WithSecure Corporation, Interim Report 1 January – 31 March 2025, 25 April 2025 at 8.00 EEST WithSecure Interim Report 1 January – 31 March 2025: Elements ARR growth continued, 70% ARR growth for Cloud Protection for Salesforce Highlights of January – March 2025 (“first quarter”) Annual Recurring Revenue (ARR)1 for Elements Cloud products and services increased by 8% to EUR 86.6 million (EUR 80.5 million)Elements Cloud ARR increase from previous quarter was 4%Net Revenue Retention (NRR) for Elements Cloud w ...

Core Insights - Laughing Water Capital is a concentrated, long-biased investment partnership targeting accredited investors [1] - The firm focuses on acquiring stakes in businesses facing temporary challenges or those misunderstood by the market due to GAAP accounting issues or structural impediments [1] - The investment strategy emphasizes partnership with portfolio companies, seeking management teams with significant equity ownership to drive operational improvements and multiple expansions [1] - Patience is highlighted as a crucial element in the investment approach [1]

Financial Data and Key Metrics Changes - ARMOUR's Q1 GAAP net income available to common stockholders was $24.3 million or $0.32 per common share, with net interest income at $36.3 million and distributable earnings at $64.6 million or $0.86 per common share [4] - The quarter-end book value was $18.59 per common share, with the most current estimate as of April 23 being $16.56 per common share after the accrual of April dividends [6] Business Line Data and Key Metrics Changes - The agency portfolio experienced a modest two basis points of tightening in Q1, while agency assets widened approximately 15 basis points in ZV spreads quarter to date [11] - Portfolio MBS prepayment rates averaged 6.1% CPR in Q1 and are trending at around 7.8% CPR so far in Q2, with expectations of a muted prepayment environment due to elevated mortgage rates [12] Market Data and Key Metrics Changes - The rates market is pricing in over three Fed rate cuts this year, reflecting a dovish reaction to support a weakening economy, which is positive for MBS [9] - The mortgage and housing market constitutes approximately 28% to 30% of the economy, indicating the significance of any reform efforts in this sector [8] Company Strategy and Development Direction - ARMOUR is focused on maintaining strong liquidity of over $750 million to withstand short-term volatility and is looking for value in mortgage-backed securities (MBS) [7] - The company aims to pay an attractive and stable dividend over the medium term, with a current monthly dividend of $0.24 per common share [5] Management's Comments on Operating Environment and Future Outlook - Management highlighted pronounced macroeconomic uncertainty due to policy changes and upward pressure on interest rates, but remains optimistic about the compelling ROEs on production and premium coupon MBS [7] - The company is closely monitoring developments in GSE reform, viewing structural changes as a long-term process with potential implications for economic stability and growth [8] Other Important Information - ARMOUR raised approximately $371 million of capital by issuing around 20 million shares of common stock and $300,000 by issuing approximately 17,000 shares of preferred C shares [4] - The company has repurchased 666,000 common shares since March 31, indicating a strategy to manage share count amid market conditions [5] Q&A Session Summary Question: How is ARMOUR approaching risk management in the current environment? - Management emphasized the importance of liquidity and maintaining a leverage level of 7% to 8%, while balancing attractive investment opportunities with the need for defensiveness [17][19] Question: What are the best opportunities within the coupon stack? - The company is biased towards production coupons, particularly in the 5.5% range, and is considering five-year DOS securities for diversification [24][25] Question: What should observers look for regarding GSE reform? - Key aspects to watch include the sovereign backstop and adjustments to risk fees, which could impact risk weights and the competitive landscape in the mortgage market [34][35] Question: How does the decline in book value affect dividend sustainability? - A decline in book value could impact capital available for investment, but management remains comfortable with the current dividend level based on medium-term returns [50] Question: What is the current appetite for mortgage-backed securities among banks? - There has been a return of bank demand for agency MBS, particularly in floating rate aspects, although some investors remain on the sidelines due to market volatility [51][53]

Armour Residential REIT (ARR) came out with quarterly earnings of $0.86 per share, missing the Zacks Consensus Estimate of $0.93 per share. This compares to earnings of $0.82 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -7.53%. A quarter ago, it was expected that this real estate investment trust would post earnings of $1.01 per share when it actually produced earnings of $0.78, delivering a surprise of -22.77%. Over the l ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ARMOUR RESIDENTIAL REIT, INC. (Exact name of registrant as specified in its charter) Maryland 001-34766 26-1908763 (State or other jurisdiction of incorporation or or ...

ARMOUR RESIDENTIAL REIT, INC. ANNOUNCES Q1 RESULTS AND MARCH 31, 2025 FINANCIAL POSITION VERO BEACH, Florida -- April 23, 2025 -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR PRC) ("ARMOUR" or the "Company") today announced the Company's unaudited Q1 results and March 31, 2025 financial position. ARMOUR's Q1 2025 Results ARMOUR's March 31, 2025 Financial Position - MORE - ◦ GAAP net income available to common stockholders of $24.3 million or $0.32 per common share. ◦ Net interest income of $36.3 million ...

VERO BEACH, Florida, April 23, 2025 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR PRC) (“ARMOUR” or the “Company”) today announced the Company's unaudited Q1 results and March 31, 2025 financial position. ARMOUR's Q1 2025 Results GAAP net income available to common stockholders of $24.3 million or $0.32 per common share.Net interest income of $36.3 million.Distributable Earnings available to common stockholders of $64.6 million, which represents $0.86 per common share (see explanation ...

VERO BEACH, Florida, April 22, 2025 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PRC) (“ARMOUR” or the “Company”) today announced the May 2025 cash dividend for the Company's Common Stock. May 2025 Common Stock Dividend Information Month Dividend Holder of Record Date Payment DateMay 2025 $0.24 May 15, 2025 May 29, 2025 Certain Tax MattersARMOUR 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 statu ...

VERO BEACH, Florida, April 22, 2025 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PRC) (“ARMOUR” or the “Company”) announced today that it will provide an online, real‑time webcast of its conference call with equity analysts covering first quarter 2025 operating results on Thursday, April 24, 2025. The Company will issue its first quarter 2025 earnings release after the close of trading on Wednesday, April 23, 2025. The live broadcast will be available on April 24, 2025, beginning at ...

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