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Mar 31, 2024
ARMOUR Residential REIT Q1 2024 Earnings Report
Announced Q1 results and March 31, 2024 financial position.
Key Takeaways
ARMOUR Residential REIT reported a GAAP net income available to common stockholders of $11.5 million, or $0.24 per common share, and distributable earnings available to common stockholders of $40.4 million, or $0.82 per common share, for Q1 2024.
GAAP net income available to common stockholders was $11.5 million, or $0.24 per common share.
Net interest income totaled $5.3 million.
Distributable Earnings available to common stockholders reached $40.4 million, or $0.82 per common share.
Common stock dividends paid were $0.24 per share per month, or $0.72 per share for Q1.
Forward Guidance
ARMOUR paid monthly cash dividends of $0.24 per share of the Company’s common stock each month in Q1 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.
Positive Outlook
- Cash dividend of $0.24 per outstanding common share will be paid on April 29, 2024, to holders of record on April 15, 2024.
- A cash dividend of $0.24 per outstanding common share is declared payable May 15, 2024, to holders of record on May 28, 2024.
- Cash dividend of $0.14583 per outstanding share of Series C Preferred Stock will be paid on April 29, 2024, to holders of record on April 15, 2024.
- Cash dividends of $0.14583 per outstanding share of Series C Preferred Stock is declared payable May 28, 2024, to holders of record on May 15, 2024.
- Cash dividends of $0.14583 per outstanding share of Series C Preferred Stock is declared payable June 27, 2024, to holders of record on June 15, 2024.
Challenges Ahead
- Future common dividend rates will be determined based on an evaluation of the Company’s results, financial position, REIT tax requirements, and overall market conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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