ARMOUR Residential REIT (ARR) Financials

$14.76 -0.18 (-1.20%)

Closing price 09/18/2025 03:59 PM Eastern

Extended Trading

$14.77 +0.01 (+0.07%)

As of 08:37 AM Eastern

Annual Income Statements for ARMOUR Residential REIT

This table shows ARMOUR Residential REIT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-195	-47	-61	165	-	-266	-225	3.89	-242	-80	-26
Consolidated Net Income / (Loss)	-179	-31	-46	181	-	-250	-215	15	-230	-68	-14
Net Income / (Loss) Continuing Operations	-179	-31	-46	181	-	-250	93	15	-222	-75	-14
Total Pre-Tax Income	-179	-31	-46	181	-	-250	93	15	-222	-75	-14
Total Revenue	-141	5.74	-8.01	217	-	-211	135	50	-173	-24	46
Net Interest Income / (Expense)	386	306	191	160	-	151	106	73	108	27	27
Total Interest Income	451	365	264	254	-	440	169	71	228	553	551
Other Interest Income	-	-	264	254	-	-	169	-	228	553	551
Total Interest Expense	65	59	73	95	-	231	63	7.11	121	526	524
Federal Funds Purchased and Securities Sold Interest Expense	60	59	73	95	-	288	63	7.11	121	526	524
Total Non-Interest Income	-527	-300	-199	57	-	-363	28	-14	-280	-51	19
Other Service Charges	-	-	-	-	-	-	8.86	-	7.80	-	6.60
Net Realized & Unrealized Capital Gains on Investments	-527	-300	-199	57	-	-363	-	-14	659	-51	361
Other Non-Interest Income	-	-	-	-	-	-	20	-	-947	-	-349
Total Non-Interest Expense	38	37	38	36	-	38	41	35	46	50	60
Salaries and Employee Benefits	2.80	2.29	2.26	2.30	-	3.89	5.60	6.61	5.49	4.94	4.74
Other Operating Expenses	35	35	35	34	-	35	35	28	40	45	56
Nonoperating Income / (Expense), net	-	-	-	-	-	-	-	-	-4.18	-	0.00
Preferred Stock Dividends Declared	16	16	16	16	-	16	9.79	11	12	12	12
Basic Earnings per Share	($4.32)	($1.09)	($1.67)	$4.22	-	($4.59)	($3.57)	$0.24	($10.25)	($1.86)	($0.51)
Weighted Average Basic Shares Outstanding	44.65M	42.78M	36.70M	39.17M	42.13M	57.83M	63.07M	15.90M	23.59M	43.05M	52.16M
Diluted Earnings per Share	($4.32)	($1.09)	($1.67)	$4.17	-	($4.59)	($3.57)	$0.24	($10.25)	($1.86)	($0.51)
Weighted Average Diluted Shares Outstanding	44.65M	42.78M	36.70M	39.64M	42.13M	57.83M	63.07M	16.06M	23.59M	43.05M	52.16M
Weighted Average Basic & Diluted Shares Outstanding	45.10M	43M	36.70M	39.20M	42.13M	58.88M	63.07M	96.01M	192.77M	48.75M	76.41M
Cash Dividends to Common per Share	$4.80	$3.89	$3.02	$2.28	$2.28	$2.16	$1.20	$6.00	$6.00	$5.00	$2.88

This table shows ARMOUR Residential REIT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-147	36	-34	40	-182	97	12	-51	63	-49	24
Consolidated Net Income / (Loss)	-144	39	-31	43	-179	100	15	-48	66	-46	27
Net Income / (Loss) Continuing Operations	-144	47	-31	43	-181	95	15	-48	66	-46	27
Total Pre-Tax Income	-144	47	-31	43	-181	95	15	-48	66	-46	27
Total Revenue	-129	62	-21	56	-168	109	37	-35	78	-33	42
Net Interest Income / (Expense)	30	12	12	5.54	3.60	5.76	5.33	6.97	1.84	13	36
Total Interest Income	74	151	118	135	154	146	141	130	127	152	173
Other Interest Income	74	-	-	135	154	-	141	130	127	152	173
Total Interest Expense	44	61	106	129	150	140	136	123	125	140	137
Federal Funds Purchased and Securities Sold Interest Expense	44	-	106	129	150	140	136	123	125	140	137
Total Non-Interest Income	-158	-28	-33	50	-172	103	31	-42	76	-46	5.78
Other Service Charges	1.95	-	-	1.65	-	-	1.65	1.65	1.65	1.65	1.65
Net Realized & Unrealized Capital Gains on Investments	354	399	-33	206	-172	-53	167	69	-232	357	-204
Other Non-Interest Income	-514	-	-	-158	-	-	-138	-113	306	-404	208
Total Non-Interest Expense	12	15	10	13	13	15	22	13	12	13	15
Salaries and Employee Benefits	1.41	1.26	1.16	1.26	1.26	1.26	1.44	1.14	1.14	1.03	0.81
Other Operating Expenses	10	14	9.05	11	11	13	21	12	11	12	14
Preferred Stock Dividends Declared	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00
Basic Earnings per Share	($5.98)	$1.54	($0.95)	$1.00	($3.92)	$2.24	$0.24	($1.05)	$1.22	($0.95)	$0.32
Weighted Average Basic Shares Outstanding	24.65M	23.59M	36.92M	39.74M	46.51M	43.05M	48.77M	48.77M	51.65M	52.16M	75.22M
Diluted Earnings per Share	($5.98)	$1.54	($0.95)	$1.00	($3.92)	$2.24	$0.24	($1.05)	$1.21	($0.95)	$0.32
Weighted Average Diluted Shares Outstanding	24.65M	23.59M	36.92M	40.08M	46.51M	43.05M	48.99M	48.77M	51.83M	52.16M	75.38M
Weighted Average Basic & Diluted Shares Outstanding	132.14M	192.77M	195.51M	228.31M	49.00M	48.75M	48.75M	48.77M	55.76M	76.41M	81.75M
Cash Dividends to Common per Share	$1.50	$1.99	$1.40	$1.20	$1.20	$1.44	$0.72	$0.72	$0.72	$0.88	$0.72

This table details how cash moves in and out of ARMOUR Residential REIT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1.92	-205	-202	-69	-50	41	-101	185	-238	141	-113
Net Cash From Operating Activities	300	238	-203	110	75	-41	-258	12	124	133	261
Net Cash From Continuing Operating Activities	315	238	-203	110	75	-41	-258	12	124	133	261
Net Income / (Loss) Continuing Operations	-179	-31	-46	181	-106	-250	-215	15	-230	-68	-14
Consolidated Net Income / (Loss)	-179	-31	-46	181	-106	-250	-215	15	-230	-68	-14
Amortization Expense	83	110	86	45	33	53	51	48	17	3.52	-0.35
Non-Cash Adjustments to Reconcile Net Income	-68	12	-49	-39	206	15	8.84	80	1,114	106	314
Changes in Operating Assets and Liabilities, net	464	147	-195	-77	-58	141	-103	-132	-777	91	-38
Net Cash From Investing Activities	-796	2,196	5,484	-959	466	-4,390	7,086	504	-3,895	-3,039	-1,686
Net Cash From Continuing Investing Activities	-796	2,196	5,484	-959	466	-4,390	7,086	504	-3,895	-3,039	-1,686
Purchase of Investment Securities	-30,582	-5,146	-3,235	-5,822	-5,583	-10,762	-11,557	-2,645	-18,236	-14,529	-14,037
Sale and/or Maturity of Investments	30,218	7,525	8,715	4,942	5,948	6,454	18,613	3,022	13,548	11,489	12,378
Other Investing Activities, net	-433	-183	3.77	-79	101	-82	30	126	793	1.54	-26
Net Cash From Financing Activities	494	-2,639	-5,483	780	-592	4,471	-6,929	-331	3,533	3,047	1,312
Net Cash From Continuing Financing Activities	479	-2,639	-5,483	780	-592	4,471	-6,929	-331	3,533	3,047	1,312
Issuance of Common Equity	0.26	0.15	0.00	133	38	322	55	329	476	450	266
Repurchase of Common Equity	-5.75	-145	-15	0.00	0.00	-17	-0.78	0.00	-7.66	-9.94	-1.34
Payment of Dividends	-231	-183	-127	-105	-114	-140	-85	-108	-154	-228	-163
Other Financing Activities, Net	730	-2,311	-5,342	752	-518	4,317	-6,818	-588	3,219	2,835	1,210
Cash Interest Paid	216	219	194	165	252	426	184	21	137	607	686

This table details how cash moves in and out of ARMOUR Residential REIT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	74	-190	141	-43	-69	112	0.66	-71	9.20	-52	117
Net Cash From Operating Activities	90	107	54	-8.92	27	60	97	27	47	90	101
Net Cash From Continuing Operating Activities	90	107	54	-8.92	27	60	97	27	47	90	101
Net Income / (Loss) Continuing Operations	-144	39	-31	43	-179	100	15	-48	66	-46	27
Consolidated Net Income / (Loss)	-144	39	-31	43	-179	100	15	-48	66	-46	27
Amortization Expense	1.95	1.10	1.25	2.33	-0.26	0.20	0.44	1.07	-1.32	-0.53	-0.62
Non-Cash Adjustments to Reconcile Net Income	537	-46	-100	147	464	-403	128	94	-284	376	-195
Changes in Operating Assets and Liabilities, net	-304	113	185	-201	-257	364	-46	-20	266	-238	270
Net Cash From Investing Activities	-1,701	665	-3,926	1,370	-2,102	1,619	179	2,137	-3,264	-737	-2,090
Net Cash From Continuing Investing Activities	-1,526	490	-3,927	1,370	-2,102	1,620	179	2,137	-3,264	-737	-2,090
Purchase of Investment Securities	-4,966	-4,346	-6,117	-2,976	-3,245	-2,191	-2,945	-3,868	-4,366	-2,858	-3,019
Sale and/or Maturity of Investments	3,259	4,872	2,195	4,341	868	4,084	3,057	6,012	1,330	1,979	1,107
Other Investing Activities, net	182	-37	-5.09	5.15	275	-273	67	-7.17	-227	141	-178
Net Cash From Financing Activities	1,685	-962	4,013	-1,405	2,006	-1,568	-275	-2,234	3,226	595	2,106
Net Cash From Continuing Financing Activities	1,685	-962	4,013	-1,405	2,006	-1,568	-275	-2,234	3,226	595	2,106
Issuance of Preferred Equity	-	-	-	-	-	-	-	-	-	-	0.28
Issuance of Common Equity	167	174	181	74	195	-0.03	0.00	0.02	127	138	371
Repurchase of Common Equity	-	-6.12	-4.31	-2.07	0.00	-3.56	-1.34	-	-	-	0.00
Payment of Dividends	-40	-47	-55	-51	-60	-62	-38	-38	-40	-46	-57
Other Financing Activities, Net	1,558	-1,083	3,892	-1,425	1,870	-1,502	-235	-2,196	3,139	503	1,791
Cash Interest Paid	34	69	108	162	179	158	137	198	185	166	132

This table presents ARMOUR Residential REIT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	16,286	13,055	7,978	8,929	8,465	13,272	5,524	5,277	9,437	12,344	13,548
Cash and Due from Banks	495	290	272	265	222	181	168	338	87	222	68
Restricted Cash	129	264	79	17	11	92	4.00	19	31	37	78
Trading Account Securities	15,358	12,463	6,521	8,518	8,103	12,850	5,233	4,804	9,183	12,037	13,347
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	304	39	20	24	24	44	15	12	136	48	54
Total Liabilities & Shareholders' Equity	16,286	13,055	7,978	8,929	8,465	13,272	5,524	5,277	9,437	12,344	13,548
Total Liabilities	14,537	11,830	6,886	7,603	7,339	11,836	4,586	4,134	8,325	11,073	12,187
Short-Term Debt	14,327	11,804	6,818	7,564	7,228	11,713	4,536	3,959	6,816	9,819	10,817
Accrued Interest Payable	7.01	7.72	6.93	6.45	10	32	1.63	0.94	23	32	36
Other Long-Term Liabilities	202	19	61	33	101	91	48	174	1,486	1,222	1,333
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,749	1,225	1,092	1,326	1,125	1,437	938	1,144	1,112	1,271	1,361
Total Preferred & Common Equity	1,749	1,225	1,282	1,531	1,125	1,437	938	1,144	1,112	1,271	1,361
Preferred Stock	-	-	-	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	1,749	1,225	1,092	1,326	1,125	1,437	938	1,144	1,112	1,271	1,361
Common Stock	2,718	2,559	2,560	2,709	2,752	3,055	3,033	3,403	3,875	4,318	4,586
Retained Earnings	-1,053	-1,267	-1,439	-1,363	-1,583	-1,973	-2,274	-2,367	-2,751	-3,047	-3,224

This table presents ARMOUR Residential REIT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	10,915	13,249	12,539	13,914	12,208	10,052	13,404	15,497
Cash and Due from Banks	291	135	164	133	221	127	64	49
Restricted Cash	17	124	52	14	38	62	134	214
Trading Account Securities	9,376	12,933	12,178	13,615	11,866	9,823	13,155	15,167
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	1,127	57	145	152	83	40	52	66
Total Liabilities & Shareholders' Equity	10,915	13,249	12,539	13,914	12,208	10,052	13,404	15,497
Total Liabilities	9,971	12,034	11,256	12,678	10,961	8,891	12,088	13,793
Short-Term Debt	8,933	10,555	9,738	11,504	8,854	7,413	10,774	12,491
Accrued Interest Payable	20	47	37	31	62	36	32	62
Other Long-Term Liabilities	1,018	1,432	1,481	1,143	2,046	1,442	1,282	1,240
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	944	1,215	1,283	1,236	1,247	1,161	1,317	1,704
Total Preferred & Common Equity	944	1,215	1,283	1,236	1,247	1,161	1,317	1,704
Preferred Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Common Equity	944	1,215	1,283	1,236	1,247	1,161	1,317	1,704
Common Stock	3,702	4,052	4,129	4,321	4,318	4,319	4,449	4,958
Retained Earnings	-2,743	-2,837	-2,846	-3,085	-3,071	-3,157	-3,132	-3,254

This table displays calculated financial ratios and metrics derived from ARMOUR Residential REIT's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.64%	104.06%	-239.52%	2,807.57%	0.00%	0.00%	163.78%	-62.71%	-443.41%	85.88%	288.15%
EBITDA Growth	-226.71%	181.58%	-48.87%	463.87%	-85.35%	-696.36%	172.73%	-55.79%	-417.93%	64.81%	79.24%
EBIT Growth	4.28%	82.57%	-45.86%	497.99%	-100.00%	0.00%	137.22%	-83.48%	-1,520.91%	65.86%	80.69%
NOPAT Growth	4.28%	82.57%	-45.86%	668.56%	-100.00%	0.00%	153.17%	-83.48%	-1,094.64%	65.86%	80.69%
Net Income Growth	4.27%	82.57%	-45.86%	497.99%	0.00%	0.00%	13.92%	107.14%	-1,596.65%	70.46%	78.81%
EPS Growth	4.27%	74.77%	-53.21%	349.70%	0.00%	0.00%	22.22%	107.14%	-1,596.65%	81.85%	72.58%
Operating Cash Flow Growth	-18.61%	-20.69%	-185.38%	154.11%	-31.66%	-154.13%	-533.21%	104.55%	957.12%	7.04%	96.86%
Free Cash Flow Firm Growth	-116.37%	441.06%	68.11%	-115.69%	167.20%	-1,026.81%	256.27%	-95.02%	-869.48%	-7.88%	65.83%
Invested Capital Growth	4.97%	-18.96%	-39.29%	12.38%	-6.03%	57.42%	-58.37%	-6.79%	55.39%	39.88%	9.81%
Revenue Q/Q Growth	72.81%	102.25%	-149.31%	-9.37%	0.00%	0.00%	189.43%	-91.41%	52.98%	71.83%	-75.66%
EBITDA Q/Q Growth	80.14%	143.33%	-39.62%	-12.94%	-79.53%	-309.35%	224.91%	-89.04%	46.82%	45.20%	-111.02%
EBIT Q/Q Growth	67.92%	89.32%	-108.67%	-11.30%	-100.00%	0.00%	155.68%	-97.07%	46.04%	44.38%	-110.80%
NOPAT Q/Q Growth	68.95%	89.32%	-108.67%	-11.30%	-100.00%	0.00%	179.06%	-97.07%	46.59%	42.59%	-107.56%
Net Income Q/Q Growth	68.95%	89.32%	-108.67%	-11.30%	0.00%	0.00%	-14.52%	-86.93%	20.74%	47.00%	-110.93%
EPS Q/Q Growth	68.95%	84.58%	-63.73%	-8.75%	0.00%	0.00%	-2.88%	-86.93%	20.74%	38.21%	-121.98%
Operating Cash Flow Q/Q Growth	9.61%	-13.59%	-78.55%	69.20%	23.99%	51.79%	-15.44%	-80.91%	2,985.92%	-26.17%	13.01%
Free Cash Flow Firm Q/Q Growth	-50.32%	8.36%	-11.91%	-464.09%	69.75%	-7.26%	10.83%	-76.60%	44.40%	-8.79%	-240.24%
Invested Capital Q/Q Growth	-7.43%	-9.34%	-7.81%	3.78%	-0.87%	0.67%	-7.76%	6.20%	-19.72%	-12.95%	0.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	1,364.62%	0.00%	104.15%	0.00%	0.00%	106.47%	126.24%	0.00%	0.00%	-32.14%
EBIT Margin	0.00%	-543.26%	0.00%	83.49%	0.00%	0.00%	68.98%	30.56%	0.00%	0.00%	-31.39%
Profit (Net Income) Margin	0.00%	-543.26%	0.00%	83.49%	0.00%	0.00%	-159.53%	30.56%	0.00%	0.00%	-31.39%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	-231.28%	100.00%	103.35%	91.14%	100.00%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%	101.92%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-0.15%	0.00%	2.16%	0.00%	0.00%	1.00%	0.29%	0.00%	0.00%	-0.09%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-0.22%	0.00%	2.16%	0.00%	0.00%	-2.79%	0.29%	0.00%	0.00%	-0.13%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1.95%	0.00%	12.83%	0.00%	0.00%	-19.11%	1.19%	0.00%	0.00%	-1.01%
Return on Equity (ROE)	-9.81%	-2.10%	-3.93%	14.98%	0.00%	-19.51%	-18.11%	1.48%	-20.38%	-5.70%	-1.09%
Cash Return on Invested Capital (CROIC)	-5.65%	20.79%	48.58%	-9.50%	6.22%	-46.24%	83.42%	7.32%	-45.72%	-33.80%	-9.44%
Operating Return on Assets (OROA)	0.00%	-0.21%	0.00%	2.14%	0.00%	0.00%	0.99%	0.28%	0.00%	0.00%	-0.11%
Return on Assets (ROA)	0.00%	-0.21%	0.00%	2.14%	0.00%	0.00%	-2.29%	0.28%	0.00%	0.00%	-0.11%
Return on Common Equity (ROCE)	-9.81%	-2.10%	-3.93%	14.98%	0.00%	-19.51%	-18.11%	1.48%	-20.38%	-5.70%	-1.09%
Return on Equity Simple (ROE_SIMPLE)	-10.24%	-2.55%	-3.55%	11.83%	0.00%	-17.39%	-22.93%	1.34%	-20.67%	-5.34%	-1.06%
Net Operating Profit after Tax (NOPAT)	-125	-22	-32	181	0.00	-175	93	15	-153	-52	-10
NOPAT Margin	0.00%	-380.28%	0.00%	83.49%	0.00%	0.00%	68.98%	30.56%	0.00%	0.00%	-21.97%
Net Nonoperating Expense Percent (NNEP)	0.39%	0.07%	0.15%	0.00%	0.00%	0.79%	3.79%	0.00%	1.43%	0.19%	0.04%
SG&A Expenses to Revenue	0.00%	39.89%	0.00%	1.06%	0.00%	0.00%	4.15%	13.15%	0.00%	0.00%	10.33%
Operating Expenses to Revenue	0.00%	643.26%	0.00%	16.51%	0.00%	0.00%	30.27%	69.44%	0.00%	0.00%	131.39%
Earnings before Interest and Taxes (EBIT)	-179	-31	-46	181	0.00	-250	93	15	-218	-75	-14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-96	78	40	226	33	-197	144	63	-202	-71	-15
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.20	0.23	0.27	0.33	0.35	0.37	0.42	0.48	0.46	0.63	0.76
Price to Tangible Book Value (P/TBV)	0.20	0.23	0.27	0.33	0.35	0.37	0.42	0.48	0.46	0.63	0.76
Price to Revenue (P/Rev)	0.00	48.37	0.00	2.01	0.00	0.00	2.89	10.86	0.00	0.00	22.63
Price to Earnings (P/E)	0.00	0.00	0.00	2.65	0.00	0.00	0.00	140.35	0.00	0.00	0.00
Dividend Yield	60.21%	55.78%	37.63%	21.83%	24.80%	23.99%	19.93%	19.71%	30.86%	30.41%	15.48%
Earnings Yield	0.00%	0.00%	0.00%	37.80%	0.00%	0.00%	0.00%	0.71%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.87	0.88	0.85	0.87	0.88	0.91	0.87	0.81	0.91	0.93	0.96
Enterprise Value to Revenue (EV/Rev)	0.00	2,006.94	0.00	35.57	0.00	0.00	35.26	82.52	0.00	0.00	255.34
Enterprise Value to EBITDA (EV/EBITDA)	0.00	147.07	168.71	34.15	223.12	0.00	33.11	65.37	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	42.61	0.00	0.00	51.11	270.05	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	42.61	0.00	0.00	51.11	270.05	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	46.80	48.38	0.00	70.12	98.18	0.00	0.00	353.44	58.12	78.05	44.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.81	1.33	0.00	13.77	0.00	0.61	10.72	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	8.19	9.63	6.24	5.70	6.42	8.15	4.83	3.46	6.13	7.72	7.95
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	7.60	8.79	8.04	5.95	6.03	7.39	6.84	4.08	4.78	6.98	7.84
Leverage Ratio	8.77	9.86	9.08	6.99	7.10	8.48	7.91	5.19	6.52	9.14	9.84
Compound Leverage Factor	8.77	9.86	9.08	6.99	0.00	8.48	7.91	5.19	6.65	9.14	9.84
Debt to Total Capital	89.12%	90.60%	86.19%	85.08%	86.53%	89.07%	82.86%	77.59%	85.97%	88.54%	88.82%
Short-Term Debt to Total Capital	89.12%	90.60%	86.19%	85.08%	86.53%	89.07%	82.86%	77.59%	85.97%	88.54%	88.82%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	10.88%	9.40%	13.81%	14.92%	13.47%	10.93%	17.14%	22.41%	14.03%	11.46%	11.18%
Debt to EBITDA	-149.11	150.59	170.13	33.47	218.38	-59.34	31.60	62.38	-33.78	-138.30	-733.93
Net Debt to EBITDA	-142.62	143.52	161.36	32.22	211.37	-57.96	30.40	56.76	-33.20	-134.65	-724.01
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-114.31	-540.38	-214.00	41.75	0.00	-66.96	48.77	257.69	-44.61	-188.24	-1,073.60
Net Debt to NOPAT	-109.34	-515.03	-202.98	40.19	0.00	-65.40	46.92	234.51	-43.84	-183.27	-1,059.09
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-887	3,026	5,087	-798	536	-4,971	7,769	387	-2,979	-3,214	-1,098
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-13.62	51.04	69.58	-8.44	0.00	-21.48	123.37	54.46	-24.67	-6.11	-2.10
Operating Cash Flow to Interest Expense	4.61	4.02	-2.78	1.16	0.00	-0.18	-4.09	1.65	1.03	0.25	0.50
Operating Cash Flow Less CapEx to Interest Expense	4.61	4.02	-2.78	1.16	0.00	-0.18	-4.09	1.65	1.03	0.25	0.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.03	0.00	0.00	0.01	0.01	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,077	13,029	7,911	8,890	8,354	13,150	5,474	5,103	7,929	11,091	12,179
Invested Capital Turnover	0.00	0.00	0.00	0.03	0.00	0.00	0.01	0.01	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	762	-3,048	-5,118	979	-536	4,796	-7,676	-372	2,826	3,162	1,088
Enterprise Value (EV)	14,060	11,528	6,762	7,719	7,385	11,970	4,754	4,149	7,212	10,366	11,709
Market Capitalization	356	278	295	437	389	530	390	546	514	806	1,038
Book Value per Share	$4.90	$30.75	$29.75	$31.67	$26.58	$24.40	$14.50	$12.75	$8.42	$25.94	$24.42
Tangible Book Value per Share	$4.90	$30.75	$29.75	$31.67	$26.58	$24.40	$14.50	$12.75	$8.42	$25.94	$24.42
Total Capital	16,077	13,029	7,911	8,890	8,354	13,150	5,474	5,103	7,929	11,091	12,179
Total Debt	14,327	11,804	6,818	7,564	7,228	11,713	4,536	3,959	6,816	9,819	10,817
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	13,704	11,250	6,467	7,281	6,996	11,440	4,364	3,603	6,698	9,561	10,671
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	54	9.36	14	0.00	0.00	75	308	0.00	77	16	4.32
Net Nonoperating Obligations (NNO)	14,327	11,804	6,818	7,564	7,228	11,713	4,536	3,959	6,816	9,819	10,817
Total Depreciation and Amortization (D&A)	83	110	86	45	33	53	51	48	17	3.52	-0.35
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($21.60)	($5.45)	$0.00	$21.10	($14.60)	($22.95)	$0.00	$0.25	($10.25)	($1.86)	($0.51)
Adjusted Weighted Average Basic Shares Outstanding	8.93M	8.56M	7.34M	7.83M	8.43M	11.57M	0.00	15.90M	23.59M	43.05M	52.16M
Adjusted Diluted Earnings per Share	($21.60)	($5.45)	$0.00	$20.85	($14.60)	($22.95)	$0.00	$0.25	($10.25)	($1.86)	($0.51)
Adjusted Weighted Average Diluted Shares Outstanding	8.93M	8.56M	7.34M	7.93M	8.43M	11.57M	0.00	16.06M	23.59M	43.05M	52.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($22.95)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.83M	7.34M	7.34M	8.38M	10.30M	11.78M	0.00	19.20M	38.55M	48.75M	76.41M
Normalized Net Operating Profit after Tax (NOPAT)	-125	-22	-32	127	0.00	-175	65	11	-153	-52	-10
Normalized NOPAT Margin	0.00%	-380.28%	0.00%	58.44%	0.00%	0.00%	48.28%	21.39%	0.00%	0.00%	-21.97%
Pre Tax Income Margin	0.00%	-543.26%	0.00%	83.49%	0.00%	0.00%	68.98%	30.56%	0.00%	0.00%	-31.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.75	-0.53	-0.62	1.92	0.00	-1.08	1.48	2.16	-1.81	-0.14	-0.03
NOPAT to Interest Expense	-1.92	-0.37	-0.44	1.92	0.00	-0.76	1.48	2.16	-1.27	-0.10	-0.02
EBIT Less CapEx to Interest Expense	-2.75	-0.53	-0.62	1.92	0.00	-1.08	1.48	2.16	-1.81	-0.14	-0.03
NOPAT Less CapEx to Interest Expense	-1.92	-0.37	-0.44	1.92	0.00	-0.76	1.48	2.16	-1.27	-0.10	-0.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-128.89%	-585.69%	-278.21%	58.12%	0.00%	-56.07%	-39.64%	703.66%	-67.15%	-335.93%	-1,131.94%
Augmented Payout Ratio	-132.11%	-1,050.17%	-310.41%	58.12%	0.00%	-62.85%	-40.00%	703.66%	-70.49%	-350.56%	-1,141.28%

This table displays calculated financial ratios and metrics derived from ARMOUR Residential REIT's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-399.80%	147.15%	63.04%	213.14%	-30.71%	75.22%	273.09%	-163.65%	146.39%	-130.49%	15.09%
EBITDA Growth	-412.35%	136.97%	48.93%	186.09%	-31.05%	97.86%	149.67%	-204.38%	135.65%	-149.50%	78.65%
EBIT Growth	-512.37%	133.62%	52.80%	173.33%	-29.03%	102.07%	146.29%	-212.54%	136.43%	-149.04%	88.29%
NOPAT Growth	-388.66%	148.03%	52.80%	204.75%	-29.03%	102.07%	166.13%	-178.78%	152.05%	-134.33%	88.29%
Net Income Growth	-524.68%	289.73%	52.80%	173.33%	-24.15%	152.83%	146.29%	-212.54%	136.77%	-146.61%	88.29%
EPS Growth	-524.68%	289.73%	52.80%	173.33%	-24.15%	45.45%	125.26%	-205.00%	130.87%	-142.41%	33.33%
Operating Cash Flow Growth	821.39%	949.42%	164.77%	-189.70%	-69.95%	-43.82%	78.56%	403.58%	73.41%	49.88%	4.82%
Free Cash Flow Firm Growth	-544.09%	-1,113.58%	-18.93%	4.61%	42.17%	-10.35%	146.22%	181.78%	123.93%	63.46%	-341.57%
Invested Capital Growth	105.56%	55.39%	44.42%	37.28%	28.99%	39.88%	-14.18%	-22.20%	-5.10%	9.81%	40.53%
Revenue Q/Q Growth	-161.46%	148.47%	-144.91%	363.18%	-402.07%	164.98%	-66.49%	-196.77%	320.15%	-142.71%	226.49%
EBITDA Q/Q Growth	-162.64%	134.71%	-182.88%	250.45%	-499.81%	152.40%	-85.27%	-416.19%	236.55%	-172.76%	156.86%
EBIT Q/Q Growth	-139.17%	133.44%	-189.02%	237.00%	-520.88%	152.37%	-85.67%	-433.08%	236.26%	-170.49%	158.85%
NOPAT Q/Q Growth	-139.17%	147.77%	-155.70%	295.72%	-394.62%	174.81%	-85.67%	-333.16%	294.65%	-149.34%	184.08%
Net Income Q/Q Growth	-146.31%	127.31%	-179.57%	237.00%	-517.04%	155.61%	-85.43%	-433.08%	236.26%	-170.49%	158.85%
EPS Q/Q Growth	-146.31%	127.31%	-179.57%	237.00%	-517.04%	157.14%	-89.29%	-537.50%	215.24%	-178.51%	133.68%
Operating Cash Flow Q/Q Growth	809.26%	18.79%	-49.53%	-116.45%	404.61%	122.07%	60.43%	-72.03%	74.00%	91.93%	12.21%
Free Cash Flow Firm Q/Q Growth	-67.17%	46.24%	-30.68%	19.00%	-1.35%	-2.58%	155.00%	43.32%	-70.34%	-256.60%	-262.89%
Invested Capital Q/Q Growth	23.03%	-19.72%	48.44%	-6.36%	15.60%	-12.95%	-8.92%	-15.11%	41.01%	0.73%	16.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	76.94%	0.00%	81.39%	0.00%	86.87%	40.85%	0.00%	82.79%	0.00%	63.41%
EBIT Margin	0.00%	75.18%	0.00%	77.20%	0.00%	86.69%	39.66%	0.00%	84.49%	0.00%	64.88%
Profit (Net Income) Margin	0.00%	63.22%	0.00%	77.20%	0.00%	91.22%	39.66%	0.00%	84.49%	0.00%	64.88%
Tax Burden Percent	100.00%	84.10%	100.00%	100.00%	99.09%	105.23%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	102.99%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.00%	1.28%	0.00%	0.27%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.00%	1.28%	0.00%	0.27%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.95%	0.00%	11.19%	0.00%	1.98%
Return on Equity (ROE)	-27.79%	-20.38%	-17.42%	-8.27%	-11.76%	-5.70%	1.08%	-9.28%	12.47%	0.00%	2.26%
Cash Return on Invested Capital (CROIC)	-72.99%	-45.72%	-37.72%	-32.11%	-26.12%	-33.80%	15.12%	24.16%	6.31%	-9.44%	-33.71%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.00%	1.17%	0.00%	0.24%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.00%	1.17%	0.00%	0.24%
Return on Common Equity (ROCE)	-27.79%	-20.38%	-17.42%	-8.27%	-11.76%	-5.70%	1.08%	-9.28%	12.47%	0.00%	2.26%
Return on Equity Simple (ROE_SIMPLE)	-30.73%	0.00%	-16.04%	-7.27%	-10.37%	0.00%	-1.77%	-9.76%	10.00%	0.00%	-0.09%
Net Operating Profit after Tax (NOPAT)	-98	47	-22	43	-127	95	15	-34	66	-33	27
NOPAT Margin	0.00%	75.18%	0.00%	77.20%	0.00%	86.69%	39.66%	0.00%	84.49%	0.00%	64.88%
Net Nonoperating Expense Percent (NNEP)	0.73%	0.14%	0.11%	0.00%	0.51%	-0.06%	0.00%	0.17%	0.00%	0.14%	0.00%
SG&A Expenses to Revenue	0.00%	2.02%	0.00%	2.27%	0.00%	1.16%	3.93%	0.00%	1.46%	0.00%	1.93%
Operating Expenses to Revenue	0.00%	24.82%	0.00%	22.80%	0.00%	13.31%	60.34%	0.00%	15.51%	0.00%	35.12%
Earnings before Interest and Taxes (EBIT)	-140	47	-31	43	-181	95	15	-48	66	-46	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-138	48	-30	45	-181	95	15	-47	65	-47	27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.41	0.46	0.64	0.66	0.65	0.63	0.73	0.79	0.75	0.76	0.75
Price to Tangible Book Value (P/TBV)	0.41	0.46	0.64	0.66	0.65	0.63	0.73	0.79	0.75	0.76	0.75
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	27.16	0.00	5.22	22.63	25.01
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.21	0.00	0.00
Dividend Yield	35.39%	30.86%	29.12%	25.99%	30.12%	30.41%	23.23%	20.29%	16.67%	15.48%	17.13%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.18%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.91	0.91	0.94	0.94	0.95	0.93	0.94	0.95	0.96	0.96	0.95
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	284.66	0.00	61.35	255.34	263.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	86.43	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	86.68	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	86.68	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	2,241.64	58.12	42.27	42.63	67.60	78.05	54.16	38.54	49.96	44.78	50.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	5.75	3.44	14.76	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	9.46	6.13	8.69	7.59	9.31	7.72	7.10	6.38	8.18	7.95	7.33
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	6.03	4.78	7.90	7.44	9.37	6.98	7.88	7.02	8.73	7.84	7.23
Leverage Ratio	7.62	6.52	9.81	9.49	11.39	9.14	10.34	9.24	10.70	9.84	9.39
Compound Leverage Factor	7.84	6.52	9.81	9.49	11.39	9.14	10.34	9.24	10.70	9.84	9.39
Debt to Total Capital	90.44%	85.97%	89.68%	88.36%	90.30%	88.54%	87.65%	86.46%	89.11%	88.82%	88.00%
Short-Term Debt to Total Capital	90.44%	85.97%	89.68%	88.36%	90.30%	88.54%	87.65%	86.46%	89.11%	88.82%	88.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	9.56%	14.03%	10.32%	11.64%	9.70%	11.46%	12.35%	13.54%	10.89%	11.18%	12.00%
Debt to EBITDA	-23.54	-33.78	-57.18	-112.35	-88.79	-138.30	-457.63	-66.24	80.57	-733.93	-4,191.54
Net Debt to EBITDA	-22.73	-33.20	-55.78	-109.86	-87.65	-134.65	-444.22	-64.55	79.09	-724.01	-4,103.12
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-31.22	-44.61	-77.38	-149.10	-126.61	-188.24	-573.67	-93.42	80.80	-1,073.60	-11,307.98
Net Debt to NOPAT	-30.15	-43.84	-75.48	-145.79	-124.99	-183.27	-556.85	-91.04	79.31	-1,059.09	-11,069.44
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,170	-2,779	-3,642	-2,950	-2,990	-3,067	1,683	2,413	716	-1,121	-4,066
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-116.65	-45.56	-34.28	-22.86	-19.93	-21.84	12.36	19.62	5.71	-8.01	-29.78
Operating Cash Flow to Interest Expense	2.04	1.76	0.51	-0.07	0.18	0.43	0.71	0.22	0.38	0.65	0.74
Operating Cash Flow Less CapEx to Interest Expense	2.04	1.76	0.51	-0.07	0.18	0.43	0.71	0.22	0.38	0.65	0.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,877	7,929	11,770	11,021	12,740	11,091	10,101	8,574	12,091	12,179	14,195
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.00	0.00
Increase / (Decrease) in Invested Capital	5,072	2,826	3,620	2,993	2,863	3,162	-1,669	-2,446	-650	1,088	4,094
Enterprise Value (EV)	9,014	7,212	11,076	10,364	12,161	10,366	9,501	8,147	11,558	11,709	13,512
Market Capitalization	389	514	781	843	804	806	907	923	983	1,038	1,285
Book Value per Share	$8.24	$8.42	$6.30	$6.56	$5.41	$25.94	$25.58	$23.82	$27.00	$24.42	$22.30
Tangible Book Value per Share	$8.24	$8.42	$6.30	$6.56	$5.41	$25.94	$25.58	$23.82	$27.00	$24.42	$22.30
Total Capital	9,877	7,929	11,770	11,021	12,740	11,091	10,101	8,574	12,091	12,179	14,195
Total Debt	8,933	6,816	10,555	9,738	11,504	9,819	8,854	7,413	10,774	10,817	12,491
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	8,625	6,698	10,295	9,522	11,357	9,561	8,594	7,224	10,576	10,671	12,227
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	46	7.45	9.41	0.00	53	-4.95	0.00	15	0.00	14	0.00
Net Nonoperating Obligations (NNO)	8,933	6,816	10,555	9,738	11,504	9,819	8,854	7,413	10,774	10,817	12,491
Total Depreciation and Amortization (D&A)	1.95	1.10	1.25	2.33	-0.26	0.20	0.44	1.07	-1.32	-0.53	-0.62
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($6.00)	$7.70	($0.95)	$1.00	($3.92)	$2.24	$0.24	($1.05)	$1.22	($0.95)	$0.32
Adjusted Weighted Average Basic Shares Outstanding	24.65M	4.72M	36.92M	39.74M	46.51M	43.05M	48.77M	48.77M	51.65M	52.16M	75.22M
Adjusted Diluted Earnings per Share	($6.00)	$7.70	($0.95)	$1.00	($3.92)	$2.24	$0.24	($1.05)	$1.21	($0.95)	$0.32
Adjusted Weighted Average Diluted Shares Outstanding	24.65M	4.72M	36.92M	40.08M	46.51M	43.05M	48.99M	48.77M	51.83M	52.16M	75.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$7.70	$0.00	$0.00	$0.00	$2.24	$0.00	$0.00	$0.00	($0.95)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.43M	38.55M	39.10M	45.66M	49.00M	48.75M	48.75M	48.77M	55.76M	76.41M	81.75M
Normalized Net Operating Profit after Tax (NOPAT)	-98	33	-22	30	-127	66	10	-34	46	-33	19
Normalized NOPAT Margin	0.00%	52.62%	0.00%	54.04%	0.00%	60.68%	27.76%	0.00%	59.14%	0.00%	45.42%
Pre Tax Income Margin	0.00%	75.18%	0.00%	77.20%	0.00%	86.69%	39.66%	0.00%	84.49%	0.00%	64.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.16	0.77	-0.30	0.33	-1.21	0.67	0.11	-0.39	0.53	-0.33	0.20
NOPAT to Interest Expense	-2.21	0.77	-0.21	0.33	-0.84	0.67	0.11	-0.28	0.53	-0.23	0.20
EBIT Less CapEx to Interest Expense	-3.16	0.77	-0.30	0.33	-1.21	0.67	0.11	-0.39	0.53	-0.33	0.20
NOPAT Less CapEx to Interest Expense	-2.21	0.77	-0.21	0.33	-0.84	0.67	0.11	-0.28	0.53	-0.23	0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-50.60%	-67.15%	-90.99%	-207.37%	-166.34%	-335.93%	-959.15%	-175.01%	135.94%	-1,131.94%	-11,514.89%
Augmented Payout Ratio	-51.13%	-70.49%	-97.13%	-220.77%	-176.09%	-350.56%	-990.78%	-179.33%	139.67%	-1,141.28%	-11,514.89%

Financials Breakdown Chart

Key Financial Trends

Armour Residential REIT (NYSE:ARR) has shown significant financial volatility over the past two years, with noticeable fluctuations in income, cash flow, and equity positions. Below is a detailed analysis focusing on recent quarterly periods up to Q1 2025, highlighting key trends and financial health indicators.

In Q1 2025, ARR reported a net income attributable to common shareholders of $24.3 million, bouncing back from net losses in preceding quarters, indicating a potential recovery in profitability.
Net Interest Income improved in Q1 2025 to $36.3 million compared to $12.7 million in Q4 2024, reflecting better income generation from interest assets relative to interest expenses.
Total assets increased significantly from $13.4 billion in Q3 2024 to $15.5 billion in Q1 2025, mostly due to growth in trading account securities (from $13.15 billion to $15.17 billion), which could indicate increased investment activity or portfolio expansion.
Cash dividends per common share in Q1 2025 stood at $0.72, maintaining payout consistency despite previous periods of volatile earnings.
Operating cash flow increased to $101.5 million in Q1 2025 from $90.4 million in Q4 2024, showing healthy cash generation from operations.

ARR’s total non-interest expense in Q1 2025 was $14.8 million, somewhat stable compared to prior quarters, indicating controlled operating costs.
The company’s accumulated retained earnings remain negative at around -$3.25 billion as of Q1 2025, reflecting cumulative past losses but common in REITs with distributions and volatile earnings.
Short-term debt has risen from $10.77 billion in Q3 2024 to nearly $12.5 billion in Q1 2025, reflecting increased leverage or funding needs which may increase financial risk if not managed well.
The weighted average basic shares outstanding have been increasing from about 37 million in early 2023 to 75 million in Q1 2025, diluting earnings per share but possibly supporting capital raising activities.

ARR experienced deep net losses during several periods in 2023 and 2024, including a striking loss of $179 million in Q3 2023 and losses in multiple quarters to negative earnings per share lower than -$0.95, highlighting ongoing earnings volatility.
Significant swings in net realized & unrealized capital gains or losses have heavily impacted ARR's non-interest income, for example, a negative $204 million in Q1 2025 and -$231.6 million in Q3 2024, indicating exposure to market risks in its investment portfolio.

Summary:
Armour Residential REIT demonstrates a highly cyclical and volatile earnings pattern with significant sensitivity to changes in capital markets, as evidenced by fluctuating capital gains/losses and earnings results. The recent improvement in net income and operating cash flow in Q1 2025 is encouraging, suggesting the company may be navigating the challenging environment more effectively. However, increased leverage and negative retained earnings indicate ongoing risk factors to monitor. Investors should watch future quarters closely for consistency in profitability and cash flow, as well as how ARR manages its investment portfolio risks and dividend sustainability.

09/19/25 08:37 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About ARMOUR Residential REIT's Financials

When does ARMOUR Residential REIT's fiscal year end?

According to the most recent income statement we have on file, ARMOUR Residential REIT's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has ARMOUR Residential REIT's net income changed over the last 10 years?

ARMOUR Residential REIT's net income appears to be on an upward trend, with a most recent value of -$14.39 million in 2024, falling from -$179.05 million in 2014. The previous period was -$67.92 million in 2023. See ARMOUR Residential REIT's forecast for analyst expectations on what’s next for the company.

How has ARMOUR Residential REIT's revenue changed over the last 10 years?

Over the last 10 years, ARMOUR Residential REIT's total revenue changed from -$141.45 million in 2014 to $45.86 million in 2024, a change of -132.4%.

How much debt does ARMOUR Residential REIT have?

ARMOUR Residential REIT's total liabilities were at $12.19 billion at the end of 2024, a 10.1% increase from 2023, and a 16.2% decrease since 2014.

How much cash does ARMOUR Residential REIT have?

In the past 10 years, ARMOUR Residential REIT's cash and equivalents has ranged from $67.97 million in 2024 to $494.56 million in 2014, and is currently $67.97 million as of their latest financial filing in 2024.

How has ARMOUR Residential REIT's book value per share changed over the last 10 years?

Over the last 10 years, ARMOUR Residential REIT's book value per share changed from 4.90 in 2014 to 24.42 in 2024, a change of 398.7%.

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This page (NYSE:ARR) was last updated on 9/19/2025 by MarketBeat.com Staff

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ARMOUR Residential REIT (ARR) Financials

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ARMOUR Residential REIT (ARR) Financials

Annual Income Statements for ARMOUR Residential REIT

Quarterly Income Statements for ARMOUR Residential REIT

Annual Cash Flow Statements for ARMOUR Residential REIT

Quarterly Cash Flow Statements for ARMOUR Residential REIT

Annual Balance Sheets for ARMOUR Residential REIT

Quarterly Balance Sheets for ARMOUR Residential REIT

Annual Metrics And Ratios for ARMOUR Residential REIT

Quarterly Metrics And Ratios for ARMOUR Residential REIT

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About ARMOUR Residential REIT's Financials

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