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ARMOUR RESIDENTIAL REIT, INC. REPORTS FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2017

GAAP INCOME OF $71.0 MILLION, OR $1.60 PER COMMON SHARE
CORE INCOME OF $32.5 MILLION, OR $0.68 PER COMMON SHARE

VERO BEACH, Florida -- February 14, 2018 -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA, and ARR PrB) (“ARMOUR” or the “Company”) today announced financial results for the quarter ended December 31, 2017.

Q4 2017 Highlights and Financial Information
$71.0 million ($1.60 per Common share) net income under Generally Accepted Accounting Principles (“GAAP”) based on 42,329,391 weighted average diluted Common shares outstanding
$32.5 million ($0.68 per Common share) Core Income including “Drop Income” (as defined below), which represents an annualized return of 9.9% based on stockholders’ equity at the beginning of the quarter
$0.57 per share Common dividends for Q4 at the rate of $0.19 per month
3.02% average yield on assets and 1.55% average net interest margin
7.0% annualized average principal repayment rate (“CPR”)

At December 31, 2017
$25.72 NYSE closing price per Common share
$1.33 billion stockholders’ equity, an increase of 1.0% from September 30, 2017
$26.62 stockholders’ equity, a decrease of 0.2% from September 30, 2017, per Common share based on period-end stock outstanding of:
41,877,404 shares of Common Stock
2,180,572 shares of 8.250% Series A Cumulative Redeemable Preferred (“Preferred A”)
6,262,395 shares of 7.875% Series B Cumulative Redeemable Preferred (“Preferred B”)
$8.5 billion portfolio of mortgage securities, including $1.0 billion of Credit Risk and Non-Agency Securities
$1.6 billion notional amount of (“to-be-announced”) TBA Agency Securities
$5.3 billion notional amount of interest rate swaps
5.70 to 1 “leverage” (debt to stockholders’ equity); 6.96 to 1 “implied leverage,” reflecting TBA Agency Securities purchased forward and excluding debt related to forward settling sales
$676.6 million of liquidity in cash and unpledged securities (51.0% of stockholders’ equity)

Year 2017 Highlights and Financial Information
$181.2 million ($4.22 per Common share) net income under GAAP
$123.6 million ($2.75 per Common share) Core Income including Drop Income, which represents an annualized return of 11.3% based on stockholders’ equity at the beginning of the year
$2.23 increase in book value per Common share, or 9.1% from December 31, 2016
$4.03 increase in Common stock price, or 18.6% from December 31, 2016
18.5% total economic return
30.1% total shareholder return
$0.19 Common stock dividend paid every month

Updated Information
Common dividends per share - $0.19 paid on January 29, 2018, and $0.19 declared by the Company’s board of directors for February, as discussed below
As of February 13, 2018, we had 6,369,269 Preferred B shares outstanding, up 1.7% from December 31, 2017
Book value at February 13, 2018, was estimated to be $24.72 per Common share outstanding


- MORE -

The following information was filed by Armour Residential Reit, Inc. (ARR) on Wednesday, February 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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