ARMOUR’s Q3 2022 Preliminary Estimates
- Book value per common share at September 30, 2022 was between $5.79 and $5.83 compared to $7.25 per common share at June 30, 2022.
- Securities portfolio included approximately $7.4 billion of agency mortgage-backed securities (“Agency MBS”) (net of short to-be-announced (“TBA”) securities positions) and U.S. Treasury securities.
- Debt to equity ratio (based on repurchase agreements divided by total stockholders’ equity) was approximately 8.8 to 1. Leverage, net of short TBA securities positions, was approximately 7.7 to 1 at September 30, 2022. For comparison, debt to equity ratio was 6.9 to 1 (based on repurchase agreements divided by total stockholders’ equity) and leverage, including net long TBA securities positions, was 7.6 to 1 at June 30, 2022.
- Liquidity position consisted of cash and unencumbered Agency MBS of approximately $469 million, as of September 30, 2022.
- Monthly cash dividends totaled $0.30 per common share for the third quarter. Estimated distributable earnings (a non-GAAP measure) for the quarter exceeded that amount per share. Our final report of distributable earnings for the third quarter 2022, when available, will include a reconciliation of distributable earnings to the most directly comparable GAAP measure.
- Per share amounts at September 30, 2022 are based on approximately 132,590,000 common shares issued and outstanding on that date. During the quarter ended September 30, 2022, the Company issued approximately 22,733,043 common shares for average net proceeds of $7.36 per share under its “at the market” offering program and repurchased approximately 780,000 common shares at an average net cost of $4.96 under its stock repurchase program.
