VERO BEACH, Florida -- July 22, 2020 -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR PRC) (“ARMOUR” or the “Company”) today announced the Company's second quarter 2020 financial information and provided further detail on the substantially completed transition of its portfolio to focus exclusively on agency-guaranteed mortgage backed securities (“Agency MBS”).
June 30, 2020 Financial Position
ARMOUR's book value per common share was $11.11 per share.
ARMOUR's liquidity, including cash and unencumbered securities, was $540 million.
ARMOUR's portfolio composition was 99% Agency MBS, including To Be Announced ("TBA") Securities.
ARMOUR's stockholders' equity totaled $851 million, including the 7.00% Cumulative Redeemable Preferred C Stock ("Series C Preferred") with liquidation preference totaling $133 million. Common stock outstanding totaled 64,689,664 shares.
ARMOUR's debt to equity ratio was 5.0 to 1 (based on repurchase agreements divided by stockholders’ equity). Leverage, including TBA Securities, was approximately 7.3 to 1.
Second Quarter 2020 Highlights
ARMOUR Comprehensive Income of $23.4 million represents $0.33 per common share.
ARMOUR Core Income of $14.8 million represents $0.19 per common share.
ARMOUR resumed monthly common stock dividends with a $0.09 per share dividend paid on June 29, 2020.
ARMOUR announced common stock dividend guidance on June 22, 2020 of $0.10 per share on a monthly basis and confirmed on July 1, 2020 a $0.10 dividend for July, payable July 30, 2020 to holders of record on July 15, 2020.
ARMOUR acquired $2.4 billion of Agency MBS and $650 million of TBA Securities during Q2.

The major drivers of the change in our financial position during the second quarter were:
Second Quarter 2020 Total
(in millions)
Stockholders' Equity - Beginning

Comprehensive Income (1)
Gain on MBS including TBA Securities

Loss on interest rate swaps
Net Interest Income

Operating Expenses, net of Fee Waiver (2)
Total Comprehensive Income

Capital Activities
Issuance of Common Stock

Dividends and Other
Stockholders' Equity - Ending

(1) Includes both realized and unrealized gains and losses.
(2) See discussion on page 2.

US financial markets began stabilizing in the second quarter and ARMOUR undertook the process of rebuilding its investment portfolio with the acquisition of $2.4 billion of Agency MBS and $650 million of TBA Securities. The Company will concentrate its portfolio activity in Agency MBS for the foreseeable future.

- MORE -

The following information was filed by Armour Residential Reit, Inc. (ARR) on Wednesday, July 22, 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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