ARMOUR Residential REIT(ARR) - 2024 Q4 - Annual Results

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]