Armour Residential REIT, Inc. has announced guidance on the October 2024 cash dividend for the company's common stock. The dividend for October 2024 is set at $0.24 per common share, with a record date of October 15, 2024, and a payment date of October 30, 2024.
The company's decision to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes has led to the requirement of timely distributing substantially all of its ordinary REIT taxable income to maintain this tax status. It's important to note that dividends paid in excess of current tax earnings and profits for the year generally will not be taxable to common stockholders. The determination of actual dividends is at the discretion of the company’s board of directors, considering factors such as the company’s results of operations, cash flows, financial condition, and capital requirements, as well as current market conditions, expected opportunities, and other relevant factors.
Armour Residential REIT, Inc. primarily invests in fixed rate residential, adjustable rate, and hybrid adjustable rate residential mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises or guaranteed by the Government National Mortgage Association. The company is externally managed and advised by Armour Capital Management LP, an investment advisor registered with the Securities and Exchange Commission ("SEC"). Following these announcements, the company's shares moved 1.7%, and are now trading at a price of $20.46. For more information, read the company's full 8-K submission here.
