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Core Insights - Albert Anthony is a Croatian-American media personality who has gained over 1,000 followers on investor platforms since 2023, focusing on markets and stocks [1] - He is set to launch a new book titled "Financial Markets: Growing A Dividend Income Portfolio" in 2025, which aligns with his ongoing article series on the same topic [1] - Albert Anthony has a background in management and information systems, having worked in a top-10 financial firm's IT department [1] Company Overview - Albert Anthony operates under the brand Albert Anthony & Co., a sole proprietorship registered in Austin, Texas [1] - The company focuses on building a dividend portfolio through its Future Investor Fund, which is managed by Albert Anthony himself [1] Educational Background - Albert Anthony has completed degrees and certificates from various institutions, including Drew University, Corporate Finance Institute, UVA Darden School of Business, CompTIA, and Microsoft [1] Public Engagement - He has participated in numerous business and innovation conferences in Southeast Europe and has spoken at startup and digital nomad events in Croatia and Austin [1]

Group 1 - The Pragmatic Investor focuses on global macro trends, international equities, commodities, technology, and cryptocurrencies to guide investors [1] - The platform offers a diversified portfolio strategy aimed at preserving and increasing wealth over time [1] - James Foord, an economist with a decade of experience in global market analysis, leads the investing group [1] Group 2 - The Pragmatic Investor provides features such as a portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for investor engagement [1]

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Financial Data and Key Metrics Changes - ARMOUR's Q4 GAAP net loss related to common stockholders was $49.4 million or $0.83 per common share [6] - Net interest income was $12.7 million, while distributable earnings available to common stockholders was $46.5 million or $0.78 per common share [7] - Quarter-end book value was $19.07 per common share, with the most current estimate as of February 10th being $19.18 per common share [10] Business Line Data and Key Metrics Changes - ARMOUR raised approximately $136.2 million of capital by issuing approximately 7.2 million shares of common stock [8] - The company paid monthly common stock dividends of $0.24 per share for a total of $0.70 for the quarter [9] - The agency portfolio experienced approximately 4 basis points of widening in nominal spreads [19] Market Data and Key Metrics Changes - The U.S. economy remained resilient in Q4, with investors reducing the number of expected rate cuts, leading to increased bond yields and wider spreads [12] - Portfolio MBS prepayment rates averaged 8.7% CPR in Q4, trending at around 6.4% average CPR so far in Q1 [22] Company Strategy and Development Direction - ARMOUR maintains a constructive view on agency MBS spreads, with a positively sloped yield curve generating approximately 150 basis points positive versus cash [14] - The company expects rates to trade in a range-bound environment over the early part of the year, which is a tailwind for consistent MBS returns [15] - ARMOUR has increased exposure to TBA roles in coupons where returns are expected to improve [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential headwinds facing MBS investors, including GSE reform and ongoing fiscal issues [16] - The company is comfortable with current leverage but is monitoring GSE reforms and potential changes in monetary policy for future adjustments [56] - Management expects earnings available for distribution to exceed the Q1 dividend rate [21] Other Important Information - ARMOUR's hedge book is composed of approximately 25% treasury-based hedges, with the remainder in OIS and SOFO pay swaps [20] - The repo market remains plentiful and competitively priced, with Fed Chairman Powell reiterating that banking reserves remain abundant [25] Q&A Session Summary Question: Clarification on book value update and February's dividend - Management confirmed that the book value does not factor in February's dividend as they go ex-dividend by the end of the week [28][29] Question: Outlook for volatility and its potential costs - Management noted that volatility has declined, which is a tailwind for the MBS market, and expects this trend to continue with the Fed on hold [31][32] Question: Comparison of expected ROE on deployments - Management indicated that they have been able to deploy capital at expected ROE numbers, but future performance remains uncertain [35][36] Question: Risk factors for spread widening - Management highlighted geopolitical issues, GSE reforms, and ongoing fiscal concerns as potential risks for spread widening [40][41] Question: GSE reform impact on mortgage basis - Management discussed that while some risk is priced in, they do not expect an abrupt exit from the implicit government guarantee [46][48] Question: Conditions for increasing or decreasing leverage - Management is comfortable with current leverage but is looking for clarity on GSE reforms and monetary policy before making changes [55][56] Question: Outlook on swap spreads and hedging strategies - Management stated that they are well positioned with a swap position of 75% versus 25% in treasuries, anticipating further widening appreciation of swap spreads [61] Question: Repo market conditions and liquidity - Management noted that the repo market has been well-behaved and is beneficial for agency MBS, with competitive pricing observed [77]

Core Viewpoint - Armour Residential REIT (ARR) reported quarterly earnings of $0.78 per share, missing the Zacks Consensus Estimate of $1.01 per share, representing an earnings surprise of -22.77% [1] - The company posted revenues of $12.66 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 62.74% [2] Financial Performance - Earnings for the same quarter last year were $1.07 per share, indicating a decline in earnings year-over-year [1] - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - The revenue for the current quarter is significantly higher than the $5.8 million reported a year ago [2] Market Performance - Armour Residential REIT shares have increased by approximately 1.1% since the beginning of the year, compared to a 3.2% gain in the S&P 500 [3] - The stock is currently rated Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.04 on revenues of $10.48 million, and for the current fiscal year, it is $4.11 on revenues of $53.17 million [7] - The outlook for the REIT and Equity Trust industry is currently in the bottom 46% of Zacks industries, which may impact stock performance [8]

Financial Performance - Net interest income for the year ended December 31, 2024, was $26,800,000, a decrease from $27,109,000 in 2023[312] - Total other income for 2024 was $12,456,000, compared to a loss of $51,481,000 in 2023[312] - The net loss for the year ended December 31, 2024, was $14,394,000, significantly improved from a net loss of $67,923,000 in 2023[312] - The company reported a comprehensive loss of $14,394,000 for 2024, compared to a comprehensive loss of $56,396,000 in 2023[312] - Total expenses after fees waived increased to $53,650,000 in 2024 from $43,551,000 in 2023[312] - The company reported a net loss per share related to common stockholders of $(0.51) in 2024, an improvement from $(1.86) in 2023[463] - The total comprehensive loss for 2024 was $14,394 thousand, a decrease from $67,923 thousand in 2023 and $348,430 thousand in 2022[469] Income and Expenses - Total interest income for 2024 was $550,946, slightly down from $552,903 in 2023, with an average yield of 4.90%[316] - Total interest expense decreased to $524,146 in 2024 from $525,794 in 2023, resulting in a net interest spread of (0.43)%[316] - Management fees increased to $39,734 in 2024 from $38,188 in 2023, while total expenses rose to $60,250 from $50,151[326] - The effective management fee rate was 0.92% for 2024, down from 0.93% in 2023, after waiving management fees of $6,600 in both years[329] - Total management fee expense for 2024 was $33.126 million, up 5.1% from $31.521 million in 2023[384] Investments and Securities - ARMOUR's investments primarily consist of Agency Securities, which are subject to risks from prepayments and changing mortgage spreads[291][287] - The company purchased $7,271,101 in trading securities during the year ending December 31, 2024, while proceeds from sales were $4,589,515[351] - Total investments in securities as of December 31, 2024, amounted to $12,957,039, with an amortized cost of $12,806,504 and an unrealized loss of $367,090[343] - The company reported a realized loss on Agency Securities trading of $(348,646) for 2024, compared to a loss of $(52,665) in 2023[322] - The company experienced a gain of $37,602 from trading securities during the year ending December 31, 2024[351] Liquidity and Capital Resources - The company had liquidity totaling $608,026 as of December 31, 2024, consisting of $67,970 in cash and cash equivalents and $540,056 in unencumbered Agency Securities and U.S. government securities[370] - The company has sufficient liquidity and capital resources for acquiring additional investments and meeting financing obligations[387] - The company recognized net gains related to derivatives of $323,500 for the year ended December 31, 2024, compared to $51,748 for the year ended December 31, 2023[362] Market and Interest Rate Risks - Interest rate risk is the primary market risk for ARMOUR, affecting net interest income and the value of mortgage-backed securities (MBS)[416] - Changes in interest rates could lead to a mismatch between the interest rates on mortgage assets and funding sources, impacting net interest income and dividend yield[418] - As of December 31, 2024, a 1.00% increase in interest rates is projected to decrease net interest income by 4.92%, portfolio value by 0.98%, and stockholders' equity by 9.16%[425] - The primary liquidity risk arises from financing long-maturity MBS with short-term debt, which may lead to increased borrowing costs in a rising interest rate environment[433] Company Structure and Compliance - ARMOUR is organized as a real estate investment trust (REIT) and aims to meet the requirements for qualification under the Internal Revenue Code[475] - The company primarily invests in mortgage-backed securities (MBS) issued or guaranteed by U.S. Government-sponsored entities[476] - The company maintains effective internal control over financial reporting as of December 31, 2024, based on PCAOB standards[452] Shareholder Information - Dividends declared per common share decreased to $2.88 in 2024 from $5.00 in 2023, a reduction of 42.4%[463] - The total common stock increased to 62,412 thousand shares by December 31, 2024, up from 48,799 thousand shares in 2023 and 32,582 thousand shares in 2022[466]

Financial Performance - GAAP net loss for Q4 2024 was $(49.4) million, or $(0.83) per common share[4] - The company reported a net loss of $46.4 million in Q4 2024, contrasting with a net income of $65.9 million in Q3 2024, leading to a net loss per common share of $0.83[15] - Distributable earnings for Q4 2024 were $49.5 million, down from $55.0 million in Q3 2024, resulting in distributable earnings per common share of $0.78 compared to $1.00[15] - Total expenses after fees waived for Q4 2024 were $11.5 million, compared to $10.4 million in Q3 2024[15] - Economic net interest income for Q4 2024 was $61.1 million, with a net interest spread of 1.53%[17] Earnings and Dividends - Distributable Earnings available to common stockholders were $46.5 million, representing $0.78 per common share[4] - ARMOUR paid monthly cash dividends of $0.24 per share of common stock in Q4 2024, maintaining a consistent dividend policy[19] Assets and Securities - Agency mortgage-backed securities portfolio totaled $12.4 billion[4] - The average balance of agency securities was $12,600.7 million with an average yield of 4.83% in Q4 2024[17] Capital and Equity - Total stockholders' equity increased to $1,361.4 million from $1,316.9 million in Q3 2024[7] - The company raised $136.2 million by issuing 7,205,653 shares of common stock through an at-the-market offering program[4] - Book value per common share decreased to $19.07 from $20.76 at the end of Q3 2024[4] Debt and Leverage - Debt to equity ratio was 7.87:1, with implied leverage of 7.95:1[4] - Average interest income on interest-earning assets was 4.81%, while interest cost on average interest-bearing liabilities was 5.01%[4] Market Performance - Total economic return for Q4 2024 was (4.67)%, and (2.62)% for the full year 2024[4] - The company experienced a loss of $404.1 million on mortgage-backed securities (MBS) in Q4 2024, compared to a loss of $306.1 million in Q3 2024[15] Shareholder Information - ARMOUR's weighted average common shares outstanding increased to 59,370,975 in Q4 2024 from 51,832,743 in Q3 2024[15] Management - The company is externally managed by ARMOUR Capital Management LP, focusing on fixed-rate residential mortgage-backed securities[23]

Company Overview - ARMOUR Residential REIT, Inc. reported its unaudited Q4 2024 results and financial position as of December 31, 2024 [1] - The company primarily invests in fixed-rate residential, adjustable-rate, and hybrid adjustable-rate mortgage-backed securities [22] Financial Performance - The GAAP net loss related to common stockholders was $(49.4) million, or $(0.83) per common share [5] - Net interest income for Q4 2024 was $12.7 million, with distributable earnings available to common stockholders amounting to $46.5 million, or $0.78 per common share [5][14] - The book value per common share decreased to $19.07 from $20.76 at the end of Q3 2024 [5][6] - Total economic return for Q4 2024 was (4.67)%, and (2.62)% for the full year 2024 [5] Capital and Equity - The company raised $136.2 million by issuing 7,205,653 shares of common stock through an at-the-market offering program [5] - Total stockholders' equity increased to $1,361.4 million from $1,271.2 million year-over-year [4][8] - The debt-to-equity ratio was reported at 7.87:1, indicating a high level of leverage [5] Asset and Liability Management - ARMOUR's total assets amounted to $13,547.9 million, with agency mortgage-backed securities valued at $12.4 billion [8] - The company had liquidity, including cash and unencumbered securities, exceeding $802 million [5] - The total liabilities were $12,186.5 million, with repurchase agreements net totaling $10.7 billion [9] Dividend Information - ARMOUR paid monthly cash dividends of $0.24 per share for common stock in Q4 2024 [18] - The company also declared cash dividends for Series C Preferred Stock at $0.14583 per share for the same period [19] Economic Metrics - Average interest income on interest-earning assets was 4.81%, while the interest cost on average interest-bearing liabilities was 5.01% [5][16] - The economic net interest spread was reported at 1.53% [5][16]

VERO BEACH, Florida, Feb. 11, 2025 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PRC) (“ARMOUR” or the “Company”) today announced the March 2025 cash dividend for the Company's Common Stock. March 2025 Common Stock Dividend Information Month Dividend Holder of Record Date Payment DateMarch 2025 $0.24 March 17, 2025 March 27, 2025 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 mainta ...