Armour Residential Reit, Inc. (ARR) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

ARMOUR RESIDENTIAL REIT, INC. REPORTS FINANCIAL RESULTS

FOR THE QUARTER ENDED SEPTEMBER 30, 2018

GAAP INCOME OF $47.7 MILLION, OR $1.02 PER COMMON SHARE

CORE INCOME OF $31.2 MILLION, OR $0.64 PER COMMON SHARE

VERO BEACH, Florida -- October 24, 2018 -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA, and ARR PrB) (“ARMOUR” or the “Company”) today announced financial results for the quarter ended September 30, 2018.

Q3 2018 Highlights and Financial Information


◦	$47.7 million ($1.02 per Common share) net income under Generally Accepted Accounting Principles (“GAAP”) based on 42,435,624 weighted average diluted Common shares outstanding


◦	$31.2 million ($0.64 per Common share) Core Income including “Drop Income” (as defined below), which represents an annualized return of 10.3% based on stockholders’ equity at the beginning of the quarter


◦	$0.57 per share Common dividends for Q3 at the rate of $0.19 per month


◦	Core Income exceeded dividends paid for the ninth straight quarter


◦	3.5% average yield on assets and 1.6% average net interest margin


◦	6.1% annualized average principal repayment rate (“CPR”)


◦	1.6% total economic return, representing dividends plus change in stockholders' equity per Common share


◦	0.9% total shareholder return, representing dividends plus change in New York Stock Exchange price per Common share

At September 30, 2018


◦	$22.45 NYSE closing price per Common share


◦	$1.2 billion stockholders’ equity based on period-end stock outstanding of:

◦42,335,525 shares of Common Stock

◦2,180,572 shares of 8.250% Series A Cumulative Redeemable Preferred (“Preferred A”)

◦6,369,269 shares of 7.875% Series B Cumulative Redeemable Preferred (“Preferred B”)


◦	$23.49 stockholders’ equity per Common share, a decrease of (0.8)% from June 30, 2018


◦	$8.0 billion portfolio of securities, including $0.9 billion of Credit Risk and Non-Agency Securities


◦	$1.3 billion notional amount of (“to-be-announced”) TBA Agency Securities, includes $0.1 billion notional amount of forward settling TBA Agency Securities


◦	$7.1 billion notional amount of interest rate swaps


◦	5.97 to 1 “leverage” (debt to stockholders’ equity); 7.01 to 1 “implied leverage,” reflecting net TBA Agency Securities purchased forward and excluding debt related to forward settling sales


◦	$639.3 million of liquidity in cash and unpledged securities (52.9% of stockholders’ equity)

Updated Information


◦	Common dividends per share - $0.19 payable on October 29, 2018, and on November 27, 2018, as discussed below

◦Book value at October 23, 2018, was estimated to be $22.42 per Common share outstanding


◦	Additional updated information on the Company’s investment, financing and hedge positions can be found in ARMOUR Residential REIT, Inc.’s most recent “Company Update.” ARMOUR posts unaudited and unreviewed Company Updates on www.armourreit.com.

- MORE -

The following information was filed by Armour Residential Reit, Inc. (ARR) on Wednesday, October 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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