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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ARMOUR Residential REIT Inc New | NYSE:ARR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.18 | 0.96% | 19.01 | 19.35 | 18.935 | 19.13 | 1,005,007 | 22:29:00 |
|
FORM 10-K
|
ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
|
26-1908763
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of Class
|
|
Name of Exchange on which registered
|
Preferred Stock, 8.250% Series A Cumulative Redeemable
|
|
New York Stock Exchange
|
Preferred Stock, 7.875% Series B Cumulative Redeemable
|
|
New York Stock Exchange
|
Common Stock, $0.001 par value
|
|
New York Stock Exchange
|
|
Glossary of Terms
|
|
•
|
that at least 75% of our gross income each year is derived from certain real estate related sources;
|
•
|
that at least 75% of the value of our assets consists of cash, cash items, government securities and qualified REIT real estate assets at the end of each calendar quarter;
|
•
|
that the remainder of our investment in securities generally cannot include more than 10% of the outstanding voting securities of any one issuer, or more than 10% of the total value of the outstanding securities of any one issuer; and
|
•
|
that no more than 5% of the value of our assets can consist of securities of any one issuer.
|
•
|
we would be taxed as a regular domestic corporation, which, among other things, means that we would be unable to deduct distributions to stockholders in computing taxable income and would be subject to federal income tax on our taxable income at regular corporate rates;
|
•
|
any resulting tax liability could be substantial and would reduce the amount of cash available for distribution to stockholders and could force us to liquidate assets at inopportune times, causing lower income or higher losses than would result if these assets were not liquidated; and
|
•
|
unless we were entitled to relief under applicable statutory provisions, we would be disqualified from treatment as a REIT for the subsequent four taxable years following the year during which we lost our qualification and thus, our cash available for distribution to our stockholders would be reduced for each of the years during which we do not qualify as a REIT.
|
Quarter ended
|
|
Series A Preferred Stock
|
|
Series B Preferred Stock
|
|
Common Stock
|
||||||||||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||||||
December 31, 2016
|
|
$
|
24.50
|
|
|
$
|
23.73
|
|
|
$
|
23.40
|
|
|
$
|
22.69
|
|
|
$
|
23.22
|
|
|
$
|
20.34
|
|
September 30, 2016
|
|
$
|
24.66
|
|
|
$
|
24.12
|
|
|
$
|
23.88
|
|
|
$
|
22.80
|
|
|
$
|
23.10
|
|
|
$
|
20.01
|
|
June 30, 2016
|
|
$
|
24.59
|
|
|
$
|
22.48
|
|
|
$
|
22.80
|
|
|
$
|
20.70
|
|
|
$
|
22.14
|
|
|
$
|
18.87
|
|
March 31, 2016
|
|
$
|
23.28
|
|
|
$
|
20.16
|
|
|
$
|
20.85
|
|
|
$
|
17.50
|
|
|
$
|
21.99
|
|
|
$
|
17.53
|
|
December 31, 2015
|
|
$
|
23.12
|
|
|
$
|
22.02
|
|
|
$
|
21.99
|
|
|
$
|
20.08
|
|
|
$
|
21.84
|
|
|
$
|
19.61
|
|
September 30, 2015
|
|
$
|
23.48
|
|
|
$
|
21.58
|
|
|
$
|
22.83
|
|
|
$
|
21.30
|
|
|
$
|
23.28
|
|
|
$
|
19.69
|
|
June 30, 2015
|
|
$
|
24.95
|
|
|
$
|
23.00
|
|
|
$
|
24.08
|
|
|
$
|
22.29
|
|
|
$
|
25.68
|
|
|
$
|
22.48
|
|
March 31, 2015
|
|
$
|
25.25
|
|
|
$
|
24.45
|
|
|
$
|
24.20
|
|
|
$
|
23.65
|
|
|
$
|
29.84
|
|
|
$
|
24.72
|
|
|
|
Period Ending
|
||||||||||||||||||||||
Index
|
|
12/31/11
|
|
12/31/12
|
|
12/31/13
|
|
12/31/14
|
|
12/31/15
|
|
12/13/16
|
||||||||||||
FTSE NAREIT Mortgage Total Return Index
|
|
$
|
100.00
|
|
|
$
|
119.89
|
|
|
$
|
117.54
|
|
|
$
|
165.76
|
|
|
$
|
151.05
|
|
|
$
|
155.11
|
|
S&P 500 Total Return Index
|
|
$
|
100.00
|
|
|
$
|
116.00
|
|
|
$
|
153.57
|
|
|
$
|
205.14
|
|
|
$
|
207.98
|
|
|
$
|
198.18
|
|
ARMOUR Residential REIT
|
|
$
|
100.00
|
|
|
$
|
91.77
|
|
|
$
|
55.89
|
|
|
$
|
105.76
|
|
|
$
|
92.62
|
|
|
$
|
61.44
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency Securities, available for sale, at fair value
|
$
|
6,511,164
|
|
|
$
|
12,461,556
|
|
|
$
|
15,297,529
|
|
|
$
|
14,648,178
|
|
|
$
|
19,096,562
|
|
Non-Agency Securities, trading, at fair value
|
$
|
1,052,170
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-Only Securities, trading, at fair value
|
$
|
33,627
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total Assets
|
$
|
7,978,161
|
|
|
$
|
13,055,277
|
|
|
$
|
16,285,798
|
|
|
$
|
15,732,517
|
|
|
$
|
20,878,878
|
|
Repurchase
agreements
|
$
|
6,818,453
|
|
|
$
|
11,570,481
|
|
|
$
|
13,881,921
|
|
|
$
|
13,151,504
|
|
|
$
|
18,366,095
|
|
Total Stockholders' Equity
|
$
|
1,092,065
|
|
|
$
|
1,225,166
|
|
|
$
|
1,749,291
|
|
|
$
|
1,901,228
|
|
|
$
|
2,307,775
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Interest Income
|
$
|
263,995
|
|
|
$
|
365,300
|
|
|
$
|
450,927
|
|
|
$
|
505,443
|
|
|
$
|
388,994
|
|
Interest expense-repurchase agreements
|
(73,107
|
)
|
|
(59,278
|
)
|
|
(59,562
|
)
|
|
(83,113
|
)
|
|
(61,195
|
)
|
|||||
Interest expense-U.S. Treasury Securities sold short
|
—
|
|
|
—
|
|
|
(5,551
|
)
|
|
(1,437
|
)
|
|
—
|
|
|||||
Net Interest Income
|
$
|
190,888
|
|
|
$
|
306,022
|
|
|
$
|
385,814
|
|
|
$
|
420,893
|
|
|
$
|
327,799
|
|
Total Other Loss
|
(198,902
|
)
|
|
(300,278
|
)
|
|
(527,264
|
)
|
|
(570,796
|
)
|
|
(80,143
|
)
|
|||||
Total Expenses
|
(37,503
|
)
|
|
(36,949
|
)
|
|
(37,598
|
)
|
|
(37,151
|
)
|
|
(25,374
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
24
|
|
|||||
Net Income (Loss)
|
$
|
(45,517
|
)
|
|
$
|
(31,205
|
)
|
|
$
|
(179,048
|
)
|
|
$
|
(187,044
|
)
|
|
$
|
222,306
|
|
Dividends on preferred stock
|
(15,621
|
)
|
|
(15,622
|
)
|
|
(15,620
|
)
|
|
(14,213
|
)
|
|
(1,964
|
)
|
|||||
Net Income (Loss) available (related) to common stockholders
|
$
|
(61,139
|
)
|
|
$
|
(46,827
|
)
|
|
$
|
(194,668
|
)
|
|
$
|
(201,257
|
)
|
|
$
|
220,342
|
|
Net Income (loss) per share-common stock, Basic
|
$
|
(1.67
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
(4.32
|
)
|
|
$
|
(4.40
|
)
|
|
$
|
7.92
|
|
Net Income (loss) per share-common stock, Diluted
|
$
|
(1.67
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
(4.32
|
)
|
|
$
|
(4.40
|
)
|
|
$
|
7.84
|
|
Weighted average common shares outstanding-Basic
|
36,698
|
|
|
42,780
|
|
|
44,654
|
|
|
45,354
|
|
|
27,953
|
|
Weighted average common shares outstanding- Diluted
|
36,698
|
|
|
42,780
|
|
|
44,654
|
|
|
45,354
|
|
|
28,033
|
|
|||||
Dividends declared per common share
|
$
|
3.02
|
|
|
$
|
3.89
|
|
|
$
|
4.80
|
|
|
$
|
6.48
|
|
|
$
|
9.60
|
|
Key Portfolio Statistics
*
|
|
|
|
|
|
|
|
|
|
||||||||||
Average MBS
(1)
|
$
|
10,755,853
|
|
|
$
|
13,756,536
|
|
|
$
|
15,784,528
|
|
|
$
|
19,593,311
|
|
|
$
|
14,270,813
|
|
Average Repurchase Agreements
(2)
|
$
|
8,983,091
|
|
|
$
|
13,509,622
|
|
|
$
|
15,206,938
|
|
|
$
|
19,106,669
|
|
|
$
|
12,922,455
|
|
Average Portfolio
Yield
(3)
|
2.71
|
%
|
|
2.65
|
%
|
|
2.86
|
%
|
|
2.58
|
%
|
|
2.73
|
%
|
|||||
Average Cost of
Funds
(4)
|
1.32
|
%
|
|
1.26
|
%
|
|
1.36
|
%
|
|
1.19
|
%
|
|
0.96
|
%
|
|||||
Interest Rate
Spread
(5)
|
1.39
|
%
|
|
1.39
|
%
|
|
1.49
|
%
|
|
1.39
|
%
|
|
1.76
|
%
|
|||||
Return on Equity
(6)
|
(4.17
|
)%
|
|
(2.55
|
)%
|
|
(10.24
|
)%
|
|
(9.84
|
)%
|
|
9.60
|
%
|
|||||
Average Annual Portfolio Repayment Rate
(7)
|
9.81
|
%
|
|
8.51
|
%
|
|
6.16
|
%
|
|
10.03
|
%
|
|
11.90
|
%
|
|||||
Debt to Stockholders' Equity
(8)
|
6.24:1
|
|
|
9.44:1
|
|
|
7.94:1
|
|
|
6.92:1
|
|
|
7.96:1
|
|
(1)
|
Our daily average investment in MBS was calculated by dividing the sum of our daily MBS investments during the year by the number of days in the period.
|
(2)
|
Our daily average balance outstanding under our repurchase agreements was calculated by dividing the sum of our daily outstanding balances under our repurchase agreements during the year by the number of days in the period.
|
(3)
|
Our average portfolio yield was calculated by dividing our interest income by our average Agency Securities.
|
(4)
|
Our average cost of funds was calculated by dividing our total interest expense (including realized loss on derivatives) by our average repurchase agreement borrowings.
|
(5)
|
Our interest rate spread was calculated by subtracting our average cost of funds from our average portfolio yield.
|
(6)
|
Our return on equity was calculated by dividing net income (loss) by total stockholders' equity.
|
(7)
|
Our average annual portfolio repayment rate is calculated by taking the actual CPR for a month and averaging it with the other CPRs from the same year.
|
(8)
|
Our debt-to-equity ratio was calculated by dividing the amount outstanding under our repurchase agreements at period end by total stockholders’ equity at period end.
|
•
|
our degree of leverage;
|
•
|
our access to funding and borrowing capacity;
|
•
|
the REIT requirements under the Code; and
|
•
|
the requirements to qualify for an exclusion under the 1940 Act and other regulatory and accounting policies related to our business.
|
•
|
Our average MBS portfolio decreased
21.8%
from
$13,756,536
at
December 31, 2015
to
$10,755,853
at
December 31, 2016
.
|
•
|
Our net interest rate spread was
1.39%
at
December 31, 2015
and
December 31, 2016
. Our average MBS portfolio yield increased
0.06%
and our cost of funds increased
0.06%
year over year. The decrease in our MBS portfolio resulted in decreased net interest income from
2015
to
2016
.
|
•
|
There were no U.S. Treasury Securities sold short in
2015
or
2016
.
|
•
|
Our average MBS portfolio decreased
12.8%
from
$15,784,528
at
December 31, 2014
to
$13,756,536
at
December 31, 2015
.
|
•
|
Our net interest rate spread decreased 10 basis points from
1.49%
at
December 31, 2014
to
1.39%
at
December 31, 2015
. Our average MBS portfolio yield decreased
(0.21)%
while our cost of funds decreased
(0.10)%
year over year. The decrease in the interest rate spread from
2014
to
2015
combined with the decrease in our MBS portfolio resulted in decreased net interest income.
|
•
|
There were no U.S. Treasury Securities sold short in
2015
.
|
•
|
Gains (losses) on MBS resulted from the sales of Agency Securities during the
year ended
December 31, 2016
of
$7,195,157
compared to
$5,367,123
during the year ended
December 31, 2015
. Anticipating portfolio repositioning sales in January 2017, we concluded that the
December 31, 2016
unrealized losses on certain of our 3.0% and 3.5% 15-year fixed rate Agency Securities represented an other than temporary impairment. Accordingly, we recognized losses totaling
$6,540
in our consolidated financial statements of operations, thereby establishing a new cost basis for those Agency Securities with aggregate fair value of
$785,285
as of
December 31, 2016
. We determined that there was no other than temporary impairment of our remaining Agency Securities. We also had sales of Non-Agency Securities of
$61,843
and sales of Interest-Only Securities of
$66,982
for the
year ended
December 31, 2016
.
|
•
|
We did not sell short or purchase U.S. Treasury Securities during the years ended
December 31, 2016
or
December 31, 2015
.
|
•
|
Gains (losses) on Derivatives resulted from a combination of the following:
|
◦
|
We decreased our total interest rate swap contracts aggregate notional balance from
$8,800,000
at
December 31, 2015
to
$4,225,000
at
December 31, 2016
.
|
◦
|
We terminated our basis swap contracts during the year ended
December 31, 2016
.
|
◦
|
We also entered into
$2,850,000
notional of TBA Agency Securities during the year ended
December 31, 2016
.
|
•
|
Gains (losses) on Agency Securities resulted from the sales of Agency Securities during the year ended
December 31, 2015
of
$5,367,123
compared to
$10,595,518
during the year ended
December 31, 2014
.
|
•
|
At
December 31, 2015
and
December 31, 2014
, we also considered whether we intended to sell Agency Securities and whether it was more likely than not that we could meet our liquidity requirements and contractual obligations without selling Agency Securities. As a result of this evaluation, no other than temporary impairment was recognized for the years ended
December 31, 2015
and
December 31, 2014
, respectively, because we determined that we 1) did not have the intent to sell the Agency Securities in an unrealized loss position, 2) did not believe it more likely than not that we were required to sell the securities before recovery (for example, because of liquidity requirements or contractual obligations), and/or (3) determined that a credit loss did not exist.
|
•
|
We did not sell short or purchase U.S. Treasury Securities during the year ended
December 31, 2015
. Gains (losses) on U.S. Treasury Securities in 2014 resulted from U.S. Treasury Securities sold short during the year ended
December 31, 2014
of
$2,005,363
, which were repurchased at a cost of
$2,020,051
. In 2014, our short positions were outstanding for a total of 86 days, when U.S Treasury interest rates were generally declining.
|
•
|
Gains (losses) on Derivatives resulted from a combination of the following:
|
◦
|
We decreased our total interest rate swap contracts aggregate notional balance from $13,020,000 at December 31, 2014 to $8,800,000 at December 31, 2015, respectively.
|
◦
|
Our total Futures Contracts notional amount decreased from $10,000 at December 31, 2014 to $0 at December 31, 2015, respectively, due to the maturity of contracts.
|
◦
|
We also entered into $2,000,000 notional of basis swap contracts during the year ended December 31, 2015.
|
Asset Type
|
|
Principal Amount
|
|
Fair Value
|
|
Weighted Average Coupon
|
|
CPR
(1)
|
|
Weighted Average Month to Reset or Maturity
|
||||||
ARMs & Hybrids
|
|
$
|
80,486
|
|
|
$
|
83,577
|
|
|
2.53
|
%
|
|
10.41
|
%
|
|
11
|
Multi-Family MBS
|
|
1,408,376
|
|
|
1,441,773
|
|
|
3.18
|
%
|
|
0.00
|
%
|
|
89
|
||
10 Year Fixed
|
|
135,420
|
|
|
141,705
|
|
|
3.92
|
%
|
|
11.51
|
%
|
|
112
|
||
15 Year Fixed
|
|
3,173,008
|
|
|
3,314,719
|
|
|
3.50
|
%
|
|
13.26
|
%
|
|
160
|
||
20 Year Fixed
|
|
330,628
|
|
|
352,481
|
|
|
4.16
|
%
|
|
15.10
|
%
|
|
202
|
||
25 Year Fixed
|
|
119,151
|
|
|
125,092
|
|
|
3.87
|
%
|
|
20.30
|
%
|
|
324
|
||
30 Year Fixed
|
|
1,003,061
|
|
|
1,051,817
|
|
|
3.86
|
%
|
|
16.01
|
%
|
|
336
|
||
Total or Weighted Average
|
|
$
|
6,250,130
|
|
|
$
|
6,511,164
|
|
|
3.52
|
%
|
|
10.93
|
%
|
|
176
|
TBA Agency Securities 15 Year
(2)
|
|
1,550,000
|
|
|
1,575,350
|
|
|
2.81
|
%
|
|
0.00
|
%
|
|
180
|
||
TBA Agency Securities 30 Year
(2)
|
|
1,300,000
|
|
|
1,314,045
|
|
|
3.40
|
%
|
|
0.00
|
%
|
|
360
|
||
Total or Weighted Average
|
|
$
|
9,100,130
|
|
|
$
|
9,400,559
|
|
|
|
|
|
|
|
||
Interest-Only Securities
(3)
|
|
162,979
|
|
|
33,627
|
|
|
4.83
|
%
|
|
21.02
|
%
|
|
285
|
||
Total or Weighted Average
|
|
|
|
$
|
9,434,186
|
|
|
|
|
|
|
|
Asset Type
(2)
|
|
Principal Amount
|
|
Fair Value
|
|
Weighted Average Coupon
|
|
CPR
(1)
|
|
Weighted Average Month to Reset or Maturity
|
||||||
ARMs & Hybrids
|
|
$
|
114,000
|
|
|
$
|
119,013
|
|
|
2.53
|
%
|
|
11.51
|
%
|
|
12
|
Multi-Family MBS
|
|
2,126,155
|
|
|
2,158,589
|
|
|
3.09
|
%
|
|
0.00
|
%
|
|
105
|
||
10 Year Fixed
|
|
124,035
|
|
|
130,546
|
|
|
3.88
|
%
|
|
14.25
|
%
|
|
116
|
||
15 Year Fixed
|
|
4,295,880
|
|
|
4,489,918
|
|
|
3.33
|
%
|
|
8.92
|
%
|
|
150
|
||
20 Year Fixed
|
|
3,900,738
|
|
|
4,103,449
|
|
|
3.64
|
%
|
|
11.70
|
%
|
|
193
|
||
25 Year Fixed
|
|
16,960
|
|
|
18,359
|
|
|
4.50
|
%
|
|
14.15
|
%
|
|
279
|
||
30 Year Fixed
|
|
1,366,748
|
|
|
1,441,682
|
|
|
3.86
|
%
|
|
5.89
|
%
|
|
347
|
||
Total or Weighted Average
|
|
$
|
11,944,516
|
|
|
$
|
12,461,556
|
|
|
3.45
|
%
|
|
7.98
|
%
|
|
178
|
Asset Type
|
|
Principal Amount
|
|
Fair Value
|
|
Weighted Average Coupon
|
|
Weighted Average Month to Maturity
|
|||||
Credit Risk Transfer
|
|
$
|
778,216
|
|
|
$
|
821,343
|
|
|
5.26
|
%
|
|
123
|
NPL/RPL
|
|
122,561
|
|
|
122,802
|
|
|
3.80
|
%
|
|
375
|
||
Legacy Prime Fixed
|
|
24,409
|
|
|
19,954
|
|
|
6.03
|
%
|
|
241
|
||
Legacy ALTA Fixed
|
|
76,151
|
|
|
59,253
|
|
|
5.85
|
%
|
|
248
|
||
Legacy Prime Hybrid
|
|
13,641
|
|
|
11,914
|
|
|
2.72
|
%
|
|
240
|
||
Legacy ALTA Hybrid
|
|
6,956
|
|
|
6,039
|
|
|
3.01
|
%
|
|
228
|
||
New Issue Prime Fixed Non-Agency
|
|
11,324
|
|
|
10,865
|
|
|
3.66
|
%
|
|
315
|
||
Total or Weighted Average
|
|
$
|
1,033,258
|
|
|
$
|
1,052,170
|
|
|
5.08
|
%
|
|
165
|
•
|
available derivatives may not correspond directly with the interest rate risk for which protection is sought (e.g., the difference in interest rate movements for long-term U.S. Treasury Securities compared to Agency Securities);
|
•
|
the duration of the derivatives may not match the duration of the related liability;
|
•
|
the counterparty to a derivative agreement with us may default on its obligation to pay or not perform under the terms of the agreement and the collateral posted may not be sufficient to protect against any consequent loss;
|
•
|
we may lose collateral we have pledged to secure our obligations under a derivative agreement if the associated counterparty becomes insolvent or files for bankruptcy;
|
•
|
we may experience a termination event under one or more of our derivative agreements related to our REIT status, equity levels and performance, which could result in a payout to the associated counterparty and a taxable loss to us;
|
•
|
the credit-quality of the party owing money on the derivatives may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction; and
|
•
|
the value of derivatives may be adjusted from time to time in accordance with GAAP to reflect changes in fair value; downward adjustments, or “mark-to-market losses,” would reduce our net income or increase any net loss.
|
|
|
Payments Due By Period
|
||||||||||||||||||
Obligations
|
|
Total
|
|
Less Than
1 Year
|
|
2-3 Years
|
|
4-5 Years
|
|
Greater Than 5 Years
|
||||||||||
Repurchase agreements
|
|
$
|
6,818,453
|
|
|
$
|
6,818,453
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest expense on repurchase agreements
|
|
11,078
|
|
|
11,078
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Related Party Fees
(1)
|
|
183,862
|
|
|
27,150
|
|
|
52,630
|
|
|
52,041
|
|
|
52,041
|
|
|||||
Board of Directors fees
(2)
|
|
8,288
|
|
|
1,184
|
|
|
2,368
|
|
|
2,368
|
|
|
2,368
|
|
|||||
Total
|
|
$
|
7,021,681
|
|
|
$
|
6,857,865
|
|
|
$
|
54,998
|
|
|
$
|
54,409
|
|
|
$
|
54,409
|
|
•
|
the impact of the federal conservatorship of Fannie Mae and Freddie Mac and related efforts, along with any changes in laws and regulations affecting the relationship between Fannie Mae and Freddie Mac and the federal government and the Fed system;
|
•
|
the possible material adverse effect on our business if the U.S. Congress passed legislation reforming or winding down Fannie Mae or Freddie Mac;
|
•
|
mortgage loan modification programs and future legislative action;
|
•
|
actions by the Fed which could cause a flattening of the yield curve, which could materially adversely affect our business, financial condition and results of operations and our ability to pay distributions to our stockholders;
|
•
|
the impact of a delay or failure of the U.S. Government in reaching an agreement on the national debt ceiling;
|
•
|
availability, terms and deployment of capital;
|
•
|
changes in economic conditions generally;
|
•
|
changes in interest rates, interest rate spreads and the yield curve or prepayment rates;
|
•
|
general volatility of the financial markets, including markets for mortgage securities;
|
•
|
the downgrade of the U.S. Government's or certain European countries' credit ratings and future downgrades of the U.S. Government's or certain European countries' credit ratings may materially adversely affect our business, financial condition and results of operations.;
|
•
|
our inability to maintain the level of non-taxable returns of capital through the payment of dividends to our stockholders or to pay dividends to our stockholders at all;
|
•
|
inflation or deflation;
|
•
|
availability of suitable investment opportunities;
|
•
|
the degree and nature of our competition, including competition for MBS;
|
•
|
changes in our business and investment strategy;
|
•
|
our failure to maintain an exemption from being regulated as a commodity pool operator;
|
•
|
our dependence on ACM and ability to find a suitable replacement if ACM was to terminate its management relationship with us;
|
•
|
the existence of conflicts of interest in our relationship with ACM, certain of our directors and our officers, which could result in decisions that are not in the best interest of our stockholders;
|
•
|
our management's competing duties to other affiliated entities, which could result in decisions that are not in the best interest of our stockholders;
|
•
|
changes in personnel at ACM or the availability of qualified personnel at ACM;
|
•
|
limitations imposed on our business by our status as a REIT under the Code;
|
•
|
the potential burdens on our business of maintaining our exclusion from the 1940 Act and possible consequences of losing that exclusion;
|
•
|
changes in GAAP, including interpretations thereof; and
|
•
|
changes in applicable laws and regulations.
|
Change in Interest Rates
|
|
Percentage Change in
Projected Net
Interest Income
|
|
Percentage Change in
Projected Portfolio
Value Including
Derivatives
|
|
Percentage Change in Projected Shareholder's Equity Including Hedges
|
1.00%
|
|
(9.08)%
|
|
(1.31)%
|
|
(11.67)%
|
0.50%
|
|
(4.49)%
|
|
(0.55)%
|
|
(4.90)%
|
(0.50)%
|
|
4.28%
|
|
0.71%
|
|
6.29%
|
(1.00)%
|
|
17.35%
|
|
1.07%
|
|
9.51%
|
Change in Interest Rates
|
|
Percentage Change in
Projected Net
Interest Income
|
|
Percentage Change in
Projected Portfolio
Value Including
Derivatives
|
|
Percentage Change in Projected Shareholder's Equity Including Hedges
|
1.00%
|
|
(16.79)%
|
|
(0.08)%
|
|
(0.79)%
|
0.50%
|
|
(8.22)%
|
|
0.16%
|
|
1.63%
|
(0.50)%
|
|
15.27%
|
|
0.27%
|
|
0.00%
|
(1.00)%
|
|
16.46%
|
|
(0.03)%
|
|
(0.31)%
|
|
|
Percentage Change in Projected
|
||
Change in MBS spread
|
|
Portfolio Market Value
|
|
Portfolio Book Value
|
+25 BPS
|
|
(1.17)%
|
|
(10.41)%
|
+10 BPS
|
|
(0.47)%
|
|
(4.16)%
|
-10 BPS
|
|
0.47%
|
|
4.16%
|
-25 BPS
|
|
1.17%
|
|
10.41%
|
|
|
Percentage Change in Projected
|
||
Change in MBS spread
|
|
Portfolio Market Value
|
|
Portfolio Book Value
|
+25 BPS
|
|
(1.27)%
|
|
(12.98)%
|
+10 BPS
|
|
(0.51)%
|
|
(5.19)%
|
-10 BPS
|
|
0.51%
|
|
5.19%
|
-25 BPS
|
|
1.27%
|
|
12.98%
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
|
Exhibit Number
|
|
Description
|
3.1
|
|
Articles of Amendment and Restatement of Articles of Incorporation of ARMOUR Residential REIT, Inc. (Incorporated by reference to Exhibit 3.4 to ARMOUR's Current Report on Form 8-K filed with the SEC on November 12, 2009)
|
3.2
|
|
Articles of Amendment to Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on August 8, 2011)
|
3.3
|
|
Articles of Amendment to Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on December 1, 2011)
|
3.4
|
|
Articles Supplementary of 8.250% Series A Cumulative Redeemable Preferred Stock (Incorporated by reference to Exhibit 3.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on June 6, 2012)
|
3.5
|
|
Articles Supplementary Classifying 6,000,000 shares of ARMOUR Residential REIT, Inc.'s preferred stock into additional shares of Series A Cumulative Redeemable Preferred Stock (Incorporated by reference to Exhibit 3.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on July 13, 2012)
|
3.6
|
|
Articles Supplementary Classifying 2,000,000 shares of ARMOUR Residential REIT, Inc.'s preferred stock into additional shares of Series A Cumulative Redeemable Preferred Stock (Incorporated by reference to Exhibit 3.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on July 27, 2012)
|
3.7
|
|
Articles of Amendment to Articles of Amendment and Restatement of ARMOUR Residential REIT, Inc. (Incorporated by reference to Exhibit 3.3 to ARMOUR's Quarterly Report on Form 10-Q filed with the SEC on November 1, 2012)
|
3.8
|
|
Articles Supplementary of 7.875% Series B Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on February 12, 2013)
|
3.9
|
|
Articles of Amendment to the Articles of Amendment and Restatement of ARMOUR Residential REIT, Inc, effective July 31, 2015(Incorporated by reference to Exhibit 3.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on August 3, 2015)
|
3.10
|
|
Articles of Amendment to the Articles of Amendment and Restatement of ARMOUR Residential REIT, Inc, effective July 31, 2015(Incorporated by reference to Exhibit 3.2 to ARMOUR's Current Report on Form 8-K filed with the SEC on August 3, 2015)
|
3.11
|
|
Amended and Restated Bylaws of ARMOUR Residential REIT, Inc., as amended on October 28, 2014 (Incorporated by reference to Exhibit 3.1 to ARMOUR's Quarterly Report on Form 10-Q filed with the SEC on October 29, 2014)
|
4.1
|
|
Specimen Common Stock Certificate of ARMOUR Residential REIT, Inc. (incorporated by reference to Exhibit 4.2 of ARMOUR's Registration Statement on Form S-4 (Reg. No. 333-160870))
|
4.2
|
|
Specimen 8.250% Series A Cumulative Redeemable Preferred Stock Certificate of ARMOUR Residential REIT, Inc. (incorporated by reference to Exhibit 4.1 to the ARMOUR's Registration Statement of Form 8-A (Reg. No. 001-34766) filed with the SEC on June 7, 2012)
|
4.3
|
|
Specimen 7.875% Series B Cumulative Redeemable Preferred Stock Certificate of ARMOUR Residential REIT, Inc. (incorporated by reference to Exhibit 4.2 of ARMOUR's Registration Statement on Form 8-A (Reg. No. 001-34766) filed with the SEC on February 12, 2013)
|
10.1
|
|
ARMOUR Residential REIT, Inc. Second Amended and Restated 2009 Stock Incentive Plan (Incorporated by reference to Exhibit 10.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on May 9, 2014) †††
|
10.2
|
|
Management Agreement, dated as of November 6, 2009 by and between ARMOUR and ARMOUR Residential Management, LLC (Incorporated by reference to Exhibit 10.5 to ARMOUR's Current Report on Form 8–K filed with the SEC on November 12, 2009)
|
10.3
|
|
Amended and Restated Management Agreement, dated as of November 6, 2009 by and between ARMOUR and ARMOUR Residential Management, LLC (Incorporated by reference to Exhibit 10.8 to ARMOUR's Current Report on Form 8–K filed with the SEC on November 12, 2009)
|
10.4
|
|
Fourth Amended and Restated Management Agreement, dated February 23, 2015 between ARMOUR Residential REIT, Inc. and ARMOUR Capital Management LP (Incorporated by reference to Exhibit 10.4 to ARMOUR's Annual Report on Form 10-K filed with the SEC on February 24, 2015)
|
10.5
|
|
Fifth Amended and Restated Management Agreement, dated February 14, 2017, between ARMOUR Residential REIT, Inc. and ARMOUR Capital Management LP †
|
10.6
|
|
Sub-Management Agreement, dated November 6, 2009, by and among Staton Bell Blank Check LLC, ARMOUR Residential Management LLC, ARMOUR Residential REIT, Inc. and certain individuals (Incorporated by reference to Exhibit 4.4 to ARMOUR's Current Report on Form 8-K filed with the SEC on November 12, 2009)
|
10.7
|
|
First Amended and Restated Sub-Management Agreement, dated February 23, 2015 by and among Staton Bell Blank Check LLC, ARMOUR Capital Management LP and ARMOUR Residential REIT, Inc. (Incorporated by reference to Exhibit 10.6 to ARMOUR's Annual Report on Form 10-K filed with the SEC on February 24, 2015)
|
10.8
|
|
Distribution Agreement, dated February 18, 2011, by and among the Company, Ladenburg Thalmann & Co. Inc. and JMP Securities LLC (Incorporated by reference to Exhibit 1.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on February 18, 2011)
|
10.9
|
|
Equity Distribution Agreement, dated October 11, 2011, by and among the Company, Deutsche Bank Securities Inc., JMP Securities LLC and Ladenburg Thalmann & Co. Inc. (Incorporated by reference to Exhibit 1.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on October 12, 2011)
|
10.10
|
|
At Market Issuance Sales Agreement, dated July 13, 2012, among ARMOUR Residential REIT, Inc., ARMOUR Residential Management LLC and MLV & Co. LLC.(Incorporated by reference to Exhibit 1.1 to ARMOUR's Current Report on Form 8-K filed with the SEC on July 13, 2012)
|
12.1
|
|
Statement of computation of ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends †
|
21.1
|
|
Significant Subsidiaries of the Registrant †
|
23.1
|
|
Consent of Deloitte & Touche LLP †
|
31.1
|
|
Certification of Chief Executive Officer Pursuant to SEC Rule 13a-14(a)/15d-14(a) †
|
31.2
|
|
Certification of Chief Executive Officer Pursuant to SEC Rule 13a-14(a)/15d-14(a) †
|
31.3
|
|
Certification of Chief Financial Officer Pursuant to SEC Rule 13a14(a)/15d-14(a) †
|
32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. §1350 ††
|
32.2
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. §1350 ††
|
32.3
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. §1350 ††
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
†
|
|
Filed herewith.
|
††
|
|
Furnished herewith.
|
†††
|
|
Management contract or compensatory plan, contract or arrangement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
|
||||
Cash
|
|
$
|
271,773
|
|
|
$
|
289,925
|
|
Cash collateral posted to counterparties
|
|
79,471
|
|
|
263,799
|
|
||
Agency Securities, available for sale, at fair value (including pledged securities of $6,298,811 at December 31, 2016 and $12,109,868 at December 31, 2015)
|
|
6,511,164
|
|
|
12,461,556
|
|
||
Non-Agency Securities, trading, at fair value (including pledged securities of $1,052,170 at December 31, 2016 and $0 at December 31, 2015)
|
|
1,052,170
|
|
|
—
|
|
||
Interest-Only Securities, trading, at fair value
|
|
33,627
|
|
|
—
|
|
||
Derivatives, at fair value
|
|
9,837
|
|
|
999
|
|
||
Principal payments receivable
|
|
—
|
|
|
37
|
|
||
Accrued interest receivable
|
|
18,452
|
|
|
34,500
|
|
||
Prepaid and other
|
|
1,667
|
|
|
4,461
|
|
||
Total Assets
|
|
$
|
7,978,161
|
|
|
$
|
13,055,277
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Repurchase agreements
|
|
$
|
6,818,453
|
|
|
$
|
11,570,481
|
|
Cash collateral posted by counterparties
|
|
3,774
|
|
|
—
|
|
||
Derivatives, at fair value
|
|
49,655
|
|
|
233,301
|
|
||
Accrued interest payable- repurchase agreements
|
|
6,934
|
|
|
7,724
|
|
||
Accounts payable and other accrued expenses
|
|
7,280
|
|
|
18,605
|
|
||
Total Liabilities
|
|
$
|
6,886,096
|
|
|
$
|
11,830,111
|
|
|
|
|
|
|
||||
Commitments and contingencies (Note 10)
|
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders’ Equity:
|
|
|
|
|
||||
Preferred stock, $0.001 par value, 50,000 shares authorized;
|
|
|
|
|
||||
8.250% Series A Cumulative Preferred Stock; 2,181 issued and outstanding ($54,514 aggregate liquidation preference)
|
|
2
|
|
|
2
|
|
||
7.875% Series B Cumulative Preferred Stock; 5,650 issued and outstanding ($141,250 aggregate liquidation preference)
|
|
6
|
|
|
6
|
|
||
Common stock, $0.001 par value, 125,000 shares authorized, 36,723 and 36,682 shares issued and outstanding at December 31, 2016 and December 31, 2015
|
|
37
|
|
|
37
|
|
||
Additional paid-in capital
|
|
2,560,242
|
|
|
2,559,361
|
|
||
Accumulated deficit
|
|
(1,439,088
|
)
|
|
(1,266,938
|
)
|
||
Accumulated other comprehensive loss
|
|
(29,134
|
)
|
|
(67,302
|
)
|
||
Total Stockholders’ Equity
|
|
$
|
1,092,065
|
|
|
$
|
1,225,166
|
|
Total Liabilities and Stockholders’ Equity
|
|
$
|
7,978,161
|
|
|
$
|
13,055,277
|
|
|
|
For the Years Ended
|
||||||||||
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Interest Income:
|
|
|
|
|
|
|
||||||
Agency Securities, net of amortization of premium and fees
|
|
$
|
225,796
|
|
|
$
|
365,300
|
|
|
$
|
450,927
|
|
Non-Agency Securities, including discount accretion
|
|
36,573
|
|
|
—
|
|
|
—
|
|
|||
Interest-Only Securities
|
|
1,626
|
|
|
—
|
|
|
—
|
|
|||
Total Interest Income
|
|
$
|
263,995
|
|
|
$
|
365,300
|
|
|
$
|
450,927
|
|
Interest expense- repurchase agreements
|
|
(73,107
|
)
|
|
(59,278
|
)
|
|
(59,562
|
)
|
|||
Interest expense- U.S. Treasury Securities sold short
|
|
—
|
|
|
—
|
|
|
(5,551
|
)
|
|||
Net Interest Income
|
|
$
|
190,888
|
|
|
$
|
306,022
|
|
|
$
|
385,814
|
|
Other Income (Loss):
|
|
|
|
|
|
|
||||||
Realized gain (loss) on sale of Agency Securities (reclassified from Other comprehensive income (loss))
|
|
(18,211
|
)
|
|
(11,546
|
)
|
|
68,770
|
|
|||
Other than temporary impairment of Agency Securities (reclassified from Other comprehensive income (loss))
|
|
(6,540
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on Non-Agency Securities
|
|
59,120
|
|
|
—
|
|
|
—
|
|
|||
Gain on Interest-Only Securities
|
|
6,431
|
|
|
—
|
|
|
—
|
|
|||
Gain (loss) on short sale of U.S. Treasury Securities
|
|
—
|
|
|
—
|
|
|
(14,688
|
)
|
|||
Bargain purchase price on acquisition of JAVELIN
|
|
6,484
|
|
|
—
|
|
|
—
|
|
|||
Subtotal
|
|
$
|
47,284
|
|
|
$
|
(11,546
|
)
|
|
$
|
54,082
|
|
Realized loss on derivatives
(1)
|
|
(452,398
|
)
|
|
(107,070
|
)
|
|
(118,716
|
)
|
|||
Unrealized gain (loss) on derivatives
|
|
206,212
|
|
|
(181,662
|
)
|
|
(462,630
|
)
|
|||
Subtotal
|
|
$
|
(246,186
|
)
|
|
$
|
(288,732
|
)
|
|
$
|
(581,346
|
)
|
Total Other Loss
|
|
$
|
(198,902
|
)
|
|
$
|
(300,278
|
)
|
|
$
|
(527,264
|
)
|
Expenses:
|
|
|
|
|
|
|
||||||
Management fees
|
|
26,070
|
|
|
27,292
|
|
|
27,857
|
|
|||
Professional fees
|
|
5,253
|
|
|
3,117
|
|
|
3,735
|
|
|||
Insurance
|
|
1,010
|
|
|
690
|
|
|
726
|
|
|||
Compensation
|
|
2,260
|
|
|
2,291
|
|
|
2,796
|
|
|||
Other
|
|
2,910
|
|
|
3,559
|
|
|
2,484
|
|
|||
Total Expenses
|
|
$
|
37,503
|
|
|
$
|
36,949
|
|
|
$
|
37,598
|
|
Net Loss
|
|
$
|
(45,517
|
)
|
|
$
|
(31,205
|
)
|
|
$
|
(179,048
|
)
|
Dividends on preferred stock
|
|
(15,622
|
)
|
|
(15,622
|
)
|
|
(15,620
|
)
|
|||
Net Loss related to common stockholders
|
|
$
|
(61,139
|
)
|
|
$
|
(46,827
|
)
|
|
$
|
(194,668
|
)
|
Net loss related per share to common stockholders (Note 13):
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
(1.67
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
(4.32
|
)
|
Diluted
|
|
$
|
(1.67
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
(4.32
|
)
|
Dividends declared per common share
|
|
$
|
3.02
|
|
|
$
|
3.89
|
|
|
$
|
4.80
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
||||||
Basic
|
|
36,698
|
|
|
42,780
|
|
|
44,654
|
|
|||
Diluted
|
|
36,698
|
|
|
42,780
|
|
|
44,654
|
|
|
|
For the Years Ended
|
||||||||||
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Net Loss
|
|
$
|
(45,517
|
)
|
|
$
|
(31,205
|
)
|
|
$
|
(179,048
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Reclassification adjustment for realized (gain) loss on sale of available for sale Agency Securities
|
|
18,211
|
|
|
11,546
|
|
|
(68,770
|
)
|
|||
Reclassification adjustment for other than temporary impairment of available for sale Agency Securities
|
|
6,540
|
|
|
—
|
|
|
—
|
|
|||
Net unrealized gain (loss) on available for sale Agency Securities
|
|
13,417
|
|
|
(163,202
|
)
|
|
343,604
|
|
|||
Other comprehensive income (loss)
|
|
$
|
38,168
|
|
|
$
|
(151,656
|
)
|
|
$
|
274,834
|
|
Comprehensive Income (Loss)
|
|
$
|
(7,349
|
)
|
|
$
|
(182,861
|
)
|
|
$
|
95,786
|
|
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
8.250% Series A
|
|
7.875% Series B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Shares
|
|
Par Amount
|
|
Additional Paid-in Capital
|
|
Shares
|
|
Par Amount
|
|
Additional Paid-in Capital
|
|
Shares
|
|
Par Amount
|
|
Additional Paid-in Capital
|
|
Total
Additional Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Total
|
|||||||||||||||||||||||
Balance January 1, 2014
|
2,181
|
|
|
$
|
2
|
|
|
$
|
53,172
|
|
|
5,650
|
|
|
$
|
6
|
|
|
$
|
136,547
|
|
|
44,702
|
|
|
$
|
45
|
|
|
$
|
2,545,074
|
|
|
$
|
2,734,793
|
|
|
$
|
(643,138
|
)
|
|
$
|
(190,480
|
)
|
|
$
|
1,901,228
|
|
Series A Preferred dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,497
|
)
|
|
—
|
|
|
(4,497
|
)
|
||||||||||
Series B Preferred dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,123
|
)
|
|
—
|
|
|
(11,123
|
)
|
||||||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(215,163
|
)
|
|
—
|
|
|
(215,163
|
)
|
||||||||||
Issuance of common stock, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
269
|
|
|
269
|
|
|
—
|
|
|
—
|
|
|
269
|
|
||||||||||
Stock based compensation, net of withholding requirements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
1,153
|
|
|
1,153
|
|
|
—
|
|
|
—
|
|
|
1,153
|
|
||||||||||
Common stock repurchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(600
|
)
|
|
(1
|
)
|
|
(18,361
|
)
|
|
(18,361
|
)
|
|
—
|
|
|
—
|
|
|
(18,362
|
)
|
||||||||||
Net Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(179,048
|
)
|
|
—
|
|
|
(179,048
|
)
|
||||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
274,834
|
|
|
274,834
|
|
||||||||||
Balance, December 31, 2014
|
2,181
|
|
|
$
|
2
|
|
|
$
|
53,172
|
|
|
5,650
|
|
|
$
|
6
|
|
|
$
|
136,547
|
|
|
44,145
|
|
|
$
|
44
|
|
|
$
|
2,528,135
|
|
|
$
|
2,717,854
|
|
|
$
|
(1,052,969
|
)
|
|
$
|
84,354
|
|
|
$
|
1,749,291
|
|
Series A Preferred dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,498
|
)
|
|
—
|
|
|
(4,498
|
)
|
||||||||||
Series B Preferred dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,124
|
)
|
|
—
|
|
|
(11,124
|
)
|
||||||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(167,142
|
)
|
|
—
|
|
|
(167,142
|
)
|
||||||||||
Issuance of common stock, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
147
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
147
|
|
||||||||||
Stock based compensation, net of withholding requirements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
1
|
|
|
952
|
|
|
952
|
|
|
—
|
|
|
—
|
|
|
953
|
|
||||||||||
Common stock repurchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,510
|
)
|
|
(8
|
)
|
|
(159,592
|
)
|
|
(159,592
|
)
|
|
—
|
|
|
—
|
|
|
(159,600
|
)
|
||||||||||
Net Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,205
|
)
|
|
—
|
|
|
(31,205
|
)
|
||||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(151,656
|
)
|
|
(151,656
|
)
|
||||||||||
Balance, December 31, 2015
|
2,181
|
|
|
$
|
2
|
|
|
$
|
53,172
|
|
|
5,650
|
|
|
$
|
6
|
|
|
$
|
136,547
|
|
|
36,682
|
|
|
$
|
37
|
|
|
$
|
2,369,642
|
|
|
$
|
2,559,361
|
|
|
$
|
(1,266,938
|
)
|
|
$
|
(67,302
|
)
|
|
$
|
1,225,166
|
|
Series A Preferred dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,498
|
)
|
|
—
|
|
|
(4,498
|
)
|
||||||||||
Series B Preferred dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,124
|
)
|
|
—
|
|
|
(11,124
|
)
|
||||||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111,011
|
)
|
|
—
|
|
|
(111,011
|
)
|
||||||||||
Stock based compensation, net of withholding requirements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
881
|
|
|
881
|
|
|
—
|
|
|
—
|
|
|
881
|
|
||||||||||
Net Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,517
|
)
|
|
—
|
|
|
(45,517
|
)
|
||||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,168
|
|
|
38,168
|
|
||||||||||
Balance, December 31, 2016
|
2,181
|
|
|
$
|
2
|
|
|
$
|
53,172
|
|
|
5,650
|
|
|
$
|
6
|
|
|
$
|
136,547
|
|
|
36,723
|
|
|
$
|
37
|
|
|
$
|
2,370,523
|
|
|
$
|
2,560,242
|
|
|
$
|
(1,439,088
|
)
|
|
$
|
(29,134
|
)
|
|
$
|
1,092,065
|
|
|
|
For the Years Ended
|
||||||||||
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
||||||
Net Loss
|
|
$
|
(45,517
|
)
|
|
$
|
(31,205
|
)
|
|
$
|
(179,048
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
||||||
Net amortization of premium on Agency Securities
|
|
77,827
|
|
|
109,589
|
|
|
82,965
|
|
|||
Accretion of net discount on Non-Agency Securities
|
|
(2,118
|
)
|
|
—
|
|
|
—
|
|
|||
Net amortization of Interest-Only Securities
|
|
7,769
|
|
|
—
|
|
|
—
|
|
|||
Realized (gain) loss on sale of Agency Securities
|
|
18,211
|
|
|
11,546
|
|
|
(68,770
|
)
|
|||
Other than temporary impairment of Agency Securities
|
|
6,540
|
|
|
—
|
|
|
—
|
|
|||
Gain on Non-Agency Securities
|
|
(59,120
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on Interest-Only Securities
|
|
(6,431
|
)
|
|
—
|
|
|
—
|
|
|||
Loss on short sale of U.S. Treasury Securities
|
|
—
|
|
|
—
|
|
|
14,688
|
|
|||
Stock based compensation
|
|
881
|
|
|
953
|
|
|
1,153
|
|
|||
Bargain purchase price on acquisition of JAVELIN
|
|
(6,484
|
)
|
|
—
|
|
|
0
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Decrease in accrued interest receivable
|
|
17,415
|
|
|
6,816
|
|
|
703
|
|
|||
(Increase) decrease in prepaid and other assets
|
|
3,622
|
|
|
(2,881
|
)
|
|
(728
|
)
|
|||
(Increase) decrease in derivatives, at fair value
|
|
(210,034
|
)
|
|
155,427
|
|
|
483,068
|
|
|||
Increase (decrease) in accrued interest payable- repurchase agreements
|
|
(1,703
|
)
|
|
712
|
|
|
383
|
|
|||
Decrease in accounts payable and other accrued expenses
|
|
(4,284
|
)
|
|
(12,702
|
)
|
|
(19,314
|
)
|
|||
Net cash provided by (used in) operating activities
|
|
$
|
(203,426
|
)
|
|
$
|
238,255
|
|
|
$
|
315,100
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
||||||
Purchases of Agency Securities
|
|
(2,201,480
|
)
|
|
(5,145,847
|
)
|
|
(12,505,285
|
)
|
|||
Purchases of Non-Agency Securities
|
|
(882,588
|
)
|
|
—
|
|
|
—
|
|
|||
Purchases of Interest-Only Securities
|
|
(101,947
|
)
|
|
—
|
|
|
—
|
|
|||
Principal repayments of Agency Securities
|
|
1,337,671
|
|
|
1,910,795
|
|
|
1,806,581
|
|
|||
Principal repayments of Non-Agency Securities
|
|
53,033
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of Agency Securities
|
|
7,195,157
|
|
|
5,614,195
|
|
|
10,334,920
|
|
|||
Proceeds from sales of Non-Agency Securities
|
|
61,843
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of Interest-Only Securities
|
|
66,982
|
|
|
—
|
|
|
—
|
|
|||
Disbursements on reverse repurchase agreements
|
|
—
|
|
|
—
|
|
|
(18,076,531
|
)
|
|||
Receipts from reverse repurchase agreements
|
|
—
|
|
|
—
|
|
|
18,076,531
|
|
|||
(Increase) decrease in cash collateral
|
|
212,703
|
|
|
(183,035
|
)
|
|
(432,692
|
)
|
|||
Net cash used in the acquisition of JAVELIN
|
|
(73,174
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
|
$
|
5,668,200
|
|
|
$
|
2,196,108
|
|
|
$
|
(796,476
|
)
|
|
|
|
|
|
|
|
||||||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
||||||
Issuance of common stock, net of expenses
|
|
—
|
|
|
147
|
|
|
263
|
|
|||
Proceeds from repurchase agreements
|
|
139,917,180
|
|
|
90,941,440
|
|
|
80,982,646
|
|
|||
Principal repayments on repurchase agreements
|
|
(145,258,815
|
)
|
|
(93,252,880
|
)
|
|
(80,252,229
|
)
|
|||
Proceeds from short sales of U.S. Treasury Securities
|
|
—
|
|
|
—
|
|
|
2,005,363
|
|
|||
Purchases of U.S. Treasury Securities
|
|
—
|
|
|
—
|
|
|
(2,020,051
|
)
|
|||
Series A Preferred stock dividends paid
|
|
(4,498
|
)
|
|
(4,498
|
)
|
|
(4,497
|
)
|
|||
Series B Preferred stock dividends paid
|
|
(11,124
|
)
|
|
(11,124
|
)
|
|
(11,123
|
)
|
|||
Common stock dividends paid
|
|
(111,011
|
)
|
|
(167,142
|
)
|
|
(215,163
|
)
|
|||
Common stock repurchased
|
|
(14,658
|
)
|
|
(144,942
|
)
|
|
(5,750
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
$
|
(5,482,926
|
)
|
|
$
|
(2,638,999
|
)
|
|
$
|
479,459
|
|
Net decrease in cash
|
|
(18,152
|
)
|
|
(204,636
|
)
|
|
(1,917
|
)
|
|||
Cash - beginning of year
|
|
289,925
|
|
|
494,561
|
|
|
496,478
|
|
|||
Cash - end of year
|
|
$
|
271,773
|
|
|
$
|
289,925
|
|
|
$
|
494,561
|
|
Supplemental Disclosure:
|
|
|
|
|
|
|
||||||
Cash paid during the year for interest
|
|
$
|
193,944
|
|
|
$
|
218,503
|
|
|
$
|
215,573
|
|
Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
|
||||||
Receivable for unsettled sales
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
260,598
|
|
Payable for unsettled purchases
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
445,292
|
|
Net unrealized gain (loss) on available for sale Agency Securities
|
|
$
|
13,417
|
|
|
$
|
(163,202
|
)
|
|
$
|
343,604
|
|
Amounts receivable for issuance of common stock
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Amounts payable for common stock repurchased
|
|
$
|
—
|
|
|
$
|
(14,658
|
)
|
|
$
|
(12,612
|
)
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance at December 31, 2016
|
||||||||
Assets at Fair Value:
|
|
|
|
|
|
|
|
|
||||||||
Agency Securities, available for sale
|
|
$
|
—
|
|
|
$
|
6,511,164
|
|
|
$
|
—
|
|
|
$
|
6,511,164
|
|
Non-Agency Securities, trading
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,052,170
|
|
|
$
|
1,052,170
|
|
Interest-Only Securities, trading
|
|
$
|
—
|
|
|
$
|
33,627
|
|
|
$
|
—
|
|
|
$
|
33,627
|
|
Derivatives
|
|
$
|
—
|
|
|
$
|
9,837
|
|
|
$
|
—
|
|
|
$
|
9,837
|
|
Liabilities at Fair Value:
|
|
|
|
|
|
|
|
|
|
|||||||
Derivatives
|
|
$
|
—
|
|
|
$
|
49,655
|
|
|
$
|
—
|
|
|
$
|
49,655
|
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance at December 31, 2015
|
||||||||
Assets at Fair Value:
|
|
|
|
|
|
|
|
|
||||||||
Agency Securities, available for sale
|
|
$
|
—
|
|
|
$
|
12,461,556
|
|
|
$
|
—
|
|
|
$
|
12,461,556
|
|
Derivatives
|
|
$
|
—
|
|
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
999
|
|
Liabilities at Fair Value:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
—
|
|
|
$
|
233,301
|
|
|
$
|
—
|
|
|
$
|
233,301
|
|
December 31, 2016
|
|
|
|
|
|
Fair Value Measurements using:
|
||||||||||||||
|
|
Carrying Value
|
|
Fair
Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash
|
|
$
|
271,773
|
|
|
$
|
271,773
|
|
|
$
|
271,773
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash collateral posted to counterparties
|
|
$
|
79,471
|
|
|
$
|
79,471
|
|
|
$
|
—
|
|
|
$
|
79,471
|
|
|
$
|
—
|
|
Accrued interest receivable
|
|
$
|
18,452
|
|
|
$
|
18,452
|
|
|
$
|
—
|
|
|
$
|
18,452
|
|
|
$
|
—
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements
|
|
$
|
6,818,453
|
|
|
$
|
6,818,453
|
|
|
$
|
—
|
|
|
$
|
6,818,453
|
|
|
$
|
—
|
|
Cash collateral posted by counterparties
|
|
$
|
3,774
|
|
|
$
|
3,774
|
|
|
$
|
—
|
|
|
$
|
3,774
|
|
|
$
|
—
|
|
Accrued interest payable- repurchase agreements
|
|
$
|
6,934
|
|
|
$
|
6,934
|
|
|
$
|
—
|
|
|
$
|
6,934
|
|
|
$
|
—
|
|
December 31, 2015
|
|
|
|
|
|
Fair Value Measurements using:
|
||||||||||||||
|
|
Carrying Value
|
|
Fair
Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash
|
|
$
|
289,925
|
|
|
$
|
289,925
|
|
|
$
|
289,925
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash collateral posted to counterparties
|
|
$
|
263,799
|
|
|
$
|
263,799
|
|
|
$
|
—
|
|
|
$
|
263,799
|
|
|
$
|
—
|
|
Principal payments
receivable
|
|
$
|
37
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
Accrued interest receivable
|
|
$
|
34,500
|
|
|
$
|
34,500
|
|
|
$
|
—
|
|
|
$
|
34,500
|
|
|
$
|
—
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Repurchase agreements
|
|
$
|
11,570,481
|
|
|
$
|
11,570,481
|
|
|
$
|
—
|
|
|
$
|
11,570,481
|
|
|
$
|
—
|
|
Accrued interest payable- repurchase agreements
|
|
$
|
7,724
|
|
|
$
|
7,724
|
|
|
$
|
—
|
|
|
$
|
7,724
|
|
|
$
|
—
|
|
|
|
For the Year Ended
|
||
Non-Agency Securities
|
|
December 31, 2016
|
||
Balance, beginning of year
|
|
$
|
—
|
|
Non-Agency Securities acquired in the acquisition of JAVELIN, at fair value
|
|
223,220
|
|
|
Purchases of Non-Agency Securities, at cost
|
|
882,588
|
|
|
Principal repayments of Non-Agency Securities
|
|
(53,033
|
)
|
|
Proceeds from the sale of Non-Agency Securities
|
|
(61,843
|
)
|
|
Gain on Non-Agency Securities
|
|
59,120
|
|
|
Discount accretion
|
|
2,118
|
|
|
Balance, end of year
|
|
$
|
1,052,170
|
|
Gain on Non-Agency Securities
|
|
$
|
59,120
|
|
Unobservable Level 3 Input
|
|
Minimum
|
|
Weighted
Average
|
|
Maximum
|
|||
Cumulative default
|
|
0.00
|
%
|
|
2.15
|
%
|
|
55.49
|
%
|
Loss severity (life)
|
|
0.00
|
%
|
|
29.01
|
%
|
|
68.40
|
%
|
Discount rate
|
|
3.62
|
%
|
|
4.47
|
%
|
|
5.50
|
%
|
Delinquency (life)
|
|
0.00
|
%
|
|
4.84
|
%
|
|
50.10
|
%
|
Voluntary prepayments (life)
|
|
1.50
|
%
|
|
8.72
|
%
|
|
14.60
|
%
|
December 31, 2016
|
|
Amortized Cost
|
|
Gross Unrealized Loss
|
|
Gross Unrealized Gain
|
|
Fair Value
|
|
Percent of Total
|
|||||||||
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|||||||||
ARMs & Hybrids
|
|
$
|
38,140
|
|
|
$
|
(174
|
)
|
|
$
|
303
|
|
|
$
|
38,269
|
|
|
0.60
|
%
|
Multi-Family MBS
|
|
1,439,126
|
|
|
(5,677
|
)
|
|
8,324
|
|
|
1,441,773
|
|
|
22.14
|
|
||||
10 Year Fixed
|
|
93,440
|
|
|
(755
|
)
|
|
335
|
|
|
93,020
|
|
|
1.43
|
|
||||
15 Year Fixed
|
|
2,796,785
|
|
|
(10,424
|
)
|
|
2,011
|
|
|
2,788,372
|
|
|
42.82
|
|
||||
20 Year Fixed
|
|
338,017
|
|
|
(4,629
|
)
|
|
—
|
|
|
333,388
|
|
|
5.12
|
|
||||
25 Year Fixed
|
|
12,126
|
|
|
(105
|
)
|
|
—
|
|
|
12,021
|
|
|
0.18
|
|
||||
30 Year Fixed
|
|
1,062,718
|
|
|
(10,902
|
)
|
|
—
|
|
|
1,051,816
|
|
|
16.15
|
|
||||
Total Fannie Mae
|
|
$
|
5,780,352
|
|
|
$
|
(32,666
|
)
|
|
$
|
10,973
|
|
|
$
|
5,758,659
|
|
|
88.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|||||||||
10 Year Fixed
|
|
48,030
|
|
|
(149
|
)
|
|
501
|
|
|
48,382
|
|
|
0.75
|
|
||||
15 Year Fixed
|
|
530,590
|
|
|
(5,876
|
)
|
|
1,633
|
|
|
526,347
|
|
|
8.08
|
|
||||
20 Year Fixed
|
|
19,503
|
|
|
(410
|
)
|
|
—
|
|
|
19,093
|
|
|
0.29
|
|
||||
25 Year Fixed
|
|
115,442
|
|
|
(2,370
|
)
|
|
—
|
|
|
113,072
|
|
|
1.74
|
%
|
||||
Total Freddie Mac
|
|
$
|
713,565
|
|
|
$
|
(8,805
|
)
|
|
$
|
2,134
|
|
|
$
|
706,894
|
|
|
10.86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ginnie Mae
|
|
|
|
|
|
|
|
|
|
|
|||||||||
ARMs & Hybrids
|
|
46,092
|
|
|
(786
|
)
|
|
3
|
|
|
45,309
|
|
|
0.70
|
|
||||
10 Year Fixed
|
|
289
|
|
|
—
|
|
|
13
|
|
|
302
|
|
|
0.00
|
|
||||
Total Ginnie Mae
|
|
$
|
46,381
|
|
|
$
|
(786
|
)
|
|
$
|
16
|
|
|
$
|
45,611
|
|
|
0.70
|
%
|
Total Agency Securities
|
|
$
|
6,540,298
|
|
|
$
|
(42,257
|
)
|
|
$
|
13,123
|
|
|
$
|
6,511,164
|
|
|
100.00
|
%
|
December 31, 2015
|
|
Amortized Cost
|
|
Gross Unrealized Loss
|
|
Gross Unrealized Gain
|
|
Fair Value
|
|
Percent of Total
|
|||||||||
Fannie Mae
|
|
|
|
|
|
|
|
|
|
|
|||||||||
ARMs & Hybrids
|
|
$
|
46,512
|
|
|
$
|
(210
|
)
|
|
$
|
486
|
|
|
$
|
46,788
|
|
|
0.38
|
%
|
Multi-Family MBS
|
|
2,182,156
|
|
|
(30,879
|
)
|
|
7,312
|
|
|
2,158,589
|
|
|
17.32
|
|
||||
10 Year Fixed
|
|
91,752
|
|
|
(362
|
)
|
|
605
|
|
|
91,995
|
|
|
0.74
|
|
||||
15 Year Fixed
|
|
4,302,585
|
|
|
(10,462
|
)
|
|
5,498
|
|
|
4,297,621
|
|
|
34.49
|
|
||||
20 Year Fixed
|
|
2,692,310
|
|
|
(25,429
|
)
|
|
5,289
|
|
|
2,672,170
|
|
|
21.44
|
|
||||
25 Year Fixed
|
|
18,488
|
|
|
(128
|
)
|
|
—
|
|
|
18,360
|
|
|
0.15
|
|
||||
30 Year Fixed
|
|
1,447,835
|
|
|
(6,645
|
)
|
|
492
|
|
|
1,441,682
|
|
|
11.56
|
|
||||
Total Fannie Mae
|
|
$
|
10,781,638
|
|
|
$
|
(74,115
|
)
|
|
$
|
19,682
|
|
|
$
|
10,727,205
|
|
|
86.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Freddie Mac
|
|
|
|
|
|
|
|
|
|
|
|||||||||
ARMs & Hybrids
|
|
12,738
|
|
|
(46
|
)
|
|
197
|
|
|
12,889
|
|
|
0.10
|
|
||||
10 Year Fixed
|
|
37,657
|
|
|
(92
|
)
|
|
652
|
|
|
38,217
|
|
|
0.31
|
|
||||
15 Year Fixed
|
|
192,982
|
|
|
(995
|
)
|
|
310
|
|
|
192,297
|
|
|
1.54
|
|
||||
20 Year Fixed
|
|
1,443,652
|
|
|
(16,380
|
)
|
|
4,006
|
|
|
1,431,278
|
|
|
11.49
|
|
||||
Total Freddie Mac
|
|
$
|
1,687,029
|
|
|
$
|
(17,513
|
)
|
|
$
|
5,165
|
|
|
$
|
1,674,681
|
|
|
13.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ginnie Mae
|
|
|
|
|
|
|
|
|
|
|
|||||||||
ARMs & Hybrids
|
|
59,877
|
|
|
(610
|
)
|
|
69
|
|
|
59,336
|
|
|
0.48
|
|
||||
15 Year Fixed
|
|
314
|
|
|
—
|
|
|
20
|
|
|
334
|
|
|
0.00
|
|
||||
Total Ginnie Mae
|
|
$
|
60,191
|
|
|
$
|
(610
|
)
|
|
$
|
89
|
|
|
$
|
59,670
|
|
|
0.48
|
%
|
Total Agency Securities
|
|
$
|
12,528,858
|
|
|
$
|
(92,238
|
)
|
|
$
|
24,936
|
|
|
$
|
12,461,556
|
|
|
100.00
|
%
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
Weighted Average Life of all Agency Securities
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
||||||||
Less than one year
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
19
|
|
|
$
|
19
|
|
Greater than or equal to one year and less than three years
|
|
17,773
|
|
|
17,998
|
|
|
30,189
|
|
|
30,375
|
|
||||
Greater than or equal to three years and less than five years
|
|
3,237,524
|
|
|
3,248,401
|
|
|
6,037,851
|
|
|
6,039,218
|
|
||||
Greater than or equal to five years
|
|
3,255,863
|
|
|
3,273,894
|
|
|
6,393,497
|
|
|
6,459,246
|
|
||||
Total Agency Securities
|
|
$
|
6,511,164
|
|
|
$
|
6,540,298
|
|
|
$
|
12,461,556
|
|
|
$
|
12,528,858
|
|
|
|
Non-Agency Securities
|
||||||||||||||
December 31, 2016
|
|
Fair Value
|
|
Amortized
Cost
|
|
Principal
Amount
|
|
Weighted
Average
Coupon
|
||||||||
Credit Risk Transfer
|
|
$
|
821,343
|
|
|
$
|
764,982
|
|
|
$
|
778,216
|
|
|
5.26
|
%
|
|
NPL/RPL
|
|
122,802
|
|
|
121,869
|
|
|
122,561
|
|
|
3.80
|
%
|
||||
Legacy Prime Fixed
|
|
19,954
|
|
|
19,406
|
|
|
24,409
|
|
|
6.03
|
%
|
||||
Legacy ALT-A Fixed
|
|
59,253
|
|
|
56,776
|
|
|
76,151
|
|
|
5.85
|
%
|
||||
Legacy Prime Hybrid
|
|
11,914
|
|
|
11,163
|
|
|
13,641
|
|
|
2.72
|
%
|
||||
Legacy ALT-A Hybrid
|
|
6,039
|
|
|
5,669
|
|
|
6,956
|
|
|
3.01
|
%
|
||||
New Issue Prime Fixed Non-Agency
|
|
10,865
|
|
|
10,708
|
|
—
|
|
11,324
|
|
|
3.66
|
%
|
|||
Total Non-Agency Securities
|
|
$
|
1,052,170
|
|
|
$
|
990,573
|
|
|
$
|
1,033,258
|
|
|
5.08
|
%
|
|
|
December 31, 2016
|
||||||
Weighted Average Life of all Non-Agency Securities
|
|
Fair Value
|
|
Amortized Cost
|
||||
Less than one year
|
|
$
|
—
|
|
|
$
|
—
|
|
Greater than or equal to one year and less than three years
|
|
122,802
|
|
|
121,869
|
|
||
Greater than or equal to three years and less than five years
|
|
94,839
|
|
|
88,750
|
|
||
Greater than or equal to five years
|
|
834,529
|
|
|
779,954
|
|
||
Total Non-Agency Securities
|
|
$
|
1,052,170
|
|
|
$
|
990,573
|
|
|
|
Unrealized Loss Position For:
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
As of
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
December 31, 2016
|
|
$
|
2,022
|
|
|
$
|
(14
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,022
|
|
|
$
|
(14
|
)
|
December 31, 2016
|
|
Repurchase Agreements
|
|
Weighted Average Contractual Rate
|
|
Weighted Average Maturity in days
|
|
Haircut for Repurchase Agreements
(1)
|
||||
Agency Securities
|
|
$
|
6,017,843
|
|
|
0.92
|
%
|
|
22
|
|
4.70
|
%
|
Non-Agency Securities
|
|
778,015
|
|
|
2.26
|
%
|
|
23
|
|
23.82
|
%
|
|
U.S. Treasury Securities
|
|
22,595
|
|
|
0.46
|
%
|
|
3
|
|
1.11
|
%
|
|
Total or Weighted Average
|
|
$
|
6,818,453
|
|
|
1.07
|
%
|
|
22
|
|
7.45
|
%
|
December 31, 2015
|
|
Repurchase Agreements
|
|
Weighted Average Contractual Rate
|
|
Weighted Average Maturity in days
|
|
Haircut for Repurchase Agreements
(1)
|
||||
Agency Securities
|
|
$
|
11,570,481
|
|
|
0.57
|
%
|
|
38
|
|
4.79
|
%
|
Total or Weighted Average
|
|
$
|
11,570,481
|
|
|
0.57
|
%
|
|
38
|
|
4.79
|
%
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||
Maturing or Repricing
|
|
Repurchase Agreements
|
|
Weighted Average Contractual Rate
|
|
Repurchase Agreements
|
|
Weighted Average Contractual Rate
|
||||||
Within 30 days
|
|
$
|
5,082,076
|
|
|
1.11
|
%
|
|
$
|
8,089,403
|
|
|
0.55
|
%
|
31 days to 60 days
|
|
1,699,197
|
|
|
0.94
|
%
|
|
2,487,174
|
|
|
0.57
|
%
|
||
61 days to 90 days
|
|
37,180
|
|
|
2.38
|
%
|
|
343,904
|
|
|
0.71
|
%
|
||
Greater than 90 days
|
|
—
|
|
|
0.00
|
%
|
|
650,000
|
|
|
0.67
|
%
|
||
Total or Weighted Average
|
|
$
|
6,818,453
|
|
|
1.07
|
%
|
|
$
|
11,570,481
|
|
|
0.57
|
%
|
Derivative Type
|
|
Remaining / Underlying Term
|
|
Weighted Average Remaining Swap / Option Term (Months)
|
|
Weighted Average Rate
|
|
Notional Amount
(2)
|
|
Asset Fair Value
(1)
|
|
Liability Fair Value
(1)
|
|||||||
Interest rate swap contracts
|
|
0-12 Months
|
|
7
|
|
0.54
|
%
|
|
$
|
200,000
|
|
|
$
|
158
|
|
|
$
|
—
|
|
Interest rate swap contracts
|
|
13-24 Months
|
|
17
|
|
0.92
|
%
|
|
50,000
|
|
|
—
|
|
|
(117
|
)
|
|||
Interest rate swap contracts
|
|
25-36 Months
|
|
35
|
|
1.21
|
%
|
|
550,000
|
|
|
1,547
|
|
|
—
|
|
|||
Interest rate swap contracts
|
|
73-84 Months
|
|
77
|
|
1.97
|
%
|
|
2,075,000
|
|
|
3,690
|
|
|
(10,767
|
)
|
|||
Interest rate swap contracts
|
|
85-96 Months
|
|
84
|
|
1.97
|
%
|
|
100,000
|
|
|
—
|
|
|
(1,242
|
)
|
|||
Interest rate swap contracts
|
|
109-120 Months
|
|
119
|
|
1.95
|
%
|
|
1,250,000
|
|
|
2,378
|
|
|
(2,278
|
)
|
|||
TBA Agency
Securities
|
|
0-60 Months
|
|
n/a
|
|
n/a
|
|
|
2,850,000
|
|
|
2,064
|
|
|
(35,251
|
)
|
|||
Total or Weighted Average
|
|
|
|
|
|
$
|
7,075,000
|
|
|
$
|
9,837
|
|
|
$
|
(49,655
|
)
|
(1)
|
See
Note 5
,
“
Fair Value of Financial Instruments
”
for additional discussion.
|
(2)
|
Notional amount includes
$300,000
of forward starting interest rate swap contracts which become effective on
January 3, 2017
.
|
Derivative Type
|
|
Remaining / Underlying Term
|
|
Weighted Average Remaining Swap / Option Term (Months)
|
|
Weighted Average Rate
|
|
Notional Amount
(3)
|
|
Asset Fair Value
(1)
|
|
Liability Fair Value
(1)
|
|||||||
Interest rate swap contracts
|
|
13-24 Months
|
|
19
|
|
0.63
|
%
|
|
$
|
350,000
|
|
|
$
|
265
|
|
|
$
|
(87
|
)
|
Interest rate swap contracts
|
|
25-36 Months
|
|
27
|
|
1.16
|
%
|
|
700,000
|
|
|
192
|
|
|
(1,633
|
)
|
|||
Interest rate swap contracts
|
|
37-48 Months
|
|
47
|
|
1.46
|
%
|
|
2,000,000
|
|
|
—
|
|
|
(18,120
|
)
|
|||
Interest rate swap contracts
|
|
49-60 Months
|
|
49
|
|
1.53
|
%
|
|
350,000
|
|
|
—
|
|
|
(3,085
|
)
|
|||
Interest rate swap contracts
|
|
73-84 Months
|
|
75
|
|
2.05
|
%
|
|
1,025,000
|
|
|
—
|
|
|
(26,047
|
)
|
|||
Interest rate swap contracts
|
|
85-96 Months
|
|
86
|
|
2.11
|
%
|
|
1,375,000
|
|
|
—
|
|
|
(23,543
|
)
|
|||
Interest rate swap contracts
|
|
109-120 Months
|
|
108
|
|
2.66
|
%
|
|
1,000,000
|
|
|
—
|
|
|
(92,927
|
)
|
|||
Interest rate swap contracts
|
|
121-132 Months
|
|
123
|
|
2.30
|
%
|
|
2,000,000
|
|
|
—
|
|
|
(67,858
|
)
|
|||
Basis swap
contracts
(2)
|
|
0-60 Months
|
|
22
|
|
0.22
|
%
|
|
2,000,000
|
|
|
542
|
|
|
(1
|
)
|
|||
Total or Weighted Average
|
|
|
|
|
|
$
|
10,800,000
|
|
|
$
|
999
|
|
|
$
|
(233,301
|
)
|
December 31, 2016
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
||||||||||
Assets
|
|
Gross and Net Amounts of Assets Presented in the Consolidated Balance Sheet
|
|
Financial
Instruments
|
|
Cash Collateral
|
|
Net Amount
|
||||||||
Interest rate swap contracts
|
|
$
|
7,773
|
|
|
$
|
(14,404
|
)
|
|
$
|
19,395
|
|
|
$
|
12,764
|
|
Agency Securities TBA
|
|
2,064
|
|
|
(35,251
|
)
|
|
37,839
|
|
|
4,652
|
|
||||
Totals
|
|
$
|
9,837
|
|
|
$
|
(49,655
|
)
|
|
$
|
57,234
|
|
|
$
|
17,416
|
|
December 31, 2016
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
||||||||||
Liabilities
|
|
Gross and Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
|
|
Financial
Instruments
|
|
Cash Collateral
|
|
Net Amount
|
||||||||
Interest rate swap contracts
|
|
$
|
(14,404
|
)
|
|
$
|
14,404
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Agency Securities TBA
|
|
(35,251
|
)
|
|
35,251
|
|
|
—
|
|
|
—
|
|
||||
Totals
|
|
$
|
(49,655
|
)
|
|
$
|
49,655
|
|
|
$
|
—
|
|
|
$
|
—
|
|
December 31, 2015
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
||||||||||
Assets
|
|
Gross and Net Amounts of Assets Presented in the Consolidated
Balance Sheet
|
|
Financial
Instruments
|
|
Cash Collateral
|
|
Net Amount
|
||||||||
Interest rate swap contracts
|
|
$
|
457
|
|
|
$
|
(233,301
|
)
|
|
$
|
241,604
|
|
|
$
|
8,760
|
|
Basis swap contracts
|
|
542
|
|
|
—
|
|
|
—
|
|
|
542
|
|
||||
Totals
|
|
$
|
999
|
|
|
$
|
(233,301
|
)
|
|
$
|
241,604
|
|
|
$
|
9,302
|
|
December 31, 2015
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
||||||||||
Liabilities
|
|
Gross and Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
|
|
Financial
Instruments
|
|
Cash Collateral
|
|
Net Amount
|
||||||||
Interest rate swap contracts
|
|
$
|
(233,301
|
)
|
|
$
|
233,301
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Totals
|
|
$
|
(233,301
|
)
|
|
$
|
233,301
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Income (Loss) Recognized
|
|||||||||||
|
|
|
For the Year Ended
|
|||||||||||
Derivatives
|
|
Location on consolidated statements of operations
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Interest rate swap contracts:
|
|
|
|
|
|
|
|
|
||||||
Realized loss
|
|
Realized loss on derivatives
|
|
$
|
(370,192
|
)
|
|
$
|
(2,274
|
)
|
|
$
|
—
|
|
Interest income
|
|
Realized loss on derivatives
|
|
25,270
|
|
|
13,066
|
|
|
14,213
|
|
|||
Interest expense
|
|
Realized loss on derivatives
|
|
(90,978
|
)
|
|
(123,929
|
)
|
|
(154,874
|
)
|
|||
Changes in fair value
|
|
Unrealized gain (loss) on derivatives
|
|
208,082
|
|
|
(182,503
|
)
|
|
(371,266
|
)
|
|||
|
|
|
|
$
|
(227,818
|
)
|
|
$
|
(295,640
|
)
|
|
$
|
(511,927
|
)
|
Interest rate swaptions:
|
|
|
|
|
|
|
|
|
||||||
Realized gain
|
|
Realized loss on derivatives
|
|
—
|
|
|
—
|
|
|
23,318
|
|
|||
Changes in fair value
|
|
Unrealized gain (loss) on derivatives
|
|
—
|
|
|
—
|
|
|
(92,687
|
)
|
|||
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(69,369
|
)
|
Futures Contracts:
|
|
|
|
|
|
|
|
|
||||||
Realized loss
|
|
Realized loss on derivatives
|
|
—
|
|
|
(184
|
)
|
|
(1,373
|
)
|
|||
Changes in fair value
|
|
Unrealized gain (loss) on derivatives
|
|
—
|
|
|
180
|
|
|
1,323
|
|
|||
|
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
(50
|
)
|
Basis swap contracts:
|
|
|
|
|
|
|
|
|
||||||
Realized gain
|
|
Realized loss on derivatives
|
|
1,468
|
|
|
—
|
|
|
—
|
|
|||
Interest income
|
|
Realized loss on derivatives
|
|
2,617
|
|
|
803
|
|
|
—
|
|
|||
Interest expense
|
|
Realized loss on derivatives
|
|
(3,116
|
)
|
|
(922
|
)
|
|
—
|
|
|||
Changes in fair value
|
|
Unrealized gain (loss) on derivatives
|
|
(661
|
)
|
|
661
|
|
|
—
|
|
|||
|
|
|
|
$
|
308
|
|
|
$
|
542
|
|
|
$
|
—
|
|
TBA Agency Securities:
|
|
|
|
|
|
|
|
|
||||||
Realized gain (loss)
|
|
Realized loss on derivatives
|
|
(17,467
|
)
|
|
6,370
|
|
|
—
|
|
|||
Changes in fair value
|
|
Unrealized gain (loss) on derivatives
|
|
(1,209
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
$
|
(18,676
|
)
|
|
$
|
6,370
|
|
|
$
|
—
|
|
Totals
|
|
$
|
(246,186
|
)
|
|
$
|
(288,732
|
)
|
|
$
|
(581,346
|
)
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
|||||||||||||||
|
|
Number of
Awards
|
|
Weighted
Average Grant
Date Fair Value
per Award
|
|
Number of
Awards
|
|
Weighted
Average Grant
Date Fair Value
per Award
|
|
Number of
Awards
|
|
Weighted
Average Grant
Date Fair Value
per Award
|
|||||||||
Unvested RSU Awards Outstanding beginning of period
|
|
78
|
|
|
$
|
48.85
|
|
|
132
|
|
|
$
|
51.76
|
|
|
166
|
|
|
$
|
55.52
|
|
Granted
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Awards issued upon stockholders' approval of Plan amendment
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
19
|
|
|
$
|
29.92
|
|
Vested
|
|
(46
|
)
|
|
$
|
56.14
|
|
|
(53
|
)
|
|
$
|
56.40
|
|
|
(53
|
)
|
|
$
|
56.56
|
|
Forfeited
|
|
—
|
|
|
$
|
—
|
|
|
(1
|
)
|
|
$
|
58.90
|
|
|
—
|
|
|
$
|
—
|
|
Unvested RSU Awards Outstanding end of period
|
|
32
|
|
|
$
|
39.80
|
|
|
78
|
|
|
$
|
48.85
|
|
|
132
|
|
|
$
|
51.76
|
|
Record Date
|
|
Payment Date
|
|
Rate per common share
|
|
Aggregate
amount paid
to holders of record
|
||||
January 15, 2016
|
|
January 27, 2016
|
|
$
|
0.33
|
|
|
$
|
12,131
|
|
February 13, 2016
|
|
February 26, 2016
|
|
$
|
0.33
|
|
|
12,131
|
|
|
March 13, 2016
|
|
March 28, 2016
|
|
$
|
0.33
|
|
|
12,131
|
|
|
April 15, 2016
|
|
April 27, 2016
|
|
$
|
0.27
|
|
|
9,925
|
|
|
May 16, 2016
|
|
May 27, 2016
|
|
$
|
0.22
|
|
|
8,087
|
|
|
June 15, 2016
|
|
June 29, 2016
|
|
$
|
0.22
|
|
|
8,087
|
|
|
July 15, 2016
|
|
July 27, 2016
|
|
$
|
0.22
|
|
|
8,087
|
|
|
August 15, 2016
|
|
August 29, 2016
|
|
$
|
0.22
|
|
|
8,087
|
|
|
September 15, 2016
|
|
September 27, 2016
|
|
$
|
0.22
|
|
|
8,087
|
|
|
October 14, 2016
|
|
October 27, 2016
|
|
$
|
0.22
|
|
|
8,086
|
|
|
November 15, 2016
|
|
November 29, 2016
|
|
$
|
0.22
|
|
|
8,086
|
|
|
December 16, 2016
|
|
December 27, 2016
|
|
$
|
0.22
|
|
|
8,086
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
111,011
|
|
Record Date
|
|
Payment Date
|
|
Rate per common share
|
|
Aggregate
amount paid
to holders of record
|
||||
January 15, 2015
|
|
January 27, 2015
|
|
$
|
0.32
|
|
|
$
|
14,168
|
|
February 13, 2015
|
|
February 27, 2015
|
|
$
|
0.32
|
|
|
14,169
|
|
|
March 13, 2015
|
|
March 27, 2015
|
|
$
|
0.32
|
|
|
14,149
|
|
|
April 15, 2015
|
|
April 27, 2015
|
|
$
|
0.32
|
|
|
14,133
|
|
|
May 15, 2015
|
|
May 27, 2015
|
|
$
|
0.32
|
|
|
14,089
|
|
|
June 15, 2015
|
|
June 29, 2015
|
|
$
|
0.32
|
|
|
14,045
|
|
|
July 15, 2015
|
|
July 27, 2015
|
|
$
|
0.32
|
|
|
14,045
|
|
|
August 17, 2015
|
|
August 27, 2015
|
|
$
|
0.33
|
|
|
14,477
|
|
|
September 15, 2015
|
|
September 28, 2015
|
|
$
|
0.33
|
|
|
14,394
|
|
|
October 15, 2015
|
|
October 27, 2015
|
|
$
|
0.33
|
|
|
13,438
|
|
|
November 16, 2015
|
|
November 27, 2015
|
|
$
|
0.33
|
|
|
13,176
|
|
|
December 16, 2015
|
|
December 30, 2015
|
|
$
|
0.33
|
|
|
12,859
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
167,142
|
|
Record Date
|
|
Payment Date
|
|
Rate per common share
|
|
Aggregate
amount paid to
holders of record
|
||||
January 15, 2014
|
|
January 30, 2014
|
|
$
|
0.40
|
|
|
$
|
17,954
|
|
February 14, 2014
|
|
February 27, 2014
|
|
$
|
0.40
|
|
|
17,954
|
|
|
March 17, 2014
|
|
March 28, 2014
|
|
$
|
0.40
|
|
|
17,945
|
|
|
April 15, 2014
|
|
April 29, 2014
|
|
$
|
0.40
|
|
|
17,925
|
|
|
May 15, 2014
|
|
May 29, 2014
|
|
$
|
0.40
|
|
|
17,924
|
|
|
June 16, 2014
|
|
June 27, 2014
|
|
$
|
0.40
|
|
|
17,924
|
|
|
July 15, 2014
|
|
July 30, 2014
|
|
$
|
0.40
|
|
|
17,923
|
|
|
August 15, 2014
|
|
August 29, 2014
|
|
$
|
0.40
|
|
|
17,923
|
|
|
September 15, 2014
|
|
September 29, 2014
|
|
$
|
0.40
|
|
|
17,923
|
|
|
October 15, 2014
|
|
October 30, 2014
|
|
$
|
0.40
|
|
|
17,923
|
|
|
November 17, 2014
|
|
November 26, 2014
|
|
$
|
0.40
|
|
|
17,923
|
|
|
December 15, 2014
|
|
December 30, 2014
|
|
$
|
0.40
|
|
|
17,922
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
215,163
|
|
Record Date
|
|
Payment Date
|
|
Rate per
Series A
Preferred
Share
|
|
Aggregate
amount paid
to holders of record
|
||||
January 15, 2016
|
|
January 27, 2016
|
|
$
|
0.17
|
|
|
$
|
374.8
|
|
February 15, 2016
|
|
February 26, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
March 15, 2016
|
|
March 28, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
April 15, 2016
|
|
April 27, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
May 15, 2016
|
|
May 27, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
June 15, 2016
|
|
June 29, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
July 15, 2016
|
|
July 27, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
August 15, 2016
|
|
August 29, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
September 15, 2016
|
|
September 27, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
October 15, 2016
|
|
October 27, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
November 15, 2016
|
|
November 27, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
December 15, 2016
|
|
December 28, 2016
|
|
$
|
0.17
|
|
|
374.8
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
4,497.6
|
|
Record Date
|
|
Payment Date
|
|
Rate per
Series A
Preferred
Share
|
|
Aggregate
amount paid
to holders of record
|
||||
January 15, 2015
|
|
January 27, 2015
|
|
$
|
0.17
|
|
|
$
|
374.8
|
|
February 15, 2015
|
|
February 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
March 15, 2015
|
|
March 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
April 15, 2015
|
|
April 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
May 15, 2015
|
|
May 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
June 15, 2015
|
|
June 29, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
July 15, 2015
|
|
July 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
August 15, 2015
|
|
August 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
September 15, 2015
|
|
September 28, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
October 15, 2015
|
|
October 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
November 15, 2015
|
|
November 27, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
December 15, 2015
|
|
December 28, 2015
|
|
$
|
0.17
|
|
|
374.8
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
4,497.6
|
|
Record Date
|
|
Payment Date
|
|
Rate per
Series A
Preferred
Share
|
|
Aggregate
amount paid to
holders of record
|
||||
January 15, 2014
|
|
January 27, 2014
|
|
$
|
0.17
|
|
|
$
|
374.8
|
|
February 15, 2014
|
|
February 27, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
March 15, 2014
|
|
March 27, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
April 15, 2014
|
|
April 28, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
May 15, 2014
|
|
May 27, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
June 15, 2014
|
|
June 27, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
July 15, 2014
|
|
July 28, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
August 15, 2014
|
|
August 27, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
September 15, 2014
|
|
September 29, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
October 15, 2014
|
|
October 27, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
November 15, 2014
|
|
November 28, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
December 15, 2014
|
|
December 29, 2014
|
|
$
|
0.17
|
|
|
374.8
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
4,497.6
|
|
Record Date
|
|
Payment Date
|
|
Rate per
Series B
Preferred
Share
|
|
Aggregate
amount paid
to holders of record
|
||||
January 15, 2016
|
|
January 27, 2016
|
|
$
|
0.16
|
|
|
$
|
927.0
|
|
February 15, 2016
|
|
February 26, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
March 15, 2016
|
|
March 28, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
April 15, 2016
|
|
April 27, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
May 15, 2016
|
|
May 27, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
June 15, 2016
|
|
June 29, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
July 15, 2016
|
|
July 27, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
August 15, 2016
|
|
August 29, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
September 15, 2016
|
|
September 27, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
October 15, 2016
|
|
October 27, 2006
|
|
$
|
0.16
|
|
|
927.0
|
|
|
November 15, 2016
|
|
November 27, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
December 15, 2016
|
|
December 28, 2016
|
|
$
|
0.16
|
|
|
927.0
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
11,124.0
|
|
Record Date
|
|
Payment Date
|
|
Rate per
Series B
Preferred
Share
|
|
Aggregate
amount paid
to holders of record
|
||||
January 15, 2015
|
|
January 27, 2015
|
|
$
|
0.16
|
|
|
$
|
927.0
|
|
February 15, 2015
|
|
February 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
March 15, 2015
|
|
March 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
April 15, 2015
|
|
April 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
May 15, 2015
|
|
May 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
June 15, 2015
|
|
June 29, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
July 15, 2015
|
|
July 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
August 15, 2015
|
|
August 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
September 15, 2015
|
|
September 28, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
October 15, 2015
|
|
October 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
November 15, 2015
|
|
November 27, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
December 15, 2015
|
|
December 28, 2015
|
|
$
|
0.16
|
|
|
927.0
|
|
|
Total dividends paid
|
|
|
|
|
|
$
|
11,124.0
|
|
Record Date
|
|
Payment Date
|
|
Rate per
Series B
Preferred
Share
|
|
Aggregate
amount paid to
holders of record
|
||||
January 15, 2014
|
|
January 27, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
February 15, 2014
|
|
February 27, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
March 15, 2014
|
|
March 27, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
April 15, 2014
|
|
April 28, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
May 15, 2014
|
|
May 27, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
June 15, 2014
|
|
June 27, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
July 15, 2014
|
|
July 28, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
August 15, 2014
|
|
August 27, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
September 15, 2014
|
|
September 29, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
October 15, 2014
|
|
October 27, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
November 15, 2014
|
|
November 28, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
December 15, 2014
|
|
December 29, 2014
|
|
$
|
0.16
|
|
|
$
|
926.9
|
|
Total dividends paid
|
|
|
|
|
|
$
|
11,122.8
|
|
Transaction Type
|
|
Completion Date
|
|
Number of
Shares
|
|
Per Share
price
(1)
|
|
Net Proceeds
|
|||||
Common stock dividend reinvestment program
|
|
January 26, 2015 through November 27, 2015
|
|
6
|
|
|
$
|
23.21
|
|
|
$
|
147
|
|
(1)
|
Weighted average price
|
Transaction Type
|
|
Completion Date
|
|
Number of
Shares
|
|
Per Share
price
(1)
|
|
Net Proceeds
|
|||||
Common stock dividend reinvestment program
|
|
January 27, 2014 through December 30, 2014
|
|
8
|
|
|
$
|
32.96
|
|
|
$
|
269
|
|
(1)
|
Weighted average price
|
Transaction Type
|
|
Completion Date
|
|
Number of
Shares |
|
Per Share price
(1)
|
|
Net Cost
|
|||||
Repurchased common shares
|
|
March 5, 2015 through December 31, 2015
|
|
7,510
|
|
|
$
|
21.25
|
|
|
$
|
159,600
|
|
(1)
|
Weighted average price
|
Transaction Type
|
|
Completion Date
|
|
Number of
Shares |
|
Per Share price
(1)
|
|
Net Cost
|
|||||
Repurchased common shares
|
|
March 12, 2014 through December 31, 2014
|
|
600
|
|
|
$
|
30.56
|
|
|
$
|
18,362
|
|
(1)
|
Weighted average price
|
|
For the Years Ended
|
||||||||||
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Net Loss
|
$
|
(45,517
|
)
|
|
$
|
(31,205
|
)
|
|
$
|
(179,048
|
)
|
Less: Preferred dividends
|
(15,622
|
)
|
|
(15,622
|
)
|
|
(15,620
|
)
|
|||
Net loss related to common stockholders
|
$
|
(61,139
|
)
|
|
$
|
(46,827
|
)
|
|
$
|
(194,668
|
)
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding – basic
|
36,698
|
|
|
42,780
|
|
|
44,654
|
|
|||
Add: Effect of dilutive non-vested awards, assumed vested
|
—
|
|
|
—
|
|
|
—
|
|
|||
Weighted average common shares outstanding – diluted
|
36,698
|
|
|
42,780
|
|
|
44,654
|
|
|
For the Years Ended
|
||||||||||
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
GAAP net loss
|
$
|
(45,517
|
)
|
|
$
|
(31,205
|
)
|
|
$
|
(179,048
|
)
|
Book to tax differences:
|
|
|
|
|
|
||||||
Non-Agency Securities
|
(60,914
|
)
|
|
—
|
|
|
—
|
|
|||
Interest-Only Securities
|
(7,818
|
)
|
|
—
|
|
|
—
|
|
|||
Changes in interest rate contracts
|
179,979
|
|
|
177,565
|
|
|
439,312
|
|
|||
(Gains) Losses on Security Sales
|
18,211
|
|
|
11,546
|
|
|
(54,082
|
)
|
|||
Other than temporary loss on Agency Securities
|
6,540
|
|
|
—
|
|
|
—
|
|
|||
Amortization of deferred hedging costs
|
(47,952
|
)
|
|
(13,731
|
)
|
|
(1,174
|
)
|
|||
Bargain purchase price on acquisition of JAVELIN
|
(6,484
|
)
|
|
—
|
|
|
—
|
|
|||
Net premium amortization differences
|
—
|
|
|
—
|
|
|
(5,609
|
)
|
|||
Other
|
19
|
|
|
17
|
|
|
21
|
|
|||
Estimated taxable income
|
$
|
36,064
|
|
|
$
|
144,192
|
|
|
$
|
199,420
|
|
•
|
Advising us with respect to, arranging for and managing the acquisition, financing, management and disposition of, elements of our investment portfolio;
|
•
|
Evaluating the duration risk and prepayment risk within the investment portfolio and arranging borrowing and hedging strategies;
|
•
|
Coordinating capital raising activities;
|
•
|
Advising us on the formulation and implementation of operating strategies and policies, arranging for the acquisition of assets, monitoring the performance of those assets and providing administrative and managerial services in connection with our day-to-day operations; and
|
•
|
Providing executive and administrative personnel, office space and other appropriate services required in rendering management services to us.
|
Consideration:
|
|
|
||
Cash
|
|
$
|
85.2
|
|
Fair value of consideration transferred
|
|
$
|
85.2
|
|
Acquisition related costs (included in professional fees and other expenses)
|
|
$
|
2.5
|
|
Recognized amounts of identifiable assets acquired and liabilities assumed:
|
|
|
||
Cash
|
|
$
|
12.0
|
|
Cash collateral
|
|
24.6
|
|
|
Agency Securities
|
|
440.7
|
|
|
Non-Agency Securities
|
|
223.2
|
|
|
Accrued interest receivable
|
|
1.4
|
|
|
Prepaid and other assets
|
|
5.4
|
|
|
Repurchase agreements
|
|
(589.6
|
)
|
|
Derivatives
|
|
(17.5
|
)
|
|
Accrued interest payable
|
|
(0.9
|
)
|
|
Accounts payable and other accrued expenses
|
|
(7.6
|
)
|
|
Total identifiable net assets
|
|
$
|
91.7
|
|
Bargain purchase price
|
|
(6.5
|
)
|
|
Total
|
|
$
|
85.2
|
|
|
Quarter Ended
|
||||||||||||||
|
March 31,
2016 |
|
June 30,
2016 |
|
September 30,
2016 |
|
December 31,
2016 |
||||||||
Agency Securities, net of amortization of premium and fees
(2)
|
$
|
78,650
|
|
|
$
|
55,539
|
|
|
$
|
44,544
|
|
|
$
|
47,063
|
|
Non-Agency Securities, including discount accretion
|
327
|
|
|
9,853
|
|
|
12,969
|
|
|
13,424
|
|
||||
Interest-Only Securities
|
—
|
|
|
3
|
|
|
852
|
|
|
771
|
|
||||
Interest expense- repurchase agreements
|
(19,148
|
)
|
|
(18,276
|
)
|
|
(17,040
|
)
|
|
(18,643
|
)
|
||||
Net Interest Income
|
$
|
59,829
|
|
|
$
|
47,119
|
|
|
$
|
41,325
|
|
|
$
|
42,615
|
|
Realized gain (loss) on sale of Agency Securities (reclassified from Other comprehensive income (loss))
|
1,891
|
|
|
14,625
|
|
|
2,421
|
|
|
(37,147
|
)
|
||||
Other than temporary impairment of Agency Securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,540
|
)
|
||||
Gain on Non-Agency Securities
|
4,122
|
|
|
10,151
|
|
|
39,522
|
|
|
5,325
|
|
||||
Gain (Loss) on Interest-Only Securities
|
—
|
|
|
(1,243
|
)
|
|
(1,105
|
)
|
|
8,778
|
|
||||
Bargain purchase price on acquisition of JAVELIN
|
—
|
|
|
6,484
|
|
|
—
|
|
|
—
|
|
||||
Realized gain (loss) on derivatives
(1)
|
(246,105
|
)
|
|
(112,515
|
)
|
|
19,816
|
|
|
(113,594
|
)
|
||||
Unrealized gain (loss) on derivatives
|
(89,058
|
)
|
|
66,141
|
|
|
25,824
|
|
|
203,305
|
|
||||
Expenses
(2)
|
(10,154
|
)
|
|
(9,587
|
)
|
|
(9,115
|
)
|
|
(8,647
|
)
|
||||
Net Income (Loss)
|
$
|
(279,475
|
)
|
|
$
|
21,175
|
|
|
$
|
118,688
|
|
|
$
|
94,095
|
|
Dividends declared on preferred stock
|
(3,905
|
)
|
|
(3,905
|
)
|
|
(3,905
|
)
|
|
(3,906
|
)
|
||||
Net Income (Loss) available (related) to common stockholders
|
$
|
(283,380
|
)
|
|
$
|
17,270
|
|
|
$
|
114,783
|
|
|
$
|
90,189
|
|
Net income (loss) available (related) per share to common stockholders – Basic
|
$
|
(7.73
|
)
|
|
$
|
0.47
|
|
|
$
|
3.13
|
|
|
$
|
2.46
|
|
Net income (loss) available (related) per share to common stockholders – Diluted
|
$
|
(7.73
|
)
|
|
$
|
0.47
|
|
|
$
|
3.12
|
|
|
$
|
2.45
|
|
Dividends declared per common share
|
$
|
0.99
|
|
|
$
|
0.71
|
|
|
$
|
0.66
|
|
|
$
|
0.66
|
|
Weighted average common shares outstanding – Basic
|
36,683
|
|
|
36,693
|
|
|
36,703
|
|
|
36,713
|
|
||||
Weighted average common shares outstanding – Diluted
|
36,683
|
|
|
36,748
|
|
|
36,746
|
|
|
36,745
|
|
|
Quarter Ended
|
||||||||||||||
|
March 31,
2015 |
|
June 30,
2015 |
|
September 30,
2015 |
|
December 31,
2015 |
||||||||
Interest income, net of premium amortization
|
$
|
99,550
|
|
|
$
|
91,702
|
|
|
$
|
85,643
|
|
|
$
|
88,405
|
|
Interest expense- repurchase agreements
|
(14,192
|
)
|
|
(13,917
|
)
|
|
(14,430
|
)
|
|
(16,739
|
)
|
||||
Net Interest Income
|
$
|
85,358
|
|
|
$
|
77,785
|
|
|
$
|
71,213
|
|
|
$
|
71,666
|
|
Realized gain (loss) on sale of Agency Securities (reclassified from Other comprehensive income (loss))
|
6,544
|
|
|
(5,051
|
)
|
|
69
|
|
|
(13,108
|
)
|
||||
Realized loss on derivatives
(1)
|
8,099
|
|
|
(59,978
|
)
|
|
(17,400
|
)
|
|
(37,791
|
)
|
||||
Unrealized gain (loss) on derivatives
|
(216,338
|
)
|
|
194,507
|
|
|
(266,074
|
)
|
|
106,243
|
|
||||
Expenses
|
(9,132
|
)
|
|
(9,246
|
)
|
|
(9,360
|
)
|
|
(9,211
|
)
|
||||
Net Income (Loss)
|
$
|
(125,469
|
)
|
|
$
|
198,017
|
|
|
$
|
(221,552
|
)
|
|
$
|
117,799
|
|
Dividends declared on preferred stock
|
(3,905
|
)
|
|
(3,905
|
)
|
|
(3,905
|
)
|
|
(3,907
|
)
|
||||
Net Income (Loss) available (related) to common stockholders
|
$
|
(129,374
|
)
|
|
$
|
194,112
|
|
|
$
|
(225,457
|
)
|
|
$
|
113,892
|
|
Net income (loss) available (related) per share to common stockholders – Basic
|
$
|
(2.93
|
)
|
|
$
|
4.42
|
|
|
$
|
(5.18
|
)
|
|
$
|
2.88
|
|
Net income (loss) available (related) per share to common stockholders – Diluted
|
$
|
(2.93
|
)
|
|
$
|
4.41
|
|
|
$
|
(5.18
|
)
|
|
$
|
2.87
|
|
Dividends declared per common share
|
$
|
0.96
|
|
|
$
|
0.96
|
|
|
$
|
0.98
|
|
|
$
|
0.99
|
|
Weighted average common shares outstanding – Basic
|
44,118
|
|
|
43,916
|
|
|
43,561
|
|
|
39,567
|
|
||||
Weighted average common shares outstanding – Diluted
|
44,118
|
|
|
44,022
|
|
|
43,561
|
|
|
39,645
|
|
Date: February 15, 2017
|
|
ARMOUR RESIDENTIAL REIT, INC.
|
|
|
|
|
|
/s/ James R. Mountain
|
|
|
James R. Mountain
Chief Financial Officer, Treasurer and Secretary
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Scott J. Ulm
|
|
Co-Chief Executive Officer, Chief Investment Officer, Head of
|
|
February 15, 2017
|
Scott J. Ulm
|
|
Risk Management and Co-Vice Chairman (Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Jeffrey J. Zimmer
|
|
Co-Chief Executive Officer, President, Co-Vice Chairman
|
|
February 15, 2017
|
Jeffrey J. Zimmer
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ James R. Mountain
|
|
Chief Financial Officer, Treasurer and Secretary
|
|
February 15, 2017
|
James R. Mountain
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Gordon M. Harper
|
|
VP Finance and Controller
|
|
February 15, 2017
|
Gordon M. Harper
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Daniel C. Staton
|
|
Chairman
|
|
February 15, 2017
|
Daniel C. Staton
|
|
|
|
|
|
|
|
|
|
/s/ Marc H. Bell
|
|
Director
|
|
February 14, 2017
|
Marc H. Bell
|
|
|
|
|
|
|
|
|
|
/s/ Thomas K. Guba
|
|
Director
|
|
February 14, 2017
|
Thomas K. Guba
|
|
|
|
|
|
|
|
|
|
/s/ Stewart J. Paperin
|
|
Director
|
|
February 14, 2017
|
Stewart J. Paperin
|
|
|
|
|
|
|
|
|
|
/s/ John P. Hollihan, III
|
|
Director
|
|
February 14, 2017
|
John P. Hollihan, III
|
|
|
|
|
|
|
|
|
|
/s/ Robert C. Hain
|
|
Director
|
|
February 14, 2017
|
Robert C. Hain
|
|
|
|
|
|
|
|
|
|
/s/ Carolyn Downey
|
|
Director
|
|
February 14, 2017
|
Carolyn Downey
|
|
|
|
|
1 Year ARMOUR Residential REIT Chart |
1 Month ARMOUR Residential REIT Chart |
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