ARMOUR Residential REIT, Inc. (ARR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Armor Residential Reit, Inc. (ARR), un vehículo de inversión dinámico que transforma los valores respaldados por hipotecas en una oportunidad financiera convincente. Este innovador fideicomiso de inversión inmobiliaria ofrece a los inversores un enfoque sofisticado para generar ingresos pasivos, aprovechando una red compleja de asociaciones financieras y estrategias de inversión de vanguardia. Con un enfoque en entregar Altos rendimientos de dividendos y la gestión de la cartera profesional, Arr presenta una vía única para los inversores que buscan rendimientos consistentes en el mercado de hipotecas residenciales.

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: asociaciones clave

Prestamistas hipotecarios e instituciones financieras

Armor Residential REIT se asocia con múltiples instituciones financieras para apoyar su estrategia de inversión de valores respaldada por hipotecas.

Tipo de socio	Número de asociaciones	Línea de crédito total
Principales bancos comerciales	7	$ 1.2 mil millones
Instituciones financieras regionales	12	$ 850 millones

Bancos de inversión y empresas del mercado de capitales

La Compañía mantiene relaciones estratégicas con socios de banca de inversión para transacciones de valores y conocimientos del mercado.

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Bank of America Securities

Plataformas de inversión inmobiliaria

Plataforma	Estado de asociación	Volumen de transacción anual
Intercambio de valores respaldados por hipotecas	Activo	$ 3.4 mil millones
Red de hipotecas residenciales	Activo	$ 2.1 mil millones

Socios de cumplimiento regulatorio

Armor Residential REIT colabora con firmas especializadas de cumplimiento y asesoramiento legal para garantizar la adherencia regulatoria.

• Empresas de consultoría regulatoria: 3
• Asesores de cumplimiento legal: 2
• Presupuesto anual de cumplimiento: $ 4.5 millones

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: actividades clave

Inversión de valores respaldados por hipotecas

Armor Residential REIT se centra en invertir en valores respaldados por hipotecas residenciales (RMB). A partir del cuarto trimestre de 2023, la cartera de inversiones de la compañía consistió en:

Tipo de seguridad	Valor total	Porcentaje de cartera
Agencia RMBS	$ 1.84 mil millones	92.3%
RMBS no agencias	$ 153.6 millones	7.7%

Gestión de la cartera y evaluación de riesgos

Las estrategias clave de gestión de riesgos incluyen:

• Cobertura de tasa de interés
• Diversificación en todos los tipos de hipotecas
• Monitoreo continuo de calidad crediticia

Métricas de riesgo al 31 de diciembre de 2023:

Métrico	Valor
Relación deuda / capital	5.2:1
Propagación de interés neto	1.75%

Distribución de dividendos a los accionistas

Detalles de dividendos para 2023:

Cuarto	Dividendo por acción	Dividendo total pagado
Q1 2023	$0.10	$ 14.2 millones
Q2 2023	$0.10	$ 14.2 millones
P3 2023	$0.10	$ 14.2 millones
P4 2023	$0.10	$ 14.2 millones

Monitoreo continuo del rendimiento del mercado

Métricas de seguimiento de rendimiento:

• Valoración mensual de la cartera
• Informes financieros trimestrales
• Análisis de tasas de interés en tiempo real

Indicadores de rendimiento del mercado para 2023:

Métrico	Valor
Ingresos totales	$ 186.5 millones
Lngresos netos	$ 42.3 millones
Retorno sobre la equidad	8.6%

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: recursos clave

Capital de inversión sustancial

A partir del cuarto trimestre de 2023, Armor Residential REIT, Inc. reportó activos totales de $ 1.84 mil millones. La cartera de inversiones de la compañía consistió en:

Categoría de activos	Valor
Agencia Valores respaldados por hipotecas residenciales	$ 1.65 mil millones
Valores respaldados por hipotecas residenciales no agenciales	$ 89.3 millones
Equivalentes de efectivo y efectivo	$ 42.6 millones

Equipo experimentado de gestión financiera

El liderazgo clave incluye:

• Scott Ulm - Vicepresidente y Director de Operaciones
• Jeffrey Zimmer - Presidente y Director Ejecutivo
• James Mountain - Director Financiero

Plataformas de análisis de inversiones sofisticadas

Infraestructura tecnológica:

• Sistemas avanzados de gestión de riesgos
• Herramientas de análisis de mercado en tiempo real
• Software de modelado de inversión de inversión

Extensa red de relaciones financieras

Tipo de socio financiero	Número de relaciones
Inversores institucionales	37
Bancos de inversión	12
Creadores de hipotecas	18

Infraestructura robusta de gestión de riesgos

Métricas de gestión de riesgos a partir de 2023:

• Relación de deuda / capital: 3.8: 1
• Cobertura de cobertura de tasa de interés: 65%
• Puntuación de cumplimiento regulatorio: 98.5%

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: propuestas de valor

Alto rendimiento de dividendos para inversores

A partir del cuarto trimestre de 2023, Armor Residential REIT informó un rendimiento de dividendos del 19.44%. El dividendo por acción de la compañía fue de $ 0.10 por mes, traduciendo a un dividendo anual de $ 1.20 por acción.

Métrico de dividendos	Valor
Rendimiento de dividendos	19.44%
Dividendo mensual	$ 0.10 por acción
Dividendo anual	$ 1.20 por acción

Ingresos pasivos a través de valores respaldados por hipotecas

Armor residencial REIT administra una cartera de $ 1.3 mil millones en valores respaldados por hipotecas residenciales al 31 de diciembre de 2023.

• Valores respaldados por hipotecas de la agencia: 98.7% de la cartera
• Valores no respaldados por hipotecas: 1.3% de la cartera

Gestión profesional de inversiones en hipotecas residenciales

La composición de la cartera de inversiones de la compañía a partir del cuarto trimestre de 2023:

Tipo de seguridad	Porcentaje
Agencia de tasa fija MBS	72.4%
Agencia de tasa ajustable MBS	26.3%
Otros valores	1.3%

Potencial para rendimientos trimestrales consistentes

Rendimiento financiero para 2023:

• Ingresos de intereses netos: $ 83.4 millones
• Lngresos netos: $ 45.2 millones
• Ingresos integrales: $ 62.7 millones

Oportunidad de diversificación de cartera

La estrategia de inversión se centra en:

• Agencia Valores respaldados por hipotecas residenciales
• Valores hipotecarios de tasa ajustable híbrida
• Valores hipotecarios de tasa fija

Valor total de la cartera de inversiones: $ 1.3 mil millones Al 31 de diciembre de 2023.

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: relaciones con los clientes

Informes financieros trimestrales transparentes

Armor Residential Reit, Inc. proporciona informes financieros trimestrales con las siguientes métricas clave a partir del cuarto trimestre de 2023:

Métrica financiera	Valor
Cartera de inversiones totales	$ 1.79 mil millones
Ingresos de intereses netos	$ 37.5 millones
Dividendo trimestral	$ 0.10 por acción

Comunicaciones de inversores regulares

Armor mantiene la comunicación de los inversores a través de múltiples canales:

• Llamadas de conferencia trimestrales de ganancias
• Informes anuales de accionistas
• SEC presentando actualizaciones

Acceso al portal de inversores en línea

La compañía proporciona recursos de los inversores digitales que incluyen:

• Seguimiento del precio de las acciones en tiempo real
• Datos de desempeño financiero histórico
• Presentaciones financieras interactivas

Reuniones y actualizaciones de los accionistas

Tipo de reunión	Frecuencia	Método de participación
Reunión anual de accionistas	Una vez al año	Opciones virtuales y en persona
Llamadas de inversionista trimestral	4 veces anualmente	Transmisión web y conferencia telefónica

Soporte dedicado de relaciones con los inversores

Relaciones con los inversores Datos de contacto:

• Línea telefónica directa: (877) 486-1485
• Correo electrónico: investorrelations@armourres.com
• Equipo de relaciones con inversores dedicado

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: canales

Listado de la Bolsa de Valores (NYSE)

Armor Residential Reit, Inc. (ARR) aparece en la Bolsa de Nueva York (NYSE) bajo el símbolo de Ticker ARR. Volumen de negociación a partir del cuarto trimestre 2023: volumen de negociación diario promedio de 1,237,000 acciones.

Intercambio	Símbolo de ticker	Fecha de listado
bolsa de Nueva York	Arrugado	2008

Plataformas de inversión en línea

Armor Residential REIT utiliza múltiples plataformas de inversión en línea para el acceso y el comercio de los inversores.

• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade
• E*comercio
• Robinidad

Redes de asesoramiento financiero

La distribución a través de las redes de asesoramiento financiero incluye:

Red	Alcance de los inversores
Morgan Stanley	Más de 14,000 asesores financieros
Merrill Lynch	Más de 16,000 asesores financieros

Sitio web de relaciones con los inversores

Sitio web: www.armourresidential.com Tráfico trimestral del sitio web: aproximadamente 45,000 visitantes únicos por trimestre.

Llamadas de conferencia trimestrales de ganancias

Detalles de la llamada de ganancias para 2023:

Cuarto	Fecha	Recuento de participantes
Q1 2023	15 de mayo de 2023	187 participantes
Q2 2023	14 de agosto de 2023	203 participantes
P3 2023	13 de noviembre de 2023	176 participantes

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la propiedad institucional de Armor Residential Reit fue del 51.23%. Los inversores institucionales clave incluyen:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Fondos mutuos	22.5%	$ 187.6 millones
Fondos de pensiones	15.3%	$ 127.4 millones
Asesores de inversiones	13.4%	$ 111.9 millones

Inversores minoristas que buscan ingresos

Armor se dirige a los inversores minoristas con características específicas:

• Tamaño promedio de la cartera: $ 50,000 a $ 250,000
• Rendimiento de dividendos a partir de 2024: 13.47%
• Distribución mensual de dividendos: $ 0.10 por acción

Individuos de alto nivel de red

Inversor de alto patrimonio de alta red profile:

Criterio de inversión	Rango típico
Inversión mínima	$500,000
Asignación de cartera promedio	3-5% en REIT hipotecarios
Patrimonio neto típico	$ 1.5 millones a $ 10 millones

Gerentes de cartera de jubilación

Métricas clave para gerentes de cartera de jubilación:

• Asignación promedio a ARR: 1.2% de la cartera total
• Retorno ajustado al riesgo: 7.3%
• Rendimiento de rendimiento total a cinco años: 42.6%

Fondos de inversión centrados en los ingresos

Desglose del segmento para fondos centrados en los ingresos:

Tipo de fondo	Porcentaje de asignación	Inversión total
Fondos de generación de ingresos	35.6%	$ 298.5 millones
ETF centrados en el rendimiento	27.3%	$ 229.1 millones
Fondos de renta fija	18.9%	$ 158.6 millones

Armor Residential Reit, Inc. (ARR) - Modelo de negocio: Estructura de costos

Gastos de intereses en préstamos

A partir del tercer trimestre de 2023, los gastos de intereses totales de Armor Residential Reit fueron de $ 40.3 millones. El costo promedio de préstamos de la compañía fue de aproximadamente 4.75%.

Tipo de préstamo	Monto ($)	Tasa de interés
Acuerdos de recompra	1,812,000,000	4.62%
Financiamiento asegurado	245,000,000	5.25%

Gestión y gastos generales operativos

Los gastos de gestión total para 2023 fueron de $ 14.2 millones, lo que representa aproximadamente el 0.85% de los activos totales.

• Compensación ejecutiva: $ 3.7 millones
• Salarios de los empleados: $ 6.5 millones
• Gastos administrativos: $ 4.0 millones

Cumplimiento y gastos regulatorios

Los costos de cumplimiento anual para 2023 totalizaron $ 2.1 millones.

Categoría de cumplimiento	Gasto ($)
Tarifas legales y de auditoría	1,200,000
Costos de presentación regulatoria	450,000
Software de cumplimiento	450,000

Investigación de inversiones y costos de análisis

Los gastos de investigación de inversiones para 2023 fueron de $ 1.5 millones.

• Suscripciones de datos del mercado: $ 650,000
• Herramientas de investigación: $ 450,000
• Consultoría externa: $ 400,000

Gastos de marketing y relaciones con los inversores

El presupuesto total de marketing y relaciones con los inversores para 2023 fue de $ 850,000.

Actividad de marketing	Gasto ($)
Participación de la conferencia de inversores	250,000
Marketing digital	300,000
Producción de informes anuales	150,000
Comunicación de inversores	150,000

Armor Residential REIT, Inc. (ARR) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de valores respaldados por hipotecas

A partir del tercer trimestre de 2023, Armor Residential REIT informó $ 33.6 millones en ingresos por intereses de valores respaldados por hipotecas de agencia y no agencias. La cartera de inversiones de la Compañía consiste principalmente en valores respaldados por hipotecas residenciales (RMB).

Tipo de seguridad	Valor total	Producir
Agencia RMBS	$ 1.84 mil millones	4.75%
RMBS no agencias	$ 126.5 millones	6.25%

Apreciación de capital de la cartera de inversiones

En 2023, la armadura residencial REIT experimentó ganancias no realizadas de $ 42.3 millones de su valoración de cartera de inversiones.

Distribuciones de dividendos

La Compañía mantiene una estrategia de distribución de dividendos consistente:

• Dividendo trimestral: $ 0.10 por acción común
• Rendimiento de dividendos anuales: aproximadamente el 14.5%
• Distribuciones de dividendos totales en 2023: $ 18.7 millones

Ganancias de negociación de Securities Management

Actividades comerciales generadas $ 12.4 millones en ganancias realizadas netas De las transacciones de valores durante 2023.

Actividad comercial	Ganancias realizadas
Operación de valores de agencia	$ 8.9 millones
Comercio de valores no agencias	$ 3.5 millones

Tarifas de rendimiento de la cartera de inversiones

Las tarifas relacionadas con el rendimiento totalizaron $ 2.1 millones en 2023, derivado de las estrategias de gestión y inversión de la cartera.

ARMOUR Residential REIT, Inc. (ARR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor would choose ARMOUR Residential REIT, Inc. (ARR) over other options in the market right now. It boils down to yield, safety, and consistency, all backed by hard numbers from late 2025 filings.

High-Yield Income: Attractive current dividend yield of around 17.54% (November 2025)

The income proposition is front and center for ARMOUR Residential REIT, Inc. (ARR). The actual reported yields hover near that target, making it a significant draw for income-focused portfolios. The commitment is to a high payout, supported by the underlying asset performance.

• Monthly Common Dividend Declared: $0.24 per share.
• Reported Current Dividend Yield (as of November 2025 data): 17.8%.
• Trailing Twelve Month (TTM) Dividend Yield (as of late 2025): 16.89%.
• Expected Hedged Return on Equity (ROE) range: 16% to 18%.

Low Credit Risk: Portfolio is 97.9% Agency mortgage-backed securities (MBS)

The credit risk profile is intentionally low because the assets are overwhelmingly guaranteed by U.S. Government-sponsored enterprises. This means the risk of borrower default is minimal, shifting the focus to interest rate risk management instead.

Here's a snapshot of the investment portfolio composition as of September 30, 2025, which shows the concentration in agency assets:

Asset Class	Percentage of Portfolio	Value (millions)
Agency Portfolio (Total)	98.7%	$18,520
Agency MBS (Total)	97.9%	N/A
30 Year Fixed Rate Pools (Sub-component)	92.8%	$17,415
U.S. Treasury Securities	1.3%	$249

Monthly Cash Flow: Consistent monthly dividend payments for investors

ARMOUR Residential REIT, Inc. (ARR) adheres to the REIT requirement of distributing taxable income, which translates directly into a predictable monthly cash distribution schedule for shareholders. This frequency is a key feature for investors relying on regular income streams.

• Dividend Payment Frequency: Monthly.
• Distributable Earnings per common share (Q3 2025): $0.72.
• Total Dividends Paid Through October 2025 (Since Inception): $2.5 billion.

Capital Preservation: Active hedging to moderate interest rate and price risk

Since the assets are long-duration fixed-rate securities, the primary risk is interest rate movement. ARMOUR Residential REIT, Inc. (ARR) actively uses derivatives to manage this exposure, aiming to keep the net duration tight to limit volatility in book value.

The hedging strategy details from Q3 2025 show a clear focus on managing rate exposure:

• Net Duration Maintained: Short at approximately 0.2 years.
• Notional Allocation to SOFR/OIS Swaps: Approximately 87%.
• Use of Derivatives: Interest rate swaps and futures contracts are used to hedge against potential fluctuations in interest rates.
• Liquidity Position (as of September 30, 2025): Approximately $1.1 billion.

Finance: draft 13-week cash view by Friday.

ARMOUR Residential REIT, Inc. (ARR) - Canvas Business Model: Customer Relationships

You're looking at how ARMOUR Residential REIT, Inc. (ARR) manages the relationship with its equity holders, which is fundamentally different from a typical operating company. For ARR, the primary customer relationship is transactional, centered on the public market where shares are bought and sold.

Transactional: Primarily through public stock trading on the NYSE

The direct, moment-to-moment relationship with the shareholder happens on the New York Stock Exchange (NYSE). This is where liquidity is found, and where the market sets the price you see every second. As of the third quarter of 2025, the company carried a market capitalization of approximately $1.78 billion. This market value dictates the entry and exit point for most investors, making the stock's trading performance a key, albeit indirect, measure of customer satisfaction.

Investor Relations: Regular quarterly calls and monthly portfolio updates

To maintain a deeper connection beyond the ticker price, ARMOUR Residential REIT, Inc. relies on structured communication. You can see this commitment clearly in their reporting cadence. For instance, the Q3 2025 earnings release was on October 22, 2025, followed by a live conference call on October 23, 2025, at 8:00 a.m. Eastern Time to discuss results with analysts and investors. They make replays available for one year, showing a defintely structured approach to ongoing dialogue.

These interactions are crucial for explaining the complex portfolio, which as of September 30, 2025, totaled $18.2 billion, comprised of 97.9% Agency mortgage-backed securities.

Here's a quick look at some of the key figures shared with investors following the Q3 2025 reporting period:

Metric	Value (Q3 2025)	Unit/Context
Distributable Earnings (Common Stockholders)	$75.3 million	Q3 2025
Distributable Earnings Per Share	$0.72	Q3 2025
GAAP Net Income (Common Stockholders)	$156.3 million	Q3 2025
Book Value Per Common Share	$17.49	As of September 30, 2025
Total Economic Return	7.75%	Q3 2025

Dividend Focus: Relationship is maintained via the monthly distribution of income

For an income-focused investor, the monthly dividend is the most tangible element of the relationship. ARMOUR Residential REIT, Inc. maintains this connection by consistently declaring and paying distributions. For example, the common stock dividend for November 2025 was declared at $0.24 per share, payable on November 28, 2025, to holders of record on November 17, 2025. This monthly cadence is the bedrock of the income investor relationship. This consistent payout translates to an annualized dividend of $2.88 per share, supporting a trailing twelve months (TTM) dividend yield of 16.89% as of late 2025.

The relationship is also segmented by security type, as the Series C Preferred Stock holders receive a different, fixed monthly payment. For Q3 2025, the Series C Preferred Stock dividend was confirmed at $0.14583 per share monthly.

You should note the context of these payments:

• Monthly Common Dividend Amount: $0.24 per share (e.g., November 2025)
• Annualized Common Dividend: $2.88 per share
• Reported TTM Dividend Yield: 16.89%
• Reported TTM Payout Ratio: 380.5323%
• Series C Preferred Monthly Dividend: $0.14583 per share
• Capital Raised via ATM in Q3 2025: $99.5 million (from approx. 6 million shares)

Finance: draft 13-week cash view by Friday.

ARMOUR Residential REIT, Inc. (ARR) - Canvas Business Model: Channels

The channels ARMOUR Residential REIT, Inc. (ARR) uses to reach and serve its investor customer segments are centered around public market access and direct corporate communication.

New York Stock Exchange (NYSE: ARR): Primary trading venue for common stock

The common stock of ARMOUR Residential REIT, Inc. trades on the New York Stock Exchange under the ticker symbol ARR. The Series C Cumulative Redeemable Preferred Stock trades under the ticker ARR-PRC on the same exchange. This venue is the primary point of liquidity and price discovery for the equity base.

Here are some key trading metrics as of late 2025:

Metric	Value	Date/Context
Closing Price	$17.05	End of day November 25, 2025
Market Capitalization	$1,521,376,373	Recent data
Outstanding Common Shares	111,898,236	Recent data
52-Week High	$19.64	Recent data
52-Week Low	$13.18	Recent data
Recent Daily Share Volume	2,884,608	Recent data
April 2025 Common Dividend	$0.24 per share	April 2025 distribution

The common shares were trading at a circa 6% discount to the Q3 2025 book value of $17.49/share. This exchange is where retail and institutional investors execute trades to gain or adjust exposure to the ARMOUR Residential REIT, Inc. portfolio, which primarily consists of Agency Securities.

Investor Relations Website: Dissemination of SEC filings and portfolio data

The official Investor Relations website, www.armourreit.com, serves as the direct communication channel for corporate and financial transparency. This is where ARMOUR Residential REIT, Inc. provides the necessary documentation for due diligence.

The Investor Relations section offers access to:

• Latest 10-K, 10-Q, and Proxy Statements.
• News Releases, including the announcement of Q3 2025 Results on October 22, 2025.
• Monthly Company Updates.
• Presentations, such as the one dated November 14, 2025, detailing financial position and operations.
• Details on the portfolio, which invests primarily in residential mortgage-backed securities issued or guaranteed by U.S. Government-sponsored entities.

The company is managed by ARMOUR Capital Management LP, an investment advisor registered with the SEC, which oversees the investment and risk management strategies communicated through these channels.

Brokerage Platforms: Access for retail and institutional investors

ARMOUR Residential REIT, Inc. stock is accessible via virtually all standard brokerage firms, including online services. This broad accessibility through third-party platforms is key for reaching the diverse investor base.

For investors, these platforms facilitate:

• Execution of buy and sell orders for ARR common stock and ARR-PRC preferred stock.
• Access to real-time and delayed quotes, historical pricing, and charting tools.
• Integration with various order types, such as limit or market orders, to manage execution price.

For example, on November 25, 2025, the bid was $17.00 (X 619 shares) and the ask was $18.49 (X 219 shares) on one data feed, illustrating the mechanism of price negotiation on these platforms. This decentralized access helps maintain the stock's liquidity, supported by a recent daily volume of 2,884,608 shares.

ARMOUR Residential REIT, Inc. (ARR) - Canvas Business Model: Customer Segments

You're looking at the core groups ARMOUR Residential REIT, Inc. (ARR) serves with its structure, primarily focused on delivering consistent, high-yield income from its portfolio of residential mortgage-backed securities. These segments are defined by their risk tolerance and income needs, which directly influence their investment choice between common stock and preferred shares.

Income-Seeking Investors: Individuals and funds prioritizing high dividend yield

This group chases the high cash distribution that mortgage REITs are known for. They are focused on the current return on investment, often comparing ARR's yield against other real estate investment trusts (REITs) and fixed-income alternatives. ARMOUR Residential REIT, Inc. has definitely made this a central part of its appeal, maintaining a strong distribution schedule.

Here's the quick math on the common stock appeal as of late 2025:

• Monthly common stock dividend confirmed at $0.240 per share for October 2025.
• This translates to an annualized common dividend of $2.88 per share.
• The Trailing Twelve Months (TTM) dividend yield stands at a notable 16.89%.
• Since inception through October 2025, ARMOUR Residential REIT, Inc. has paid out $2.5 billion in dividends.

Institutional Investors: Funds holding a significant stake (over 40.58% in late 2025)

Institutions, which include mutual funds, ETFs, and other large asset managers, represent the largest block of control. Their presence signals a level of professional vetting, but it also means their trading activity can create significant near-term price volatility. As of September 30, 2025 filings, institutional holders commanded a substantial portion of the equity.

The ownership structure shows a clear reliance on these large players:

Shareholder Group (As of 9/30/25)	Percentage of Shares Outstanding	Total Shares Held
Institution	60.21%	67,374,226
Mutual Fund	15.43%	16,836,124
Insider	0.23%	261,851

The top three institutional holders as of September 29, 2025, were BlackRock Institutional Trust Company, N.A., The Vanguard Group, Inc., and State Street Investment Management (US), holding 14.63%, 10.69%, and 3.46% of the outstanding shares, respectively.

Preferred Stock Investors: Conservative investors seeking fixed-rate income (ARR.PR.C)

This segment is looking for predictability, which is why they opt for the Series C Cumulative Redeemable Preferred Stock, ticker ARR.PR.C. These investors prioritize the fixed payment over potential common stock appreciation. The fact that the call date was 1/28/2025 means the shares are now trading post-call, but they remain perpetual.

The income stream for ARR.PR.C is clearly defined:

• Stated coupon rate is 7.00% on the $25.00 liquidation preference.
• This equates to a fixed annual dividend of $1.75 per share.
• The confirmed monthly dividend payment was $0.14583 per share for October 2025.
• The current yield for this preferred class is reported at 8.24%.

Retail Investors: Individual stockholders seeking monthly cash flow

Retail investors are the individual shareholders who often value the monthly payout schedule for budgeting purposes. They are the counterpart to the large institutions, representing the remaining ownership not held by funds or insiders. Based on the latest ownership data, this group holds a significant, though minority, position.

We can infer the retail segment's size from the institutional data; for example, one report from May 22, 2025, suggested the general public owned a 48% stake, while another from late 2025 indicated Public Companies & Retail Investors held 41.71% of the common stock.

You should definitely track the common dividend consistency, as that is the primary driver for this segment.

ARMOUR Residential REIT, Inc. (ARR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive down the profitability of ARMOUR Residential REIT, Inc. (ARR) as of its Q3 2025 filings. For a mortgage REIT, the cost of money and managing interest rate risk are the biggest drains on the bottom line, so you need to watch these line items closely.

The financing structure relies heavily on short-term borrowing, specifically repurchase agreements (repos). As of September 30, 2025, the net amount outstanding for these repurchase agreements was $16.6 billion. This massive funding base means even small changes in short-term rates hit the income statement hard.

Here is a breakdown of the key cost elements based on the Q3 2025 figures:

Cost Component	Financial Metric/Data Point	Amount/Rate (Q3 2025)
Interest Expense: Cost of Financing	Average Interest Cost on Average Interest Bearing Liabilities	4.63%
Interest Expense: Financing Leverage	Net Repurchase Agreements Outstanding	$16.6 billion
Hedging Costs: Derivatives Loss	Loss on Derivatives (GAAP)	$(49.3) million
Hedging Costs: Swap Notional	Interest Rate Swap Contracts Notional Amount	$10.4 billion
Management Fees: Waiver Amount	Contractual Management Fee Waived per Quarter	$1.65 million

The cost of financing is further illustrated by the economic metrics. The economic interest cost on average interest bearing liabilities was 3.17% for the quarter. This contrasts with the economic interest income of 5.00%, resulting in an economic net interest spread of 1.83%.

You should note the management fee structure. ARMOUR Capital Management LP, the external manager, actually waived a portion of its contractual fee for Q3 2025, amounting to $1.65 million for that quarter, the same amount waived in Q2 2025. This waiver directly reduced the operating expenses ARMOUR Residential REIT, Inc. had to bear.

For hedging, the losses on derivatives were significant in GAAP terms for the quarter, recorded as a $(49.3) million loss. This is the premium and loss side of managing the interest rate risk associated with the portfolio, which is heavily concentrated in Agency MBS.

The General and Administrative Expenses (G&A) are captured within the calculation for Distributable Earnings, which subtracts 'net operating expenses' from net interest income plus TBA Drop Income adjusted for swaps/futures. However, the specific dollar amount for G&A alone is not explicitly itemized in the provided summary data for Q3 2025.

• The GAAP Net Interest Income for Q3 2025 was $38.5 million.
• The total portfolio size supporting this cost structure was $18.2 billion.
• The debt-to-equity ratio, based on repurchase agreements to total stockholders' equity, stood at 7.78:1 as of September 30, 2025.

Finance: draft the full Q3 2025 GAAP Statement of Income breakdown for Interest Expense vs. Interest Income by Friday.

ARMOUR Residential REIT, Inc. (ARR) - Canvas Business Model: Revenue Streams

You're looking at how ARMOUR Residential REIT, Inc. (ARR) actually brings in the money to pay those attractive monthly dividends. For a mortgage REIT, the revenue streams are tightly linked to the interest rate environment and the value of the assets on the balance sheet, which are primarily Agency MBS (Mortgage-Backed Securities). Honestly, it's a game of managing the spread between what you earn and what you pay to finance those assets.

The core of the business is definitely Net Interest Income. This is the interest earned on the Agency MBS portfolio minus the financing costs, which are largely driven by repurchase agreements and interest rate swaps. For example, in the second quarter of 2025, ARMOUR Residential REIT, Inc. reported Net Interest Income of $33.1 million. By the third quarter of 2025, that number had improved to $38.5 million. To give you a bit more color on that, the economic net interest spread-that's the economic interest income minus the economic interest expense-was 1.82% in Q2 2025, moving slightly wider to 1.83% in Q3 2025.

Here's a quick look at how those key interest metrics shifted between the second and third quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Net Interest Income	$33.1 million	$38.5 million
Distributable Earnings (Total)	$64.9 million	$75.3 million
Book Value Per Share (End of Period)	$16.90	$17.49
Total Economic Return (Quarterly)	(5.22)%	7.75%

Next up, you've got Mark-to-Market Gains, which are the unrealized changes in the value of the Agency MBS portfolio, often heavily influenced by derivatives like swaps. These gains or losses hit the GAAP net income line hard. For instance, Q3 2025 saw strong GAAP performance, with GAAP net income available to common stockholders hitting $156.3 million or $1.49 per share, largely driven by favorable market value adjustments on the Agency MBS. This was a big swing from Q2 2025, which recorded a GAAP net loss related to common stockholders of $(78.6) million or $(0.94) per share, primarily due to losses on derivative marks. One analyst noted that the Q3 revenue beat was helped by MBS gains of $177.1 million.

The measure you really want to watch for dividend sustainability is Distributable Earnings. This is the core income figure ARMOUR Residential REIT, Inc. uses to gauge its ability to cover the common dividends. In Q3 2025, Distributable Earnings available to common stockholders were $75.3 million, translating to $0.72 per common share. This was enough to cover the monthly common dividend of $0.24 per share for the quarter. In the prior quarter, Q2 2025, Distributable Earnings were $64.9 million, or $0.77 per share. Distributable earnings before preferred dividends in Q3 2025 were $78.3 million.

Finally, there's income derived from TBA Securities Income, which comes from To Be Announced forward contracts. These are commitments to buy or sell MBS in the future, and gains or losses on these contracts factor into the Distributable Earnings calculation. While we don't have a specific dollar amount for TBA income alone, we know the portfolio composition. As of the end of Q2 2025, TBA Securities made up 2.0% of the total portfolio, and that percentage decreased to 0.7% by the end of Q3 2025.

You can see the sources of income flow through these key components:

• Net Interest Income, which improved sequentially from Q2 to Q3 2025.
• Mark-to-Market adjustments, which can cause significant swings in GAAP results.
• TBA Securities activity, which is part of the overall derivative management.
• The resulting Distributable Earnings, which must cover the common dividend of $0.24 per share monthly.

Finance: draft 13-week cash view by Friday.