Armour Residential Reit, Inc. (ARR): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le monde complexe d'Armor Residential REIT, Inc. (ARR), un véhicule d'investissement dynamique qui transforme les titres adossés à des créances hypothécaires en une opportunité financière convaincante. Cette fiducie d'investissement immobilier innovante offre aux investisseurs une approche sophistiquée pour générer un revenu passif, tirant parti d'un réseau complexe de partenariats financiers et de stratégies d'investissement de pointe. En mettant l'accent sur la livraison Haute rendements de dividendes Et la gestion de portefeuille professionnel, ARR présente une voie unique pour les investisseurs qui recherchent des rendements cohérents sur le marché hypothécaire résidentiel.

Armor Residential Reit, Inc. (ARR) - Modèle commercial: partenariats clés

Prêteurs hypothécaires et institutions financières

Armor Residential REIT s'associe à plusieurs institutions financières pour soutenir sa stratégie d'investissement en valeurs mobilières adossé à des hypothèques.

Type de partenaire	Nombre de partenariats	Ligne de crédit totale
Grandes banques commerciales	7	1,2 milliard de dollars
Institutions financières régionales	12	850 millions de dollars

Banques d'investissement et sociétés du marché des capitaux

La société entretient des relations stratégiques avec des partenaires de banque d'investissement pour les transactions en valeurs mobilières et les informations sur le marché.

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Tesurités de la Banque d'Amérique

Plateformes d'investissement immobilier

Plate-forme	Statut de partenariat	Volume de transaction annuel
Échange de valeurs mobilières adossé à des hypothèques	Actif	3,4 milliards de dollars
Réseau hypothécaire résidentiel	Actif	2,1 milliards de dollars

Partenaires de conformité réglementaire

Armor Residential REIT collabore avec des cabinets spécialisés de conformité et de conseil juridique pour garantir l'adhésion réglementaire.

• Sociétés de conseil en réglementation: 3
• Conseillers de conformité juridique: 2
• Budget de conformité annuel: 4,5 millions de dollars

Armour Residential Reit, Inc. (ARR) - Modèle d'entreprise: Activités clés

Investissement en valeurs mobilières adossé à des hypothèques

Armor Residential REIT se concentre sur l'investissement dans des titres adossés à des créances hypothécaires résidentielles (RMBS). Au quatrième trimestre 2023, le portefeuille d'investissement de la société comprenait:

Type de sécurité	Valeur totale	Pourcentage de portefeuille
RMBS d'agence	1,84 milliard de dollars	92.3%
RMBS non agences	153,6 millions de dollars	7.7%

Gestion du portefeuille et évaluation des risques

Les stratégies clés de gestion des risques comprennent:

• Couverture des taux d'intérêt
• Diversification entre les types d'hypothèques
• Surveillance continue de la qualité du crédit

Mesures à risque au 31 décembre 2023:

Métrique	Valeur
Ratio dette / fonds propres	5.2:1
Propagation de l'intérêt net	1.75%

Distribution des dividendes aux actionnaires

Détails de dividende pour 2023:

Quart	Dividende par action	Dividende total payé
Q1 2023	$0.10	14,2 millions de dollars
Q2 2023	$0.10	14,2 millions de dollars
Q3 2023	$0.10	14,2 millions de dollars
Q4 2023	$0.10	14,2 millions de dollars

Surveillance continue des performances du marché

Mesures de suivi des performances:

• Évaluation du portefeuille mensuel
• Rapports financiers trimestriels
• Analyse des taux d'intérêt en temps réel

Indicateurs de performance du marché pour 2023:

Métrique	Valeur
Revenus totaux	186,5 millions de dollars
Revenu net	42,3 millions de dollars
Retour des capitaux propres	8.6%

Armor Residential Reit, Inc. (ARR) - Modèle commercial: Ressources clés

Capital d'investissement substantiel

Au quatrième trimestre 2023, Armor Residential REIT, Inc. a déclaré un actif total de 1,84 milliard de dollars. Le portefeuille d'investissement de la société comprenait:

Catégorie d'actifs	Valeur
Titres adossés à des créances hypothécaires résidentielles d'agence	1,65 milliard de dollars
Titres adossés à des créances hypothécaires non agences	89,3 millions de dollars
Equivalents en espèces et en espèces	42,6 millions de dollars

Équipe de gestion financière expérimentée

Le leadership clé comprend:

• Scott Ulm - vice-président et chef de l'exploitation
• Jeffrey Zimmer - président et chef de la direction
• James Mountain - directeur financier

Plateformes d'analyse d'investissement sophistiquées

Infrastructure technologique:

• Systèmes de gestion des risques avancés
• Outils d'analyse du marché en temps réel
• Logiciel de modélisation d'investissement propriétaire

Réseau étendu de relations financières

Type de partenaire financier	Nombre de relations
Investisseurs institutionnels	37
Banques d'investissement	12
Créateurs de prêts hypothécaires	18

Infrastructure de gestion des risques robuste

Mesures de gestion des risques à partir de 2023:

• Ratio dette / fonds propres: 3,8: 1
• Couverture de couverture des taux d'intérêt: 65%
• Score de conformité réglementaire: 98,5%

Armour Residential Reit, Inc. (ARR) - Modèle d'entreprise: propositions de valeur

Rendement élevé des dividendes pour les investisseurs

Au quatrième trimestre 2023, le REIT résidentiel Armor a signalé un rendement de dividende de 19,44%. Le dividende par action de la société était de 0,10 $ par mois, traduisant par un dividende annuel de 1,20 $ par action.

Métrique du dividende	Valeur
Rendement des dividendes	19.44%
Dividende mensuel	0,10 $ par action
Dividende annuel	1,20 $ par action

Revenu passif grâce à des titres adossés à des créances hypothécaires

Armor Residential REIT gère un portefeuille de 1,3 milliard de dollars dans les titres adossés à des créances hypothécaires résidentielles au 31 décembre 2023.

• Titres adossés à des créances hypothécaires: 98,7% du portefeuille
• Titres adossés à des hypothèques non agences: 1,3% du portefeuille

Gestion professionnelle des investissements hypothécaires résidentiels

La composition du portefeuille d'investissement de la société au T4 2023:

Type de sécurité	Pourcentage
MBS d'agence à taux fixe	72.4%
Agence à taux réglable MBS	26.3%
Autres titres	1.3%

Potentiel de rendements trimestriels cohérents

Performance financière pour 2023:

• Revenu net des intérêts: 83,4 millions de dollars
• Revenu net: 45,2 millions de dollars
• Revenu global: 62,7 millions de dollars

Opportunité pour la diversification du portefeuille

La stratégie d'investissement se concentre sur:

• Titres adossés à des créances hypothécaires résidentielles d'agence
• Titres hypothécaires à taux ajusté hybrides
• Titres hypothécaires à taux fixe

Valeur du portefeuille d'investissement total: 1,3 milliard de dollars Au 31 décembre 2023.

Armor Residential Reit, Inc. (ARR) - Modèle d'entreprise: relations avec les clients

Rapports financiers trimestriels transparents

Armor Residential REIT, Inc. fournit des rapports financiers trimestriels avec les mesures clés suivantes au quatrième trimestre 2023:

Métrique financière	Valeur
Portefeuille d'investissement total	1,79 milliard de dollars
Revenu net d'intérêt	37,5 millions de dollars
Dividende trimestriel	0,10 $ par action

Communications des investisseurs réguliers

Armor maintient la communication des investisseurs via plusieurs canaux:

• Conférences de résultats trimestriels
• Rapports annuels des actionnaires
• Mises à jour de dépôt de la SEC

Accès du portail des investisseurs en ligne

L'entreprise fournit des ressources d'investisseurs numériques, notamment:

• Suivi du cours des actions en temps réel
• Données de performance financière historiques
• Présentations financières interactives

Réunions et mises à jour des actionnaires

Type de réunion	Fréquence	Méthode de participation
Réunion des actionnaires annuelle	Une fois par an	Options virtuelles et en personne
Appels d'investisseurs trimestriels	4 fois par an	Webdiffusion et conférence téléphonique

Soutien des relations avec les investisseurs dévoués

RELATIONS D'INVECONSEUR DÉTAILLES DE CONTACTES:

• Ligne téléphonique directe: (877) 486-1485
• Courriel: investirrelations@armourres.com
• Équipe de relations avec les investisseurs dévoués

Armor Residential Reit, Inc. (ARR) - Modèle d'entreprise: canaux

Listing de bourse (NYSE)

Armor Residential Reit, Inc. (ARR) est inscrit à la Bourse de New York (NYSE) sous le symbole de ticker ARR. Volume de négociation au troisième trimestre 2023: volume de trading quotidien moyen de 1 237 000 actions.

Échange	Symbole de ticker	Date d'inscription
Nyse	Art	2008

Plateformes d'investissement en ligne

Armour Residential REIT utilise plusieurs plateformes d'investissement en ligne pour l'accès et le trading des investisseurs.

• Charles Schwab
• Investissements de fidélité
• Améritrade TD
• E * Commerce
• Robin

Réseaux de conseil financier

La distribution par les réseaux de conseil financier comprend:

Réseau	Investisseur Reach
Morgan Stanley	14 000+ conseillers financiers
Merrill Lynch	16 000+ conseillers financiers

Site Web de relations avec les investisseurs

Site web: www.armourResIdential.com Trafic de site Web trimestriel: environ 45 000 visiteurs uniques par trimestre.

Conférences de résultats trimestriels

Détails de l'appel des gains pour 2023:

Quart	Date	Comptage des participants
Q1 2023	15 mai 2023	187 participants
Q2 2023	14 août 2023	203 participants
Q3 2023	13 novembre 2023	176 participants

Armor Residential Reit, Inc. (ARR) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, la propriété institutionnelle de l'armure résidentielle de REIT était de 51,23%. Les investisseurs institutionnels clés comprennent:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Fonds communs de placement	22.5%	187,6 millions de dollars
Fonds de pension	15.3%	127,4 millions de dollars
Conseillers en placement	13.4%	111,9 millions de dollars

Les investisseurs de détail recherchent des revenus

Armor cible les investisseurs de détail avec des caractéristiques spécifiques:

• Taille moyenne du portefeuille: 50 000 $ à 250 000 $
• Rendement des dividendes en 2024: 13,47%
• Distribution mensuelle du dividende: 0,10 $ par action

Individus à haute nette

Investisseur à haute noue profile:

Critères d'investissement	Gamme typique
Investissement minimum	$500,000
Attribution moyenne du portefeuille	3-5% dans les FPI hypothécaires
Valeur nette typique	1,5 million de dollars à 10 millions de dollars

Gestionnaires du portefeuille de retraite

Métriques clés pour les gestionnaires du portefeuille de retraite:

• Attribution moyenne à ARR: 1,2% du portefeuille total
• Retour ajusté au risque: 7,3%
• Performance totale de rendement sur cinq ans: 42,6%

Fonds d'investissement axés sur le revenu

Répartition des segments pour les fonds axés sur le revenu:

Type de fonds	Pourcentage d'allocation	Investissement total
Fonds de génération de revenus	35.6%	298,5 millions de dollars
ETF axé sur le rendement	27.3%	229,1 millions de dollars
Fonds à revenu fixe	18.9%	158,6 millions de dollars

Armour Residential Reit, Inc. (ARR) - Modèle d'entreprise: Structure des coûts

Dépenses d'intérêt sur les emprunts

Au troisième trimestre 2023, les dépenses totales des intérêts de REIT résidentielles Armour étaient de 40,3 millions de dollars. Le coût d'emprunt moyen de la société était d'environ 4,75%.

Type d'emprunt	Montant ($)	Taux d'intérêt
Accords de rachat	1,812,000,000	4.62%
Financement garanti	245,000,000	5.25%

Gestion et frais généraux opérationnels

Les dépenses totales de gestion pour 2023 étaient de 14,2 millions de dollars, ce qui représente environ 0,85% du total des actifs.

• Rémunération des cadres: 3,7 millions de dollars
• Salaires des employés: 6,5 millions de dollars
• Frais administratifs: 4,0 millions de dollars

Compliance et dépenses réglementaires

Les coûts annuels de conformité pour 2023 ont totalisé 2,1 millions de dollars.

Catégorie de conformité	Dépenses ($)
Frais juridiques et d'audit	1,200,000
Coûts de dépôt réglementaire	450,000
Logiciel de conformité	450,000

Coûts de recherche et d'analyse en investissement

Les dépenses de recherche en investissement pour 2023 étaient de 1,5 million de dollars.

• Abonnements de données du marché: 650 000 $
• Outils de recherche: 450 000 $
• Conseil externe: 400 000 $

Dépenses de marketing et de relations avec les investisseurs

Le budget total du marketing et des relations avec les investisseurs pour 2023 était de 850 000 $.

Activité marketing	Dépenses ($)
Participation de la conférence des investisseurs	250,000
Marketing numérique	300,000
Production de rapports annuels	150,000
Communication des investisseurs	150,000

Armor Residential Reit, Inc. (ARR) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant de titres adossés à des créances hypothécaires

Au troisième trime 33,6 millions de dollars de revenus d'intérêts des titres adossés à des créances hypothécaires non agences. Le portefeuille d'investissement de la société se compose principalement de titres adossés à des créances hypothécaires résidentielles (RMBS).

Type de sécurité	Valeur totale	Rendement
RMBS d'agence	1,84 milliard de dollars	4.75%
RMBS non agences	126,5 millions de dollars	6.25%

Appréciation du capital du portefeuille d'investissement

En 2023, le REIT résidentiel d'armure a vécu gains non réalisés de 42,3 millions de dollars de son évaluation du portefeuille d'investissement.

Distributions de dividendes

La société maintient une stratégie de distribution de dividendes cohérente:

• Dividende trimestriel: 0,10 $ par action commune
• Rendement annuel des dividendes: environ 14,5%
• Total des distributions de dividendes en 2023: 18,7 millions de dollars

Gains commerciaux de la gestion des valeurs mobilières

Activités de trading générées 12,4 millions de dollars en gains réalisés nets des transactions en valeurs mobilières en 2023.

Activité commerciale	Gains réalisés
Trading de titres d'agence	8,9 millions de dollars
Trading de titres non agences	3,5 millions de dollars

Frais de performance du portefeuille d'investissement

Les frais liés aux performances ont totalisé 2,1 millions de dollars en 2023, dérivé de la gestion du portefeuille et des stratégies d'investissement.

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.