ARMOUR Residential REIT Inc (STU:2AR)
€ 17.11 -0.005 (-0.03%) Market Cap: 960.99 Mil Enterprise Value: 902.28 Mil PE Ratio: 7.89 PB Ratio: 0.78 GF Score: 44/100
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Q3 2024 ARMOUR Residential REIT Inc Earnings Call Transcript

Oct 24, 2024 / 02:00PM GMT
Release Date Price: €18.04 (-0.58%)

Key Points

Positve
  • ARMOUR Residential REIT Inc (ARR) reported a Q3 GAAP net income of $62.9 million, translating to $1.21 per common share.
  • The company raised $129.4 million of equity capital through its at-the-market offering program, with minimal dilution to book value.
  • ARMOUR's book value per common share increased by 2.3% during the quarter, from $20.30 to $20.76.
  • ARMOUR Capital Management continues to waive a portion of their management fees, which helps offset operating expenses.
  • The company maintains a diversified and liquid investment portfolio, with a focus on specified pools to mitigate prepayment risk.
Negative
  • ARMOUR's net interest income was relatively low at $1.8 million for the quarter.
  • The estimated book value per common share decreased to $19.58 as of October 18, after accounting for dividends.
  • The repo market is experiencing funding pressures, which are expected to persist through the end of the year.
  • ARMOUR's leverage has increased, with a current implied leverage of 8.6 times, which may pose risks amid market volatility.
  • The company faces potential volatility due to upcoming US elections, which could impact mortgage spreads and market conditions.
Operator

Good day, and welcome to the ARMOUR Residential REIT's third-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Scott Ulm, Chief Executive Officer. Please go ahead.

Scott Ulm
ARMOUR Residential REIT Inc - Co-Chief Executive Officer, Co-Vice Chairman of the Board and Head of Risk Management

Thank you. Good morning, and welcome to ARMOUR Residential REIT's third-quarter 2024 conference call. This morning, I'm joined by our CFO, Gordon Harper; as well as our Co-CIOs, Sergey Losyev and Desmond Macauley.

I'll now turn the call over to Gordon to run through the financial results.

Gordon Harper
ARMOUR Residential REIT Inc - Chief Financial Officer, Controller, Company Secretary

Thank you, Scott. By now, everyone has access to ARMOUR's earnings release, which can be found on ARMOUR's website, www.armourreit.com. This conference call

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