2018 Q2 Form 10-Q Financial Statement

#000142820518000198 Filed on July 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $58.60M $69.90M
YoY Change -16.17% 62.18%
Cost Of Revenue $35.70M $20.50M
YoY Change 74.15% 12.02%
Gross Profit $22.90M $49.40M
YoY Change -53.64% 99.19%
Gross Profit Margin 39.08% 70.67%
Selling, General & Admin $9.300M $8.700M
YoY Change 6.9% -2.25%
% of Gross Profit 40.61% 17.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.352M $9.364M
YoY Change -0.13% -2.33%
Operating Profit $13.55M $40.04M
YoY Change -66.16% 163.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $49.00K $650.0K
YoY Change -92.46% -8.71%
Pretax Income $13.60M $29.70M
YoY Change -54.21% 40.09%
Income Tax $25.00K
% Of Pretax Income 0.18%
Net Earnings $13.56M $29.70M
YoY Change -54.34% 40.26%
Net Earnings / Revenue 23.14% 42.49%
Basic Earnings Per Share $0.22 $0.70
Diluted Earnings Per Share $0.22 $0.70
COMMON SHARES
Basic Shares Outstanding 41.91M shares 36.78M shares
Diluted Shares Outstanding 42.33M shares 36.80M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $336.0M $412.0M
YoY Change -18.45% 5.91%
Cash & Equivalents $335.5M $412.1M
Short-Term Investments
Other Short-Term Assets $3.000M $2.000M
YoY Change 50.0% -66.67%
Inventory
Prepaid Expenses
Receivables $236.0M $19.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $575.0M $433.0M
YoY Change 32.79% -13.4%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.234B $7.933B
YoY Change -8.81% -8.72%
Other Assets $10.00M $58.00M
YoY Change -82.76% -81.7%
Total Long-Term Assets $7.522B $8.021B
YoY Change -6.22% -11.26%
TOTAL ASSETS
Total Short-Term Assets $575.0M $433.0M
Total Long-Term Assets $7.522B $8.021B
Total Assets $8.097B $8.454B
YoY Change -4.22% -11.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.000M $7.000M
YoY Change -14.29% -22.22%
Accrued Expenses $6.000M $4.000M
YoY Change 50.0% -20.0%
Deferred Revenue
YoY Change
Short-Term Debt $6.254B $6.296B
YoY Change -0.67% -21.02%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.428B $6.309B
YoY Change 1.89% -21.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $463.0M $860.0M
YoY Change -46.16% 121.08%
Total Long-Term Liabilities $463.0M $860.0M
YoY Change -46.16% 121.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.428B $6.309B
Total Long-Term Liabilities $463.0M $860.0M
Total Liabilities $6.890B $7.169B
YoY Change -3.88% -14.65%
SHAREHOLDERS EQUITY
Retained Earnings -$1.362B -$1.406B
YoY Change -3.18% -11.86%
Common Stock $42.00K $41.00K
YoY Change 2.44% 10.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.207B $1.285B
YoY Change
Total Liabilities & Shareholders Equity $8.097B $8.454B
YoY Change -4.22% -11.37%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $13.56M $29.70M
YoY Change -54.34% 40.26%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $17.90M $64.50M
YoY Change -72.25% -276.23%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $725.6M $279.9M
YoY Change 159.24% -89.84%
Cash From Investing Activities $725.6M $279.9M
YoY Change 159.24% -89.84%
FINANCING ACTIVITIES
Cash Dividend Paid $28.39M $24.86M
YoY Change 14.22% -17.16%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -627.9M -126.8M
YoY Change 395.19% -95.07%
NET CHANGE
Cash From Operating Activities 17.90M 64.50M
Cash From Investing Activities 725.6M 279.9M
Cash From Financing Activities -627.9M -126.8M
Net Change In Cash 115.6M 217.6M
YoY Change -46.88% 49.04%
FREE CASH FLOW
Cash From Operating Activities $17.90M $64.50M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Payments To Fund Longterm Loans To Related Parties
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CashAndCashEquivalentsAtCarryingValue
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CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
57131000 USD
arr Noncash Investingand Financing Activities Receivables From Brokers Dealersand Clearing Organizations
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216292000 USD
arr Noncash Investingand Financing Activities Receivables From Brokers Dealersand Clearing Organizations
NoncashInvestingandFinancingActivitiesReceivablesFromBrokersDealersandClearingOrganizations
0 USD
arr Noncash Investingand Financing Activities Payablesto Broker Dealers And Clearing Organizations
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462325000 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-194997000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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21296000 USD
us-gaap Nature Of Operations
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<span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Note 1 -Organization and Nature of Business Operations</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;text-align:justify;text-indent:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">References to “we,” “us,” “our,” or the “Company” are to ARMOUR Residential REIT, Inc. (“ARMOUR”) and its subsidiaries. References to “ACM” are to ARMOUR Capital Management LP, a Delaware limited partnership. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report.</span></div><div style="line-height:120%;text-align:justify;text-indent:58px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">ARMOUR is an externally managed Maryland corporation incorporated in 2008. The Company is managed by ACM, an investment advisor registered with the Securities and Exchange Commission (the “SEC”), (see </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Note 10 -Commitments and Contingencies</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> and </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Note 15 -Related Party Transactions</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> for additional discussion). We have elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the "Code”). Our qualification as a REIT depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the concentration of ownership of our capital stock. We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes. As a REIT, we will generally not be subject to federal income tax on the REIT taxable income that we currently distribute to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to federal income tax at regular corporate rates. Even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some federal, state and local taxes on our income.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">We invest in residential mortgage backed securities issued or guaranteed by a United States (“U.S.”) Government-sponsored entity (“GSE”), such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a government agency such as Government National Mortgage Administration (Ginnie Mae) (collectively, “Agency Securities”). We also invest in Interest-Only Securities, which are the interest portion of Agency Securities, that is separated and sold individually from the principal portion of the same payment. Other securities backed by residential mortgages in which we invest, for which the payment of principal and interest is not guaranteed by a GSE or government agency (collectively, “Credit Risk and Non-Agency Securities” and together with Agency Securities and Interest-Only Securities, “MBS”), may benefit from credit enhancement derived from structural elements such as subordination, over collateralization or insurance. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div>Our securities portfolio consists primarily of Agency Securities backed by fixed rate home loans. From time to time, a portion of our assets may be invested in Agency Securities backed by hybrid adjustable rate and adjustable rate home loans as well as unsecured notes and bonds issued by GSEs, U.S. Treasury Securities and money market instruments, subject to certain income tests we must satisfy for our qualification as a REIT.
us-gaap Basis Of Accounting
BasisOfAccounting
<span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Note 2 -Basis of Presentation and Consolidation</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;text-align:center;text-indent:20px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">three and six months ended</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">June 30, 2018</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the calendar year ending </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">December 31, 2018</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">December 31, 2017</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">.</span></div><div style="line-height:120%;text-align:justify;text-indent:58px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">The unaudited consolidated financial statements include the accounts of ARMOUR Residential REIT, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying condensed consolidated financial statements include the valuation of MBS </span></div>(as defined below), including an assessment of whether other-than-temporary impairment (“OTTI”) exists, and derivative instruments.
us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
Credit Risk and Non-Agency Securities and Interest-Only Securities<span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;"> - </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">Interest income on Credit Risk and Non-Agency Securities and Interest-Only Securities is recognized using the effective yield method over the life of the securities based on the future cash flows expected to be received. Future cash flow projections and related effective yields are determined for each security and updated quarterly. Other than temporary impairments, which establish a new cost basis in the security for purposes of calculating effective yields, are recognized when the fair value of a security is less than its cost basis and there has been an adverse change in the future cash flows expected to be received. Other changes in future cash flows expected to be received are recognized prospectively over the remaining life of the security.</span><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;"/><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;text-decoration:underline;">U.S. Treasury Securities</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;"> - </span>Interest income on U.S. Treasury Securities is recognized based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction.Revenue Recognition<div style="line-height:120%;text-align:justify;text-indent:10px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"> </span></div><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;"/><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;text-decoration:underline;">Agency Securities</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;"> - </span>Interest income is earned and recognized on Agency Securities based on their unpaid principal amounts and their contractual terms. Recognition of interest income commences on the settlement date of the purchase transaction and continues through the settlement date of the sale transaction. Premiums and discounts associated with the purchase of Multi-Family MBS, which are generally not subject to prepayment, are amortized or accreted into interest income over the contractual lives of the securities using a level yield method. Premiums and discounts associated with the purchase of other Agency Securities are amortized or accreted into interest income over the actual lives of the securities, reflecting actual prepayments as they occur.
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Note 4 -Recent Accounting Pronouncements</span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">We consider the applicability and impact of all Accounting Standards Updates issued by the Financial Accounting Standards Board. Those not listed below were deemed to be either not applicable, are not expected to have a significant impac</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">t on our consolidated financial statements when adopted, or did not have a significant impact on our consolidated financial statements upon adoption.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">In June 2018, the Financial Accounting Standards Board issued ASU 2018–07, </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Improvements to Nonemployee Share–Based Payment Accounting (Topic 718)</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">. The standard largely aligns the accounting for share–based payment awards issued to employees and nonemployees. Equity–classified share–based payment awards issued to nonemployees will be measured on the grant date, instead of being remeasured through the performance completion date (generally the vesting date), as required under the current guidance. The standard is to be applied on a modified retrospective basis through a cumulative–effect adjustment to retained earnings as of the beginning of the fiscal year when adopted. The standard is effective for fiscal years beginning after December 15, 2018 including interim periods within that fiscal year. The Company is currently assessing the impact of the standard on the consolidated financial statements. </span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">In August 2017, the Financial Accounting Standards Board issued ASU 2017-12, </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">. The standard amends the hedge accounting recognition and presentation requirements in ASC 815. The standard is effective for fiscal years beginning after December 15, 2018 and interim periods therein, however, early adoption is permitted. The Company is currently assessing the impact of the standard and whether it may apply hedge accounting in the future.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><span style="font-family:Calibri,sans-serif;font-size:10pt;">In July 2016, the Financial Accounting Standards Board issued ASU 2016-13, </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Financial Instruments–Credit Losses (Topic 326)</span>. The standard introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The standard will apply to (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off–balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The standard is effective for fiscal years beginning after December 15, 2019. The Company is assessing the impact of this standard but does not expect it to have significant impact on the consolidated financial statements. However, the impact on the consolidated financial statements will depend on the debt securities held by the Company on the date of the adoption.
arr Availableforsale Securities Quotes Received Numberof Dealers
AvailableforsaleSecuritiesQuotesReceivedNumberofDealers
3 dealer
arr Trading Securities Quotes Received Numberof Dealers
TradingSecuritiesQuotesReceivedNumberofDealers
3 dealer
arr Availableforsale Securities Quotes Received Numberof Dealers
AvailableforsaleSecuritiesQuotesReceivedNumberofDealers
3 dealer
CY2018Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
6398411000 USD
CY2018Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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147332000 USD
CY2018Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2233000 USD
CY2018Q2 us-gaap Available For Sale Securities Debt Securities
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6253312000 USD
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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7499077000 USD
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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39392000 USD
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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19281000 USD
CY2017Q4 us-gaap Available For Sale Securities Debt Securities
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7478966000 USD
CY2018Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
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0 USD
CY2018Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
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0 USD
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
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0 USD
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
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0 USD
CY2018Q2 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingYearTwoThroughThreeFairValue
21802000 USD
CY2018Q2 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearTwoThroughThreeAmortizedCostBasis
22000000 USD
CY2017Q4 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Fair Value
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29126000 USD
CY2017Q4 arr Availableforsale Securities Debt Maturities Rolling Year Two Through Three Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearTwoThroughThreeAmortizedCostBasis
29269000 USD
CY2018Q2 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveFairValue
165641000 USD
CY2018Q2 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveAmortizedCostBasis
167858000 USD
CY2017Q4 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveFairValue
1353036000 USD
CY2017Q4 arr Availableforsale Securities Debt Maturities Rolling Year Four Through Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingYearFourThroughFiveAmortizedCostBasis
1353998000 USD
CY2018Q2 arr Availableforsale Securities Debt Maturities Rolling After Year Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveFairValue
6065869000 USD
CY2018Q2 arr Availableforsale Securities Debt Maturities Rolling After Year Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveAmortizedCostBasis
6208553000 USD
CY2017Q4 arr Availableforsale Securities Debt Maturities Rolling After Year Five Fair Value
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveFairValue
6096804000 USD
CY2017Q4 arr Availableforsale Securities Debt Maturities Rolling After Year Five Amortized Cost Basis
AvailableforsaleSecuritiesDebtMaturitiesRollingAfterYearFiveAmortizedCostBasis
6115810000 USD
CY2018Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
6253312000 USD
CY2018Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
6398411000 USD
CY2017Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
7478966000 USD
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7499077000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
3895211000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
102524000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
1171068000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
44808000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
5066279000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
147332000 USD
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
4355924000 USD
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
28906000 USD
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
733637000 USD
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
10486000 USD
CY2017Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
5089561000 USD
CY2017Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
39392000 USD
CY2018Q2 arr Proceedsfrom Saleof Debt Securities Availableforsale Netof Unsettled Sales
ProceedsfromSaleofDebtSecuritiesAvailableforsaleNetofUnsettledSales
1236423000 USD
arr Proceedsfrom Saleof Debt Securities Availableforsale Netof Unsettled Sales
ProceedsfromSaleofDebtSecuritiesAvailableforsaleNetofUnsettledSales
2373507000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-25316000 USD
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-57919000 USD
CY2017Q2 arr Proceedsfrom Saleof Debt Securities Availableforsale Netof Unsettled Sales
ProceedsfromSaleofDebtSecuritiesAvailableforsaleNetofUnsettledSales
660971000 USD
arr Proceedsfrom Saleof Debt Securities Availableforsale Netof Unsettled Sales
ProceedsfromSaleofDebtSecuritiesAvailableforsaleNetofUnsettledSales
2687595000 USD
CY2017Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-460000 USD
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-11614000 USD
CY2018Q2 arr Repurchase Agreements Numberof Counterpartieswith Master Repurchase Agreements
RepurchaseAgreementsNumberofCounterpartieswithMasterRepurchaseAgreements
47 counterparty
CY2018Q2 arr Repurchase Agreements Number Of Counterpartieswith Outstanding Borrowings
RepurchaseAgreementsNumberOfCounterpartieswithOutstandingBorrowings
26 counterparty
CY2017Q4 arr Repurchase Agreements Numberof Counterpartieswith Master Repurchase Agreements
RepurchaseAgreementsNumberofCounterpartieswithMasterRepurchaseAgreements
46 counterparty
CY2017Q4 arr Repurchase Agreements Number Of Counterpartieswith Outstanding Borrowings
RepurchaseAgreementsNumberOfCounterpartieswithOutstandingBorrowings
32 counterparty
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
The following tables represent the contractual repricing regarding our repurchase agreements to finance our MBS at <span style="font-family:Calibri,sans-serif;font-size:10pt;">June 30, 2018</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> and </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">December 31, 2017</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">. No amounts below are subject to offsetting.</span><div style="line-height:120%;text-align:left;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="13"/></tr><tr><td style="width:42%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:15%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:11%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">June 30, 2018</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Repurchase Agreements</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Weighted Average Contractual Rate</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Weighted Average Maturity in days</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Haircut for Repurchase Agreements </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sub style="vertical-align:bottom;line-height:120%;font-size:pt">(1)</sub></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Agency Securities</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>5,576,934</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.23</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>25</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>4.21</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Credit Risk and Non-Agency Securities</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>677,255</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.95</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>13</span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>19.45</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total or Weighted Average</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>6,254,189</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.31</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>23</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>6.12</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;padding-left:18px;text-indent:-18px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;text-indent:-18px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.</span></div><div style="line-height:120%;text-align:left;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="13"/></tr><tr><td style="width:42%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:15%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:11%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">December 31, 2017</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Repurchase Agreements</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Weighted Average Contractual Rate</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Weighted Average Maturity in days</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Haircut for Repurchase Agreements </span><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;"><sub style="vertical-align:bottom;line-height:120%;font-size:pt">(1)</sub></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Agency Securities</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>6,793,481</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>1.60</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>55</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>4.29</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Credit Risk and Non-Agency Securities</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>762,436</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.67</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>15</span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>21.68</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total or Weighted Average</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>7,555,917</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>1.71</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>51</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>6.39</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;padding-left:18px;text-indent:-18px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;padding-left:18px;text-indent:-18px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Our repurchase agreements require that we maintain adequate pledged collateral. A decline in the value of the MBS pledged as collateral for borrowings under repurchase agreements could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels. We manage this risk by maintaining an adequate balance of available cash and unpledged securities. An event of default or termination event under the standard MRA would give our counterparty the option to terminate all repurchase transactions existing with us and require any amount due to be payable immediately. In addition, certain of our MRAs contain a restriction that prohibits our leverage from exceeding </span><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>twelve</span></span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> times our stockholders’ equity as well as termination events in the case of significant reductions in equity capital. We also may receive cash or securities as collateral from our derivative counterparties which we may use as additional collateral for repurchase agreements. Certain interest rate swap contracts provide for cross collateralization and cross default with repurchase agreements and other contracts with the same counterparty.</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">The following table summarizes the maturity or repricing and the weighted average contractual rates of our repurchase agreements to finance our MBS at </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">June 30, 2018</span><span style="font-family:Calibri,sans-serif;font-size:10pt;"> and </span><span style="font-family:Calibri,sans-serif;font-size:10pt;">December 31, 2017</span><span style="font-family:Calibri,sans-serif;font-size:10pt;">. </span></div><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;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="15"/></tr><tr><td style="width:44%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:11%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:11%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:12%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">June 30, 2018</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">December 31, 2017</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Maturing or Repricing</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Repurchase Agreements</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Weighted Average Contractual Rate</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Repurchase Agreements</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></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;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Weighted Average Contractual Rate</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Within 30 days</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>5,239,133</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.33</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>1,738,768</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.08</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">31 days to 60 days</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>712,013</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.16</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2,394,450</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>1.59</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">61 days to 90 days</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>0.00</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>3,422,699</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>1.61</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">Greater than 90 days</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>303,043</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.24</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>—</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>0.00</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;font-weight:bold;">Total or Weighted Average</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>6,254,189</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>2.31</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>7,555,917</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;"><span>1.71</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Calibri,sans-serif;font-size:10pt;">%</span></div></td></tr></table></div>
CY2018Q2 us-gaap Assets Sold Under Agreements To Repurchase Carrying Amounts
AssetsSoldUnderAgreementsToRepurchaseCarryingAmounts
6254189000 USD
CY2018Q2 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0231
us-gaap Repurchase Agreement Counterparty Weighted Average Maturity Of Agreements1
RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1
P23D
CY2018Q2 arr Haircuton Repurchase Agreements
HaircutonRepurchaseAgreements
0.0612
CY2017Q4 us-gaap Assets Sold Under Agreements To Repurchase Carrying Amounts
AssetsSoldUnderAgreementsToRepurchaseCarryingAmounts
7555917000 USD
CY2017Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0171
CY2017 us-gaap Repurchase Agreement Counterparty Weighted Average Maturity Of Agreements1
RepurchaseAgreementCounterpartyWeightedAverageMaturityOfAgreements1
P51D
CY2017Q4 arr Haircuton Repurchase Agreements
HaircutonRepurchaseAgreements
0.0639
CY2018Q2 us-gaap Assets Sold Under Agreements To Repurchase Carrying Amounts
AssetsSoldUnderAgreementsToRepurchaseCarryingAmounts
6254189000 USD
CY2018Q2 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0231
CY2017Q4 us-gaap Assets Sold Under Agreements To Repurchase Carrying Amounts
AssetsSoldUnderAgreementsToRepurchaseCarryingAmounts
7555917000 USD
CY2017Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0171
CY2018Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
8850000000 USD
CY2018Q2 us-gaap Derivative Assets
DerivativeAssets
173863000 USD
CY2018Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
177000 USD
CY2018Q2 arr Derivative Notional Amount Becoming Effectivein Next Six Months
DerivativeNotionalAmountBecomingEffectiveinNextSixMonths
500000000 USD
CY2017Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
6850000000 USD
CY2017Q4 us-gaap Derivative Assets
DerivativeAssets
37211000 USD
CY2017Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
7948000 USD
CY2018Q2 us-gaap Derivative Assets
DerivativeAssets
173863000 USD
CY2018Q2 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
177000 USD
CY2018Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
155108000 USD
CY2018Q2 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
18578000 USD
CY2018Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
177000 USD
CY2018Q2 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
177000 USD
CY2018Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2018Q2 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2017Q4 us-gaap Derivative Assets
DerivativeAssets
37211000 USD
CY2017Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
7948000 USD
CY2017Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
14621000 USD
CY2017Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
14642000 USD
CY2017Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
7948000 USD
CY2017Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
7948000 USD
CY2017Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2017Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2018Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
30713000 USD
CY2017Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-21148000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
89310000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-9629000 USD
CY2018Q2 arr Related Party Transaction Management Agreement Gross Equity Raised
RelatedPartyTransactionManagementAgreementGrossEquityRaised
2620693000 USD
CY2017Q2 arr Related Party Transaction Management Agreement Gross Equity Raised
RelatedPartyTransactionManagementAgreementGrossEquityRaised
2586188000 USD
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q2 arr Preferred Stock Undesignated Shares Authorized
PreferredStockUndesignatedSharesAuthorized
32740000 shares
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000 shares
CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
41928000 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
41877000 shares
CY2018Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1874000 shares
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8046000 USD
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8046000 USD
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8046000 USD
CY2018Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2018Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8046000 USD
CY2018Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2018Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8045000 USD
CY2018Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.19
CY2018Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8045000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
48274000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
13562000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
29699000 USD
us-gaap Net Income Loss
NetIncomeLoss
58309000 USD
us-gaap Net Income Loss
NetIncomeLoss
82417000 USD
CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4259000 USD
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3905000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8513000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7811000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9303000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25794000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
49796000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
74606000 USD
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41912000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36782000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36753000 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
416000 shares
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
416000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42328000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36798000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42316000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36769000 shares
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
13562000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
29699000 USD
us-gaap Net Income Loss
NetIncomeLoss
58309000 USD
us-gaap Net Income Loss
NetIncomeLoss
82417000 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Reversalof Income
EffectiveTaxableIncomeReconciliationReversalofIncome
119000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Reversalof Income
EffectiveTaxableIncomeReconciliationReversalofIncome
0 USD
arr Effective Taxable Income Reconciliation Reversalof Income
EffectiveTaxableIncomeReconciliationReversalofIncome
287000 USD
arr Effective Taxable Income Reconciliation Reversalof Income
EffectiveTaxableIncomeReconciliationReversalofIncome
0 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Premium Amortization Expense
EffectiveTaxableIncomeReconciliationPremiumAmortizationExpense
697000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Premium Amortization Expense
EffectiveTaxableIncomeReconciliationPremiumAmortizationExpense
0 USD
arr Effective Taxable Income Reconciliation Premium Amortization Expense
EffectiveTaxableIncomeReconciliationPremiumAmortizationExpense
1132000 USD
arr Effective Taxable Income Reconciliation Premium Amortization Expense
EffectiveTaxableIncomeReconciliationPremiumAmortizationExpense
90000 USD
CY2018Q2 arr Effective Income Tax Rate Reconciliation Net Bookto Tax Differenceson Credit Riskand Non Agency Securities
EffectiveIncomeTaxRateReconciliationNetBooktoTaxDifferencesonCreditRiskandNonAgencySecurities
2729000 USD
CY2017Q2 arr Effective Income Tax Rate Reconciliation Net Bookto Tax Differenceson Credit Riskand Non Agency Securities
EffectiveIncomeTaxRateReconciliationNetBooktoTaxDifferencesonCreditRiskandNonAgencySecurities
-31494000 USD
arr Effective Income Tax Rate Reconciliation Net Bookto Tax Differenceson Credit Riskand Non Agency Securities
EffectiveIncomeTaxRateReconciliationNetBooktoTaxDifferencesonCreditRiskandNonAgencySecurities
1533000 USD
arr Effective Income Tax Rate Reconciliation Net Bookto Tax Differenceson Credit Riskand Non Agency Securities
EffectiveIncomeTaxRateReconciliationNetBooktoTaxDifferencesonCreditRiskandNonAgencySecurities
-56436000 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Trading Securities Interest Only
EffectiveTaxableIncomeReconciliationTradingSecuritiesInterestOnly
267000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Trading Securities Interest Only
EffectiveTaxableIncomeReconciliationTradingSecuritiesInterestOnly
-1863000 USD
arr Effective Taxable Income Reconciliation Trading Securities Interest Only
EffectiveTaxableIncomeReconciliationTradingSecuritiesInterestOnly
-140000 USD
arr Effective Taxable Income Reconciliation Trading Securities Interest Only
EffectiveTaxableIncomeReconciliationTradingSecuritiesInterestOnly
1277000 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Trading Securities Us Treasury Securities
EffectiveTaxableIncomeReconciliationTradingSecuritiesUSTreasurySecurities
8884000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Trading Securities Us Treasury Securities
EffectiveTaxableIncomeReconciliationTradingSecuritiesUSTreasurySecurities
0 USD
arr Effective Taxable Income Reconciliation Trading Securities Us Treasury Securities
EffectiveTaxableIncomeReconciliationTradingSecuritiesUSTreasurySecurities
6308000 USD
arr Effective Taxable Income Reconciliation Trading Securities Us Treasury Securities
EffectiveTaxableIncomeReconciliationTradingSecuritiesUSTreasurySecurities
0 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
-31988000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
12731000 USD
arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
-96264000 USD
arr Effective Taxable Income Reconciliation Changes In Derivatives
EffectiveTaxableIncomeReconciliationChangesInDerivatives
-9422000 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Otherthan Temporary Impairment Losses Amount
EffectiveTaxableIncomeReconciliationOtherthanTemporaryImpairmentLossesAmount
0 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Otherthan Temporary Impairment Losses Amount
EffectiveTaxableIncomeReconciliationOtherthanTemporaryImpairmentLossesAmount
-10338000 USD
arr Effective Taxable Income Reconciliation Otherthan Temporary Impairment Losses Amount
EffectiveTaxableIncomeReconciliationOtherthanTemporaryImpairmentLossesAmount
-12090000 USD
arr Effective Taxable Income Reconciliation Otherthan Temporary Impairment Losses Amount
EffectiveTaxableIncomeReconciliationOtherthanTemporaryImpairmentLossesAmount
-10338000 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
-25316000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
-459000 USD
arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
-57919000 USD
arr Effective Taxable Income Reconciliation Gains Losseson Availableforsale Securities
EffectiveTaxableIncomeReconciliationGainsLossesonAvailableforsaleSecurities
-11613000 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
-14067000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
-14828000 USD
arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
-28651000 USD
arr Effective Taxable Income Reconciliation Amortizationof Financing Costsand Discounts
EffectiveTaxableIncomeReconciliationAmortizationofFinancingCostsandDiscounts
-29732000 USD
CY2018Q2 arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
4000 USD
CY2017Q2 arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
5000 USD
arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
6000 USD
arr Effective Taxable Income Reconciliation Other Adjustments
EffectiveTaxableIncomeReconciliationOtherAdjustments
9000 USD
CY2018Q2 arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
3891000 USD
CY2017Q2 arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
5047000 USD
arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
9691000 USD
arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
9974000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50000 USD
CY2018Q2 arr Aggregate Tax Basis Stockholders Equityin Excessof Assetsand Liabilities
AggregateTaxBasisStockholdersEquityinExcessofAssetsandLiabilities
63603000 USD
CY2018Q2 arr Aggregate Tax Basis Stockholders Equityin Excessof Assetsand Liabilities Per Share
AggregateTaxBasisStockholdersEquityinExcessofAssetsandLiabilitiesPerShare
1.52
CY2018Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
41928000 shares
CY2018Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
28396000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
56787000 USD
CY2017Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
24856000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
49713000 USD
CY2018Q2 arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
3891000 USD
arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
9691000 USD
CY2017Q2 arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
5047000 USD
arr Estimated Reit Taxable Income
EstimatedREITTaxableIncome
9974000 USD

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