ARR - Earnings call transcript Q4 2019 | ARMOUR Residential REIT, Inc.

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Operator

Greetings, and welcome to the ARMOUR Residential REIT Fourth Quarter and Year End 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded on Thursday, February 20, 2020. I’d now like to turn the conference over to Jim Mountain, Chief Financial Officer. Please go ahead.

Jim Mountain

Thank you, Nelson. for results. call all fourth discuss you XXXX quarter thank joining to our ARMOUR's And I'm by Gruber morning, Sayles. and are This joined Co-Chief Chief Jeff Ulm welcoming Operating Zimmer; and Officer, Officer, Mark Investment and we ARMOUR's today David co-CEOs, Scott

of now, call ARMOUR's the release may are recitations that not therefore, XX-K, access Securities contain statements subject constitute and ARMOUR's the meaning All website, provided of statements forward-looking Act to found Reform forward-looking mere and can statements to be protections on has historical XXXX. act. www.armourreit.com. everyone Form By earnings which This fact, intended conference Private of the harbor within Litigation be reform by the such safe to are

contained could statements Copies expressed materially website of and reports are that Certain materially Securities www.sec.gov. Commission. filed statements, differ outcomes could Exchange in periodic factors differ of forward-looking on the the ARMOUR. and actual results or available the with ARMOUR's in those by to the are the results the results these the due Factors impact factors cause of forward-looking at from beyond the many from outcomes Actual of section Risk SEC's implied control included reports and to

An replay and ARMOUR's available which on included will call All reference do measures measures can of in release, required year. today's today for to this to earnings discussion will any forward-looking obligation we’re update on non-GAAP law. made date statements to the include online measures. change unless are conference website. one included notice. most by is of these found in to shortly A disclaim We also certain ARMOUR's be this website forward-looking continue Also, and GAAP reconciliation as may to our only conference of be call without are subject so our our comparable statements

mark-to-market income. net a million That XXXX an GAAP million was driven primarily swaps, movements income interest ARMOUR's by on $XXX.X million income $XX.X of while The those $X.XX rate was comprehensive in GAAP includes $XX.X million. or flow income $XX.X agency $XX.X the includes but net drop QX share. per TBA million – comprehensive income. securities income, common of or unrealized through which which includes excludes was loss mark-to-market Core items, increase other

$XX.X Based of on stockholder's an beginning represents the of quarter. XX.X%. that and backed for non-agency annualized Quarter-end of up billion of update quarter the for including securities as January or EDGAR, value estimated million of our mortgage share. $XX.XX billion equity book ARMOUR we book share XXXX per ROE securities over said $XXX of common website at $XX $XX.X was was worth core quarter, ARMOUR’s the on value agency of and per available securities. yearend portfolio credit XX, our presentation risk consisted the common X% securities XX In income

established our with expenses. commissions our to X.X book update ARMOUR’s Series plan preferred X,XXX,XXX cycle when for in June, September issued months C in C proceeds as we of March, and quarterly value the of plan are we reporting XXXX aftermarket have results stock through company estimates the This issued and February million On of total coinciding We we allowing January next preferred through offering for $XXX.X million in February C we to and stock January program on that Series Series value current update offering X% release mid-March. XX, our after XX, After another provide estimated updates the we XX. shares of shares XXXX, book December. which XX, net which

of $XX the of X,XXX,XXX stock That on a be effective February all of $XXX.X redeemed outstanding redemption at total the announced XX, will Series redemption XXXX. share preferred also shares We million proceeds. of B for per

full of that as on of XX, date B final the record XXXX. to Series dividends The holders paid stock February be preferred also will monthly

of $X.XX quarter, month We quarter each We've share. in $X.XX fourth share Series we of value. the during and million XXXX, per the common common C a per February of for of February monthly stock contractual and for of XX,XXX share. also and XXXX March, also During months per at for common a purchased announced discounted of the of common the shares preferred the the $X.XX rate dividends total at $X.XXXXX $XX.X dividends the dividends rate or per paid March at fourth XXXX that's book share

to strategy and over our who portfolio call matters. David? Scott, will and me discuss let ARMOUR’s Now other David, Jeff, Mark current turn positions,

David Sayles

U.S. highs; record far it's actions everyone. replenishing declined to year recent indices quarter, a levels and to bank markets, trading credit U.S. widest reserves, pushing into morning as spread coordinated In and the rate X% volatility corporate the to federal XX two consistent climb aimed well a risk a its overnight boost maintained policy, between the treasuries sharp in on of throughout range year tightened yield between treasury debt year delivered new reserve’s XX basis XXXX and equity for spreads the interest XX purchases points, XXXX. Major repo below The as trends. pre-crisis X.X% short-term Good support at liquidity fourth with rate commitment lower XXXX. a treasury to of its and quarter well

elevated XX the process was CPR generated our for easing refinancing advances in portfolio prevailing XX.X average prepayment mortgage in responsible our while expanded stayed technological federal rates refi on securities effect fourth X.X% somewhat to at activity, between rate borrowing healthy industry the QX the mortgage origination MBA its applications supporting X%, operational quarter, from a capacity home XX.X mortgage year Headlines average. levels. declining reserve policy an The index The efficiently. up around rates media CPRs strong more and at

rates. prepayments of mortgage quarter in ramp-up these to first seasonally trends QX recent expect muted the We with in decline in along the reflective

seasoned important ratios. have characteristics XXXX These $XXX,XXX it FICO serves roll was or market for dollar as prepayments. collateral, excluding that mute ARMOUR’s TBA the agency max, is scores mind, in carry, to UMBS of supply; alternative an had portfolio, XX, low XX% include impact balances prepayment that TBA the than less pools. which over XXXX favorable equal pools that penalties, convexity and roll loan note With to extremely favorable a and owning on specified year have sharply introduction an of as loan-to-value adverse to specified January

at as valued, current premiums ability. don't specified used fully we've of supply foresee levels and dynamic expected this Although changing refinance we

very consists and XX-year nearly current value market with basis XX% above gross points MBS January portfolio coupons negative XX% of market of As of a multifamily XXst, value low does with convexity; diversified origination in rates. in pools; XX-year mix; MBS a XX% our asset new well XXX in

of level these in Our prepaid analysis burnout latter suggests high securities. a

when on far us their aggregate negative XXXX our in focus QX a well greatly collateral treasury coupon Our convexity mortgages more has through served mix underperformed so improving hedges. defensive portfolios asset selection lower and

gap the During average average. OAS and fourth quarter ARMOUR's tightening points X.X approximately of sheet across basis approximately X up duration balance saw its deposit years holdings on

weaker volatility ranging coupon value the to across from from on OAS drivers basis Benefiting points points XX-year with decline as offset while produced XX stack. lower and rate by tightening between our the the bonds somewhat in recorded of in premiums. XX extremely book pass-troughs changes points performance XX were to were portfolio basis spread performance DUS tightening, priced minimal high up pass-troughs with basis curve primary XX-year bonds the steeper gains the spread benefited interest

In points. basis the fourth risk quarter, tightened transfer seasoned holdings credit our approximately XX

seasoned to spreads interquarter volatility us in addition, exceeded add fears prepayment market opportunities projections. presented In CRT own with when the the vintages our

bonds ARMOUR backed ever first its first quarter CRT and fourth commercial kind Additionally, during seasoned of in Fannie the purchased deal. the CRT deal Mae’s HARP mortgage

we great There the value has tightening in continued mortgage-backed and classes been in in product XXXX. the these Given also the tranches. saw curve of asset considerable flattening credit MX

seasoned protection from CRTs majority We home they and price continue as hold to excellent offer the credit deriving of deleveraging. appreciation our

Our legacy our well continues portfolio, is perform is additive the to portfolio of to relative income. small but overall and non-agency to size

reserves year-end the avoid effective availability The pressures remove relative were a in alleviate Fed's around September the a to crisis enough repeat the to funding actions make questions and of year-end funding sufficiency banking non-event. and and of

to Securities the repo This available considerably was us elsewhere to excellent affiliated term longer markets. capture the in the priced broker-dealer, alternative funding higher year-end overnight an cost turn. Buckler during low Our allows funding

for become every The activities our stronger Buckler affiliate funding positives of having quarter.

a During $XXX.X million X XX% called a the fixed-fixed XXXX, Preferred of XXX issued we million Series X/X X% Series coupon. all of proceeds total issue. and or February with QX the XXth net of in B amount we C called B with this of issue our we year, Preferred January XXth of Between Series

been had classes we QX with B because modestly just when than moderately investible less of the were is time replaced asset our appeared recently a our XX% Series we spreads middle reason in tightened of The attractive they'd increasing Series – in exposure. C and the XXXX

However, to we of the on capital. assets from sheet selling majority with B smaller the instead capital the Series mortgage call, base already maintain had slightly Series assets our B of balance the we due vast associated

These environment earnings. providing spread assets nice purchased are in a wider a for breeze

preferred fees can earnings increase the our can capital. net the for cost the to invest opportunities investments to we Whenever result themselves, shareholders. yield for common a issue of exceeding is As avail we accretive at more preferred, leverage stock

modest coupon makes fixed new goal. X% Our relatively that a

funds quarters rates. rate the funding fed providing of Over the we fed steady, couple us with next attractive the to keep very expect

earnings We environment for see volatility. also who consistent out its the expect We trading low wish very believe range. yield should this our shareholders maintain play to book recent well to value curve and

now our any we'll take concludes prepared that questions. Operator remarks,

Operator

question Harter Thank of the Suisse. with you. first Please line [Operator Crédit Instructions] Our from Douglas comes proceed.

Douglas Harter

Thanks.

preferred. preferred those the about, more when about of versus were have today and of Can kind and February talk the a unfolded? kind How yields doing last attractiveness points the made of investment of issuance? the of see the you how timing you have opportunity to one of kind issue performed January you you as Just

Jeff Zimmer

Hey, good Doug, here. morning, its Jeffrey

when underwriting underwriting paying would on an things So the you preferred, initial fee approximately full of you're of aware the preferred; believe I X.XX%. do couple you on be a

million would we for initial plus which internally X% million the to as do more be XX then issue some cost opportunities to the issued, you XX at spend another subsequently issuing, the about shareholders did and markets, it that issue $XX million see we our we as effective we just can issue of worth. thought after So saw

than to good going were And bring fourth answer just portfolio there the and that some has tighter your adding in quarter on the of as about Spreads I discussion note might questions. aggressively now. of we're what's a it's to right probably lot are not time in and market, think the I David DUS discussed. a up now they been

par money As pass-through DUS re-securitizations coupon the there been you've you know, has the selling some people been engineered and and keeping where at IO.

have the deal. and a broker-dealer looked times We we engineered sold of of went recently this off DUS did and actually who numbers numbers Having from better at then a all a some reverse that. some inquiry ahead to that, were selling on we felt reverse subsequently

Series ahead not some us assets. little when bit, issuing C $XXX and And with things of million the loosen powder to the flexibility can we more are some dry advantage that B shares full sell make and a or some take So some a tighter. it's some shares, buy issue by go given new to areas Series stuff, C up

Douglas Harter

you, thank and sense, makes That Jeff.

you terms You of through just thought new between why kind reduce the reducing of help just process it. thought not that of you went in when issued balance there. sheet, balance could the process the sort kind of When assets of you versus the the of – with sheet redeemed kind just

had spreads previously thought they were bit less been? little a your attractive If than

Jeff Zimmer

in that not Maybe less invest moment start selling maybe enough attractive at time, attractive completely assets. to but to in

numbers as leverages January are the at if up. you just at year. So of look slightly down the is back you And see can actually end the

course you If a release the ahead because at the the February, leverage back go up at we little end which of whole didn't we Series in the look and fulfillment. bit is numbers B hold mid-March, will of see you'll

on that improve you please? And Mark could

Mark Gruber

expect prepayments to Just typically, we one increase. other do

as increase. So deliver instead assets naturally of just those selling we'll

Douglas Harter

Thank sense. makes right, All you.

Operator

Thank you.

Our from comes of line next with JMP Securities. Please Trevor question the Cranston proceed.

Trevor Cranston

rates going it thinking first like as come to sheet, how it the Question rates have you thanks. somewhat around, balance comfortable Are just you're Could modestly the Thanks. managing positive share on down? somewhat thoughts slightly looks quarter your obviously throughout on how generally you duration negative that the of about it a running that? you're the to that kind range view negative have rates come as be Hey, or the net down on number in it's rallied. quarter gap fourth and bound keeping are was

Jim Mountain

We got explicitly interest target when avoid end targeted so point to and our comfortable risen the add a virus you've rate getting rate moderated. it the We has pattern also mortgage call have sharp little we portfolio run too duration at keep a definitely But wanted forth. But by duration We're with that some curve. problems with is one the part a gap increase did curve in movements. of of course that target negative did the at which bit to permit duration that and negative. varies risks of this motivated movements, shorter with from the front the inversion of shortened to

target X.X somewhat less the than might've right quarter. been it now is maintaining last for incentive the So

David Sayles

value has here, so the I some we vast it's think of that albeit work the treasuries book the we've one through in and far with started helpful. year running market point and the that At added nice know would small been we performance when majority the own size. I team still had And done very those

Trevor Cranston

Okay. I of the how how you of Can increase. to you guess made the to provide they're that got, months? likely over fall then Thanks. prepaid terms you are Got when color they they expecting last Kind additional fast And comment around to speech in peaked? relative just fast that any get coming few you.

David Sayles

for the on coming a number around arising hefty way as material mortgage and it get The April look to and estimates to experience quite a of somewhat similar have is bit projected out Effectively not any primary rates given that that a that XX%. that take way prepayments in quite refinancing. in with that One recently is a than of is likely fairly sell-side rate seen handle participants increase there's declines the already the are up we’ll probably not was dramatic we've had we fall. at lower

people – much refinance. probably to majority the this those incentive of lot a point So don't at have

it So I the in kind the seasonal. the the because environment of be third we of level don't will to that both quarter. and pick definitely going some up rate lower think it's nosebleed saw But

Jim Mountain

use securities that to generic we the effect the course you a in of compared of which for proportion translate probably And amount have have we'll portfolio the to really estimate. well, represents protected as significant prepayment and

David Sayles

number. way for of than prepaid mean I quarters three Yes. more is XX% the portfolios it was tech in big ago, some

Jim Mountain

We of third most the been our protected paper. purchases quarter have – prepayment since in

Trevor Cranston

first the Okay. Got you. Thanks. And book after then last question, you guys why commented that just that you value you're monthly the make anticipating going to chosen commentary provide decision Can around you you forward? discontinuing quarter. any disclosure have

Jeff Zimmer

sure stock don't we're is shareholders volatility. not that people from who saying those have that other trying consistent firms and we're industry we month than people Good bit with Jeffrey. more Alright, It volatile It’s you morning, from reports to who the noticed is doing be looks publish your Trevor. what we did benefit and practice that and quite publish yours bankers this every here. like a at actually

to as to best go quarterly. points we'll these what the the So going rest if of be on the shows to We that those I it's have make result, however, just industry of and occasionally we does are consistent with go in produce do and release shareholders interests see road time information. in numbers and presentations at a and

Trevor Cranston

Makes thank sense, Okay. you.

Jeff Zimmer

You're welcome.

Operator

you. Thank

the of JonesTrading Please Institutional from line comes question proceed. next Services. Our Stewart with Jason

Jason Stewart

a a on Thanks. just time target where good percentage preferred us update stack? the give capital Hey, over of preferred. Could morning. One you as an on the follow-up you

David Sayles

above XX.X% lowest been we've it's the We've certainly amongst word see XXXX. is internally the of right being high and structure of believe XX.X%, talked we the is capital favorable total since management more level. board; very I XX% now, the and as course team, it had it can't that much

Jeff Zimmer

XX think a – million look the issue reservoir to where reason I And now, that that, we beyond memory if that's with decided is. think corporate serves of you go established of reserve was there current certainly established current But the a that action. if could you the at Series when total I if it, we new reservoir to shares the number C we add

David Sayles

ask, think have a bit lower. different than like will. go is or were what little basis One doing a floating, question, interesting we this future at point a rates the will think in probably rest quarters deal we I the three points But to shareholders. are topic want terms that's that We're we issuing the little of could perhaps actually you never is, group done for holds If our of what knowing to issue a prefers. XX at kind we never six fixed-fixed. risky. and seems they up our and It We of like fixed

buying, the if of issuing buy floating like want the we we So to we'd fixed-fix, were fixed course.

Jason Stewart

good the Right. a Thank the And is it Is to the looked you'd or was January fourth relative in quarter. there in that That's distinction. rate, the you rates, then January nice for continue February? to it. on something that drop of of for a sort to end like drop baked what's expect repo

David Sayles

December in referencing or update number? So are you the the monthly January XXst

Jason Stewart

Correct.

David Sayles

Yes.

turn. that So the incorporates

a that's some did XXst open number the of repos just turn. we spot one-day for January and have as So

of So just as rate that December January spot – is for the whole XXst. as of the portfolio

what there. quarter. So the in some it – that doesn't is incorporates number for the average numbers is entire incorporate not That year-end turn weighted

in QX for the reported. the look way there. was than number So from that if And number you the QX lower also number be K, will overall definitely down the at

Jim Mountain

Yes.

we of couple Let [indiscernible] bit them a little What did us me a called we that. this. and actually through and explain walked on more

on In and I night then forward the day, later, that took did next the bonds were we trades financing three and we low business December started ended words, think of billions of dollars was trades. they nights, October/November XXst in up that on very, So other to in very overnight two rates. at period days some two did them which

snapshot what just nights X% So that X% those low-XXX we we December don't because when did two and a numbers of high-XXX, nights. anywhere were on between paying those see it. that's for in you And two number depending were on XX,

can and way we September broker of the take trusted in want the because it to only over highlights any because Buckler highlighting XXth, did what we of risk, year-end XXth This an financing. particularly billions overnight events wrong. to we But also through on benefit didn't of take advance, dealer go dollars on affiliated

Jason Stewart

Right.

I little So a GC, XQ there anything to that where understand the played to guess, I in to so, lower. I XQ the was trend like out, January would expect I guess XXX GC in change that where relative more maybe asking you mid-XXXs, is relative is?

Jim Mountain

our the very pretty for it's no you we by XXX should because March, right the in would again XXX, issues very, Repo and flat. out of short-term Jeff there's and end there’s been all line benign, numbers straight just those early no real at February, The flat. and be the like now kind were is all rolled-off did is year-end the done over way, they numbers get probably – XXX, and see curve to rates of of by once we'll said, right very February put trades now

Jason Stewart

question. my Got answers Thanks. it. That

Operator

you. Thank

proceed. of Our Instinet. with next Matthew line Howlett the from question Please comes

Matthew Howlett

taking my Thanks question. for

It that higher we're the Just year? done to at. down be looks like knuckle funding XQ but if February cost trajectory believe in the to early only is looking that sustained pretty come your numbers, of fairly well, would rate on the here well, anything in there that for margin

Jim Mountain

side. think I on you're cost the correct funds So of

as said spreads in a to increase. asset side, the we we it's a we when QX harder to assets prepayments because, little in lot and were wider expect say QX of only bought On do

I I see expect come definitely So, it a but crashing NIM to to won’t go lot, higher go, down. wanted

Jeff Zimmer

don't eye going right. is curve do the as course, to this an and right we you thing other We term of it of about is there's determinant, less what keep now. right on be premium think control shape One capture part a that's of but and to

Jim Mountain

a We account. were that in in better QX on place

Matthew Howlett

stack, could Got just it. mean prepayment Right. time we ways out get we lower at are sort there, I the when tenure. value Jeff we get point waiting of and look to I mean, is the growing adding this you spring at your merge this of for relative comments, more sort you could on some portfolio. only across a and look in coupon

Jeff Zimmer

– ability good buy core because a the to we because we Well, discussed still we just Series but couple source Series didn't these as so for all now, back, issue C, run-off as B income. much a have of earlier, right I months, while maintaining did

we the and the wave past increasing to other some issuing we more that if upright, advantage profile provides case believe selling it mortgages certainly buying will have has in in or opportunities adjusted faster and include could that, include been risk opportunity think and do the times to good. add could C However, include want prepayment and most Series go that could looks mortgages take that we of of our our that the more, we it leverage ahead

Matthew Howlett

residential CRT, doing commercial CRT. to Got the move the GSEs get just you're They sense. this then the point? much – how Would the innovating And difference that and interesting someday spreads that's know constantly CRT, it, sort space, that like in the down is seasons, that like so would it's capital it get or I limited you that about in terms talk commercial more doing extending at or makes the stack? mean involved between of the and to tight just program, are you larger

Jeff Zimmer

traditional the convexity The characteristics we diversification. different. as Well, exposures both are look very of at in a compared value are context, to source different, structures of do as it well deals residential as relative of say the very

a compressed. are we've of the all all to and to So the corporates active. and is kinds there yield, credit market way terrific opportunities, to with product sector be historically high total a ranging that it's in though been seen There getting it rally core benefits staying are in continuing also return

going So we are stay active sector. very in to the

couple We have come felt of stepped that didn't last that from to the we we be want to have transactions just man buying. back a market where

So resources we've more, allocated a this some just mean to it is and to allocate continued focus I in us. it is, resources fact human for

Jim Mountain

the hot and very they're the shorter interesting of because space deals commercial like are pieces paper. do We

you're So kind commercial X.X the looking versus at year versus the is directory than part, residential. longer of longer the paper

deal last how next residential, a the due So quite the days, than pre-talks. deals XX came the in new wider the bit see XX days that we'll

Matthew Howlett

is –how in are space, it's still haircuts rates, How that steady? financing liquidity or how just holding

Jeff Zimmer

portfolio, it's More investment In our better. bought beyond portfolio said one as think I it. unrated, And was a general, Tranche in grade. gotten maybe when we everything now

So all better portfolio. gotten our existing for time the over financing has

the that. new still It is for – great For financing it's stock, works.

we're XX, haircuts mean think, sort ready portfolio now some our upgraded XXX, early I well been half so your of to is cases they in I even and in we're XX of originally what at years to the So, of be. one financing it used XX, investment, XXX paper, buying XXX, on XX% than XXXX some are funding earliest at has more some

So that every benefits in way. us

Matthew Howlett

for Jeff, appreciate comments been Thanks it's a for acquisition you guys. terrific the Yes, it. trade

Jeff Zimmer

Thank you.

Operator

from Company. Christopher [Operator Thalmann Our Ladenburg you. comes Nolan line proceed. Please Thank the question Instructions] & next with of

Christopher Nolan

on clarification intending question. a of your just guys, Hey about type expanding portfolio or Are in thinking you guys securities? non-agency Matt's

Jeff Zimmer

tremendously the a We'd quite is had front. on credit the we've securities. We there. experience all guys categories more a We going at there. little the we and mortgage assure see credit opportunity like, with across like yield benign up love still just we stack, to to. the positive view look see we're Yes, to the environment to all you I be asset across everything, that first can show when We

Christopher Nolan

that don't am funding themselves lend am And correct, I they're really – securities, I that? to Great. for incorrect non-agency repo these on or they

Scott Ulm

in Repo a ways than these is for on on attractive product non-agency somewhat And yield as the a they the plentiful more non-agencies them makes higher are – available many to securities street dealers somewhat agencies. indeed days.

Jeff Zimmer

old always ever we in we've began JAVELIN buying our funded Well, the agencies, portfolio. them, since

Jim Mountain

inquiry and reverse Mae, agencies, balance the but Scott your discussed. cute, mean people rather I'd proposition CRTs, I are saying, as sheet better Ginnie, threes against are them you're for Yes, lend not

Christopher Nolan

Interesting.

Okay, mean? leverage do last TBAs, is think Including you going? question. Where I

Jim Mountain

this earlier, equity look if not So our from go I base, noted you up. shareholder common leverage down here, versus at capital would just flat-to-slightly

forward of C’s, half our called, at look all you inclusive be see you Series Series if which holistically. leverage of B's, much slightly capital the we issued as look XX% approximately If up, would the the you would

indicated utilize prepayments, we'd also widening opportunity [indiscernible] David? the we go a if convexity assuming faster there like to is that I As can use indeed will due – securities wider and that to some earlier, to at appropriately. in we ahead hedge invest

David Sayles

with the It's decisions though we target, we in a at a other use much a in independently. turn so we're making. isn't range conjunction there's Leverage which operate. not It's we dial dial that

think product, two. month now, more the see will attractive we've got right more I in leverage when the we we which we're anticipate where flexibility glad next to some so And on be are start because to or we probably happen to take

Christopher Nolan

you. Thank taking Great. questions. Thanks my for

David Sayles

you. Thank

Operator

I Thank further this at time. showing am questions you. no

Jim Mountain

we'd We appreciate all in ARMOUR for call you joining much Residential REIT, this and questions and give conversation. goodbye. thank at Well, always enjoy as morning. very office us quarter, later us occur interest throughout time, Until if the everyone's on the the next to or other a you

Operator

conclude your the participation and ask disconnect please thank your you does for for conference today. that lines. That you We call

ARMOUR Residential REIT (ARR) 20 Feb 202019 Q4 Earnings call transcript