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ARMOUR RESIDENTIAL REIT, INC. REPORTS FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2019

VERO BEACH, Florida -- February 19, 2020 -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR-PBCL and ARR PRC) (“ARMOUR” or the “Company”) today announced financial results for the quarter ended December 31, 2019.

Q4 2019 Highlights and Financial Information
$58.5 million ($0.93 per Common share) total comprehensive income, based on 59,149,422 weighted average diluted Common shares outstanding, comprised of:
$108.7 million ($1.78 per Common share) net income under Generally Accepted Accounting Principles (“GAAP”)
$(50.2) million ($(0.85) per Common share mark-to-market) loss on available for sale Agency Securities recognized through other comprehensive income (loss) ("OCI")
$36.5 million ($0.55 per Common share) Core Income including “Drop Income” (as defined below), which represents an annualized return of 10.5% based on stockholders’ equity at the beginning of the quarter
$20.84 stockholders’ equity per Common share, an increase of 2.0% from September 30, 2019
$0.51 per Common share dividends for Q4 at the rate of $0.17 per month
Core Income exceeded dividends paid for the fourteenth straight quarter
45,000 Common shares repurchased; current remaining repurchase authorization of 8,250,000 shares
3.6% average yield on assets and 1.5% average net interest margin
17.1% annualized average principal repayment rate (“CPR”)
4.5% total economic return for the quarter, representing dividends plus change in stockholders' equity per Common share
9.7% total shareholder return for the quarter, representing dividends plus change in New York Stock Exchange ("NYSE") price per Common share
At December 31, 2019
$17.87 NYSE closing price per Common share
$1.4 billion stockholders’ equity based on period-end stock outstanding of:
58,877,848 shares of Common Stock
8,383,344 shares of 7.875% Cumulative Redeemable Preferred Stock ("Series B Preferred Stock")
$12.8 billion portfolio of securities, including $0.9 billion of Credit Risk and Non-Agency Securities
$8.0 billion notional amount of interest rate swaps
7.90 to 1 “leverage;” (based on repurchase agreements divided by stockholders’ equity)
$648.7 million of liquidity in cash and unpledged securities (45.2% of stockholders’ equity)
Preferred Stock
On January 28, 2020, the Company completed the sale of 3,450,000 shares of its new 7.00% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”) at a price of $25.00 per share before underwriting discounts and other offering expenses. Through February 14, 2020, the Company has issued another 1,200,000 shares of Series C Preferred Stock through our “at-the-market” offering program (“Preferred C ATM Program”) established on January 29, 2020. Total net proceeds raised to date from Series C Preferred Stock issuances is $113.4 million. The first full monthly Series C Preferred Stock dividend of $0.14583 will be paid on February 27, 2020 to holders of record as of February 15, 2020. A total of 5,350,000 shares of Series C Preferred Stock remain available for future sale through the Preferred C ATM Program.

On January 24, 2020, the Company mailed a notice of full redemption for all 8,383,344 shares outstanding of its Series B Preferred Stock effective on February 27, 2020 for $25 per share for a total of $209.6 million. The final full monthly Series B Preferred Stock dividend will also be paid on that date to holders of record as of February 15, 2020.



- MORE -

The following information was filed by Armour Residential Reit, Inc. (ARR) on Wednesday, February 19, 2020 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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