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.
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