Armour Residential REIT, Inc. (ARR): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Armour Residential REIT, Inc. (ARR), um veículo de investimento dinâmico que transforma os valores mobiliários apoiados por hipotecas em uma oportunidade financeira convincente. Esse fundo inovador de investimento imobiliário oferece aos investidores uma abordagem sofisticada para gerar renda passiva, alavancando uma complexa rede de parcerias financeiras e estratégias de investimento de ponta. Com foco em entregar Altos rendimentos de dividendos e gerenciamento de portfólio profissional, o ARR apresenta um caminho único para investidores que buscam retornos consistentes no mercado de hipotecas residenciais.

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: Parcerias -chave

Credores hipotecários e instituições financeiras

A Armour Residential REIT faz parceria com várias instituições financeiras para apoiar sua estratégia de investimento em valores mobiliários lastreados em hipotecas.

Tipo de parceiro	Número de parcerias	Linha de crédito total
Principais bancos comerciais	7	US $ 1,2 bilhão
Instituições Financeiras Regionais	12	US $ 850 milhões

Bancos de investimento e empresas de mercado de capitais

A empresa mantém relacionamentos estratégicos com parceiros bancários de investimentos para transações de valores mobiliários e insights de mercado.

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

Plataformas de investimento imobiliário

Plataforma	Status da parceria	Volume anual de transações
Bolsa de Valores Mobiliários, apoiada por hipotecas	Ativo	US $ 3,4 bilhões
Rede de hipoteca residencial	Ativo	US $ 2,1 bilhões

Parceiros de conformidade regulatória

A Armour Residential REIT colabora com empresas especializadas de conformidade e consultoria jurídica para garantir a adesão regulatória.

• Empresas de consultoria regulatória: 3
• Consultores de conformidade legal: 2
• Orçamento anual de conformidade: US $ 4,5 milhões

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: Atividades -chave

Investimento de valores mobiliários lastreados em hipotecas

A Armour Residential REIT se concentra em investir em títulos residenciais lastreados em hipotecas (RMBs). A partir do quarto trimestre 2023, o portfólio de investimentos da empresa consistia em:

Tipo de segurança	Valor total	Porcentagem de portfólio
Agency RMBS	US $ 1,84 bilhão	92.3%
RMBs não agrence	US $ 153,6 milhões	7.7%

Gerenciamento de portfólio e avaliação de risco

As principais estratégias de gerenciamento de riscos incluem:

• Hedge de taxa de juros
• Diversificação entre os tipos de hipoteca
• Monitoramento de qualidade de crédito contínuo

Métricas de risco em 31 de dezembro de 2023:

Métrica	Valor
Relação dívida / patrimônio	5.2:1
Spread de juros líquidos	1.75%

Distribuição de dividendos para acionistas

Detalhes de dividendos para 2023:

Trimestre	Dividendo por ação	Dividendo total pago
Q1 2023	$0.10	US $ 14,2 milhões
Q2 2023	$0.10	US $ 14,2 milhões
Q3 2023	$0.10	US $ 14,2 milhões
Q4 2023	$0.10	US $ 14,2 milhões

Monitoramento contínuo de desempenho do mercado

Métricas de rastreamento de desempenho:

• Avaliação mensal de portfólio
• Relatórios financeiros trimestrais
• Análise de taxa de juros em tempo real

Indicadores de desempenho de mercado para 2023:

Métrica	Valor
Receita total	US $ 186,5 milhões
Resultado líquido	US $ 42,3 milhões
Retorno sobre o patrimônio	8.6%

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: Recursos -chave

Capital de investimento substancial

A partir do quarto trimestre 2023, a Armor Residential REIT, Inc. registrou ativos totais de US $ 1,84 bilhão. O portfólio de investimentos da empresa consistia em:

Categoria de ativos	Valor
Agency Securities lastreados em hipotecas residenciais	US $ 1,65 bilhão
Valores mobiliários lastreados em hipotecas residenciais sem agência	US $ 89,3 milhões
Caixa e equivalentes de dinheiro	US $ 42,6 milhões

Equipe de gestão financeira experiente

A liderança chave inclui:

• Scott Ulm - vice -presidente e diretor de operações
• Jeffrey Zimmer - Presidente e CEO
• James Mountain - Diretor Financeiro

Plataformas sofisticadas de análise de investimentos

Infraestrutura de tecnologia:

• Sistemas avançados de gerenciamento de riscos
• Ferramentas de análise de mercado em tempo real
• Software de modelagem de investimento proprietário

Extensa rede de relações financeiras

Tipo de parceiro financeiro	Número de relacionamentos
Investidores institucionais	37
Bancos de investimento	12
Originadores hipotecários	18

Infraestrutura de gerenciamento de risco robusta

Métricas de gerenciamento de riscos a partir de 2023:

• Taxa de dívida / patrimônio: 3,8: 1
• Cobertura de hedge de taxa de juros: 65%
• Pontuação de conformidade regulatória: 98,5%

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: proposições de valor

Alto rendimento de dividendos para investidores

A partir do quarto trimestre de 2023, o REIT residencial de armadura relatou um rendimento de dividendos de 19,44%. O dividendo da empresa por ação foi de US $ 0,10 por mês, traduzindo -se para um dividendo anual de US $ 1,20 por ação.

Métrica de dividendos	Valor
Rendimento de dividendos	19.44%
Dividendo mensal	US $ 0,10 por ação
Dividendo anual	US $ 1,20 por ação

Renda passiva através de títulos lastreados em hipotecas

Armour Residencial REIT gerencia um portfólio de US $ 1,3 bilhão em títulos residenciais lastreados em hipotecas em 31 de dezembro de 2023.

• Títulos com hipotecas de agência: 98,7% do portfólio
• Valores mobiliários lastreados em hipotecas: 1,3% do portfólio

Gerenciamento profissional de investimentos residenciais de hipotecas

A composição do portfólio de investimentos da empresa a partir do quarto trimestre 2023:

Tipo de segurança	Percentagem
Agência de taxa fixa MBS	72.4%
Agência de taxa ajustável MBS	26.3%
Outros valores mobiliários	1.3%

Potencial para retornos trimestrais consistentes

Desempenho financeiro para 2023:

• Receita líquida de juros: US $ 83,4 milhões
• Resultado líquido: US $ 45,2 milhões
• Renda abrangente: US $ 62,7 milhões

Oportunidade para diversificação de portfólio

A estratégia de investimento se concentra em:

• Agency Securities lastreados em hipotecas residenciais
• Títulos hipotecários de taxa ajustável híbrida
• Títulos hipotecários de taxa fixa

Valor total do portfólio de investimentos: US $ 1,3 bilhão em 31 de dezembro de 2023.

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: relacionamentos com o cliente

Relatórios financeiros trimestrais transparentes

A Armor Residential REIT, Inc. fornece relatórios financeiros trimestrais com as seguintes métricas principais a partir do quarto trimestre 2023:

Métrica financeira	Valor
Portfólio total de investimentos	US $ 1,79 bilhão
Receita de juros líquidos	US $ 37,5 milhões
Dividendo trimestral	US $ 0,10 por ação

Comunicações regulares de investidores

A Armour mantém a comunicação dos investidores por meio de vários canais:

• Chamadas de conferência de ganhos trimestrais
• Relatórios anuais dos acionistas
• Atualizações de arquivamento da SEC

Acesso ao portal de investidores on -line

A empresa fornece recursos de investidores digitais, incluindo:

• Rastreamento de preços das ações em tempo real
• Dados de desempenho financeiro histórico
• Apresentações financeiras interativas

Reuniões e atualizações dos acionistas

Tipo de reunião	Freqüência	Método de participação
Reunião Anual dos Acionistas	Uma vez por ano	Opções virtuais e pessoais
Chamadas trimestrais de investidores	4 vezes anualmente	Webcast e teleconferência

Suporte dedicado às relações com investidores

Detalhes de contato das relações com investidores:

• Linha telefônica direta: (877) 486-1485
• E -mail: investorrelaations@armourres.com
• Equipe dedicada de relações com investidores

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: canais

Listagem da Bolsa de Valores (NYSE)

A Armour Residential REIT, Inc. (ARR) está listada na Bolsa de Valores de Nova York (NYSE) sob o símbolo de ticker arr. Volume de negociação a partir do quarto trimestre 2023: volume médio de negociação diária de 1.237.000 ações.

Intercâmbio	Símbolo do ticker	Data de listagem
NYSE	Arr	2008

Plataformas de investimento on -line

A Armour Residential REIT utiliza várias plataformas de investimento on -line para acesso e negociação para investidores.

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*comércio
• Robinhood

Redes de consultoria financeira

A distribuição por meio de redes consultivas financeiras inclui:

Rede	Alcance do investidor
Morgan Stanley	Mais de 14.000 consultores financeiros
Merrill Lynch	Mais de 16.000 consultores financeiros

Site de Relações com Investidores

Site: www.armourResidential.com Tráfego trimestral do site: aproximadamente 45.000 visitantes únicos por trimestre.

Chamadas de conferência de ganhos trimestrais

Detalhes da chamada de ganhos para 2023:

Trimestre	Data	Contagem de participantes
Q1 2023	15 de maio de 2023	187 participantes
Q2 2023	14 de agosto de 2023	203 participantes
Q3 2023	13 de novembro de 2023	176 participantes

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: segmentos de clientes

Investidores institucionais

No quarto trimestre 2023, a propriedade institucional da Armour Residential REIT era de 51,23%. Os principais investidores institucionais incluem:

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Fundos mútuos	22.5%	US $ 187,6 milhões
Fundos de pensão	15.3%	US $ 127,4 milhões
Consultores de investimento	13.4%	US $ 111,9 milhões

Investidores de varejo que buscam renda

A Armour tem como alvo os investidores de varejo com características específicas:

• Tamanho médio do portfólio: US $ 50.000 a US $ 250.000
• Rendimento de dividendos a partir de 2024: 13,47%
• Distribuição de dividendos mensais: US $ 0,10 por ação

Indivíduos de alta rede

Investidor direcionado de alta rede profile:

Critérios de investimento	Faixa típica
Investimento mínimo	$500,000
Alocação média de portfólio	3-5% em REITs de hipotecas
Patrimônio líquido típico	US $ 1,5 milhão a US $ 10 milhões

Gerentes de portfólio de aposentadoria

Métricas -chave para gerentes de portfólio de aposentadoria:

• Alocação média para ARR: 1,2% do portfólio total
• Retorno ajustado ao risco: 7,3%
• Desempenho total de retorno total de cinco anos: 42,6%

Fundos de investimento focados em renda

Redução do segmento para fundos focados na renda:

Tipo de fundo	Porcentagem de alocação	Investimento total
Fundos de geração de renda	35.6%	US $ 298,5 milhões
ETFs focados no rendimento	27.3%	US $ 229,1 milhões
Fundos de renda fixa	18.9%	US $ 158,6 milhões

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: estrutura de custos

Despesas de juros em empréstimos

A partir do terceiro trimestre de 2023, as despesas totais de juros da Armour Residential REIT foram de US $ 40,3 milhões. O custo médio de empréstimos da empresa foi de aproximadamente 4,75%.

Tipo de empréstimo	Valor ($)	Taxa de juro
Acordos de recompra	1,812,000,000	4.62%
Financiamento garantido	245,000,000	5.25%

Gestão e sobrecarga operacional

As despesas totais de gerenciamento de 2023 foram de US $ 14,2 milhões, representando aproximadamente 0,85% do total de ativos.

• Compensação de executivos: US $ 3,7 milhões
• Salários dos funcionários: US $ 6,5 milhões
• Despesas administrativas: US $ 4,0 milhões

Conformidade e despesas regulatórias

Os custos anuais de conformidade para 2023 totalizaram US $ 2,1 milhões.

Categoria de conformidade	Despesa ($)
Taxas legais e de auditoria	1,200,000
Custos de arquivamento regulatório	450,000
Software de conformidade	450,000

Pesquisa de investimento e custos de análise

As despesas de pesquisa de investimento para 2023 foram de US $ 1,5 milhão.

• Assinaturas de dados de mercado: US $ 650.000
• Ferramentas de pesquisa: US $ 450.000
• Consultoria externa: US $ 400.000

Despesas de marketing e relações com investidores

O orçamento total de marketing e relações com investidores para 2023 foi de US $ 850.000.

Atividade de marketing	Despesa ($)
Participação da Conferência de Investidores	250,000
Marketing digital	300,000
Produção anual do relatório	150,000
Comunicação do investidor	150,000

Armour Residential REIT, Inc. (ARR) - Modelo de negócios: fluxos de receita

Receita de juros de valores mobiliários apoiados por hipotecas

A partir do terceiro trimestre de 2023, o REIT residencial de armadura relatou US $ 33,6 milhões em receita de juros da agência e valores mobiliários apoiados por hipotecas. O portfólio de investimentos da empresa consiste principalmente em títulos residenciais, apoiados por hipotecas (RMBs).

Tipo de segurança	Valor total	Colheita
Agency RMBS	US $ 1,84 bilhão	4.75%
RMBs não agrence	US $ 126,5 milhões	6.25%

Apreciação de capital do portfólio de investimentos

Em 2023, o REIT residencial de armadura experimentou ganhos não realizados de US $ 42,3 milhões a partir de sua avaliação do portfólio de investimentos.

Distribuições de dividendos

A empresa mantém uma estratégia de distribuição de dividendos consistente:

• Dividendo trimestral: US $ 0,10 por ação ordinária
• Rendimento anual de dividendos: aproximadamente 14,5%
• Distribuições totais de dividendos em 2023: $ 18,7 milhões

Negociação de ganhos de gerenciamento de valores mobiliários

Atividades comerciais geradas US $ 12,4 milhões em ganhos líquidos realizados Das transações de valores mobiliários durante 2023.

Atividade comercial	Ganhos realizados
Negociação de valores mobiliários da agência	US $ 8,9 milhões
Negociação de valores mobiliários não agência	US $ 3,5 milhões

Taxas de desempenho do portfólio de investimentos

As taxas relacionadas ao desempenho totalizaram US $ 2,1 milhões em 2023, derivado de estratégias de gerenciamento e investimento do portfólio.

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.