ARMOUR RESIDENTIAL REIT, INC. 宣布
2024年9月30日Q3成果与财务状况
佛罗里达州维罗海滩 -- 2024年10月23日-- ARMOUR Residential REIt, Inc.（纽交所：ARR和ARR PRC）（“ARMOUR”或“公司”）今天宣布本公司未经审计的第三季度业绩和2024年9月30日财务状况。
ARMOUR的2024年第三季度业绩
◦共同股股东可获得的通用会计原则下的净利润为6290万美元，每普通股1.21美元。
◦净利息收入为180万美元。
◦可分配收益可供普通股股东使用5200万美元，相当于每普通股1.00美元（请参阅第4页有关这个非GAAP措施的解释）。
◦利息收入资产的平均利率为4.89％，利息成本负债的平均利率为5.51％。
◦经济利息收入为4.44%，经济利息支出为2.44%，经济净利息差为2.00%（请参见第6页有关本非GAAP指标的说明）。
◦透过市场供应计划发行6,413,735股普通股筹集了12940万美元的资金。
◦每股每月支付$0.24的普通股股息，第3季度每股支付$0.72。
ARMOUR截至2024年9月30日的财务状况
◦每股普通股的帐面价值为20.76美元。请查看以下表格，自2024年6月30日以来进行调整。
2024年6月30日的帐面价值 | $ | 20.30 | ||||||
| 每股普通股的净利润 | 1.21 | |||||||
| 少：每股普通股的普通股分红 | (0.72) | |||||||
| 权益资本活动，净值 | (0.03) | |||||||
2024年9月30日的帐面价值 | $ | 20.76 | ||||||
◦总经济回报，即期间内资产负债表变动加上季度常规分红派息，2024年第三季为5.81%，较2024年第二季的(4.76)%增加。
◦总流动资金，包括现金和未负担的机构及美国政府证券，总额为$66740万。
◦机构抵押债券（「MBS」）组合总额为124亿美元。
◦回购协议净额总计102亿美元；其中41.4%与ARMOUR旗下的BUCKLER Securities LLC有关。
◦债务与股权比率为7.74：1（基于回购协议除以总股东权益）。隐含杠杆，包括未来交割销售和未解决的购买，为8.18：1。
◦利率互换合同的名义金额总计为67亿美元。
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ARMOUR Residential REIt, Inc.宣布Q3业绩及2024年9月30日财务状况
第2页
，截至2024年10月7日业务结束时的股东
公司更新
2024年10月21日业务结束时：
◦普通股流通股数为55,760,266股。
◦拥有7.00%累积可赎回优先C类股票（「C类优先股」），带有约17120万美元的清算优先权。
◦流动性，包括现金和无抵押证券，超过4,8900万美元。2024年10月25日到期的MBS本金和利息应收款总额为141.9百万美元。
◦证券投资组合中包括约121亿美元的机构抵押债券（包括TBA证券）。
◦截至2024年10月15日，通过发行567,720股普通股，透过市场发行计划筹集了1110万美元的资本。
◦债务与资本比率（以回购协议除以股东总权益）和隐含杠杆，包括TBA代理证券和即期交割销售都达到了8.6比1。
每股普通股的帐面价值包括：
| 2024年9月30日 | 2023年12月31日 | |||||||||||||
| (以百万为单位，除每股) | ||||||||||||||
普通股，面值-分别为55,192,546和48,798,954股。 | $ | 0.1 | $ | 0.1 | ||||||||||
| 资本公积额额外增资 | 4,448.8 | 4,318.2 | ||||||||||||
| 累计派息给股东 | (2,337.6) | (2,220.6) | ||||||||||||
| 累积的净亏损 | (794.4) | (826.5) | ||||||||||||
| 股东权益合计 | $ | 1,316.9 | $ | 1,271.2 | ||||||||||
| 减少：清算优先权- 7.00％累积可赎回优先C股-流通股6,846,978股 | (171.2) | (171.2) | ||||||||||||
| 归属于普通股股东的权益 | $ | 1,145.7 | $ | 1,100.0 | ||||||||||
| 每股普通股的帐面价值 | $ | 20.76 | $ | 22.54 | ||||||||||
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ARMOUR Residential REIt, Inc.宣布Q3业绩及2024年9月30日财务状况
第3页
，截至2024年10月7日业务结束时的股东
公司财务状况变化的主要驱动因素是：
Q3 2024 | Q2 2024 | |||||||||||||
| (以百万为单位) | ||||||||||||||
| 股东权益总额－期初 | $ | 1,161.3 | $ | 1,247.1 | ||||||||||
| 收入（损失） | ||||||||||||||
| 证券投资： | ||||||||||||||
| 按揭支持证券的收益（损失） | $ | 306.1 | $ | (112.9) | ||||||||||
| 美国国债证券的收益（损失） | (21.7) | 19.2 | ||||||||||||
| TBA证券的收益 | 39.1 | 23.2 | ||||||||||||
| 利率掉期的收益（损失） | (232.6) | 30.1 | ||||||||||||
| 期货合约亏损 | (16.4) | (3.6) | ||||||||||||
| 净利息收入 | 1.8 | 7.0 | ||||||||||||
扣除费用后的总开支 (1) | (10.4) | (11.3) | ||||||||||||
| 净利润（损失） | $ | 65.9 | $ | (48.3) | ||||||||||
| 优先股股息 | (3.0) | (3.0) | ||||||||||||
| 普通股股息 | (37.5) | (35.3) | ||||||||||||
| 资本活动 | ||||||||||||||
| 发行普通股股票 | 130.2 | 0.8 | ||||||||||||
| 股东权益总额 - 期末 | $ | 1,316.9 | $ | 1,161.3 | ||||||||||
(1)公司的外部经理已放弃合约管理费的一部分，每季度2024年第三季度和2024年第二季度各为165万美元。
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ARMOUR Residential REIt, Inc.宣布Q3业绩及2024年9月30日财务状况
第4页
，截至2024年10月7日业务结束时的股东
| 简明资产负债表（未经审计） | 2024年9月30日 | 2023年12月31日 | ||||||||||||
| (以百万为单位) | ||||||||||||||
| 资产 | ||||||||||||||
| 现金 | $ | 63.9 | $ | 221.9 | ||||||||||
| 提供给交易对手的现金担保物 | 134.2 | 37.0 | ||||||||||||
| 代理机构证券，按公平价值衡量 | 12,422.8 | 11,159.8 | ||||||||||||
| Derivatives, at fair value | 731.8 | 877.4 | ||||||||||||
| 应计利息应收款 | 49.0 | 47.1 | ||||||||||||
| 预付及其他 | 2.8 | 1.2 | ||||||||||||
| 总资产 | $ | 13,404.5 | $ | 12,344.4 | ||||||||||
| 负债 | ||||||||||||||
| 回购协议，净额 | $ | 10,186.4 | $ | 9,648.0 | ||||||||||
| Obligations to return securities received as collateral, at fair value | 522.7 | 350.3 | ||||||||||||
| 交易对手提供的现金担保 | 692.7 | 860.1 | ||||||||||||
| Payable for unsettled purchases | 587.3 | 171.5 | ||||||||||||
| Derivatives, at fair value | 57.9 | 5.0 | ||||||||||||
| 应付已计利息-回购协议 | 24.9 | 26.5 | ||||||||||||
| 应付应计利息-已沽空美国国库证券 | 7.3 | 5.0 | ||||||||||||
| | 8.4 | 6.8 | ||||||||||||
| 总负债 | $ | 12,087.6 | $ | 11,073.2 | ||||||||||
| 股东权益 | ||||||||||||||
| 7.00%累积可赎回特别C股（每股面值$0.001，每份优先股清算价值$25.00） | $ | — | $ | — | ||||||||||
| 普通股（每股面值$0.001） | 0.1 | 0.1 | ||||||||||||
| 资本公积额额外增资 | 4,448.8 | 4,318.2 | ||||||||||||
| 累计派息给股东 | (2,337.6) | (2,220.6) | ||||||||||||
| 累积的净亏损 | (794.4) | (826.5) | ||||||||||||
| 股东权益总计 | 1,316.9 | 1,271.2 | ||||||||||||
| 负债总额和股东权益总额 | $ | 13,404.5 | $ | 12,344.4 | ||||||||||
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ARMOUR Residential REIt, Inc.宣布Q3业绩及2024年9月30日财务状况
第 5 页
，截至2024年10月7日业务结束时的股东
可分配收益
分配收益是一种非GAAP衡量标准，定义为净利息收入加上TBA Drop收入，再根据利率互换和期货合约的净息券效应调整及减去净营业费用。分配收益基于我们的Agency证券、利率互换和期货合约的历史成本基础。分配收益与净利息收入以及净收入（损失）（包括实现收益和损失以及市值调整）可能会有显著差异。
就其代理证券部分，公司可能进行TBA远期合约，以预先确定价格、面额、发行人、票息和未来日期的拥有或购入代理证券，但在TBA结算日期之前不会确定交付的具体代理证券。如果公司合理可能不会在合约结算时实际交付或收取代理证券，则公司将TBA代理证券列为衍生工具。公司可以选择在结算前将这些证券的结算日期延后，方法是进行相应的空头或多头项目（即“配对平仓”），以现金净结算匹配的项目，并同时购买或出售一款类似的TBA代理证券，用于未来的结算日期。这种交易通常被称为“美元抢购”。公司将TBA美元抢购交易作为一系列衍生交易核算。
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.
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ARMOUR Residential REIT, Inc. Announces Q3 Results and September 30, 2024 Financial Position
Page 6
October 23, 2024
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:
Q3 2024 | Q2 2024 | |||||||||||||
| ($ 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 | ||||||||||||
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ARMOUR Residential REIT, Inc. Announces Q3 Results and September 30, 2024 Financial Position
Page 7
October 23, 2024
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.
Q3 2024 | ||||||||||||||||||||
| (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 | % | ||||||||||||||||||
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ARMOUR Residential REIT, Inc. Announces Q3 Results and September 30, 2024 Financial Position
Page 8
October 23, 2024
Q2 2024 | ||||||||||||||||||||
| (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 $0.24 per share of the Company’s common stock each month in Q3 2024. On October 30, 2024, a cash dividend of $0.24 per outstanding common share will be paid to holders of record on October 15, 2024. We have also declared a cash dividend of $0.24 per outstanding common share payable November 27, 2024 to holders of record on November 15, 2024. ARMOUR’s Board of Directors will determine future common dividend rates based on an evaluation of the Company’s results, financial position, real estate investment trust (“REIT”) tax requirements, and overall market conditions as the quarter progresses. In order to maintain ARMOUR’s tax status as a REIT, the Company is required to timely distribute substantially all of its ordinary REIT taxable income for the tax year.
ARMOUR paid monthly cash dividends of $0.14583 per share of the Company’s Series C Preferred Stock for each month in Q3 2024. On October 28, 2024, a cash dividend of $0.14583 per outstanding share of Series C Preferred Stock will be paid to holders of record on October 15, 2024. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable November 27, 2024 to holders of record on November 15, 2024 and payable December 27, 2024 to holders of record on December 15, 2024.
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.
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ARMOUR Residential REIT, Inc. Announces Q3 Results and September 30, 2024 Financial Position
Page 9
October 23, 2024
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
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