The following is a summary of the ARMOUR Residential REIT, Inc. (ARR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ARMOUR Residential REIT reported GAAP net income of $11.5 million, or $0.24 per common share in Q1 2024.

• Net interest income was $5.3 million while expenses included $9 million related to non-recurring professional fees due to internal investigations.

• Distributed Earnings for common stockholders stood at $40.4 million, translating into $0.82 per common share.

• The management continued its fee waiving strategy with ARMOUR Capital Management waiving $1.65 million of their fees for Q1.

• The company paid monthly common stock dividends of $0.24 per common share amounting to $0.72 for the quarter.

• The book value at the end of the quarter was $22.07 per common share, which dropped to $20.48 by April 23.

Business Progress:

• The company executed key trades to reposition their portfolio for higher yields and volatility dominance in Q2.

• 60% allocation was made towards funding with BUCKLER Securities borrowing while repo markets priced around SOFR+ mid to high teens in basis points.

• With significant management shifts, the company maintained its focus on delivering value to shareholders with adherence to existing priorities.

• Maintaining its diversified portfolio approach, ARMOUR's mortgage strategy remains robust. The company is optimistic about the appropriateness of their dividend level in the existing economic environment.

More details: ARMOUR Residential REIT Inc IR

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