ARMOUR RESIDENTIAL REIT, INC. REPORTS Q4 2013
TAXABLE AND CORE INCOME OF $59.3 MILLION

VERO BEACH, Fla. - February 26, 2014 -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA, and ARR PrB) (“ARMOUR” or the “Company”) today announced financial results for the quarter ended December 31, 2013.
 
Fourth Quarter 2013 Highlights and Financial Information

Core Income and estimated taxable REIT income of $59.3 million or $0.15 per Common share
Q4 2013 GAAP net loss of approximately $(540.8) million or $(1.47) per Common share
Stockholders’ equity as of December 31, 2013 was $1.9 billion or $4.75 per Common share
Ratio of debt to stockholders’ equity (“leverage”) of 6.92 to 1 as of December 31, 2013
Liquidity as of December 31, 2013, consisting of cash and unpledged securities, of $1.2 billion
Sales of Agency Securities in Q4 totaled $4.0 billion, resulting in realized capital losses of $(331.9) million. Other than temporary impairment of $(401.5) million recognized on $6.8 billion of Agency Securities to be sold in Q1 2014.
Q4 2013 average yield on assets of 2.98% and average net interest margin of 1.60%
Q4 2013 annualized average principal repayment rate (CPR) of 4.8%
Stock outstanding as of December 31, 2013:
Common - 357,612,501 shares
Series A Preferred - 2,181,000 shares
Series B Preferred - 5,650,000 shares
Q4 2013 weighted average diluted Common shares were 369,543,000
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 each month on www.armourreit.com.

Q4 2013 Results

Core Income and Taxable REIT Income
Core Income for the quarter ended December 31, 2013, was $59.3 million. “Core Income” represents a non-GAAP measure and is defined as net income excluding impairment losses, gains or losses on sales of securities and early termination of derivatives, unrealized gains or losses on derivatives and U.S. Treasury Securities and certain non-recurring expenses. Core Income may differ from GAAP net income, which includes the unrealized gains or losses of the Company’s derivative instruments and the gains or losses on Agency Securities and U.S. Treasury Securities.

Estimated taxable REIT income for the quarter ended December 31, 2013, was approximately $59.3 million. The Company distributes dividends based on its estimate of taxable earnings, not based on net income calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). Taxable REIT income and GAAP net income will generally differ primarily because of the non-taxable unrealized changes in the value of the Company’s derivatives, which the Company uses as economic hedges, and other than temporary impairment of Agency Securities to be sold in later periods. These gains/losses on derivatives are included in GAAP net income, whereas valuation changes are not included in taxable income. Additionally, capital losses realized in Q4 will be carried forward to offset future capital gains.



- MORE -

The following information was filed by Armour Residential Reit, Inc. (ARR) on Thursday, February 27, 2014 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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