ARMOUR Residential REIT is a real estate investment trust. Co. is managed by ARMOUR Capital Management LP, an investment advisor. Co. invests in mortgage backed securities (MBS), which are issued or guaranteed by a U.S. Government-sponsored entity or a government agency (collectively, Agency Securities). Co.'s Agency Securities consist primarily of fixed rate loans. The remaining are either backed by hybrid adjustable rate or adjustable rate loans. From time to time Co. may also invest in Credit Risk and Non-Agency Securities, Interest-Only Securities, U.S. Treasury Securities and money market instruments.