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Armour Residential Reit, Inc. (ARR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Armour Residential Reit, Inc.

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CIK: 1841341 Ticker: ARR

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ARMOUR RESIDENTIAL REIT, INC. ANNOUNCES
SECOND QUARTER 2020 FINANCIAL DETAILS

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
 
$
786.2

Comprehensive Income (1)
 
 
Gain on MBS including TBA Securities
 
34.1

Loss on interest rate swaps
 
(26.0
)
Net Interest Income
 
23.1

Operating Expenses, net of Fee Waiver (2)
 
(7.8
)
Total Comprehensive Income
 
$
23.4

 
 
 
Capital Activities
 
 
Issuance of Common Stock
 
49.9

Dividends and Other
 
(8.3
)
Stockholders' Equity - Ending
 
$
851.2

(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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Inside Armour Residential Reit, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statement Of Stockholders' Equity (Unaudited)
Consolidated Statement Of Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation And Consolidation
Commitments And Contingencies
Commitments And Contingencies (Details)
Comprehensive Income (Loss) Per Common Share
Comprehensive Income (Loss) Per Common Share (Details)
Comprehensive Income (Loss) Per Common Share (Tables)
Derivatives
Derivatives (Tables)
Derivatives - Interest Rate Swap Contracts, Swaptions And Futures Contracts (Details)
Derivatives - Location And Information Of Derivatives (Details)
Derivatives - Offsetting Assets (Details)
Derivatives - Offsetting Liabilities (Details)
Derivatives - Tba Agency Securities (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Details)
Fair Value Of Financial Instruments - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Net Capital Losses Realized (Details)
Income Taxes - Reconciliation Of Gaap Net Income To Estimated Reit Taxable Income (Details)
Investments In Securities
Investments In Securities (Tables)
Investments In Securities - Additional Information (Details)
Investments In Securities - Carrying Value Of Trading Securities (Details)
Investments In Securities - Gross Unrealized Losses And Estimated Fair Value Of Available For Sale Securities (Details)
Investments In Securities - Summary Of Investment In Securities (Details)
Investments In Securities - Summary Of Weighted Average Lives Of Available For Sale Securities (Details)
Investments In Securities - Trading Securities, Continuous Unrealized Loss Position (Details)
Investments In Securities - Unrealized Gain Or Loss Position And Components Of Carrying Value Of Available For Sale Securities (Details)
Investments In Securities - Weighted Average Lives Of Trading Securities (Details)
Net Loss Per Common Share
Net Loss Per Common Share (Details)
Net Loss Per Common Share (Tables)
Organization And Nature Of Business Operations
Organization And Nature Of Business Operations (Details)
Recent Accounting Pronouncements
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Details)
Related Party Transactions - Schedule Of Related Party Transactions (Details)
Repurchase Agreements
Repurchase Agreements (Tables)
Repurchase Agreements - Additional Information (Details)
Repurchase Agreements - Repurchase Agreements By Maturity Period (Details)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Additional Information (Details)
Stock Based Compensation - Restricted Shares (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Dividend Transactions (Details)
Stockholders' Equity - Equity Capital Raising Activities (Details)
Stockholders' Equity - Schedule Of Stockholders' Equity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Ticker: ARR
CIK: 1428205
Form Type: 10-Q Quarterly Report
Accession Number: 0001428205-20-000235
Submitted to the SEC: Wed Jul 22 2020 4:27:55 PM EST
Accepted by the SEC: Wed Jul 22 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate Investment Trusts

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