2014 Q4 Form 10-K Financial Statement

#000142820515000051 Filed on February 24, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue -$117.9M $78.20M -$41.50M
YoY Change 5.17% -138.64% -108.08%
Cost Of Revenue $16.00M $15.20M $19.20M
YoY Change -9.09% -15.08% -18.64%
Gross Profit -$133.9M $63.10M -$60.70M
YoY Change 3.24% -128.64% -112.39%
Gross Profit Margin 80.69%
Selling, General & Admin $8.700M $8.400M $8.800M
YoY Change -3.33% -9.68% 1.15%
% of Gross Profit 13.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.283M $8.972M $9.455M
YoY Change -2.6% -7.35% 1.64%
Operating Profit -$143.2M $54.13M -$70.16M
YoY Change 2.84% -123.54% -114.59%
Interest Expense $15.01M $14.98M
YoY Change -16.16% -36.52%
% of Operating Profit 27.72%
Other Income/Expense, Net $527.0K $670.0K
YoY Change 38.32% 18.79%
Pretax Income -$143.2M $54.09M -$70.19M
YoY Change -73.52% -123.52% -114.58%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$143.2M $54.09M -$70.19M
YoY Change -73.52% -123.52% -114.58%
Net Earnings / Revenue 69.17%
Basic Earnings Per Share -$3.29 $1.12 -$1.68
Diluted Earnings Per Share -$3.29 $1.12 -$1.68
COMMON SHARES
Basic Shares Outstanding 44.64M shares 44.65M shares 44.64M shares
Diluted Shares Outstanding 44.64M shares 44.80M shares 44.64M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $495.0M $543.0M $433.0M
YoY Change -0.2% 9.48% -46.08%
Cash & Equivalents $494.6M $542.8M $433.1M
Short-Term Investments
Other Short-Term Assets $2.000M $1.000M $0.00
YoY Change 100.0% 0.0% -100.0%
Inventory
Prepaid Expenses
Receivables $42.00M $44.00M $45.00M
Other Receivables $261.0M $3.003B $0.00
Total Short-Term Assets $800.0M $3.591B $478.0M
YoY Change 48.42% 561.33% -49.31%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.30B $13.67B $16.96B
YoY Change 4.44% -17.97% -24.97%
Other Assets $129.0M $33.00M $14.00M
YoY Change 258.33% 6.45% -95.0%
Total Long-Term Assets $15.49B $13.93B $17.15B
YoY Change 1.92% -18.49% -26.19%
TOTAL ASSETS
Total Short-Term Assets $800.0M $3.591B $478.0M
Total Long-Term Assets $15.49B $13.93B $17.15B
Total Assets $16.29B $17.52B $17.62B
YoY Change 3.52% -0.64% -27.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.00M $3.000M $1.021B
YoY Change -26.09% -25.0% 33933.33%
Accrued Expenses $7.000M $10.00M $18.00M
YoY Change 0.0% 25.0% 80.0%
Deferred Revenue
YoY Change
Short-Term Debt $13.88B $15.46B $14.39B
YoY Change 5.55% 3.6% -27.17%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.95B $15.61B $14.54B
YoY Change 2.83% 2.5% -27.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $583.0M $76.00M $109.0M
YoY Change 122.52% -70.08% -94.48%
Total Long-Term Liabilities $583.0M $76.00M $109.0M
YoY Change 122.52% -70.08% -94.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.95B $15.61B $14.54B
Total Long-Term Liabilities $583.0M $76.00M $109.0M
Total Liabilities $14.54B $15.68B $15.67B
YoY Change 5.1% 1.32% -28.62%
SHAREHOLDERS EQUITY
Retained Earnings -$1.053B -$852.1M -$848.5M
YoY Change 63.72%
Common Stock $44.00K $357.0K $357.0K
YoY Change -87.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.749B $1.836B $1.951B
YoY Change
Total Liabilities & Shareholders Equity $16.29B $17.52B $17.62B
YoY Change 3.52% -0.64% -27.09%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income -$143.2M $54.09M -$70.19M
YoY Change -73.52% -123.52% -114.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $109.9M $39.50M $89.00M
YoY Change 59.51% -54.23% -25.15%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.478B $1.119B -$1.458B
YoY Change -17.36% -86.48% -215.69%
Cash From Investing Activities $1.478B $1.119B -$1.458B
YoY Change -17.36% -86.48% -215.69%
FINANCING ACTIVITIES
Cash Dividend Paid $57.68M $57.68M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.636B -1.049B 1.213B
YoY Change -11.91% -87.9% -185.87%
NET CHANGE
Cash From Operating Activities 109.9M 39.50M 89.00M
Cash From Investing Activities 1.478B 1.119B -1.458B
Cash From Financing Activities -1.636B -1.049B 1.213B
Net Change In Cash -48.20M 109.6M -155.7M
YoY Change -161732362240000100.0% -135.78% 362.02%
FREE CASH FLOW
Cash From Operating Activities $109.9M $39.50M $89.00M
Capital Expenditures
Free Cash Flow
YoY Change

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AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0042
CY2014Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0038
CY2013Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7348000 USD
CY2014Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
111960000 USD
CY2013Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
197828000 USD
CY2014Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
27606000 USD
CY2013Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
14838658000 USD
CY2014Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
15213175000 USD
CY2012 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax
222443000 USD
CY2013 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax
-1416083000 USD
CY2014 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax
343604000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
292000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
25282000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
197828000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
27606000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
7193054000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
3358905000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
197536000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
2324000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
7175317000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
895382000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
17737000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
2463523000 USD
CY2013Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
2000 USD
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
0 USD
CY2013Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
2000 USD
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
0 USD
CY2013Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
14648178000 USD
CY2014Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
15297529000 USD
CY2012 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
4149321000 USD
CY2013 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
14965888000 USD
CY2014 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
10595518000 USD
CY2012 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
40627000 USD
CY2013Q1 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
18514000 USD
CY2013Q2 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
20876000 USD
CY2013Q3 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
-300960000 USD
CY2013Q4 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
-331929000 USD
CY2013 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
-593498000 USD
CY2014Q1 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
69869000 USD
CY2014Q2 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
11167000 USD
CY2014Q3 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
-12390000 USD
CY2014Q4 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
124000 USD
CY2014 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
68770000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
252372000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
771282000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
496478000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
494561000 USD
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
518910000 USD
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-274804000 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1917000 USD
CY2013Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
35917000 USD
CY2014Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
129004000 USD
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.11
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.11
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.11
CY2012Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2012Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2012Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2012Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.09
CY2012Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.09
CY2012Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.09
CY2013Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.08
CY2013Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.08
CY2013Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.08
CY2013Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2013Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2013Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2013Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2013Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2013Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2013Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2013Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2013Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2014Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.05
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
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0.11
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.11
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.11
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2012Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2012Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2012Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2013Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.08
CY2013Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.08
CY2013Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.08
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.07
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.07
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.07
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.07
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.07
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.07
CY2013Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2013Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2013Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2014Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.05
CY2012 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.20
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CommonStockDividendsPerShareDeclared
0.24
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.21
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.21
CY2013Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2013 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.81
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2014Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2014 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.60
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0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
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CommonStockSharesIssued
357613000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
353159000 shares
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CommonStockSharesOutstanding
357613000 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
353159000 shares
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
358000 USD
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
353000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
404122000 USD
CY2013 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-608088000 USD
CY2014 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
95786000 USD
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DerivativeAssets
508988000 USD
CY2014Q4 us-gaap Derivative Assets
DerivativeAssets
60518000 USD
CY2013 us-gaap Derivative Average Remaining Maturity1
DerivativeAverageRemainingMaturity1
P47M
CY2014 us-gaap Derivative Average Remaining Maturity1
DerivativeAverageRemainingMaturity1
P63M
CY2013Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
313229000 USD
CY2014Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
-119561000 USD
CY2013Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
101292000 USD
CY2014Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
137213000 USD
CY2013Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
1599000 USD
CY2014Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
227000 USD
CY2013Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
101292000 USD
CY2014Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
137213000 USD
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
508988000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
60518000 USD
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
508988000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
60518000 USD
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
94467000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
42866000 USD
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
102795000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
137393000 USD
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
102795000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
137393000 USD
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
-96000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
-47000 USD
CY2013Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
102795000 USD
CY2014Q4 us-gaap Net Income Loss
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-143172000 USD
CY2014Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
137393000 USD
CY2012 us-gaap Dividends Common Stock
DividendsCommonStock
268762000 USD
CY2013 us-gaap Dividends Common Stock
DividendsCommonStock
292583000 USD
CY2014 us-gaap Dividends Common Stock
DividendsCommonStock
215163000 USD
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.99
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.28
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.47
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.41
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.98
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.28
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.47
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.41
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2012 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-121813000 USD
CY2013 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
408735000 USD
CY2014 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-581346000 USD
CY2012 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-63039000 USD
CY2013Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-29053000 USD
CY2013Q2 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-38858000 USD
CY2013Q3 us-gaap Gain Loss On Sale Of Derivatives
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-37262000 USD
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CY2013 us-gaap Gain Loss On Sale Of Derivatives
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CY2014Q4 us-gaap Gain Loss On Sale Of Derivatives
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CY2014 us-gaap Gain Loss On Sale Of Derivatives
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CY2014 us-gaap General Insurance Expense
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726000 USD
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0 USD
CY2013Q3 us-gaap Income Tax Expense Benefit
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CY2013Q4 us-gaap Income Tax Expense Benefit
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CY2013 us-gaap Income Tax Expense Benefit
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CY2014Q1 us-gaap Income Tax Expense Benefit
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CY2014Q2 us-gaap Income Tax Expense Benefit
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0 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
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0 USD
CY2014Q4 us-gaap Income Tax Expense Benefit
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0 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
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CY2013 us-gaap Increase Decrease Cash Collateral From Counterparties
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383000 USD
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236000 USD
CY2013 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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448000 USD
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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728000 USD
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0 USD
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401541000 USD
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0 USD
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0 USD
CY2013Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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0 USD
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OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0 USD
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0 USD
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401541000 USD
CY2013 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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CY2014 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0 USD
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17923000 USD
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17923000 USD
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17923000 USD
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17923000 USD
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PaymentsToAcquireAvailableForSaleSecuritiesDebt
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PledgedFinancialInstrumentsNotSeparatelyReportedMortgageRelatedSecuritiesAvailableForSaleOrHeldForInvestment
13832482000 USD
CY2012 us-gaap Preferred Stock Dividends Income Statement Impact
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PreferredStockDividendsIncomeStatementImpact
3905000 USD
CY2013Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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3905000 USD
CY2013Q4 us-gaap Preferred Stock Dividends Income Statement Impact
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3906000 USD
CY2013 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3905000 USD
CY2014Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3905000 USD
CY2014Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3905000 USD
CY2014Q4 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3905000 USD
CY2014 us-gaap Preferred Stock Dividends Income Statement Impact
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15620000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2013Q4 us-gaap Prepaid Expense And Other Assets
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852000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
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1580000 USD
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CY2013 us-gaap Proceeds From Issuance Of Common Stock
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CY2014 us-gaap Proceeds From Issuance Of Common Stock
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CY2012 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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2629142000 USD
CY2013 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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3135502000 USD
CY2014 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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1806581000 USD
CY2012 us-gaap Proceeds From Sale Of Available For Sale Securities
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CY2013 us-gaap Proceeds From Sale Of Available For Sale Securities
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15611917000 USD
CY2014 us-gaap Proceeds From Sale Of Available For Sale Securities
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10334920000 USD
CY2012 us-gaap Proceeds From Securities Purchased Under Agreements To Resell
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0 USD
CY2013 us-gaap Proceeds From Securities Purchased Under Agreements To Resell
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11239305000 USD
CY2014 us-gaap Proceeds From Securities Purchased Under Agreements To Resell
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CY2012 us-gaap Professional Fees
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2009000 USD
CY2013 us-gaap Professional Fees
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CY2014 us-gaap Professional Fees
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3735000 USD
CY2013Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
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0 USD
CY2014Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
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CY2012 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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19459000 USD
CY2013 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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28141000 USD
CY2014 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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27857000 USD
CY2013 us-gaap Repurchase Agreement Counterparty Weighted Average Maturity Of Agreements1
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P45D
CY2014 us-gaap Repurchase Agreement Counterparty Weighted Average Maturity Of Agreements1
RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1
P60D
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q4 us-gaap Securities Sold Under Agreements To Repurchase
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13151504000 USD
CY2014Q4 us-gaap Securities Sold Under Agreements To Repurchase
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13881921000 USD
CY2012 us-gaap Share Based Compensation
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741000 USD
CY2012 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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1498238000 USD
CY2013 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2013 us-gaap Share Based Compensation
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CY2014 us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2014Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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50000000 shares
CY2014Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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CY2013Q2 us-gaap Stock Repurchased During Period Shares
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CY2013Q4 us-gaap Stock Repurchased During Period Shares
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us-gaap Stock Repurchased During Period Shares
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CY2013Q2 us-gaap Stock Repurchased During Period Value
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CY2013 us-gaap Stock Repurchased During Period Value
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CY2014 us-gaap Stock Repurchased During Period Value
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18362000 USD
CY2011Q4 us-gaap Stockholders Equity
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CY2012Q4 us-gaap Stockholders Equity
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CY2012 us-gaap Unrealized Gain Loss On Derivatives
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CY2013Q2 us-gaap Unrealized Gain Loss On Derivatives
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CY2014 us-gaap Unrealized Gain Loss On Derivatives
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CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014 us-gaap Basis Of Accounting
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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 U.S. (&#8220;GAAP&#8221;). The 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 consolidated financial statements include the valuation of Agency Securities (as defined below) and derivative instruments.</font></div></div>
CY2014 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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 balance sheets or consolidated statements of operations. The amendment also requires certain additional disclosures about repurchase agreements beginning with our second quarter 2015 consolidated financial statements.</font></div></div>
CY2014 us-gaap Nature Of Operations
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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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CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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-style:italic;">Reclassification</font></div><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 style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense amounts on U.S. Treasury Securities sold short have been presented separately in the </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> consolidated statements of operations to conform to the current presentation. Gain (loss) on short sale of U.S. Treasury Securities have been adjusted for this change in the consolidated statements of operations and the consolidated statements of cash flows to conform to current presentation. No other reclassifications have been made to previously reported amounts. </font></div></div>
CY2014 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
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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;">December 31, 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</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,994,656</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.36</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">5,631,858</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;">0.37</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;">2,348,839</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;">0.39</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" 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;">Greater than 90 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;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;">1,906,568</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" 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;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,881,921</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;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></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;">December&#160;31, 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="74%" 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="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="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;">December 31, 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;">40</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;">28</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;">60</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;">4.81</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. Among other things, it is a measure of our unsecured credit risk to our lenders. </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>

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