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Armour Residential Reit, Inc. (ARR) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Armour Residential Reit, Inc.

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CIK: 1841341 Ticker: ARR

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ARMOUR RESIDENTIAL REIT, INC. REPORTS FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2018

GAAP LOSS OF $(212.0) MILLION, OR $(5.07) PER COMMON SHARE
CORE INCOME OF $32.2 MILLION, OR $0.64 PER COMMON SHARE
RAISES $185.8 MILLION IN COMMON SHARE OFFERINGS


VERO BEACH, Florida -- February 14, 2019 -- 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, 2018.

Q4 2018 Highlights and Financial Information
◦
$(212.0) million ($(5.07) per Common share) net loss under Generally Accepted Accounting Principles (“GAAP”) based on 42,656,594 weighted average diluted Common shares outstanding
◦
$32.2 million ($0.64 per Common share) Core Income including “Drop Income” (as defined below), which represents an annualized return of 10.6% 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
◦
Core Income exceeded dividends paid for the tenth straight quarter
◦
3.6% average yield on assets and 1.7% average net interest margin
◦
4.7% annualized average principal repayment rate (“CPR”)
◦
(8.8)% total economic return, representing dividends plus change in stockholders' equity per Common share
◦
(6.1)% total shareholder return, representing dividends plus change in New York Stock Exchange (NYSE) price per Common share

At December 31, 2018
◦
$20.50 NYSE closing price per Common share
◦
$1.1 billion stockholders’ equity based on period-end stock outstanding of:
◦43,702,864 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”)
◦
$20.86 stockholders’ equity per Common share, a decrease of (11.2)% from September 30, 2018
◦
$8.0 billion portfolio of securities, including $0.8 billion of Credit Risk and Non-Agency Securities
◦
$0.9 billion notional amount of (“to-be-announced”) TBA Agency Securities
◦
$7.4 billion notional amount of interest rate swaps
◦
6.25:1 to 1 “leverage” (debt to stockholders’ equity)
◦
$584.3 million of liquidity in cash and unpledged securities (51.9% of stockholders’ equity)

Updated Information
◦
Common dividends per share - $0.19 paid on January 28, 2019, and $0.19 declared by the Company's board of directors for February and March, as discussed below
◦
Book value at February 13, 2019, was estimated to be $21.39 per Common share outstanding, on a GAAP basis
◦
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 Thursday, February 14, 2019 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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Inside Armour Residential Reit, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Acquisition Of Javelin Mortgage Investment Corp.
Acquisition Of Javelin Mortgage Investment Corp. (Details)
Acquisition Of Javelin Mortgage Investment Corp. (Tables)
Agency Securities
Agency Securities (Tables)
Agency Securities - Additional Information (Details)
Agency Securities - Gross Unrealized Losses And Estimated Fair Value Of Agency Securities (Details)
Agency Securities - Summary Of Weighted Average Lives Of Agency Securities (Details)
Agency Securities - Unrealized Gain Or Loss Position And Components Of Carrying Value Of Available For Sale Agency Securities (Details)
Basis Of Presentation And Consolidation
Commitments And Contingencies
Commitments And Contingencies (Details)
Credit Risk And Non-Agency Securities
Credit Risk And Non-Agency Securities (Tables)
Credit Risk And Non-Agency Securities - Additional Information (Details)
Credit Risk And Non-Agency Securities - Carrying Value Of Non-Agency Securities (Details)
Credit Risk And Non-Agency Securities - Continuous Unrealized Loss Position (Details)
Credit Risk And Non-Agency Securities - Weighted Average Lives Of Non-Agency Securities (Details)
Derivatives
Derivatives (Tables)
Derivatives - Interest Rate Swap Contracts, Swaptions And Futures Contracts (Details)
Derivatives - Location And Information Of Derivatives (Details)
Derivatives - Offsetting Assets (Details)
Derivatives - Offsetting Liabilities (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Details)
Fair Value Of Financial Instruments - Carrying Values And Fair Values Of Financial Assets And Liabilities (Details)
Fair Value Of Financial Instruments - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Of Financial Instruments - Summary Of Changes In Level 3 Assets Measured On A Recurring Basis (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Capital Gains (Losses) (Details)
Income Taxes - Reconciliation Of Gaap Net Income To Estimated Reit Taxable Income (Details)
Interest Rate Risk
Net Income Per Common Share
Net Income Per Common Share (Tables)
Net Income Per Common Share - Reconciliation Of Net Income (Loss) And Shares Used In Calculating Basic And Diluted Earnings Per Share (Details)
Organization And Nature Of Business Operations
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Recent Accounting Pronouncements
Related Party Transactions
Related Party Transactions (Details)
Repurchase Agreements
Repurchase Agreements (Tables)
Repurchase Agreements - Additional Information (Details)
Repurchase Agreements - Contractual Repricing, Master Repurchase Agreements (Details)
Repurchase Agreements - Repurchase Agreements By Maturity Period (Details)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Additional Information (Details)
Stock Based Compensation - Schedule Of Restricted Stock Units (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Dividend Transactions (Details)
Stockholders' Equity - Equity Transactions (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
U.S. Treasury Securities
U.S. Treasury Securities (Tables)
U.S. Treasury Securities - Unrealized Gain Or (Loss) Position (Details)
U.S. Treasury Securities - Unrealized Losses And Estimated Fair Value (Details)
Ticker: ARR
CIK: 1428205
Form Type: 10-K Annual Report
Accession Number: 0001428205-19-000045
Submitted to the SEC: Thu Feb 14 2019 5:02:19 PM EST
Accepted by the SEC: Thu Feb 14 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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