Armour Residential REIT Files Q2 2024 10-Q

TL;DR

Armour REIT's Q2 10-Q is in: shows agency securities and preferred stock holdings. Check it out.

AI Summary

Armour Residential REIT, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and positions, including significant holdings in agency securities and preferred stock. The company's principal executive offices are located at 3001 Ocean Drive, Suite 201, Vero Beach, FL 32963.

Why It Matters

This filing provides investors with a detailed look at Armour Residential REIT's financial health and strategic holdings for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — REITs are sensitive to interest rate changes and market volatility, which can significantly impact their financial performance and stock value.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240724 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
• 001-34766 — SEC File Number (Unique identifier for the company's SEC filings.)

Key Players & Entities

• Armour Residential REIT, Inc. (company) — Filer of the 10-Q
• 3001 Ocean Drive, Suite 201, Vero Beach, FL 32963 (location) — Principal executive offices
• BUCKLER Securities LLC (company) — Related party with agency securities holdings

FAQ

Key Financial Figures

• $0.001 — New York Stock Exchange Common Stock, $0.001 par value ARR New York Stock Exchange

Filing Documents

• arr-20240630.htm (10-Q) — 1726KB
• a2024q210q-exhibit103.htm (EX-10.3) — 34KB
• a2024q210q-exhibit311sulm.htm (EX-31.1) — 12KB
• a2024q210q-ex312gharper.htm (EX-31.2) — 12KB
• a2024q210q-exhibit321sulm.htm (EX-32.1) — 7KB
• a2024q210q-ex322gharper.htm (EX-32.2) — 7KB
• arr-20240630_g1.jpg (GRAPHIC) — 151KB
• arr-20240630_g2.jpg (GRAPHIC) — 96KB
• arr-20240630_g3.jpg (GRAPHIC) — 116KB
• arr-20240630_g4.jpg (GRAPHIC) — 138KB
• arr-20240630_g5.jpg (GRAPHIC) — 134KB
• arr-20240630_g6.jpg (GRAPHIC) — 75KB
• 0001428205-24-000182.txt ( ) — 10484KB
• arr-20240630.xsd (EX-101.SCH) — 68KB
• arr-20240630_cal.xml (EX-101.CAL) — 85KB
• arr-20240630_def.xml (EX-101.DEF) — 396KB
• arr-20240630_lab.xml (EX-101.LAB) — 609KB
• arr-20240630_pre.xml (EX-101.PRE) — 494KB
• arr-20240630_htm.xml (XML) — 1292KB

Financial Information

PART I. Financial Information 1

Financial Statements

Item 1. Financial Statements 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 55

Other Information

PART II. Other Information 58

Legal Proceedings

Item 1. Legal Proceedings 58 Item IA. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ARMOUR Residential REIT, Inc. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 126,562 $ 221,888 Cash collateral posted to counterparties 62,343 36,970 Investments in securities, at fair value Agency Securities (including pledged securities of $ 8,017,714 ($ 4,792,014 with BUCKLER) at June 30, 2024 and $ 10,599,340 ($ 5,400,138 with BUCKLER) at December 31, 2023) 8,857,881 11,159,754 Derivatives, at fair value 965,208 877,412 Accrued interest receivable 37,018 47,111 Prepaid and other 3,372 1,260 Total Assets $ 10,052,384 $ 12,344,395 Liabilities and Stockholders' Equity Liabilities: Repurchase agreements, net (including $ 3,996,278 and $ 4,667,483 , respectively with BUCKLER) $ 7,071,767 $ 9,647,982 Obligations to return securities received as collateral, at fair value 500,965 350,273 Cash collateral posted by counterparties 920,195 860,130 Payable for unsettled purchases 341,315 171,513 Derivatives, at fair value 9,676 5,036 Accrued interest payable- repurchase agreements (including $ 19,776 and $ 12,345 , respectively with BUCKLER) 32,703 26,509 Accrued interest payable- U.S. Treasury Securities sold short 3,638 5,049 Accounts payable and other accrued expenses 10,833 6,719 Total Liabilities $ 8,891,092 $ 11,073,211 Commitments and contingencies (Note 8 and Note 14) Stockholders' Equity: Preferred stock, $ 0.001 par value, 50,000 shares authorized; 7.00 % Series C Cumulative Preferred Stock; 6,847 shares issued and outstanding ($ 25.00 per share liquidation preference) 7 7 Common stock, $ 0.001 par value, 90,000 shares authorized; 48,765 shares and 48,799 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively. 49 49 Additional paid-in capital 4,318,666 4,318,155 Cumulative distributions to stockholders ( 2,297,136 ) ( 2,220,567 ) Accumulated net loss ( 860,294 ) ( 826,460 )

View Full Filing

View this 10-Q filing on SEC EDGAR