VERO BEACH, Florida -- October 23, 2019 -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PB) (“ARMOUR” or the “Company”) today announced financial results for the quarter ended September 30, 2019.

Q3 2019 Highlights and Financial Information
$(61.0) million ($(1.09) per Common share) net loss under Generally Accepted Accounting Principles (“GAAP”) based on 59,076,935 weighted average diluted Common shares outstanding
$35.9 million ($0.55 per Common share) Core Income including “Drop Income” (as defined below), which represents an annualized return of 10.4% based on stockholders’ equity at the beginning of the quarter
$0.51 per Common share dividends for Q3 at the rate of $0.17 per month
Core Income exceeded dividends paid for the thirteenth straight quarter
330,000 Common shares repurchased; current remaining repurchase authorization of 8,295,000 shares
696,479 shares of 7.875% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) issued
3.6% average yield on assets and 1.3% average net interest margin
11.8% annualized average principal repayment rate (“CPR”)
2.2% total economic return, representing dividends plus change in stockholders' equity per Common share
(7.4)% total shareholder return, representing dividends plus change in New York Stock Exchange (NYSE) price per Common share

At September 30, 2019
$16.75 NYSE closing price per Common share
$1.4 billion stockholders’ equity based on period-end stock outstanding of:
58,889,758 shares of Common Stock
7,201,971 shares of Series B Preferred Stock
$20.43 stockholders’ equity per Common share, a decrease of (0.3)% from June 30, 2019
$12.8 billion portfolio of securities, including $0.8 billion of Credit Risk and Non-Agency Securities
$7.1 billion notional amount of interest rate swaps
8.45 to 1 “leverage;” (based on repurchase agreements divided by stockholders’ equity)
$607.7 million of liquidity in cash and unpledged securities (43.9% of stockholders’ equity)

Updated Information
Common dividends per share - $0.17 to be paid on October 28, 2019, and November 27, 2019
Book value at October 22, 2019, was estimated to be $19.76 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 Wednesday, October 23, 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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