2014 Q2 Form 10-Q Financial Statement

#000142820514000108 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue -$41.50M $513.6M
YoY Change -108.08% 15950.0%
Cost Of Revenue $19.20M $23.60M
YoY Change -18.64% 112.61%
Gross Profit -$60.70M $490.0M
YoY Change -112.39% -6302.53%
Gross Profit Margin 95.4%
Selling, General & Admin $8.800M $8.700M
YoY Change 1.15% 64.15%
% of Gross Profit 1.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.455M $9.302M
YoY Change 1.64% 63.68%
Operating Profit -$70.16M $480.7M
YoY Change -114.59% -3638.97%
Interest Expense $14.98M $23.60M
YoY Change -36.52% 112.45%
% of Operating Profit 4.91%
Other Income/Expense, Net $670.0K $564.0K
YoY Change 18.79%
Pretax Income -$70.19M $481.4M
YoY Change -114.58% -3639.6%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$70.19M $481.4M
YoY Change -114.58% -3637.77%
Net Earnings / Revenue 93.73%
Basic Earnings Per Share -$1.68 $1.28
Diluted Earnings Per Share -$1.68 $1.28
COMMON SHARES
Basic Shares Outstanding 44.64M shares 372.6M shares
Diluted Shares Outstanding 44.64M shares 374.1M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $433.0M $803.0M
YoY Change -46.08% 145.57%
Cash & Equivalents $433.1M $802.9M
Short-Term Investments
Other Short-Term Assets $0.00 $1.000M
YoY Change -100.0% 0.0%
Inventory
Prepaid Expenses
Receivables $45.00M $64.00M
Other Receivables $0.00 $75.00M
Total Short-Term Assets $478.0M $943.0M
YoY Change -49.31% 150.8%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.96B $22.61B
YoY Change -24.97% 69.6%
Other Assets $14.00M $280.0M
YoY Change -95.0% 45.08%
Total Long-Term Assets $17.15B $23.23B
YoY Change -26.19% 71.69%
TOTAL ASSETS
Total Short-Term Assets $478.0M $943.0M
Total Long-Term Assets $17.15B $23.23B
Total Assets $17.62B $24.17B
YoY Change -27.09% 73.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.021B $3.000M
YoY Change 33933.33% -98.9%
Accrued Expenses $18.00M $10.00M
YoY Change 80.0% 233.33%
Deferred Revenue
YoY Change
Short-Term Debt $14.39B $19.76B
YoY Change -27.17% 63.16%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.54B $19.98B
YoY Change -27.22% 64.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $109.0M $1.976B
YoY Change -94.48% 1158.6%
Total Long-Term Liabilities $109.0M $1.976B
YoY Change -94.48% 1158.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.54B $19.98B
Total Long-Term Liabilities $109.0M $1.976B
Total Liabilities $15.67B $21.96B
YoY Change -28.62% 74.98%
SHAREHOLDERS EQUITY
Retained Earnings -$848.5M
YoY Change
Common Stock $357.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.951B $2.216B
YoY Change
Total Liabilities & Shareholders Equity $17.62B $24.17B
YoY Change -27.09% 73.83%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$70.19M $481.4M
YoY Change -114.58% -3637.77%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $89.00M $118.9M
YoY Change -25.15% 127.34%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.458B $1.260B
YoY Change -215.69% -219.43%
Cash From Investing Activities -$1.458B $1.260B
YoY Change -215.69% -219.43%
FINANCING ACTIVITIES
Cash Dividend Paid $57.68M
YoY Change
Common Stock Issuance & Retirement, Net $20.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.213B -1.413B
YoY Change -185.87% -232.68%
NET CHANGE
Cash From Operating Activities 89.00M 118.9M
Cash From Investing Activities -1.458B 1.260B
Cash From Financing Activities 1.213B -1.413B
Net Change In Cash -155.7M -33.70M
YoY Change 362.02% -154.35%
FREE CASH FLOW
Cash From Operating Activities $89.00M $118.9M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:center;text-indent:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the &#8220;SEC&#8221;). Accordingly, they 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 </font><font style="font-family:inherit;font-size:10pt;">quarter and six months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the calendar year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">. These unaudited 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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:58px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiary. All intercompany accounts and transactions have been eliminated. The preparation of 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 condensed financial statements include the valuation of Agency Securities (as defined below) and derivative instruments.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the Financial Accounting Standards Board issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-11, Repurchase-to Maturity Transactions, Repurchase Financing, and Disclosures, Transfers and Servicing (Topic 860).</font><font style="font-family:inherit;font-size:10pt;"> We do not have repurchase-to-maturity transactions or repurchase financing arrangements of the type covered by ASU 2014-11, therefore this change will not affect our consolidated financial state</font><font style="font-family:inherit;font-size:10pt;">ments. The amendment also requires certain additional disclosures about repurchase agreements beginning in the second quarter of 2015.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Nature of Business Operations</font></div><div style="line-height:120%;text-align:justify;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">References to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; "ARMOUR" or the &#8220;Company&#8221; are to ARMOUR Residential REIT, Inc. References to "ARRM" are to ARMOUR Residential Management LLC, a Delaware limited liability company. </font></div><div style="line-height:120%;text-align:justify;text-indent:58px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are an externally managed Maryland corporation organized in 2008, managed by ARRM, an investment advisor registered with the SEC (see Note 14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Related Party Transactions&#8221;</font><font style="font-family:inherit;font-size:10pt;"> for additional discussion). We invest&#160;in residential mortgage backed securities issued or guaranteed by a United States (&#8220;U.S.&#8221;) Government-sponsored entity (&#8220;GSE&#8221;), such as the Federal National Mortgage Association (Fannie Mae), the&#160;Federal Home Loan Mortgage Corporation (Freddie Mac) or guaranteed by the Government National Mortgage Administration (Ginnie Mae) (collectively, "Agency Securities").&#160;We also may invest in other securities backed by residential mortgages for which the payment of principal and interest is not guaranteed by a GSE or government agency (collectively, "Non-Agency Securities"). While we remain committed to investing in Agency Securities for so long as an adequate supply and pricing exists, we have the flexibility to invest in Non-Agency Securities and respond to changes in GSE policy as needed. 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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.</font></div><div style="line-height:120%;text-align:justify;text-indent:58px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. 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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table represents the contractual repricing regarding our repurchase agreements, net to finance Agency Security purchases at </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;text-indent:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="15" rowspan="1"></td></tr><tr><td width="44%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June 30, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 31, 2013</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Repurchase Agreements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Weighted Average Contractual Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Repurchase Agreements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Weighted Average Contractual Rate</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Within 30 days (net of reverse repurchase agreements of $1,028,661 at June 30, 2014)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,259,485</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,990,434</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31 days to 60 days</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,375,136</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.35</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,098,298</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61 days to 90 days</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,725,911</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,226,694</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.44</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" 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style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">836,078</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.43</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total or Weighted Average</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,393,580</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.39</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,151,504</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;text-indent:10px;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:58px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table represents the MRAs and other information regarding our repurchase agreements to finance Agency Security purchases at </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="73%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June 30, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 31, 2013</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of MRAs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of counterparties with repurchase agreements outstanding</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average maturity in days</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Haircut for repurchase agreements (1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.89</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.96</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2014Q2 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
0 USD
CY2014Q2 us-gaap Securities Purchased Under Agreements To Resell Amount Offset Against Collateral
SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral
0 USD
CY2014Q2 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash
SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash
0 USD
CY2014Q2 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Securities
SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnSecurities
0 USD
CY2014Q2 us-gaap Securities Purchased Under Agreements To Resell Gross
SecuritiesPurchasedUnderAgreementsToResellGross
1028661000 USD
CY2014Q2 us-gaap Securities Purchased Under Agreements To Resell Liability
SecuritiesPurchasedUnderAgreementsToResellLiability
1028661000 USD
CY2014Q2 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
14393580000 USD
CY2013Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
13151504000 USD
CY2014Q2 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
62959000 USD
CY2014Q2 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
1028661000 USD
CY2014Q2 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
-62959000 USD
CY2014Q2 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
14393580000 USD
CY2014Q2 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
15422241000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
597000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
604000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
37000 shares
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
154000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
154000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
597000 USD
CY2012Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2012Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
50000000 shares
CY2014Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
49400000 shares
CY2014Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
600000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2585000 USD
CY2014Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2585000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1901228000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
1950883000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
428484000 USD
CY2013Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
412183000 USD
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-116273000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-292629000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
357302000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
357111000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
356897000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
374135000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
355359000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
357111000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
357302000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
372591000 shares
CY2014Q2 arr Aggregate Tax Basis Stockholders Equityin Excessof Assetsand Liabilities
AggregateTaxBasisStockholdersEquityinExcessofAssetsandLiabilities
226338000 USD
CY2014Q2 arr Aggregate Tax Basis Stockholders Equityin Excessof Assetsand Liabilities Per Share
AggregateTaxBasisStockholdersEquityinExcessofAssetsandLiabilitiesPerShare
0.63
CY2013Q4 arr Available For Sale Securities Weighted Average Coupon Rate
AvailableForSaleSecuritiesWeightedAverageCouponRate
0.0352
CY2014Q2 arr Available For Sale Securities Weighted Average Coupon Rate
AvailableForSaleSecuritiesWeightedAverageCouponRate
0.0334
CY2013Q4 arr Availableforsale Securities Debt Maturities Rolling After Year Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveAmortizedCostBasis
10980999000 USD
CY2014Q2 arr Availableforsale Securities Debt Maturities Rolling After Year Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveAmortizedCostBasis
821512000 USD
CY2014Q2 arr Availableforsale Securities Debt Maturities Rolling After Year Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveFairValue
822787000 USD
CY2013Q4 arr Availableforsale Securities Debt Maturities Rolling After Year Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveFairValue
10818469000 USD
CY2013Q4 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveAmortizedCostBasis
3837530000 USD
CY2014Q2 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveAmortizedCostBasis
13940498000 USD
CY2014Q2 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveFairValue
13990697000 USD
CY2013Q4 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveFairValue
3809418000 USD
CY2014Q2 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearTwoThroughThreeAmortizedCostBasis
2133709000 USD
CY2013Q4 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearTwoThroughThreeAmortizedCostBasis
20127000 USD
CY2014Q2 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingYearTwoThroughThreeFairValue
2148650000 USD
CY2013Q4 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingYearTwoThroughThreeFairValue
20289000 USD
arr Availableforsale Securities Quotes Received Numberof Dealers
AvailableforsaleSecuritiesQuotesReceivedNumberofDealers
3 dealer
CY2013Q4 arr Cash Collateral Held For Counterparties
CashCollateralHeldForCounterparties
387845000 USD
CY2014Q2 arr Cash Collateral Held For Counterparties
CashCollateralHeldForCounterparties
128168000 USD
CY2014Q1 arr Common Stock Acquired Average Cost Per Share
CommonStockAcquiredAverageCostPerShare
4.31
CY2014Q2 arr Derivative Weighted Average Interest Rate
DerivativeWeightedAverageInterestRate
0.0199
CY2013Q4 arr Derivative Weighted Average Interest Rate
DerivativeWeightedAverageInterestRate
0.0198
CY2014Q2 arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
461000 USD
arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
755000 USD
CY2013Q2 arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
492000 USD
arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
492000 USD
CY2013Q2 arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
-412183000 USD
arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
269311000 USD
arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
-428484000 USD
CY2014Q2 arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
116273000 USD
CY2014Q2 arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
-4614000 USD
arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
-21717000 USD
arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
65255000 USD
CY2013Q2 arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
-21717000 USD
CY2014Q2 arr Effective Taxable Income Reconciliation Net Premium Amortization Differences
EffectiveTaxableIncomeReconciliationNetPremiumAmortizationDifferences
266000 USD
CY2013Q2 arr Effective Taxable Income Reconciliation Net Premium Amortization Differences
EffectiveTaxableIncomeReconciliationNetPremiumAmortizationDifferences
0 USD
arr Effective Taxable Income Reconciliation Net Premium Amortization Differences
EffectiveTaxableIncomeReconciliationNetPremiumAmortizationDifferences
5609000 USD
arr Effective Taxable Income Reconciliation Net Premium Amortization Differences
EffectiveTaxableIncomeReconciliationNetPremiumAmortizationDifferences
0 USD
arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
16000 USD
CY2013Q2 arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
7000 USD
arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
11000 USD
CY2014Q2 arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
5000 USD
arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
109245000 USD
arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
177416000 USD
CY2013Q2 arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
91418000 USD
CY2014Q2 arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
50897000 USD
CY2013Q2 arr Gain Losson Availableforsale Securitiesand Short Sales
GainLossonAvailableforsaleSecuritiesandShortSales
-202000 USD
arr Gain Losson Availableforsale Securitiesand Short Sales
GainLossonAvailableforsaleSecuritiesandShortSales
65255000 USD
arr Gain Losson Availableforsale Securitiesand Short Sales
GainLossonAvailableforsaleSecuritiesandShortSales
18312000 USD
CY2014Q2 arr Gain Losson Availableforsale Securitiesand Short Sales
GainLossonAvailableforsaleSecuritiesandShortSales
-4614000 USD
arr Gain Losson Short Saleof Us Treasury Securities
GainLossonShortSaleofUSTreasurySecurities
639000 USD
arr Gain Losson Short Saleof Us Treasury Securities
GainLossonShortSaleofUSTreasurySecurities
-15781000 USD
CY2013Q4 arr Haircuton Repurchase Agreements
HaircutonRepurchaseAgreements
0.0496
CY2014Q2 arr Haircuton Repurchase Agreements
HaircutonRepurchaseAgreements
0.0489
arr Increase Decreasein Interest Payable Us Treasury Securities Sold Short
IncreaseDecreaseinInterestPayableUSTreasurySecuritiesSoldShort
4254000 USD
arr Increase Decreasein Interest Payable Us Treasury Securities Sold Short
IncreaseDecreaseinInterestPayableUSTreasurySecuritiesSoldShort
0 USD
arr Interest Expense Us Treasury Securities Sold Short
InterestExpenseUSTreasurySecuritiesSoldShort
4263000 USD
arr Interest Expense Us Treasury Securities Sold Short
InterestExpenseUSTreasurySecuritiesSoldShort
0 USD
CY2013Q2 arr Interest Expense Us Treasury Securities Sold Short
InterestExpenseUSTreasurySecuritiesSoldShort
0 USD
CY2014Q2 arr Interest Expense Us Treasury Securities Sold Short
InterestExpenseUSTreasurySecuritiesSoldShort
4263000 USD
CY2013Q4 arr Interest Payable Securities Soldunder Agreementsto Repurchase
InterestPayableSecuritiesSoldunderAgreementstoRepurchase
6629000 USD
CY2014Q2 arr Interest Payable Securities Soldunder Agreementsto Repurchase
InterestPayableSecuritiesSoldunderAgreementstoRepurchase
7888000 USD
CY2014Q2 arr Interest Payable Us Treasury Securities Sold Short
InterestPayableUSTreasurySecuritiesSoldShort
10256000 USD
CY2013Q4 arr Interest Payable Us Treasury Securities Sold Short
InterestPayableUSTreasurySecuritiesSoldShort
0 USD
arr Issuance Of Common Stock Receivable
IssuanceOfCommonStockReceivable
5000 USD
arr Issuance Of Common Stock Receivable
IssuanceOfCommonStockReceivable
19000 USD
arr Noncash Investingand Financing Activities Payablesto Broker Dealers And Clearing Organizations
NoncashInvestingandFinancingActivitiesPayablestoBrokerDealersAndClearingOrganizations
38816000 USD
arr Noncash Investingand Financing Activities Payablesto Broker Dealers And Clearing Organizations
NoncashInvestingandFinancingActivitiesPayablestoBrokerDealersAndClearingOrganizations
0 USD
arr Noncash Investingand Financing Activities Receivables From Brokers Dealersand Clearing Organizations
NoncashInvestingandFinancingActivitiesReceivablesFromBrokersDealersandClearingOrganizations
0 USD
arr Noncash Investingand Financing Activities Receivables From Brokers Dealersand Clearing Organizations
NoncashInvestingandFinancingActivitiesReceivablesFromBrokersDealersandClearingOrganizations
66992000 USD
CY2013Q2 arr Other Operating Income Loss
OtherOperatingIncomeLoss
373123000 USD
arr Other Operating Income Loss
OtherOperatingIncomeLoss
378885000 USD
CY2014Q2 arr Other Operating Income Loss
OtherOperatingIncomeLoss
-155385000 USD
arr Other Operating Income Loss
OtherOperatingIncomeLoss
-273610000 USD
CY2013Q4 arr Payables To Broker Dealers And Clearing Organizations Fair Value Disclosure
PayablesToBrokerDealersAndClearingOrganizationsFairValueDisclosure
158850000 USD
CY2014Q2 arr Payables To Broker Dealers And Clearing Organizations Fair Value Disclosure
PayablesToBrokerDealersAndClearingOrganizationsFairValueDisclosure
38847000 USD
arr Payments For Securities Sold Under Agreements To Repurchase
PaymentsForSecuritiesSoldUnderAgreementsToRepurchase
40802642000 USD
arr Payments For Securities Sold Under Agreements To Repurchase
PaymentsForSecuritiesSoldUnderAgreementsToRepurchase
76020640000 USD
arr Paymentsto Acquire Us Treasury Securities Financing Activities
PaymentstoAcquireUSTreasurySecuritiesFinancingActivities
934701000 USD
arr Paymentsto Acquire Us Treasury Securities Financing Activities
PaymentstoAcquireUSTreasurySecuritiesFinancingActivities
0 USD
CY2013Q2 arr Paymentsto Acquire Us Treasury Securities Financing Activities
PaymentstoAcquireUSTreasurySecuritiesFinancingActivities
935340000 USD
arr Paymentsto Acquire Us Treasury Securities Netof Realized Gain Loss Financing Activities
PaymentstoAcquireUSTreasurySecuritiesNetofRealizedGainLossFinancingActivities
935340000 USD
CY2013Q4 arr Principal Payments Receivable
PrincipalPaymentsReceivable
70000 USD
CY2014Q2 arr Principal Payments Receivable
PrincipalPaymentsReceivable
108000 USD
arr Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
43073379000 USD
arr Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
79296965000 USD
arr Proceedsfrom Short Salesof U.S.Treasury Securities Financing Activities
ProceedsfromShortSalesofU.S.TreasurySecuritiesFinancingActivities
2811277000 USD
arr Proceedsfrom Short Salesof U.S.Treasury Securities Financing Activities
ProceedsfromShortSalesofU.S.TreasurySecuritiesFinancingActivities
1011705000 USD
CY2013Q2 arr Proceedsfrom Short Salesof U.S.Treasury Securities Financing Activities
ProceedsfromShortSalesofU.S.TreasurySecuritiesFinancingActivities
2789560000 USD
CY2014Q2 arr Proceedsfrom Short Salesof U.S.Treasury Securities Financing Activities
ProceedsfromShortSalesofU.S.TreasurySecuritiesFinancingActivities
1011705000 USD
arr Proceedsfrom Short Salesof U.S.Treasury Securities Netof Unrealized Gain Loss Financing Activities
ProceedsfromShortSalesofU.S.TreasurySecuritiesNetofUnrealizedGainLossFinancingActivities
2789560000 USD
CY2014Q2 arr Related Party Transaction Management Agreement Monthly Percentageof Effective Management Fee Percentage
RelatedPartyTransactionManagementAgreementMonthlyPercentageofEffectiveManagementFeePercentage
0.0833
CY2014Q2 arr Repurchase Agreements Number Of Counterparties
RepurchaseAgreementsNumberOfCounterparties
30 agreement
CY2013Q4 arr Repurchase Agreements Number Of Counterparties
RepurchaseAgreementsNumberOfCounterparties
27 counterparty
CY2014Q2 arr Repurchase Agreements Numberof Master Repurchase Agreements
RepurchaseAgreementsNumberofMasterRepurchaseAgreements
37 agreement
CY2013Q4 arr Repurchase Agreements Numberof Master Repurchase Agreements
RepurchaseAgreementsNumberofMasterRepurchaseAgreements
35 agreement
CY2014Q2 arr Short Saleof Us Treasury Securities Realized Gain Loss
ShortSaleofUSTreasurySecuritiesRealizedGainLoss
0 USD
CY2013Q2 arr Short Saleof Us Treasury Securities Realized Gain Loss
ShortSaleofUSTreasurySecuritiesRealizedGainLoss
639000 USD
arr Short Saleof Us Treasury Securities Realized Gain Loss
ShortSaleofUSTreasurySecuritiesRealizedGainLoss
0 USD
arr Short Saleof Us Treasury Securities Realized Gain Loss
ShortSaleofUSTreasurySecuritiesRealizedGainLoss
639000 USD
CY2014Q2 arr Short Saleof Us Treasury Securities Unrealized Gain Loss
ShortSaleofUSTreasurySecuritiesUnrealizedGainLoss
-15781000 USD
CY2013Q2 arr Short Saleof Us Treasury Securities Unrealized Gain Loss
ShortSaleofUSTreasurySecuritiesUnrealizedGainLoss
-21717000 USD
arr Short Saleof Us Treasury Securities Unrealized Gain Loss
ShortSaleofUSTreasurySecuritiesUnrealizedGainLoss
-15781000 USD
arr Short Saleof Us Treasury Securities Unrealized Gain Loss
ShortSaleofUSTreasurySecuritiesUnrealizedGainLoss
-21717000 USD
arr Sub Management Agreement Percentageof Annualized Rateof Sub Management Fee For The Prior Three Months Payableif Terminated
SubManagementAgreementPercentageofAnnualizedRateofSubManagementFeeForThePriorThreeMonthsPayableifTerminated
6.16
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001428205
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
357192562 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Armour Residential REIT, Inc.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
15305000000 USD
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
16025000000 USD

Files In Submission

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0001428205-14-000108-index-headers.html Edgar Link pending
0001428205-14-000108-index.html Edgar Link pending
0001428205-14-000108.txt Edgar Link pending
0001428205-14-000108-xbrl.zip Edgar Link pending
arr-06302014x10q.htm Edgar Link pending
arr-20140630.xml Edgar Link completed
arr-20140630.xsd Edgar Link pending
arr-20140630_cal.xml Edgar Link unprocessable
arr-20140630_def.xml Edgar Link unprocessable
arr-20140630_lab.xml Edgar Link unprocessable
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arr-6302014xex311sulm.htm Edgar Link pending
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