567,000)		(826,460,000)	0
Beginning balance, preferred (in shares) at Jun. 30, 2023			6,847,000
Beginning balance, common (in shares) at Jun. 30, 2023				41,362,000
Beginning balance at Jun. 30, 2023	1,282,989,000		$ 7,000	$ 41,000	4,128,568,000	(2,098,693,000)		(746,934,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	(179,168,000)							(179,168,000)
Issuance of common stock, net (in shares)				7,630,000
Issuance of common stock, net	191,466,000			$ 8,000	191,458,000
Stock based compensation, net of withholding requirements (in shares)				14,000
Stock based compensation, net of withholding requirements	828,000				828,000
Common stock repurchased (in shares)				(11,000)
Common stock repurchased	(233,000)				(233,000)
Preferred stock dividends	(2,995,000)					(2,995,000)
Common stock dividends	(56,838,000)					(56,838,000)
Ending balance, preferred (in shares) at Sep. 30, 2023			6,847,000
Ending balance, common (in shares) at Sep. 30, 2023				48,995,000
Ending balance at Sep. 30, 2023	$ 1,236,049,000		$ 7,000	$ 49,000	4,320,621,000	(2,158,526,000)		(926,102,000)	0
Beginning balance, preferred (in shares) at Dec. 31, 2023		6,847,000	6,847,000
Beginning balance, common (in shares) at Dec. 31, 2023	48,799,000			48,799,000
Beginning balance at Dec. 31, 2023	$ 1,271,184,000		$ 7,000	$ 49,000	4,318,155,000	(2,220,567,000)		(826,460,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	32,046,000							32,046,000
Issuance of common stock, net (in shares)				6,417,000
Issuance of common stock, net	129,430,000			$ 6,000	129,424,000
Stock based compensation, net of withholding requirements (in shares)				46,000
Stock based compensation, net of withholding requirements	$ 2,580,000				2,580,000
Common stock repurchased (in shares)	0			(70,000)
Common stock repurchased	$ (1,344,000)				(1,344,000)
Preferred stock dividends		$ (8,986,500)					$ (8,986,000)
Common stock dividends	$ (108,053,000)					(108,053,000)
Ending balance, preferred (in shares) at Sep. 30, 2024		6,847,000	6,847,000
Ending balance, common (in shares) at Sep. 30, 2024	55,192,000			55,192,000
Ending balance at Sep. 30, 2024	$ 1,316,857,000		$ 7,000	$ 55,000	4,448,815,000	(2,337,606,000)		(794,414,000)	0
Beginning balance, preferred (in shares) at Jun. 30, 2024			6,847,000
Beginning balance, common (in shares) at Jun. 30, 2024				48,765,000
Beginning balance at Jun. 30, 2024	1,161,292,000		$ 7,000	$ 49,000	4,318,666,000	(2,297,136,000)		(860,294,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss)	65,880,000							65,880,000
Issuance of common stock, net (in shares)				6,415,000
Issuance of common stock, net	129,394,000			$ 6,000	129,388,000
Stock based compensation, net of withholding requirements (in shares)				12,000
Stock based compensation, net of withholding requirements	761,000				761,000
Preferred stock dividends	(2,995,000)					(2,995,000)
Common stock dividends	$ (37,475,000)					(37,475,000)
Ending balance, preferred (in shares) at Sep. 30, 2024		6,847,000	6,847,000
Ending balance, common (in shares) at Sep. 30, 2024	55,192,000			55,192,000
Ending balance at Sep. 30, 2024	$ 1,316,857,000		$ 7,000	$ 55,000	$ 4,448,815,000	$ (2,337,606,000)		$ (794,414,000)	$ 0

Fair Value of Financial Instruments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 dealer
Fair Value Disclosures [Abstract]
Trading securities, number of dealers	3

Comprehensive Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Comprehensive Income (Loss)	$ 65,880	$ (179,168)	$ 32,046	$ (156,038)
Less: Preferred dividends	(2,995)	(2,995)	(8,986)	(8,986)
Comprehensive Income (Loss) related to common stockholders	$ 62,885	$ (182,163)	$ 23,060	$ (165,024)
Comprehensive Income (Loss) per share related to common stockholders:
Basic (in dollars per share)	$ 1.22	$ (3.92)	$ 0.46	$ (4.02)
Diluted (in dollars per share)	$ 1.21	$ (3.92)	$ 0.46	$ 4.02
Weighted average common shares outstanding:
Basic (in shares)	51,647	46,506	49,736	41,089
Add: Effect of dilutive non-vested awards, assumed vested (in shares)	186	0	186	0
Diluted (in shares)	51,833	46,506	49,922	41,089
Potentially dilutive non-vested awards outstanding (in shares)		318		318

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, remainder of fiscal year	$ 835
Compensation cost not yet recognized, year one	1,986
Compensation cost not yet recognized, thereafter	4,188
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonemployee services transaction, quarterly fee	$ 33
The 2009 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	228
Compensation cost not yet recognized	$ 7,009
The 2009 Stock Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 37.68	$ 38.21

Stockholders' Equity - Schedule of Dividends Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,337,606	$ 2,220,567
Preferred dividends
Class of Stock [Line Items]
Cumulative distributions to stockholders	165,796	156,809
Common Stock
Class of Stock [Line Items]
Cumulative distributions to stockholders	$ 2,171,810	$ 2,063,758

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 4 - Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in the standard apply to all public entities and requires enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact of the standard but does not expect it to have significant impact on the condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

The following tables provide a summary of our assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023.


September 30, 2024	Level 1		Level 2		Level 3		Balance
Assets at Fair Value:
Agency Securities	$	—	$	12,422,762	$	—	$	12,422,762

Derivatives	$	416	$	731,358	$	—	$	731,774
Liabilities at Fair Value:
Derivatives	$	—	$	57,890	$	—	$	57,890

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

Repurchase Agreements, net - Schedule of Reverse Repurchase Agreements Gross and Net Securities Purchased and Sold (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	$ 522,938	$ 353,937
Gross Amounts offset in the Consolidated Balance Sheet, Assets	(522,938)	(353,937)
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	0
Total Net, Assets	0	0
Gross Amounts, Liabilities	(10,709,353)	(10,001,919)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities	522,938	353,937
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities	(10,186,415)	(9,647,982)
Gross Amounts Not Offset Financial Instruments, Liabilities	10,186,415	9,647,982
Gross Amounts Not Offset Cash Collateral, Liabilities	0	0
Total Net, Liabilities	0	0
Pledged securities	11,248,953	10,599,340
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amounts, Assets	522,938	353,937
Gross Amounts offset in the Consolidated Balance Sheet, Assets	(522,938)	(353,937)
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	0
Total Net, Assets	0	0
Gross Amounts, Liabilities	(10,709,353)	(10,001,919)
Gross Amounts offset in the Consolidated Balance Sheet, Liabilities	522,938	353,937
Net Amounts Presented in the Consolidated Balance Sheet, Liabilities	(10,186,415)	(9,647,982)
Gross Amounts Not Offset Financial Instruments, Liabilities	10,186,415	9,647,982
Gross Amounts Not Offset Cash Collateral, Liabilities	0	0
Total Net, Liabilities	$ 0	$ 0

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 22, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity Registrant Name	ARMOUR RESIDENTIAL REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34766
Entity Tax Identification Number	26-1908763
Entity Address, Address Line One	3001 Ocean Drive, Suite 201
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	617-4340
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		55,760,266
Entity Central Index Key	0001428205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Preferred Stock, 7.00% Series C Cumulative Redeemable
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.00% Series C Cumulative Redeemable
Trading Symbol	ARR-PRC
Security Exchange Name	NYSE
Common Stock, $0.001 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ARR
Security Exchange Name	NYSE

Derivatives - Additional Information (Details)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ratio of indebtedness to net capital	12

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Realized gain (loss) on sale of agency securities, available for sale	$ 0	$ 0	$ (7,471)	$ 0	$ (7,471)
Reverse repurchase agreements	522,938			522,938		$ 353,937
Obligations to return securities received as collateral	522,660			522,660		350,273
Repurchase Agreements
Related Party Transaction [Line Items]
Reverse repurchase agreements	522,938			522,938		353,937
Repurchase Agreements \| BUCKLER Securities, LLC
Related Party Transaction [Line Items]
Reverse repurchase agreements	$ 469,188			$ 469,188		$ 353,937

Comprehensive Income (Loss) per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Comprehensive Income (Loss)	$	65,880	$	(179,168)	$	32,046	$	(156,038)
Less: Preferred dividends	(2,995)		(2,995)		(8,986)		(8,986)
Comprehensive Income (Loss) related to common stockholders	$	62,885	$	(182,163)	$	23,060	$	(165,024)
Comprehensive Income (Loss) per share related to common stockholders:
Basic	$	1.22	$	(3.92)	$	0.46	$	(4.02)
Diluted	$	1.21	$	(3.92)	$	0.46	$	4.02
Weighted average common shares outstanding:
Basic	51,647		46,506		49,736		41,089
Add: Effect of dilutive non-vested awards, assumed vested	186		—		186		—
Diluted	51,833		46,506		49,922		41,089

Stockholders' Equity - Schedule of Dividends Transactions (Details) - USD ($)															3 Months Ended		9 Months Ended
	Sep. 27, 2024	Aug. 29, 2024	Aug. 27, 2024	Jul. 30, 2024	Jul. 29, 2024	Jun. 27, 2024	May 28, 2024	Apr. 29, 2024	Mar. 28, 2024	Mar. 27, 2024	Feb. 28, 2024	Feb. 27, 2024	Jan. 30, 2024	Jan. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Aggregate amount paid to holders of record															$ 2,995,000	$ 2,995,000
Aggregate amount paid to holders of record																	$ 8,986,000	$ 8,986,000
Aggregate amount paid to holders of record															$ 37,475,000	$ 56,838,000	108,053,000	157,179,000
Aggregate amount paid to holders of record																	108,024,000	157,179,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid (in dollars per share)	$ 0.14583		$ 0.14583		$ 0.14583	$ 0.14583	$ 0.14583	$ 0.14583		$ 0.14583		$ 0.14583		$ 0.14583
Aggregate amount paid to holders of record										$ 998,500		$ 998,500		$ 998,500			8,986,500	$ 8,986,000
Aggregate amount paid to holders of record	$ 998,500		$ 998,500		$ 998,500	$ 998,500	$ 998,500	$ 998,500
Common Stock
Class of Stock [Line Items]
Common stock dividends, cash paid (in dollars per share)	$ 0.24	$ 0.24		$ 0.24		$ 0.24	$ 0.24	$ 0.24	$ 0.24		$ 0.24		$ 0.24
Aggregate amount paid to holders of record									$ 11,755,000		$ 11,770,000		$ 11,787,000				$ 108,053,000
Aggregate amount paid to holders of record	$ 13,188,000	$ 12,532,000		$ 11,755,000		$ 11,754,000	$ 11,756,000	$ 11,756,000

- 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

Repurchase Agreements, net

9 Months Ended

Sep. 30, 2024

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements, net

Note 7 - Repurchase Agreements, net

At September 30, 2024, we had active MRAs with 33 counterparties and had $10,186,415 in outstanding borrowings with 16 of those counterparties. At December 31, 2023, we had MRAs with 39 counterparties and had $9,647,982 in outstanding borrowings with 14 counterparties.

The following tables represent the contractual repricing regarding our repurchase agreements to finance MBS purchases at September 30, 2024 and December 31, 2023. Our repurchase agreements require excess collateral, known as a “haircut.” At September 30, 2024, the average haircut percentage was 2.95% compared to 2.74% at December 31, 2023. The haircut for our repurchase agreements vary by counterparty and therefore, the changes in the average haircut percentage will vary with the changes in our counterparty repurchase agreement balances.


September 30, 2024	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 30 days (1)	$	9,140,809	5.28	%	12
> 30 days to ≤ 60 days	1,045,606		5.10	%	36


Total or Weighted Average	$	10,186,415	5.26	%	15

(1)Net of reverse repurchase agreements of $522,938 ($469,188 of which were with BUCKLER). Obligations to return securities received as collateral of $522,660 associated with the reverse repurchase agreements are all due within 30 days.


December 31, 2023	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 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 (all of which were with BUCKLER). Obligations to return securities received as collateral of $350,273 associated with the reverse repurchase agreements all matured in January 2024.

The following table presents information about the gross and net securities purchased and sold under our repurchase agreements, net on the accompanying consolidated balance sheets at September 30, 2024 and December 31, 2023.


September 30, 2024							Gross Amounts Not Offset
	Gross Amounts		Gross Amounts offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments (1)		Cash Collateral		Total Net
Assets
Reverse Repurchase Agreements	$	522,938	$	(522,938)	$	—	$	—	$	—	$	—
Totals	$	522,938	$	(522,938)	$	—	$	—	$	—	$	—

Liabilities
Repurchase Agreements	$	(10,709,353)	$	522,938	$	(10,186,415)	$	10,186,415	$	—	$	—
Totals	$	(10,709,353)	$	522,938	$	(10,186,415)	$	10,186,415	$	—	$	—


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	$	—	$	—

(1)The fair value of securities pledged against our repurchase agreements was $11,248,953 and $10,599,340 at September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, BUCKLER accounted for 41.4% and 48.4%, respectively, of our aggregate borrowings and had an amount at risk of 7.3% and 8.1%, respectively, of our total stockholders' equity with a weighted average maturity of 10 days and 12 days, respectively, on repurchase agreements, net (see Note 15 - Related Party Transactions).

In addition, at September 30, 2024, we had 3 repurchase agreement counterparties that individually accounted for over 5% of our aggregate borrowings. In total, these counterparties accounted for approximately 22.8% of our repurchase agreement borrowings outstanding at September 30, 2024. 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 27.2% of our repurchase agreement borrowings at December 31, 2023.

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 6,686,000	$ 6,786,000
Weighted Average Remaining Term (Months)	72 months	68 months
Weighted Average Rate	1.42%	1.37%
Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Notional Amount	$ 1,525,000	$ 1,475,000
Fed Funds Effective Rate Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	5,161,000	5,311,000
Interest rate swap contracts
Derivative [Line Items]
Notional Amount	$ 1,325,000	$ 1,275,000
Less than 3 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 years	3 years
Notional Amount	$ 1,409,000	$ 1,102,000
Weighted Average Remaining Term (Months)	24 months	18 months
Weighted Average Rate	0.55%	1.60%
Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Notional Amount	$ 100,000	$ 1,207,000
Weighted Average Remaining Term (Months)	60 months	45 months
Weighted Average Rate	1.15%	2.06%
Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Notional Amount	$ 3,152,000	$ 1,952,000
Weighted Average Remaining Term (Months)	72 months	75 months
Weighted Average Rate	0.77%	0.58%
Greater than or equal to 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	7 years	7 years
Notional Amount	$ 2,025,000	$ 2,525,000
Weighted Average Remaining Term (Months)	105 months	95 months
Weighted Average Rate	3.05%	1.56%
Minimum \| Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	3 years	3 years
Minimum \| Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	5 years	5 years
Maximum \| Greater than or equal to 3 years and less than 5 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	5 years	5 years
Maximum \| Greater than or equal to 5 years and less than 7 years
Derivative [Line Items]
Derivative, remaining maturity (in years)	7 years	7 years

Repurchase Agreements, net (Tables)

9 Months Ended

Sep. 30, 2024

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements


September 30, 2024	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 30 days (1)	$	9,140,809	5.28	%	12
> 30 days to ≤ 60 days	1,045,606		5.10	%	36


Total or Weighted Average	$	10,186,415	5.26	%	15


December 31, 2023	Balance		Weighted Average Contractual Rate		Weighted Average Maturity in days

≤ 30 days (1)	$	9,647,982	5.54	%	12
Total or Weighted Average	$	9,647,982	5.54	%	12

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


September 30, 2024							Gross Amounts Not Offset
	Gross Amounts		Gross Amounts offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments (1)		Cash Collateral		Total Net
Assets
Reverse Repurchase Agreements	$	522,938	$	(522,938)	$	—	$	—	$	—	$	—
Totals	$	522,938	$	(522,938)	$	—	$	—	$	—	$	—

Liabilities
Repurchase Agreements	$	(10,709,353)	$	522,938	$	(10,186,415)	$	10,186,415	$	—	$	—
Totals	$	(10,709,353)	$	522,938	$	(10,186,415)	$	10,186,415	$	—	$	—


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	$	—	$	—

(1)The fair value of securities pledged against our repurchase agreements was $11,248,953 and $10,599,340 at September 30, 2024 and December 31, 2023, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income	$ 127,060,000	$ 153,636,000	$ 398,465,000	$ 406,706,000
Interest on repurchase agreements	(125,221,000)	(150,041,000)	(384,326,000)	(385,361,000)
BUCKLER Securities, LLC \| Related Party
Interest income		0		973,000
Interest on repurchase agreements	$ (55,940,000)	$ (72,206,000)	$ (192,061,000)	$ (180,555,000)

Repurchase Agreements, net - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($) counterparty
Concentration Risk [Line Items]
Number of counterparties with master repurchase agreements	33	39
Repurchase agreements, carrying amount \| $	$ 10,186,415	$ 9,647,982
Number of counterparties with repurchase agreements outstanding	16	14
Average haircut (as a percent)	2.95%	2.74%
Ratio of indebtedness to net capital	12
Aggregate Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Number of counterparties	3	4
BUCKLER Securities, LLC \| Aggregate Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	41.40%	48.40%
BUCKLER Securities, LLC \| Stockholders' Equity \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	7.30%	8.10%
Weighted average maturity (in days)	10 days	12 days
Three Repurchase Agreement Counterparties \| Aggregate Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	5.00%	5.00%
Three Repurchase Agreement Counterparties \| Repurchase Agreement Borrowings \| Counterparty Concentration Risk
Concentration Risk [Line Items]
Percentage of concentration risk	22.80%	27.20%

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Note 15 - Related Party Transactions

ACM

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

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

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

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

•Coordinating capital raising activities;

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

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

ACM has voluntarily waived a portion of its contractual management fee. ACM is currently waiving $550 per month of its contractual management fee until ACM provides further notice to ARMOUR (see Note 9 - Commitments and Contingencies).

The following table reconciles the fees incurred in accordance with the management agreement for the three and nine months ended September 30, 2024 and September 30, 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
ARMOUR management fees	$	9,919	$	9,704	$	29,532	$	28,309
Less management fees waived	(1,650)		(1,650)		(4,950)		(4,950)
Total management fee expense	$	8,269	$	8,054	$	24,582	$	23,359

We are required to take actions as may be reasonably required to permit and enable ACM to carry out its duties and obligations. We are also responsible for any costs and expenses that ACM incurred solely on our behalf other than the various overhead expenses specified in the terms of the management agreement. For the three and nine months ended September 30, 2024 and September 30, 2023, we reimbursed ACM $446 and $701 and $82 and $487, respectively, for other expenses incurred on our behalf. In 2020, 2021 and 2023, we elected to grant restricted stock unit awards to our executive officers and other ACM employees that generally vest over 5 years. In 2020, 2021 and 2023, we elected to grant

RSUs to the Board. We recognized stock based compensation expense of $90 and $268 and $113 and $372 for the three and nine months ended September 30, 2024 and September 30, 2023, respectively.

BUCKLER

At September 30, 2024, we held an ownership interest in BUCKLER of 10.8%, which is included in prepaid and other assets in our consolidated balance sheet and is accounted for using the equity method as BUCKLER maintains specific ownership accounts. Based on our evaluation of certain protective rights and the nature of the on demand subordinated loan agreement, we have determined that we do not have the power to direct the day-to-day activities that most significantly impact BUCKLER's economic performance and additionally do not have the obligation to absorb losses or the right to receive benefits that could be significant to BUCKLER. As a result, we do not have a controlling financial interest, and thus, are not BUCKLER's primary beneficiary and do not consolidate BUCKLER. The value of the investment was $385 at September 30, 2024 and $382 at December 31, 2023, reflecting our total investment plus our share of BUCKLER’s operating results, in accordance with the terms of the operating agreement of BUCKLER that our independent directors negotiated. The primary purpose of our investment in BUCKLER is to facilitate our access to repurchase financing on potentially attractive terms (considering rate, term, size, haircut, relationship and funding commitment) compared to other suitable repurchase financing counterparties.

Our operating agreement with BUCKLER contains certain provisions to benefit and protect the Company, including (1) sharing in any (a) defined profits realized by BUCKLER from the anticipated financing spreads resulting from repurchase financing facilitated by BUCKLER, and (b) distributions from BUCKLER to its members of net cash receipts, and (2) the realization of anticipated savings from reduced clearing, brokerage, trading and administrative fees. In addition, the independent directors of the Company must approve, in their sole discretion, any third-party business engaged by BUCKLER and may, under certain circumstances, cause BUCKLER to wind up and dissolve and promptly return certain subordinated loans we provide to BUCKLER as regulatory capital (as described more fully below). For each of the three and nine months ended September 30, 2024 and September 30, 2023, we earned $0 from BUCKLER as an allocated share of Financing Gross Profit for a reduction of interest on repurchase agreements charged to the Company. Financing Gross Profit is defined in the operating agreement.

Effective March 20, 2023, the Company committed to provide on demand a subordinated loan agreement to BUCKLER in an amount up to $200,000. 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 three and nine months ended September 30, 2023, the Company earned $0 and $973 of interest on this loan.

On February 22, 2021, the Company entered into an uncommitted revolving credit facility and security agreement with BUCKLER. Under the terms of the facility, the Company may, in its sole and absolute discretion, provide drawings to BUCKLER of up to $50,000. Interest on drawings is payable monthly at the Federal Reserve Bank of New York SOFR plus 2% per annum. To date, BUCKLER has not yet used the facility and therefore no interest expense was payable for the three and nine months ended September 30, 2024.

With BUCKLER as the sales agent, under the 2023 Common stock ATM Sales Agreement, we sold 5,014 common shares for proceeds of $101,384, net of issuance costs and commissions of approximately $833 during the three and nine months ended September 30, 2024. We also repurchased 70 common shares under the current repurchase authorization which cost $(1,344), including commissions of approximately $11, to BUCKLER during the nine months ended September 30, 2024. In October 2024, we sold 568 shares under the 2023 Common stock ATM sales agreement for proceeds of $11,121, net of issuance costs and commissions of approximately $84 to BUCKLER (see Note 11 - Stockholders' Equity).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

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

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

+ Details