VERO BEACH, Florida -- July 24, 2019 -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR-PACL, and ARR-PB) (“ARMOUR” or the “Company”) today announced financial results for the quarter ended June 30, 2019.

Q2 2019 Highlights and Financial Information
$(183.2) million ($(3.14) per Common share) net loss under Generally Accepted Accounting Principles (“GAAP”) based on 59,654,091 weighted average diluted Common shares outstanding
$41.9 million ($0.63 per Common share) Core Income including “Drop Income” (as defined below), which represents an annualized return of 11.3% based on stockholders’ equity at the beginning of the quarter
$0.57 per Common share dividends for Q2 at the rate of $0.19 per month
Core Income exceeded dividends paid for the twelfth straight quarter
625,000 Common shares repurchased; current remaining repurchase authorization of 8,625,000 shares
2,180,572 issued and outstanding shares of 8.250% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") called for redemption on July 26, 2019 ($25.00 per share, or $54.5 million in the aggregate); final dividend payable July 29, 2019, to holders of record on July 15, 2019
338,152 shares of 7.875% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) issued (through July 12, 2019)
3.7% average yield on assets and 1.4% average net interest margin
7.2% annualized average principal repayment rate (“CPR”)
(1.0)% total economic return, representing dividends plus change in stockholders' equity per Common share
(1.6)% total shareholder return, representing dividends plus change in New York Stock Exchange (NYSE) price per Common share

At June 30, 2019
$18.64 NYSE closing price per Common share
$1.4 billion stockholders’ equity based on period-end stock outstanding of:
59,192,390 shares of Common Stock
6,505,479 shares of Series B Preferred Stock
$20.50 stockholders’ equity per Common share, a decrease of (3.7)% from March 31, 2019
$14.4 billion portfolio of securities, including $0.8 billion of Credit Risk and Non-Agency Securities
$7.6 billion notional amount of interest rate swaps
9.66 to 1 “leverage;” 9.33 to 1 leverage (based on repurchase agreements divided by stockholders’ equity plus Series A Preferred Stock)
$595.4 million of liquidity in cash and unpledged securities (43.3% of stockholders’ equity)

Updated Information
Common dividends per share - $0.17 to be paid on July 29, 2019, and August 27, 2019, declared by the Company's board of directors (the "Board") for August, as discussed below
Book value at July 23, 2019, was estimated to be $20.71 per Common share outstanding, on a GAAP basis, up approximately 1% since the end of Q2
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, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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