(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading symbols | Name of Exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ARMOUR RESIDENTIAL REIT, INC. | |||||||||||
By: | /s/ James R. Mountain | ||||||||||
Name: | James R. Mountain | ||||||||||
Title: | Chief Financial Officer |
Book Value, September 30, 2023 | $ | 21.73 | ||||||
Net Income per common share | 1.96 | |||||||
Less: Common dividends per common share | (1.20) | |||||||
Equity Capital Activities, net | 0.05 | |||||||
Book Value, December 31, 2023 | $ | 22.54 |
December 31, 2023 | September 30, 2023 | |||||||||||||
(in millions except per share) | ||||||||||||||
Common stock, at par value - 48,798,954 and 48,995,384 shares outstanding, respectively | $ | 0.1 | $ | 0.1 | ||||||||||
Additional paid-in capital | 4,318.2 | 4,320.6 | ||||||||||||
Cumulative distributions to stockholders | (2,220.6) | (2,158.5) | ||||||||||||
Accumulated net loss | (826.5) | (926.1) | ||||||||||||
Total Stockholders' Equity | $ | 1,271.2 | $ | 1,236.1 | ||||||||||
Less: liquidation preference - 7.00% Cumulative Redeemable Preferred C Stock - 6,846,978 shares outstanding | (171.2) | (171.2) | ||||||||||||
Equity Attributable to Common Stockholders | $ | 1,100.0 | $ | 1,064.9 | ||||||||||
Book value per common share | $ | 22.54 | $ | 21.73 |
Q4 2023 | Q3 2023 | |||||||||||||
(in millions) | ||||||||||||||
Total Stockholders' Equity – Beginning | $ | 1,236.1 | $ | 1,283.0 | ||||||||||
Income (Loss) | ||||||||||||||
Investment in securities: | ||||||||||||||
Gain (Loss) on MBS | $ | 441.0 | $ | (474.8) | ||||||||||
Gain (Loss) on U.S. Treasury Securities | (48.6) | 5.4 | ||||||||||||
Gain (Loss) on TBA Securities | (2.3) | 26.9 | ||||||||||||
Amortization of prior unrealized losses | 11.9 | 6.5 | ||||||||||||
Gain (Loss) on interest rate swaps | (277.3) | 262.1 | ||||||||||||
Gain (Loss) on futures contracts | (19.6) | 2.2 | ||||||||||||
Net Interest Income | 5.8 | 3.6 | ||||||||||||
Total Expenses after fees waived (1) | (11.3) | (11.1) | ||||||||||||
Net Income (Loss) | $ | 99.6 | $ | (179.2) | ||||||||||
Preferred stock dividends | (3.0) | (3.0) | ||||||||||||
Common stock dividends | (59.0) | (56.8) | ||||||||||||
Capital Activities | ||||||||||||||
Issuance of common stock | 0.8 | 192.3 | ||||||||||||
Common shares repurchased | (3.3) | (0.2) | ||||||||||||
Total Stockholders' Equity – Ending | $ | 1,271.2 | $ | 1,236.1 |
Condensed Balance Sheet | December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash | $ | 221.9 | $ | 133.5 | $ | 87.3 | ||||||||||||||
Cash collateral posted to counterparties | 37.0 | 13.6 | 30.8 | |||||||||||||||||
Agency Securities, at fair value | 11,159.8 | 12,384.1 | 8,198.6 | |||||||||||||||||
Receivable for unsettled sales | — | 96.5 | — | |||||||||||||||||
Derivatives, at fair value | 877.4 | 1,231.1 | 984.4 | |||||||||||||||||
Accrued interest receivable | 47.1 | 54.4 | 28.8 | |||||||||||||||||
Prepaid and other | 1.2 | 1.0 | 2.1 | |||||||||||||||||
Subordinated loan to BUCKLER | — | — | 105.0 | |||||||||||||||||
Total Assets | $ | 12,344.4 | $ | 13,914.2 | $ | 9,437.0 | ||||||||||||||
Liabilities | ||||||||||||||||||||
Repurchase agreements, net | $ | 9,648.0 | $ | 11,504.2 | $ | 6,463.1 | ||||||||||||||
Obligations to return securities received as collateral, at fair value | 350.3 | — | 502.7 | |||||||||||||||||
Cash collateral posted by counterparties | 860.1 | 1,133.3 | 963.6 | |||||||||||||||||
Payable for unsettled purchases | 171.5 | — | 353.4 | |||||||||||||||||
Derivatives, at fair value | 5.0 | — | 13.0 | |||||||||||||||||
Accrued interest payable- repurchase agreements | 26.5 | 30.8 | 19.1 | |||||||||||||||||
Accrued interest payable- U.S. Treasury Securities sold short | 5.0 | — | 3.4 | |||||||||||||||||
Accounts payable and other accrued expenses | 6.8 | 9.8 | 6.4 | |||||||||||||||||
Total Liabilities | $ | 11,073.2 | $ | 12,678.1 | $ | 8,324.7 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
7.00% Cumulative Redeemable Preferred C Stock ($0.001 par value per share, $25.00 per share liquidation preference) | $ | — | $ | — | $ | — | ||||||||||||||
Common stock ($0.001 par value per share) | 0.1 | 0.1 | 0.1 | |||||||||||||||||
Additional paid-in capital | 4,318.2 | 4,320.6 | 3,874.6 | |||||||||||||||||
Cumulative distributions to stockholders | (2,220.6) | (2,158.5) | (1,992.4) | |||||||||||||||||
Accumulated net loss | (826.5) | (926.1) | (758.5) | |||||||||||||||||
Accumulated other comprehensive loss | — | — | (11.5) | |||||||||||||||||
Total Stockholders’ Equity | 1,271.2 | 1,236.1 | 1,112.3 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 12,344.4 | $ | 13,914.2 | $ | 9,437.0 |
Condensed Statements of Operations | Q4 2023 | Q3 2023 | ||||||||||||
($ in millions except, share and per share) | ||||||||||||||
Interest Income | ||||||||||||||
Interest Income | $ | 146.2 | $ | 153.6 | ||||||||||
Interest expense | (140.4) | (150.0) | ||||||||||||
Net Interest Income | 5.8 | 3.6 | ||||||||||||
Other Income (Loss) | ||||||||||||||
Gain (Loss) on Agency Securities, trading | 452.9 | (468.3) | ||||||||||||
Gain (Loss) on U.S. Treasury Securities | (48.6) | 5.4 | ||||||||||||
Gain (Loss) on derivatives, net | (299.2) | 291.2 | ||||||||||||
Total Other Income (Loss) | 105.1 | (171.7) | ||||||||||||
Expenses | ||||||||||||||
Management fees | 9.8 | 9.7 | ||||||||||||
Compensation | 1.3 | 1.3 | ||||||||||||
Other Operating | 1.9 | 1.8 | ||||||||||||
Total Expenses | 13.0 | 12.8 | ||||||||||||
Less management fees waived | (1.7) | (1.7) | ||||||||||||
Total Expenses after fees waived | 11.3 | 11.1 | ||||||||||||
Net Income (Loss) | 99.6 | (179.2) | ||||||||||||
Dividends on preferred stock | (3.0) | (3.0) | ||||||||||||
Net Income (Loss) available (related) to common stockholders | $ | 96.6 | $ | (182.2) | ||||||||||
Net Income (Loss) per share available (related) to common stockholders: | ||||||||||||||
Basic | $ | 1.98 | $ | (3.92) | ||||||||||
Diluted | $ | 1.96 | $ | (3.92) | ||||||||||
Dividends declared per common share | $ | 1.20 | $ | 1.20 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 48,886,375 | 46,506,373 | ||||||||||||
Diluted | 49,184,375 | 46,506,373 |
December 31, 2023 | Principal Amount | Amortized Cost | Gross Unrealized Gain (Loss) | Fair Value | CPR (1) | Weighted Average Months to Maturity | Percent of Total | |||||||||||||||||||||||||||||||||||||
Agency Fixed Rates ≥ 181 months | ||||||||||||||||||||||||||||||||||||||||||||
3.5% | $ | 1,181,289 | $ | 1,157,554 | $ | (70,416) | $ | 1,087,138 | 3.7 | % | 340 | 9.5 | % | |||||||||||||||||||||||||||||||
4.0% | 1,130,222 | 1,123,331 | (49,895) | 1,073,436 | 4.5 | % | 341 | 9.4 | ||||||||||||||||||||||||||||||||||||
4.5% | 1,054,481 | 1,045,143 | (21,283) | 1,023,860 | 3.8 | % | 343 | 8.9 | ||||||||||||||||||||||||||||||||||||
5.0% | 1,620,054 | 1,609,875 | (1,517) | 1,608,358 | 4.0 | % | 347 | 14.0 | ||||||||||||||||||||||||||||||||||||
5.5% | 3,280,469 | 3,294,740 | 10,566 | 3,305,306 | 4.3 | % | 351 | 28.8 | ||||||||||||||||||||||||||||||||||||
6.0% | 2,416,172 | 2,458,340 | 2,515 | 2,460,855 | 5.3 | % | 350 | 21.5 | ||||||||||||||||||||||||||||||||||||
6.5% | 52,896 | 54,259 | 566 | 54,825 | 6.0 | % | 348 | 0.4 | ||||||||||||||||||||||||||||||||||||
Other Agency Securities | ||||||||||||||||||||||||||||||||||||||||||||
Agency CMBS | $ | 542,578 | $ | 540,138 | $ | 5,838 | $ | 545,976 | n/a | 115 | 4.8 | % | ||||||||||||||||||||||||||||||||
Total Agency Securities | $ | 11,278,161 | $ | 11,283,380 | $ | (123,626) | $ | 11,159,754 | 4.2 | % | 336 | 97.3 | % | |||||||||||||||||||||||||||||||
TBA Agency Securities (2) | ||||||||||||||||||||||||||||||||||||||||||||
30 Year Long, 6.0% | $ | 300,000 | $ | 303,223 | $ | 1,816 | $ | 305,039 | n/a | n/a | 2.7 | % | ||||||||||||||||||||||||||||||||
Total Investments in Securities | $ | 11,578,161 | $ | 11,586,603 | $ | (121,810) | $ | 11,464,793 | n/a | n/a | 100.0 | % |
September 30, 2023 | Principal Amount | Amortized Cost | Gross Unrealized Gain (Loss) | Fair Value | CPR (1) | Weighted Average Months to Maturity | Percent of Total | |||||||||||||||||||||||||||||||||||||
Agency Fixed Rates ≥ 181 months | ||||||||||||||||||||||||||||||||||||||||||||
3.0% | $ | 601,159 | $ | 540,348 | $ | (41,628) | $ | 498,720 | 1.0 | % | 335 | 4.2 | % | |||||||||||||||||||||||||||||||
3.5% | 1,199,320 | 1,175,271 | (139,826) | 1,035,445 | 5.3 | % | 343 | 8.7 | ||||||||||||||||||||||||||||||||||||
4.0% | 1,149,525 | 1,142,605 | (115,276) | 1,027,329 | 4.4 | % | 344 | 8.6 | ||||||||||||||||||||||||||||||||||||
4.5% | 1,289,449 | 1,284,342 | (98,668) | 1,185,674 | 6.5 | % | 346 | 9.9 | ||||||||||||||||||||||||||||||||||||
5.0% | 2,790,843 | 2,770,504 | (130,515) | 2,639,989 | 4.9 | % | 351 | 22.1 | ||||||||||||||||||||||||||||||||||||
5.5% | 3,328,905 | 3,343,543 | (117,213) | 3,226,330 | 5.7 | % | 354 | 26.9 | ||||||||||||||||||||||||||||||||||||
6.0% | 2,258,756 | 2,304,975 | (71,091) | 2,233,884 | 10.7 | % | 352 | 18.6 | ||||||||||||||||||||||||||||||||||||
6.5% | 54,023 | 55,415 | (726) | 54,689 | 23.7 | % | 351 | 0.5 | ||||||||||||||||||||||||||||||||||||
Other Agency Securities | ||||||||||||||||||||||||||||||||||||||||||||
Agency CMBS | $ | 512,799 | $ | 510,893 | $ | (28,816) | $ | 482,077 | n/a | 118 | 4.0 | % | ||||||||||||||||||||||||||||||||
Total Agency Securities | $ | 13,184,779 | $ | 13,127,896 | $ | (743,759) | $ | 12,384,137 | 103.5 | % | ||||||||||||||||||||||||||||||||||
TBA Agency Securities (2) | ||||||||||||||||||||||||||||||||||||||||||||
30 Year Short, 3.0% | $ | (500,000) | $ | (425,190) | $ | 11,284 | $ | (413,906) | n/a | n/a | (3.5) | % | ||||||||||||||||||||||||||||||||
Totals | $ | 12,684,779 | $ | 12,702,706 | $ | (732,475) | $ | 11,970,231 | 100.0 | % |
Agency Securities | U.S. Treasuries | U.S. Treasury Securities Sold Short | ||||||||||||||||||
Balance, December 31, 2022 | $ | 8,198,591 | $ | — | $ | (506,074) | ||||||||||||||
Purchases (1) | 4,964,221 | 619,373 | — | |||||||||||||||||
Proceeds from sales | (1,052,878) | (613,852) | — | |||||||||||||||||
Principal repayments | (148,523) | — | — | |||||||||||||||||
Current gains (losses) | 118,954 | (5,394) | (6,465) | |||||||||||||||||
Change in accrued interest payable | — | — | (5,242) | |||||||||||||||||
Amortization: | ||||||||||||||||||||
Prior unrealized losses | 5,468 | 5 | — | |||||||||||||||||
Purchase premium | (1,122) | (132) | — | |||||||||||||||||
Balance, March 31, 2023 | $ | 12,084,711 | $ | — | $ | (517,781) | ||||||||||||||
Purchases (1) | 2,557,813 | — | — | |||||||||||||||||
Proceeds from sales | (2,955,588) | — | — | |||||||||||||||||
Receivable for unsettled sales | (94,825) | — | — | |||||||||||||||||
Principal repayments | (255,487) | — | — | |||||||||||||||||
Current gains (losses) | (163,120) | — | 11,933 | |||||||||||||||||
Change in accrued interest payable | — | — | 5,185 | |||||||||||||||||
Amortization: | ||||||||||||||||||||
Prior unrealized losses | 5,461 | — | — | |||||||||||||||||
Purchase premium | (2,330) | — | — | |||||||||||||||||
Balance, June 30, 2023 | $ | 11,176,635 | $ | — | $ | (500,663) | ||||||||||||||
Purchases (1) | 2,138,161 | — | 491,750 | |||||||||||||||||
Proceeds from sales | (242,657) | — | — | |||||||||||||||||
Receivable for unsettled sales | (1,665) | — | — | |||||||||||||||||
Principal repayments | (218,320) | — | — | |||||||||||||||||
Current gains (losses) | (474,796) | — | 5,438 | |||||||||||||||||
Change in accrued interest payable | — | — | 3,475 | |||||||||||||||||
Amortization: | ||||||||||||||||||||
Prior unrealized losses | 6,516 | — | — | |||||||||||||||||
Purchase premium | 263 | — | — | |||||||||||||||||
Balance, September 30, 2023 | $ | 12,384,137 | $ | — | $ | — | ||||||||||||||
Purchases (1) | 446,715 | 4,668 | 349,959 | |||||||||||||||||
Proceeds from sales | (2,039,469) | (4,668) | (651,621) | |||||||||||||||||
Receivable for unsettled sales | 96,490 | — | — | |||||||||||||||||
Principal repayments | (180,828) | — | — | |||||||||||||||||
Current gains (losses) | 440,944 | — | (48,611) | |||||||||||||||||
Change in accrued interest payable | — | — | (5,049) | |||||||||||||||||
Amortization: | — | |||||||||||||||||||
Prior unrealized losses | 11,964 | — | — | |||||||||||||||||
Purchase premium | (199) | — | — | |||||||||||||||||
Balance, December 31, 2023 | $ | 11,159,754 | $ | — | $ | (355,322) |
For the Periods Ended | ||||||||||||||||||||||||||||||||
Interest Swap Contracts | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Net Balance, beginning of period | $ | 1,219,773 | $ | 989,382 | $ | 816,338 | $ | 983,659 | $ | 180,476 | ||||||||||||||||||||||
Net interest rate swap contract payments paid (received) | (65,468) | (11,884) | (26,900) | (29,611) | 17,027 | |||||||||||||||||||||||||||
Interest rate swap income accrued | 107,088 | 107,361 | 104,077 | 78,942 | 107,269 | |||||||||||||||||||||||||||
Interest rate swap expense accrued | (48,119) | (49,192) | (51,871) | (31,403) | (54,049) | |||||||||||||||||||||||||||
Current unrealized gains | (280,610) | 445,653 | 110,135 | (233,984) | 922,067 | |||||||||||||||||||||||||||
Amortization of prior unrealized (gains) losses | (55,648) | (241,765) | 37,603 | 60,032 | (122,101) | |||||||||||||||||||||||||||
Loss on early terminations | (6,456) | (19,782) | — | (11,297) | (67,030) | |||||||||||||||||||||||||||
Net Balance, end of period | $ | 870,560 | $ | 1,219,773 | $ | 989,382 | $ | 816,338 | $ | 983,659 |
December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Year of Maturity | Total Notional (in millions) | Total Weighted Average Pay Rate, Net | Total Notional (in millions) | Total Weighted Average Pay Rate, Net | Total Notional (in millions) | Total Weighted Average Pay Rate, Net | ||||||||||||||||||||||||||||||||
2023 | $ | — | — | % | $ | — | — | % | $ | 603.0 | 0.07 | % | ||||||||||||||||||||||||||
2024 | 554.0 | 2.95 | % | 554.0 | 2.95 | % | 390.0 | 0.16 | % | |||||||||||||||||||||||||||||
2025 | 73.0 | 0.06 | % | 73.0 | 0.06 | % | 73.0 | 0.06 | % | |||||||||||||||||||||||||||||
2026 | 475.0 | 0.26 | % | 475.0 | 0.26 | % | 475.0 | 0.26 | % | |||||||||||||||||||||||||||||
2027 | 707.0 | 0.88 | % | 707.0 | 0.88 | % | 707.0 | 0.88 | % | |||||||||||||||||||||||||||||
2028 | 500.0 | 3.73 | % | 500.0 | 3.73 | % | — | — | % | |||||||||||||||||||||||||||||
2029 | 754.0 | 0.62 | % | 754.0 | 0.62 | % | 754.0 | 0.62 | % | |||||||||||||||||||||||||||||
2030 | 1,198.0 | 0.55 | % | 1,198.0 | 0.55 | % | 1,198.0 | 0.55 | % | |||||||||||||||||||||||||||||
2031 | 1,450.0 | 1.09 | % | 1,450.0 | 1.09 | % | 1,450.0 | 1.09 | % | |||||||||||||||||||||||||||||
2032 | 700.0 | 1.39 | % | 700.0 | 1.39 | % | 700.0 | 1.39 | % | |||||||||||||||||||||||||||||
2033 | 375.0 | 3.70 | % | 1,925.0 | 3.84 | % | — | — | % | |||||||||||||||||||||||||||||
Total | $ | 6,786.0 | 1.37 | % | $ | 8,336.0 | 1.84 | % | $ | 6,350.0 | 0.72 | % |
Q4 2023 | Q3 2023 | |||||||||||||
($ in millions except, share and per share) | ||||||||||||||
Net Interest Income | $ | 5.8 | $ | 3.6 | ||||||||||
TBA Drop Income | 1.1 | 1.4 | ||||||||||||
Net interest income on interest rate swaps | 58.9 | 58.2 | ||||||||||||
Net interest income on futures contracts | 0.9 | 1.1 | ||||||||||||
Total Expenses after fees waived | (11.3) | (11.1) | ||||||||||||
Distributable Earnings | $ | 55.4 | $ | 53.2 | ||||||||||
Dividends on Preferred Stock | (3.0) | (3.0) | ||||||||||||
Distributable Earnings available to common stockholders | $ | 52.4 | $ | 50.2 | ||||||||||
Distributable Earnings per common share | $ | 1.07 | $ | 1.08 | ||||||||||
Net Income (Loss) | $ | 99.6 | $ | (179.2) | ||||||||||
Items Excluded from Distributable Earnings: | ||||||||||||||
(Gain) Loss on MBS | (441.0) | 474.8 | ||||||||||||
(Gain) Loss on U.S. Treasury Securities | 48.6 | (5.4) | ||||||||||||
(Gain) Loss on TBA Securities, less TBA Drop Income | 3.4 | (25.5) | ||||||||||||
Amortization of prior unrealized net gains | 43.7 | 40.0 | ||||||||||||
(Gain) Loss on futures contracts | 20.5 | (1.1) | ||||||||||||
(Gain) Loss on interest rate swaps | 280.6 | (250.4) | ||||||||||||
Add net | $ | (44.2) | $ | 232.4 | ||||||||||
Distributable Earnings | $ | 55.4 | $ | 53.2 | ||||||||||
Dividends on Preferred Stock | (3.0) | (3.0) | ||||||||||||
Distributable Earnings available to common stockholders | $ | 52.4 | $ | 50.2 | ||||||||||
Distributable Earnings per common share | $ | 1.07 | $ | 1.08 | ||||||||||
Net Income (Loss) | $ | 99.6 | $ | (179.2) | ||||||||||
Dividends on Preferred Stock | (3.0) | (3.0) | ||||||||||||
Net Income (Loss) available (related) to common stockholders | $ | 96.6 | $ | (182.2) | ||||||||||
Net Income (Loss) per common share | $ | 1.96 | $ | (3.92) | ||||||||||
Weighted average common shares outstanding | 49,184,375 | 46,506,373 |
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