ARMOUR Residential Posts $90.5M Distributable Earnings, Raises $221.7M Capital
ARMOUR Residential reported a GAAP net loss of $58.0 million (-$0.49/share) in Q1 while generating net interest income of $70.7 million and distributable earnings of $90.5 million ($0.76/share). Book value per share fell 6.5% to $17.42, as the REIT raised $215.3 million common and $6.4 million preferred capital.
1. Q1 Financial Results
ARMOUR recorded a GAAP net loss of $58.0 million (-$0.49 per share) in the first quarter, offset by net interest income of $70.7 million and distributable earnings of $90.5 million ($0.76 per share). The Company achieved an economic net interest spread of 1.84% and paid $0.72 per share in dividends.
2. Capital Activities
During the quarter, the Company raised $215.3 million of common equity through an at-the-market offering program and $6.4 million of preferred equity, while repurchasing 125,000 shares of common stock under its authorization.
3. Balance Sheet and Liquidity
As of March 31, total assets reached $21.5 billion comprised of 92.5% Agency MBS, 4.7% U.S. Treasuries and 2.8% TBA securities. Liquidity was $1.1 billion, book value per share stood at $17.42 (down 6.5%), and leverage ratios were 7.90:1 on repurchase agreements and 8.21:1 including implied positions.