ARMOUR Residential REIT, Inc. Announces Guidance for January 2024 Dividend Rate Per Common Share and Updated Estimated Book Value

Rhea-AI Summary

ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PRC) announced the January 2024 cash dividend for the Company's Common Stock of $0.24 per Common share. The estimated book value per common share was approximately $21.88 as of December 12, 2023, adjusted for December dividends. ARMOUR expects returns to support a dividend yield for January 2024 in the low to mid-teens (12% to 15%) as a percentage of book value. ARMOUR has elected to be taxed as a real estate investment trust ('REIT') for U.S. Federal income tax purposes and is required to timely distribute substantially all of its ordinary REIT taxable income.

Positive

• The Company announced a dividend of $0.24 per Common share for January 2024.
• The estimated book value per common share was approximately $21.88 as of December 12, 2023.
• ARMOUR expects returns to support a dividend yield for January 2024 in the low to mid-teens (12% to 15%) as a percentage of book value.

Negative

• None.

VERO BEACH, Florida, Dec. 14, 2023 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PRC) (“ARMOUR” or the “Company”) today announced guidance on the January 2024 cash dividend for the Company's Common Stock of $0.24 per Common share.

January 2024 Common Stock Dividend Information

Month		Dividend			Holder of Record Date		Payment Date
January 2024		$0.24			January 16, 2024		January 30, 2024

ARMOUR sets its monthly dividend rate based on the amount of its capital, responsible risk analysis and on the earnings power of the portfolio, after hedging and financing, with a medium-term perspective. As of December 12, 2023, the Company estimated that book value per common share was approximately $21.88, adjusted for December dividends. The Company previously disclosed that it expects returns to support a dividend yield for January 2024 in approximately the low to mid-teens (12% to 15%) as a percentage of book value.

Certain Tax Matters

ARMOUR has elected to be taxed as a real estate investment trust (“REIT”) for U.S. Federal income tax purposes. In order to maintain this tax status, ARMOUR is required to timely distribute substantially all of its ordinary REIT taxable income. Dividends paid in excess of current tax earnings and profits for the year will generally not be taxable to common stockholders. Actual dividends are determined at the discretion of the Company’s board of directors, which may consider additional factors including the Company’s results of operations, cash flows, financial condition and capital requirements as well as current market conditions, expected opportunities and other relevant factors.

About ARMOUR Residential REIT, Inc.

ARMOUR invests primarily in fixed rate residential, adjustable rate and hybrid adjustable rate residential mortgage-backed securities issued or guaranteed by U.S. Government-sponsored enterprises or guaranteed by the Government National Mortgage Association. ARMOUR is externally managed and advised by ARMOUR Capital Management LP, an investment advisor registered with the Securities and Exchange Commission (“SEC”).

Safe Harbor

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. The Company disclaims any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Additional Information and Where to Find It

Investors, security holders and other interested persons may find additional information regarding the Company at the SEC’s internet site at www.sec.gov, or the Company website at www.armourreit.com, or by directing requests to: ARMOUR Residential REIT, Inc., 3001 Ocean Drive, Suite 201, Vero Beach, Florida 32963, Attention: Investor Relations.

Investor Contact:        

James R. Mountain
Chief Financial Officer
ARMOUR Residential REIT, Inc.
(772) 617-4340

FAQ

What is the January 2024 cash dividend for ARMOUR Residential REIT, Inc.?

The January 2024 cash dividend for ARMOUR Residential REIT, Inc. is $0.24 per Common share.

What is the estimated book value per common share for ARMOUR Residential REIT, Inc. as of December 12, 2023?

The estimated book value per common share for ARMOUR Residential REIT, Inc. was approximately $21.88 as of December 12, 2023.

How is ARMOUR Residential REIT, Inc. taxed for U.S. Federal income tax purposes?

ARMOUR Residential REIT, Inc. has elected to be taxed as a real estate investment trust ('REIT') for U.S. Federal income tax purposes.

What is the dividend yield expectation for January 2024 for ARMOUR Residential REIT, Inc.?

ARMOUR expects returns to support a dividend yield for January 2024 in the low to mid-teens (12% to 15%) as a percentage of book value.