ARMOUR Residential REIT, Inc. Announces Q3 Results and September 30, 2024 Financial Position
ARMOUR Residential REIT (NYSE: ARR) reported Q3 2024 results with GAAP net income of $62.9 million ($1.21 per share). Key financial metrics include net interest income of $1.8 million and distributable earnings of $52.0 million ($1.00 per share). The company's book value per common share increased to $20.76 from $20.30 in June 2024. Total economic return was 5.81% for Q3 2024.
The company raised $129.4 million by issuing 6.4 million shares and maintained monthly dividends of $0.24 per share. The Agency MBS portfolio totaled $12.4 billion, with repurchase agreements of $10.2 billion. Liquidity position stood at $667.4 million, including cash and unencumbered securities.
ARMOUR Residential REIT (NYSE: ARR) ha riportato i risultati del terzo trimestre 2024 con un reddito netto GAAP di 62,9 milioni di dollari (1,21 dollari per azione). I principali indicatori finanziari includono un reddito netto da interessi di 1,8 milioni di dollari e utili distribuiti di 52,0 milioni di dollari (1,00 dollaro per azione). Il valore contabile per azione ordinaria è aumentato a 20,76 dollari rispetto ai 20,30 dollari di giugno 2024. Il ritorno economico totale è stato del 5,81% per il terzo trimestre 2024.
L'azienda ha raccolto 129,4 milioni di dollari emettendo 6,4 milioni di azioni e ha mantenuto dividendi mensili di 0,24 dollari per azione. Il portafoglio di titoli MBS dell'agenzia ammontava a 12,4 miliardi di dollari, con accordi di riacquisto di 10,2 miliardi di dollari. La posizione di liquidità era di 667,4 milioni di dollari, inclusi contante e titoli non gravati.
ARMOUR Residential REIT (NYSE: ARR) reportó resultados del tercer trimestre de 2024 con un ingreso neto GAAP de 62.9 millones de dólares (1.21 dólares por acción). Los principales indicadores financieros incluyen un ingreso neto por intereses de 1.8 millones de dólares y ganancias distribuibles de 52.0 millones de dólares (1.00 dólar por acción). El valor contable por acción ordinaria aumentó a 20.76 dólares desde 20.30 dólares en junio de 2024. El retorno económico total fue del 5.81% para el tercer trimestre de 2024.
La empresa recaudó 129.4 millones de dólares emitiendo 6.4 millones de acciones y mantuvo dividendos mensuales de 0.24 dólares por acción. El portafolio de MBS de la agencia totalizó 12.4 mil millones de dólares, con acuerdos de recompra de 10.2 mil millones de dólares. La posición de liquidez se situó en 667.4 millones de dólares, incluyendo efectivo y valores sin gravámenes.
ARMOUR Residential REIT (NYSE: ARR)는 2024년 3분기 결과를 보고하며 GAAP 순이익이 6290만 달러(주당 1.21달러)라고 발표했습니다. 주요 재무 지표는 순이자 수익 180만 달러와 배당 가능한 수익 5200만 달러(주당 1.00달러)를 포함합니다. 회사의 보통주 당 장부 가치는 2024년 6월 20.30달러에서 20.76달러로 증가했습니다. 총 경제 수익률은 2024년 3분기에 5.81%였습니다.
회사는 640만 주를 발행하여 1억 2940만 달러를 모집했으며, 주당 0.24달러의 월배당금을 유지했습니다. 에이전시 MBS 포트폴리오는 124억 달러에 달하며, 후매매 계약은 102억 달러입니다. 유동성 위치는 현금 및 담보 없는 증권을 포함하여 6억6740만 달러입니다.
ARMOUR Residential REIT (NYSE: ARR) a publié les résultats du troisième trimestre 2024 avec un revenu net GAAP de 62,9 millions de dollars (1,21 dollar par action). Les principaux indicateurs financiers comprennent un revenu net d'intérêts de 1,8 million de dollars et des bénéfices distribuables de 52,0 millions de dollars (1,00 dollar par action). La valeur comptable par action ordinaire a augmenté à 20,76 dollars contre 20,30 dollars en juin 2024. Le rendement économique total était de 5,81 % pour le troisième trimestre 2024.
L'entreprise a levé 129,4 millions de dollars en émettant 6,4 millions d'actions et a maintenu des dividendes mensuels de 0,24 dollar par action. Le portefeuille MBS de l'agence totalisait 12,4 milliards de dollars, avec des accords de rachat de 10,2 milliards de dollars. La position de liquidité s'élevait à 667,4 millions de dollars, y compris les liquidités et les titres non grevés.
ARMOUR Residential REIT (NYSE: ARR) hat die Ergebnisse des dritten Quartals 2024 bekannt gegeben, mit einem GAAP-Nettoeinkommen von 62,9 Millionen US-Dollar (1,21 US-Dollar pro Aktie). Zu den wichtigsten Finanzkennzahlen gehören ein Nettozinseinkommen von 1,8 Millionen US-Dollar und ausschüttbare Erträge von 52,0 Millionen US-Dollar (1,00 US-Dollar pro Aktie). Der Buchwert pro Stammaktie stieg von 20,30 US-Dollar im Juni 2024 auf 20,76 US-Dollar. Die Gesamtrendite betrug 5,81 % für das dritte Quartal 2024.
Das Unternehmen hat 129,4 Millionen US-Dollar durch die Emission von 6,4 Millionen Aktien gesammelt und monatliche Dividenden von 0,24 US-Dollar pro Aktie beibehalten. Das MBS-Portfolio der Agentur summierte sich auf 12,4 Milliarden US-Dollar, mit Rückkauffällen von 10,2 Milliarden US-Dollar. Die Liquiditätslage belief sich auf 667,4 Millionen US-Dollar, einschließlich Bargeld und unbelasteter Wertpapiere.
- Net income of $62.9 million ($1.21 per share) in Q3 2024
- Book value per share increased to $20.76 from $20.30
- Total economic return improved to 5.81% from -4.76% in Q2
- Successfully raised $129.4 million through share issuance
- Strong liquidity position of $667.4 million
- Net interest income declined to $1.8 million from $7.0 million in Q2
- Interest cost (5.51%) exceeded interest income (4.89%) on average assets
- High leverage ratio of 8.18:1 including forward settlements
Insights
ARMOUR Residential REIT reported mixed Q3 2024 results with notable improvements. GAAP net income of
The company's portfolio consists of
VERO BEACH, Florida, Oct. 23, 2024 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR PRC) (“ARMOUR” or the “Company”) today announced the Company's unaudited Q3 results and September 30, 2024 financial position.
ARMOUR's Q3 2024 Results
- GAAP net income available to common stockholders of
$62.9 million or$1.21 per common share. - Net interest income of
$1.8 million . - Distributable Earnings available to common stockholders of
$52.0 million , which represents$1.00 per common share (see explanation of this non-GAAP measure on page 4). - Average interest income on interest earning assets of
4.89% and interest cost on average interest bearing liabilities of5.51% . - Economic interest income was
4.44% less economic interest expense of2.44% for an economic net interest spread of2.00% (see explanation of this non-GAAP measure on page 6). - Raised
$129.4 million of capital by issuing 6,413,735 shares of common stock through an at the market offering program. - Paid common stock dividends of
$0.24 per share per month, or$0.72 per share for Q3.
ARMOUR's September 30, 2024 Financial Position
- Book value per common share of
$20.76 . See the table below for a reconciliation since June 30, 2024.
| Book Value, June 30, 2024 | $ | 20.30 | ||
| Net Income per common share | 1.21 | |||
| Less: Common dividends per common share | (0.72 | ) | ||
| Equity Capital Activities, net | (0.03 | ) | ||
| Book Value, September 30, 2024 | $ | 20.76 | ||
- Total economic return, which is change in book value for the period plus common dividends paid for the quarter, was
5.81% for Q3 2024 up from (4.76)% for Q2 2024. - Liquidity, including cash and unencumbered agency and U.S. government securities, of
$667.4 million . - Agency mortgage-backed securities ("MBS") portfolio totaled
$12.4 billion . - Repurchase agreements, net totaled
$10.2 billion ;41.4% were with ARMOUR affiliate BUCKLER Securities LLC. - Debt to equity ratio of 7.74:1 (based on repurchase agreements divided by total stockholders’ equity). Implied leverage, including forward settling sales and unsettled purchases was 8.18:1.
- Interest Rate swap contracts totaled
$6.7 billion of notional amount.
Company Update
At the close of business on October 21, 2024:
- Common stock outstanding of 55,760,266 shares.
7.00% Cumulative Redeemable Preferred C Stock ("Series C Preferred Stock") with liquidation preference totaling approximately$171.2 million .- Liquidity, including cash and unencumbered securities, exceeded
$489 million . MBS principal and interest receivable due October 25, 2024 totaled$141.9 million . - Securities portfolio included approximately
$12.1 billion of Agency MBS (including TBA Securities). - Through October 15, 2024 raised
$11.1 million of capital by issuing 567,720 shares of common stock through an at the market offering program. - Debt to equity ratio (based on repurchase agreements divided by total stockholders' equity) and Implied leverage, including TBA Agency Securities and forward settling sales were both 8.6 to 1.
Book value per common share consisted of:
| September 30, 2024 | December 31, 2023 | |||||||
| (in millions except per share) | ||||||||
| Common stock, at par value - 55,192,546 and 48,798,954 shares outstanding, respectively | $ | 0.1 | $ | 0.1 | ||||
| Additional paid-in capital | 4,448.8 | 4,318.2 | ||||||
| Cumulative distributions to stockholders | (2,337.6 | ) | (2,220.6 | ) | ||||
| Accumulated net loss | (794.4 | ) | (826.5 | ) | ||||
| Total Stockholders' Equity | $ | 1,316.9 | $ | 1,271.2 | ||||
| Less: liquidation preference - | (171.2 | ) | (171.2 | ) | ||||
| Equity Attributable to Common Stockholders | $ | 1,145.7 | $ | 1,100.0 | ||||
| Book value per common share | $ | 20.76 | $ | 22.54 | ||||
The major drivers of the change in the Company's financial position were:
| Q32024 | Q2 2024 | |||||||
| (in millions) | ||||||||
| Total Stockholders' Equity – Beginning | $ | 1,161.3 | $ | 1,247.1 | ||||
| Income (Loss) | ||||||||
| Investment in securities: | ||||||||
| Gain (Loss) on MBS | $ | 306.1 | $ | (112.9 | ) | |||
| Gain (Loss) on U.S. Treasury Securities | (21.7 | ) | 19.2 | |||||
| Gain on TBA Securities | 39.1 | 23.2 | ||||||
| Gain (Loss) on interest rate swaps | (232.6 | ) | 30.1 | |||||
| Loss on futures contracts | (16.4 | ) | (3.6 | ) | ||||
| Net Interest Income | 1.8 | 7.0 | ||||||
| Total Expenses after fees waived(1) | (10.4 | ) | (11.3 | ) | ||||
| Net Income (Loss) | $ | 65.9 | $ | (48.3 | ) | |||
| Preferred stock dividends | (3.0 | ) | (3.0 | ) | ||||
| Common stock dividends | (37.5 | ) | (35.3 | ) | ||||
| Capital Activities | ||||||||
| Issuance of common stock | 130.2 | 0.8 | ||||||
| Total Stockholders' Equity – Ending | $ | 1,316.9 | $ | 1,161.3 | ||||
(1) The Company’s external manager has waived a portion of its contractual management fee at the rate of
| Condensed Balance Sheet (unaudited) | September 30, 2024 | December 31, 2023 | ||||||
| (in millions) | ||||||||
| Assets | ||||||||
| Cash | $ | 63.9 | $ | 221.9 | ||||
| Cash collateral posted to counterparties | 134.2 | 37.0 | ||||||
| Agency Securities, at fair value | 12,422.8 | 11,159.8 | ||||||
| Derivatives, at fair value | 731.8 | 877.4 | ||||||
| Accrued interest receivable | 49.0 | 47.1 | ||||||
| Prepaid and other | 2.8 | 1.2 | ||||||
| Total Assets | $ | 13,404.5 | $ | 12,344.4 | ||||
| Liabilities | ||||||||
| Repurchase agreements, net | $ | 10,186.4 | $ | 9,648.0 | ||||
| Obligations to return securities received as collateral, at fair value | 522.7 | 350.3 | ||||||
| Cash collateral posted by counterparties | 692.7 | 860.1 | ||||||
| Payable for unsettled purchases | 587.3 | 171.5 | ||||||
| Derivatives, at fair value | 57.9 | 5.0 | ||||||
| Accrued interest payable- repurchase agreements | 24.9 | 26.5 | ||||||
| Accrued interest payable- U.S. Treasury Securities sold short | 7.3 | 5.0 | ||||||
| Accounts payable and other accrued expenses | 8.4 | 6.8 | ||||||
| Total Liabilities | $ | 12,087.6 | $ | 11,073.2 | ||||
| Stockholders’ Equity | ||||||||
| $ | — | $ | — | |||||
| Common stock ( | 0.1 | 0.1 | ||||||
| Additional paid-in capital | 4,448.8 | 4,318.2 | ||||||
| Cumulative distributions to stockholders | (2,337.6 | ) | (2,220.6 | ) | ||||
| Accumulated net loss | (794.4 | ) | (826.5 | ) | ||||
| Total Stockholders’ Equity | 1,316.9 | 1,271.2 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 13,404.5 | $ | 12,344.4 | ||||
Distributable Earnings
Distributable Earnings is a non-GAAP measure defined as net interest income plus TBA Drop Income adjusted for the net coupon effect of interest rate swaps and futures contracts minus net operating expenses. Distributable Earnings is based on the historical cost basis of our Agency Securities, interest rate swaps and futures contracts. Distributable Earnings differs, potentially significantly, from net interest income and from net income (loss) (which includes realized gains and losses and market value adjustments).
For a portion of its Agency Securities the Company may enter into TBA forward contracts for the purchase or sale of Agency Securities at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. The Company accounts for TBA Agency Securities as derivative instruments if it is reasonably possible that it will not take or make physical delivery of the Agency Securities upon settlement of the contract. The Company may choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency Security for a later settlement date. This transaction is commonly referred to as a “dollar roll.” The Company accounts for TBA dollar roll transactions as a series of derivative transactions.
Forward settling TBA contracts typically trade at a discount, or “Drop,” to the regular settled TBA contract to reflect the expected interest income on the underlying deliverable Agency Securities, net of an implied financing cost, which would have been earned by the buyer if the contract settled on the next regular settlement date. When the Company enters into TBA contracts to buy Agency Securities for forward settlement, it earns this “TBA Drop Income,” because the TBA contract is essentially equivalent to a leveraged investment in the underlying Agency Securities. The amount of TBA Drop Income is calculated as the difference between the spot price of similar TBA contracts for regular settlement and the forward settlement price on the trade date. The Company generally accounts for TBA contracts as derivatives and TBA Drop Income is included as part of the periodic changes in fair value of the TBA contracts that the Company recognizes currently in the Other Income (Loss) section of its Consolidated Statement of Operations.
Regulation G Reconciliations
Distributable Earnings and Distributable Earnings per common share
The Company believes that Distributable Earnings and Distributable Earnings per common share may be useful to investors because our Board of Directors may consider Distributable Earnings and Distributable Earnings per common share as part of its deliberations when determining the level of dividends on our common stock. Distributable Earnings and Distributable Earnings per common share tend to be more stable over time and this practice is designed to increase the stability of our common stock dividend from month to month. However, because Distributable Earnings is an incomplete measure of the Company’s financial performance and involves significant differences from net interest income and net income (loss) computed in accordance with GAAP, Distributable Earnings should be considered as supplementary to, and not as a substitute for, the Company’s net interest income and net income (loss) computed in accordance with GAAP as a measure of certain aspects of the Company’s financial performance.
The elements of ARMOUR’s Distributable Earnings and Distributable Earnings per common share and a reconciliation of those amounts to the Company’s Net Interest Income, Net Income (Loss) and Net Income (Loss) per common share appear below:
| Q32024 | Q22024 | |||||||
| ($ in millions except, share and per share) | ||||||||
| Net Interest Income | $ | 1.8 | $ | 7.0 | ||||
| TBA Drop and interest margin Income (loss) | (0.6 | ) | 0.7 | |||||
| Net interest income on interest rate swaps | 63.4 | 58.6 | ||||||
| Net interest income on futures contracts | 0.8 | 0.5 | ||||||
| Total Expenses after fees waived | (10.4 | ) | (11.3 | ) | ||||
| Distributable Earnings | $ | 55.0 | $ | 55.5 | ||||
| Dividends on Preferred Stock | (3.0 | ) | (3.0 | ) | ||||
| Distributable Earnings available to common stockholders | $ | 52.0 | $ | 52.5 | ||||
| Distributable Earnings per common share | $ | 1.00 | $ | 1.08 | ||||
| Net Income (Loss) | $ | 65.9 | $ | (48.3 | ) | |||
| Items Excluded from Distributable Earnings: | ||||||||
| (Gain) Loss on MBS | (306.1 | ) | 112.9 | |||||
| (Gain) Loss on U.S. Treasury Securities | 21.7 | (19.2 | ) | |||||
| Gain on TBA Securities, less TBA Drop Income (loss) | (39.7 | ) | (22.5 | ) | ||||
| Loss on futures contracts | 17.2 | 4.1 | ||||||
| Loss on interest rate swaps | 296.0 | 28.5 | ||||||
| Total items excluded | $ | (10.9 | ) | $ | 103.8 | |||
| Distributable Earnings | $ | 55.0 | $ | 55.5 | ||||
| Dividends on Preferred Stock | (3.0 | ) | (3.0 | ) | ||||
| Distributable Earnings available to common stockholders | $ | 52.0 | $ | 52.5 | ||||
| Distributable Earnings per common share | $ | 1.00 | $ | 1.08 | ||||
| Net Income (Loss) | $ | 65.9 | $ | (48.3 | ) | |||
| Dividends on Preferred Stock | (3.0 | ) | (3.0 | ) | ||||
| Net Income (Loss) available (related) to common stockholders | $ | 62.9 | $ | (51.3 | ) | |||
| Net Income (Loss) per common share | $ | 1.21 | $ | (1.05 | ) | |||
| Weighted average common shares outstanding | 51,832,743 | 48,770,069 | ||||||
Economic Interest Income, Economic Interest Expense, Economic Net Interest Income/Net Interest Spread and Economic Net Yield on Interest Earning Assets
The Company believes that these non GAAP measures, which includes the effects of TBA drop income and net interest income (expense) on interest rate swaps and futures contracts, may be useful to investors because they reflect items that we consider in the management of the Company’s investment portfolio and related funding. The Company believes that the inclusion in economic net interest income of interest rate swaps and futures contracts, which are recognized under GAAP in gain/loss on derivative instruments, is meaningful as interest rate swaps are the primary instrument the Company uses to economically hedge against fluctuations in the Company’s borrowing costs and their inclusion is more indicative of the Company’s total cost of funds than interest expense alone. It does not include all interest earning assets and interest bearing liabilities, such as cash collateral posted by counterparties. Accordingly, it is not a substitute for net interest income or net income (loss) determined in accordance with GAAP and should be considered as supplementary to such GAAP measures as a measure of certain aspects of the Company’s financial performance.
| Q32024 | ||||||||||
| (in millions) | ||||||||||
| Income (Expense) | Average Balance | Average Rate | ||||||||
| Interest Bearing Assets: | ||||||||||
| Agency Securities, Net of Amortization | $ | 125.7 | $ | 10,310.5 | 4.87 | % | ||||
| Cash Equivalents & Treasury Securities | 1.4 | 77.3 | 7.28 | % | ||||||
| Total Interest Income/Average Interest Earning Assets | 127.1 | 10,387.8 | 4.89 | % | ||||||
| TBA drop income (loss)/Implied Average TBA Securities | (0.7 | ) | 986.7 | (0.30 | )% | |||||
| Economic interest income | $ | 126.4 | $ | 11,374.5 | 4.44 | % | ||||
| Interest Bearing Liabilities: | ||||||||||
| Repurchase Agreements | $ | (119.6 | ) | $ | 8,572.7 | (5.58 | )% | |||
| Treasury Securities Sold Short | (5.6 | ) | 517.1 | (4.33 | )% | |||||
| Total Interest Expense/Average Interest Bearing Liabilities | (125.2 | ) | 9,089.8 | (5.51 | )% | |||||
| Implied Average TBA Funding Positions | — | 894.6 | — | % | ||||||
| Net interest income (expense) on interest rate swaps | 63.4 | — | 2.79 | % | ||||||
| Net interest income (expense) on futures contracts | 0.8 | — | 0.03 | % | ||||||
| Economic interest expense | $ | (61.0 | ) | $ | 9,984.4 | (2.44 | )% | |||
| Economic net interest income/net interest spread | $ | 65.3 | 2.00 | % | ||||||
| Economic net yield on interest earning assets | 2.30 | % | ||||||||
| Q22024 | ||||||||||
| (in millions) | ||||||||||
| Income (Expense) | Average Balance | Average Rate | ||||||||
| Interest Bearing Assets: | ||||||||||
| Agency Securities, Net of Amortization | $ | 127.7 | $ | 10,144.5 | 5.04 | % | ||||
| Cash Equivalents & Treasury Securities | 2.2 | 240.5 | 3.70 | % | ||||||
| Total Interest Income/Average Interest Earning Assets | 129.9 | 10,385.0 | 5.00 | % | ||||||
| TBA drop income (loss)/Implied Average TBA Securities | 0.7 | 643.3 | 0.42 | % | ||||||
| Economic interest income | $ | 130.6 | $ | 11,028.3 | 4.74 | % | ||||
| Interest Bearing Liabilities: | ||||||||||
| Repurchase Agreements | $ | (114.3 | ) | $ | 8,217.0 | (5.57 | )% | |||
| Treasury Securities Sold Short | (8.6 | ) | 691.7 | (4.99 | )% | |||||
| Total Interest Expense/Average Interest Bearing Liabilities | (122.9 | ) | 8,908.7 | (5.52 | )% | |||||
| Implied Average TBA Funding Positions | — | 589.9 | — | % | ||||||
| Net interest income (expense) on interest rate swaps | 58.6 | — | 2.63 | % | ||||||
| Net interest income (expense) on futures contracts | 0.5 | — | 0.02 | % | ||||||
| Economic interest expense | $ | (63.8 | ) | $ | 9,498.6 | (2.69 | )% | |||
| Economic net interest income/net interest spread | 66.8 | 2.05 | % | |||||||
| Economic net yield on interest earning assets | 2.42 | % | ||||||||
Dividends
ARMOUR paid monthly cash dividends of
ARMOUR paid monthly cash dividends of
The Company forecasts that Series C Preferred Stock dividends for 2024 will likely be treated as fully taxable ordinary income. Common stock dividends for 2024 will likely be treated, at least partially, as taxable ordinary income.
Conference Call
As previously announced, the Company will provide an online, real-time webcast of its conference call with equity analysts covering Q3 2024 operating results on Thursday, October 24, 2024, at 10:00 a.m. (Eastern Time). The live broadcast will be available online and can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=TevbtPU5. To monitor the live webcast, please visit the website at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. An online replay of the event will be available on the Company’s website at www.armourreit.com and continue for one year.
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. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning the Company are expressly qualified in their entirety by the cautionary statements above. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements 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.
Investors, security holders and other interested persons may find ARMOUR's most recent Company Update and 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.
CONTACT:
investor@armourreit.com
Gordon Harper
Chief Financial Officer
ARMOUR Residential REIT, Inc.
(772) 617-4340
FAQ
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