Armour Residential REIT, Inc. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 2, 2012

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Note 7 - Repurchase Agreements
 3 Months Ended
Mar. 31, 2012
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]
Note 7 - Repurchase Agreements

At March 31, 2012 and December 31, 2011, we had repurchase agreements in place in the amount of $11.1 billion and $5.3 billion, respectively, to finance Agency Security purchases. For the quarter ended March 31, 2012 and the year ended December 31, 2011, the weighted average interest rate or cost of funds was 0.34% and 0.37%, respectively.  At March 31, 2012 and December 31, 2011, we had repurchase agreements outstanding with 26 and 23 counterparties, respectively, with a weighted average maturity of 13 days and 18 days, respectively.

The following table represents the contractual repricing information regarding our repurchase agreements as of March 31, 2012 and December 31, 2011.

   
March 31, 2012
   
December 31, 2011
 
   
(dollars in thousands)
 
Within 30 days
  $ 10,500,647     $ 4,068,197  
31 days to 60 days
    597,216       1,111,480  
61 days to 90 days
    -       156,285  
Total
  $ 11,097,863     $ 5,335,962  

As of March 31, 2012 and December 31, 2011, the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount, which we also refer to as the haircut, under all our repurchase agreements was approximately 4.8% and 5.0%, respectively.

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