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ARMOUR RESIDENTIAL REIT, INC. ANNOUNCES
FIRST QUARTER 2020 FINANCIAL DETAILS AND COMPANY UPDATE

VERO BEACH, Florida -- April 30, 2020 -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR PRC) (“ARMOUR” or the “Company”) today announced the Company's financial position as of March 31, 2020. The Company also discussed details about the financial impacts of market volatility due to the novel Coronavirus ("COVID-19") pandemic and economic impacts of government and private efforts to reduce its spread through March 31, 2020. ARMOUR continues to take actions focusing on risk mitigation and prudent management of leverage and liquidity.
March 31, 2020 Financial Position
ARMOUR's book value per common share was $11.10 per share.
ARMOUR's liquidity, including cash and unencumbered securities, was $360 million.
ARMOUR's stockholders' equity totaled $786 million, including the 7.00% Cumulative Series C Cumulative Redeemable Preferred Stock ("Series C Preferred") with liquidation preference totaling $133 million.
ARMOUR's debt to equity ratio was 4.4 to 1 (based on repurchase agreements divided by stockholders’ equity).
Condensed balance sheet information (unaudited):
 
 
March 31, 2020
 
December 31, 2019
 
 
(in millions)
Assets
 
 
 
 
Cash
 
$
334

 
$
181

Cash collateral posted to counterparties
 
350

 
92

Investments in securities, at fair value:
 
 
 
 
Agency Securities
 
2,787

 
11,942

Credit Risk and Non-Agency Securities
 
766

 
883

Receivable for unsettled sales
 
688

 

Derivatives, at fair value
 
24

 
25

Accrued interest receivable
 
9

 
35

Prepaid and other
 
2

 
9

Subordinated loan to BUCKLER
 
105

 
105

Total Assets
 
$
5,065

 
$
13,272

 
 
 
 
 
Liabilities:
 
 
 
 
Repurchase agreements
 
3,466

 
11,354

Cash collateral posted by counterparties
 
130

 
15

Payable for unsettled purchases
 
471

 
358

Derivatives, at fair value
 
200

 
72

Accrued interest payable- repurchase agreements
 
3

 
32

Accounts payable and other accrued expenses
 
9

 
4

Total Liabilities
 
$
4,279

 
$
11,835

 
 
 
 
 
Stockholders’ Equity:
 
 
 
 
Additional paid-in capital
 
2,974

 
3,055

Accumulated deficit
 
(2,413
)
 
(1,973
)
Accumulated other comprehensive income
 
225

 
355

Total Stockholders’ Equity
 
786

 
1,437

Total Liabilities and Stockholders’ Equity
 
$
5,065

 
$
13,272



- MORE -

The following information was filed by Armour Residential Reit, Inc. (ARR) on Thursday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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