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ARMOUR Residential REIT, Inc. Announces That Equity Proceeds Are Fully Invested

VERO BEACH, Fla., Jan. 27 /PRNewswire-FirstCall/ --
  • ARMOUR is 100% invested as of January 26, 2010.
  • ARMOUR has an Agency mortgage portfolio of $183.65 million
  • Gross asset duration is currently estimated at 2.09
  • Net balance sheet duration is currently estimated at 1.34
  • REPO borrowings total $169.64 million
  • Debt to equity ratio = 8.08x
  • Eurodollar Bundles to replicate swaps total $52.0 million
  • Cash on hand is approximately $5.2 million

ARMOUR Residential REIT, Inc. (NYSE Amex: ARR; ARR.WS) (the "Company") yesterday announced that it had completed investing the equity proceeds from its merger with Enterprise Acquisition Corporation. Co-Chief Executive Officer, Scott J. Ulm, commented, "The Agency mortgage market has presented our investment team with opportunities to invest at attractive yields for our shareholders. Substantially all of our investments have settled now and our repurchase agreements central to funding our portfolio are in place. We are pleased to be in a position to earn dividends for our shareholders and we expect to announce our first dividend during the first quarter of 2010."

Separately, ARMOUR announced they have moved into new office space at:

ARMOUR Residential REIT, Inc.

956 Beachland Boulevard Suite #11

Vero Beach, FL 32963

Main Phone Number; 772-617-4340

ARMOUR Residential REIT, Inc.

ARMOUR is a Maryland corporation focused on investing in residential mortgage-backed securities.  ARMOUR is externally managed and advised by ARMOUR RESIDENTIAL MANAGEMENT LLC ("ARRM").  ARMOUR intends to elect and qualify to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with ARMOUR's taxable year ending December 31, 2009.

Safe Harbor

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.  Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events.  Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements.  These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Additional information concerning these and other risk factors is contained in the Company's most recent filings with the Securities and Exchange Commission ("SEC").  All subsequent written and oral forward-looking statements concerning the Company is expressly qualified in their entirety by the cautionary statements above.  The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made.  The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
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