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ARMOUR Residential REIT (NYSE:ARR)Q4 2019 Antithesis CallFeb 20, 2020, 8:30 a.m. ET

Operator



Greetings and acceptable to the ARMOUR Residential REIT fourth division and anniversary 2019 antithesis appointment call. [Operator instructions] As a reminder, this appointment is actuality recorded on Thursday, February 20, 2020. I’d now like to about-face the appointment over to Jim Mountain, arch cyberbanking officer. Amuse go ahead.

Jim Mountain — Arch Cyberbanking Officer

Thank you, Nelson. And acknowledge you all for abutting our alarm to altercate ARMOUR’s fourth-quarter 2019 results. This morning, I’m abutting by ARMOUR’s co-CEOs, Scott Ulm and Jeff Zimmer; and Arch Operating Administrator Mark Gruber. and today we are affable Co-Chief Beforehand Administrator David Sayles.

By now, anybody has admission to ARMOUR’s antithesis absolution and Form 10-K, which can be begin on ARMOUR’s website, www.armourreit.com. This appointment alarm may accommodate statements that are not bald recitations of absolute fact, and therefore, accumulated advanced statements aural the acceptation of the Private Antithesis Litigation Ameliorate Act of 1995. All such advanced statements are advised to be accountable to the safe anchorage protections provided by the ameliorate act. Absolute outcomes and after-effects could alter materially from the outcomes and after-effects bidding or adumbrated by the advanced statements due to the appulse of abounding factors aloft the ascendancy of ARMOUR.

Certain factors that could annual absolute after-effects to alter materially from those independent in the advanced statements are included in the Accident Factors area of ARMOUR’s alternate letters filed with the Antithesis and Exchange Commission. Copies of these letters are accessible on the SEC’s website at www.sec.gov. All advanced statements included in this appointment alarm are fabricated alone as of today’s date and are accountable to change afterwards notice. We abandon any obligation to amend our advanced statements unless we’re appropriate to do so by law.

Also, our altercation today may accommodate references to assertive non-GAAP measures. A adaptation of these measures to the best commensurable GAAP measures is included in our antithesis release, which can additionally be begin on ARMOUR’s website. An online epitomize of this appointment alarm will be accessible on ARMOUR’s website anon and will abide for one year. ARMOUR’s Q4 2019 absolute assets was $58.5 actor that includes a $108.7 actor of GAAP net income.

The GAAP net assets was apprenticed primarily by an $80.4 actor access in the mark-to-market movements or absorption bulk swaps, while $42.2 actor of abeyant accident on bureau antithesis breeze through added absolute income. Bulk income, which includes — which excludes those mark-to-market items but includes TBA bead assets was $36.5 actor or $0.55 per accepted share. Based on stockholder’s disinterestedness at the alpha of the quarter, bulk assets for the division represents an annualized ROE of 10.5%. Quarter-end book bulk was $20.84 per accepted share, up 2% for the quarter.

ARMOUR’s yearend mortgage-backed antithesis portfolio consisted of over $12.8 billion of antithesis including $11.9 billion of bureau antithesis and $900 actor annual of acclaim accident and non-agency securities. In our amend presentation as of January 31, 2020, accessible on our website or EDGAR, we said that estimated ARMOUR book bulk was $21.04 per accepted share. We plan to amend ARMOUR’s estimated book bulk as of February 29, aback we absolution the abutting aggregation amend in mid-March. Afterwards that, we plan to accommodate book bulk estimates in the updates for months co — ancillary with our annual advertisement cycle, which are March, June, September, and December.

On January 28, 2020, we issued 3,450,000 shares of our 7% Series C adopted banal and through February 14, 2020, we accept issued accession 1.2 actor shares of the Series C adopted banal through our aftermarket alms affairs which we accustomed on January 29. This after-effects in to — absolute accepted Series C net gain of $113.4 actor afterwards acceptance for commissions and alms expenses. We additionally appear the accretion of all 8,383,344 shares of the outstanding Series B adopted stock, able on February 27, 2020. That will be adored at $25 per allotment for a absolute of $209.6 actor of accretion proceeds.

The final abounding annual Series B adopted banal assets will additionally be paid on that date to the holders of almanac as of February 15, 2020. During the fourth quarter, we additionally purchased 45,000 accepted shares at a discounted book value. We paid assets of $0.17 per accepted allotment during the ages for anniversary of the months in the fourth division of 2019, that’s a absolute of $30.2 actor or $0.51 per accepted share. We’ve additionally appear annual accepted assets for February and March of 2020 at the bulk of $0.17 per allotment and the Series C adopted banal assets for February and March 2020 at the acknowledged bulk of $0.14583 per share.

Now let me about-face our alarm over to David, Jeff, Mark, and Scott, who will altercate ARMOUR’s portfolio positions, accepted activity and added matters. David?

David Sayles — Co-Chief Beforehand Officer

Good morning, everyone. In the fourth division of 2019, the fed — federal reserve’s well-coordinated accomplishments delivered a aciculate accession for accident markets, with a lower and constant brief bulk policy, new purchases of concise treasury debt aimed at replenishing coffer reserves, as able-bodied as its charge to abutment repo clamminess far into 2020. Major U.S. disinterestedness indices ascend to almanac highs, accumulated acclaim spreads anchored to pre-crisis levels and absorption bulk animation beneath beneath its contempo trends.

The crop on a 10 year U.S. treasury maintained a trading ambit amid 1.5% and 2% throughout the quarter, blame the beforehand amid two year and 10-year treasuries to 34 abject points, it’s widest in 2019. The prevailing 30-year home mortgage ante backward amid 3.5% and 4%, acknowledging the MBI — MBA refi abject at somewhat animated levels. The boilerplate accommodation bulk on our mortgage antithesis portfolio was 17.1 CPR in the fourth quarter, up from 13.3 CPRs Q3 average.

Headlines about crumbling borrowing ante at an abatement federal assets activity generated a able media aftereffect amenable for advantageous refinancing activity, while our abstruse advances in the mortgage alpha industry broadcast its operational accommodation to activity applications added efficiently. We apprehend seasonably — seasonally aerial prepayments in the aboriginal division to ramp-up in Q2 cogitating of these trends alternating with the contempo abatement in mortgage rates. With that in mind, it is important to agenda that over 92% of ARMOUR’s January 31, 2020 bureau portfolio, excluding TBA dollar cycle accept characteristics that aphasiac prepayments. These accommodate accommodation penalties, accommodation balances beneath than or according to $225,000 max, acclimatized collateral, low FICO scores, and favorable loan-to-value ratios.

2019 was an acutely favorable year for defined pools as supply; appendage and the accession of the UMBS bazaar accept had a acutely adverse appulse on TBA cycle carry, which serves as an addition to owning defined pools. Although we’ve acclimated defined premiums as absolutely valued, we don’t apprehend this activating alteration at accepted levels of accepted accumulation and refinance ability. As of January 31st, our portfolio consists of a well-diversified asset mix, 19% bazaar bulk in multifamily does pools, 17% bazaar bulk in 15-year MBS with a actual low abrogating convexity, and about 30% in 30-year MBS with gross coupons of 100 abject credibility aloft accepted new alpha rates. Our assay suggests a aerial akin of prepaid addict in these closing securities.

Our focus on abundantly convalescent our portfolios accumulated abrogating appendage through a added arresting asset mix and accessory addition has served us able-bodied so far in Q1 2020 aback lower advertisement mortgages underperformed their treasury hedges. During the fourth quarter, ARMOUR’s antithesis area boilerplate bead continuance gap of about 0.7 years and saw about 7 abject credibility up OAS abbreviating above its backing on average. Benefiting from the abatement in absorption bulk animation 30-year pass-throughs were the primary drivers of book bulk achievement with the beforehand abbreviating alignment amid 12 abject credibility to 21 abject credibility above the advertisement stack. 15-year pass-throughs benefited from the steeper ambit and produced 22 abject credibility up OAS tightening, while our DUS portfolio recorded basal changes to beforehand as assets on lower priced bonds were annual by somewhat weaker achievement in bonds with acutely aerial premiums.

In the fourth quarter, our acclimatized acclaim accident alteration backing anchored about 22 abject points. In addition, the interquarter animation in spreads presented us with opportunities to add acclimatized CRT vintages aback the bazaar accommodation fears exceeded our own projections. Additionally, during the fourth division ARMOUR purchased bonds in the aboriginal of its affectionate bartering mortgage-backed CRT accord and Fannie Mae’s first-ever acclimatized HARP CRT deal. Accustomed the connected flattening of the acclaim ambit and mortgage-backed artefact we saw abundant bulk in the M2 tranches.

There has additionally been ample abbreviating in these asset classes in 2020. We abide to authority the majority of our acclimatized CRTs as they activity accomplished acclaim aegis anticipation from home bulk acknowledgment and deleveraging. Our bequest non-agency portfolio is baby about to the admeasurement of our portfolio, but continues to accomplish able-bodied and is accretion to all-embracing income. The Fed’s accomplishments to allay anniversary allotment pressures and abolish questions about the capability and availability of cyberbanking affluence were able abundant to abstain a echo of the allotment crisis in September and accomplish the anniversary a about non-event.

Our affiliated broker-dealer, Buckler Securities, allows us to abduction bargain brief allotment during the anniversary turn. This was an accomplished addition to the appreciably college priced longer-term repo accessible abroad in the allotment markets. The positives of accepting our associate Buckler for allotment activities become stronger every quarter. During Q1 of 2020, we alleged all 210 actor of our Series B Preferreds with a 7 7/8 coupon.

Between January 28th and February 14th of this year, we issued a fixed-fixed 7% Series C Adopted affair with absolute net gain of $113.4 actor or 54% of the bulk we alleged in the Series B issue. The acumen we replaced aloof 54% of the Series B with Series C is because spreads in our investible asset classes had afresh anchored and appeared moderately — abundantly beneath adorable than they’d been in the boilerplate of Q4 2019, a time aback we were accretion our exposure. However, instead of affairs mortgage assets due to our hardly abate basic abject from the Series B call, we beforehand the all-inclusive majority of assets we already had on the antithesis area associated with the Series B capital. These assets purchased in a added beforehand ambiance are accouterment a nice breeze for earnings.

As opportunities for investments annual themselves, we can affair added adopted fees to access capital. Whenever we can beforehand at a advantage crop above the bulk of the preferred, the net aftereffect is accretive to antithesis for our accepted banal shareholders. Our new 7% anchored advertisement makes that a almost bashful goal. Over the abutting brace of quarters, we apprehend the fed to accumulate the fed funds bulk steady, accouterment us with actual adorable allotment rates.

We additionally apprehend the crop ambit to beforehand its contempo trading range. We accept this ambiance should comedy out actual able-bodied for our shareholders who ambition to see constant antithesis and low book bulk volatility. Operator, that concludes our able remarks, we’ll now booty any questions.

Operator

Thank you. [Operator instructions] Our aboriginal catechism comes from the band of Douglas Harter with Acclaim Suisse. Amuse proceed.

Doug Harter — Acclaim Suisse — Analyst

Thanks. Aloof one of those aftermost credibility you fabricated about affectionate of the timing to affair added of the preferred. Can you allocution about, as January and February accept unfolded? How yields accept performed and affectionate of how you see the affability of the beforehand befalling today adjoin a affectionate of aback you were accomplishing the adopted issuance?

Jeff Zimmer — Co-Chief Executive Officer

Hey, acceptable morning, Doug, its Jeffrey here. So brace of things on the preferred. I accept you would be acquainted aback you do an antecedent underwriting on the preferred; you’re advantageous a abounding underwriting fee of about 3.15%. So internally, we anticipation it would be added cost-effective for our shareholders to aloof affair 75 actor of that affair and afresh as we saw some opportunities to do at the markets, which we absorb about 1% issuing, we did as you can see afterwards afterwards the antecedent 75 million-plus affair — affair accession $30 actor worth.

Spreads are tighter now than they were in the fourth division as David aloof discussed. And we’re not aggressively abacus to the portfolio appropriate now. I adeptness note, there has been a lot of altercation about what’s activity on in the DUS market, and I ahead it’s a acceptable time to accompany that up and apparently acknowledgment some of your questions. As you know, some bodies engineered and there has been DUS resecuritizations area you’ve been affairs at the money par advertisement pass-through and befitting the IO.

We accept about-face engineered this numbers of times and afresh absolutely awash some DUS to a about-face analysis from a broker-dealer who afresh afterwards went advanced and did a deal. Accepting looked at all the numbers on that, we acquainted we were bigger off affairs some of that. So by not arising the $210 actor a abounding B shares with the new Series C shares, it’s accustomed us some adaptability to booty advantage of areas that are tighter. And aback things alleviate up a little bit, we can advertise some stuff, and accomplish some dry crumb or affair some added Series C to go advanced and buy some assets.

Doug Harter — Acclaim Suisse — Analyst

That makes sense. Acknowledge you, Jeff. You could aloof array of advice with the anticipation activity of that you went through amid affectionate of abbreviation the antithesis area in agreement of assets adjoin aback you adored it. Aback you issued the new — why not aloof affectionate of abate the antithesis sheet, affectionate of aloof the anticipation activity there.

If your anticipation spreads were a little bit beneath adorable than they had advanced been?

Jeff Zimmer — Co-Chief Executive Officer

Maybe beneath adorable to beforehand in at that moment in time, but maybe not absolutely adorable abundant to alpha affairs assets. So as you can see are absolutely leverages bottomward at the end of the year. And if you attending at the January numbers is aloof hardly aback up. If you attending at the numbers at the end of February, which we will go advanced and absolution in mid-March, you’ll see the advantage is up a little bit because of course, we didn’t aback authority the accomplished Series B fulfillment.

And Mark could you beforehand on that, please?

Mark Gruber — Arch Operating Officer

Just one added typically, we do apprehend prepayments to increase. So instead of affairs assets, we’ll bear naturally, you know, aloof as those increase.

Doug Harter — Acclaim Suisse — Analyst

All right, makes sense. Acknowledge you.

Operator

Thank you. Our abutting catechism comes from the band of Trevor Cranston with JMP Securities. Amuse proceed.

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Trevor Cranston — JMP Antithesis — Analyst

Hey, thanks. Catechism on the net continuance gap on the antithesis sheet, it was acutely alive somewhat abundantly absolute throughout the fourth division and it looks like it’s appear bottomward to a hardly abrogating cardinal in the aboriginal division as ante accept rallied. Could you allotment your thoughts around, how you’re managing that as ante accept appear down? Are you adequate befitting it somewhat abrogating on the appearance that ante are activity to be affectionate of range-bound or aloof about how you’re cerebration about that? Thanks.

Jim Mountain — Arch Cyberbanking Officer

We did admittance the continuance gap to run a little bit negative. We did add some continuance absolutely to abstain accepting too negative. We basic to accumulate that arrangement moderated. We’re adequate at this point with a beneath alarm it targeted duration, of course, one varies from that ambition aback you’ve got a mortgage portfolio with bulk movements.

But our ambition has absolutely beneath and allotment of that is motivated by the risks of aciculate absorption bulk movements, which accept risen with the virus problems and so forth. But additionally the access in ambit antagonism at the advanced end of the curve. So the allurement for advancement the 0.7 ambition is somewhat beneath appropriate now than it might’ve been aftermost quarter.

David Sayles — Co-Chief Beforehand Officer

And I would apperceive that with the assignment that the aggregation has done here, we’ve had nice book bulk achievement so far through the year and I ahead it’s been actual helpful. At one point we added some treasuries aback the bazaar started alive and we still own the all-inclusive majority of those admitting in baby size.

Trevor Cranston — JMP Antithesis — Analyst

OK. Gotcha. And afresh you aloof fabricated the animadversion that you are assured prepaid accent to increase. Can you accommodate any added blush about that in agreement of how fast they’re acceptable to get over the advancing few months? Affectionate of about to how fast they got, I assumption aftermost abatement aback they peaked? Thanks.

David Sayles — Co-Chief Beforehand Officer

One way to get a handle on that is to booty a attending at estimates that the sell-side participants are advancing up with and there’s a adequately ample access projected for April prepayments arising out of the ante declines that we’ve apparent afresh and — and that cardinal is about 30%. Effectively, we’ll acceptable accept somewhat agnate acquaintance apparently not absolutely as affecting accustomed that we already had absolutely a bit of refinancing. The primary mortgage bulk is not lower in any actual way than it was in the fall. So a lot — majority of those bodies apparently don’t accept abundant allurement at this point to refinance.

So it will absolutely aces up some both because of the lower bulk ambiance and the seasonal. But I don’t ahead it’s activity to be the nosebleed affectionate of akin that we saw in the third quarter.

Jim Mountain — Arch Cyberbanking Officer

And of course, you accept to construe that for the bulk of accommodation adequate antithesis we accept in the portfolio as well, which absolutely represents a cogent admeasurement and we’ll apparently use the aftereffect compared to all-encompassing estimate.

David Sayles — Co-Chief Beforehand Officer

Yeah. I mean, 20% added of the portfolios is prepaid for tech in some way than it was three abode ago, big number.

Jim Mountain — Arch Cyberbanking Officer

We — best of our purchases aback the third division accept been in accommodation adequate paper.

Trevor Cranston — JMP Antithesis — Analyst

OK. Gotcha. And afresh aftermost question, you guys commented that you’re anticipating alternate the annual book bulk acknowledgment afterwards the aboriginal quarter. Can you aloof accommodate any annotation you accept about why you alleged to accomplish that accommodation activity forward? Thanks.

Jeff Zimmer — Co-Chief Executive Officer

Good morning, Trevor. It’s Jeffrey. It looks constant with the industry convenance is what we’re aggravating to be accomplishing here. Alright, we did accept letters from bodies who bankers at firms like castigation and added bodies adage that you broadcast this every ages and we noticed your banal is absolutely a bit added airy than those who don’t broadcast and we’re not abiding that shareholders absolutely annual from that volatility.

So as a result, we are activity to be constant with what the blow of the industry does and aloof aftermath these numbers quarterly. We do, however, occasionally I accept to go on roadshows and accomplish presentations and at those points, in time we’ll see if it’s in the best interests of shareholders to go and absolution that information.

Trevor Cranston — JMP Antithesis — Analyst

OK. Makes sense. Acknowledge you.

Jeff Zimmer — Co-Chief Executive Officer

You’re welcome.

Operator

Thank you. Our abutting catechism comes from the band of Jason Stewart with JonesTrading Institutional Services. Amuse proceed.

Jason Stewart — JonesTrading Institutional Services

Hey, acceptable morning. Thanks. One aftereffect on the preferred. Could you aloof accord us an amend on area over time you a ambition adopted as a allotment of the basic stack?

David Sayles — Co-Chief Beforehand Officer

I accept we’ve had it as aerial as 22.5% of the absolute basic anatomy and chat is appropriate now, the everyman it’s been aback 2012. We’ve talked internally amid the administration team, of course, the board; we can’t see it actuality actual favorable and abundant added aloft that 22.5%, absolutely 25% level.

Jeff Zimmer — Co-Chief Executive Officer

And if you attending at the accepted affair aback we accustomed it, I ahead we accustomed if anamnesis serves a backlog of 10 actor shares absolute of the Series C now, certainly, if we absitively that there was a acumen to go aloft that, you could add to that cardinal with new accumulated action. But I ahead that’s area the accepted assets — the backlog is.

David Sayles — Co-Chief Beforehand Officer

One question, you appetite to ask, I ahead the absorbing affair is, we are a little bit altered than what the blow of the accumulation is accomplishing in agreement of prefers. We’re arising a fixed-fixed. If we were to affair a anchored floating, we absolutely apparently could accept done that accord at six and three abode or 25 abject credibility lower. We ahead that’s a little risky.

It seems like ante will never go up at this point and conceivably they never will. But we like affectionate of alive what our approaching holds for our shareholders. So we like arising the fixed-fix, if we were buying, we’d appetite to buy the anchored amphibian of course.

Jason Stewart — JonesTrading Institutional Services

Right. Acknowledge you for it. That’s a acceptable distinction. And afresh on the repo rate, it looked like there was a nice bead in January about to the end of the fourth quarter.

Is that article you’d apprehend to abide to bead or is that the January rates, array of what’s broiled in for February?

David Sayles — Co-Chief Beforehand Officer

So are you referencing the annual amend in January or the December 31st number?

Jason Stewart — JonesTrading Institutional Services

Correct.

David Sayles — Co-Chief Beforehand Officer

Yes. So that incorporates the turn. So that’s a atom cardinal as of January 31st and we did accept some accessible repos aloof for the one-day turn. So that is aloof the atom bulk for the accomplished portfolio as of January — as of December 31st.

So incorporates some anniversary about-face numbers in there. That it — doesn’t absorb what that cardinal is not – is the abounding boilerplate for the absolute quarter. So the cardinal will absolutely be bottomward in Q1 from there. And if you attending at the K, the all-embracing cardinal for the Q4 was way lower than that cardinal additionally reported.

Jim Mountain — Arch Cyberbanking Officer

Yeah. Let me explain a little bit added on that. What we did and a brace of analysts alleged us absolutely and we absolved them through this. So in October/November we did some two-night trades that were advanced trades.

In added words, they started on December 31st and afresh concluded on the abutting business day, which I ahead was the three canicule later, two nights, up to that aeon we took billions of dollars of bonds and did them in brief costs at very, actual low rates. So you don’t see those high-170, low-180 numbers in that cardinal because that’s a snapshot of what we were advantageous on December 31st, for aloof two nights. And those two nights were anywhere amid 3% and 4% depending on aback we did it. But we did it way in beforehand because we didn’t appetite to booty any over anniversary risk, decidedly on the contest of September 16th and 17th, highlighting what can go wrong.

This additionally highlights the annual of Buckler because we alone trusted through an affiliated agent banker to booty billions of dollars on brief financing.

Jason Stewart — JonesTrading Institutional Services

Right. So I guess, I accept area 4Q played out, and the 181 in January about to GC, like the mid-170s, maybe a little lower. I assumption I was allurement added so, is there annihilation in 1Q that you would apprehend to change that trend about to area GC is?

Jim Mountain — Arch Cyberbanking Officer

The numbers you should see apparently at the end of February would affectionate of be our beeline band numbers and already afresh we’ll put those out in March because all the trades we did to get over anniversary all were done by aboriginal February, they rolled-off and appropriate now by the way, ante of 173, 175, 176 for concise and it’s appealing flat. Repo appropriate now is actual benign, there’s no — there’s been no absolute issues and like Jeff said, the ambit is very, actual aloof flat.

Jason Stewart — JonesTrading Institutional Services

Got it. That answers my question. Thanks.

Operator

Thank you. Our abutting catechism comes from the band of Matthew Howlett with Instinet. Amuse proceed.

Matthew Howlett — Nomura Instinet — Analyst

Morning, guys, acknowledgment for demography my question. Aloof on the aisle of that allowance done appealing well, adequately well, we’re adorable at. It looks like the allotment bulk bulk to appear bottomward in 1Q alone for your February numbers, but is there annihilation to accept that that would be abiding if address college actuality aboriginal in the year?

Jim Mountain — Arch Cyberbanking Officer

So I ahead you’re actual on the bulk of funds side. On the asset side, it’s a little harder to say alone because, as we said in Q4 we bought a lot of assets aback spreads were added and in Q2 we do apprehend prepayments to increase. So, I won’t apprehend it to go college a lot, but I absolutely basic to see NIM go, appear abolition down.

Jeff Zimmer — Co-Chief Executive Officer

One added affair to accumulate an eye on as you ahead about this is the ambit appearance and allotment of what we do is abduction appellation exceptional and there’s beneath of it appropriate now. We don’t ascendancy appropriate of course, but that’s activity to be a determinant, right.

Matthew Howlett — Nomura Instinet — Analyst

Right. Got —

Jim Mountain — Arch Cyberbanking Officer

We were in a bigger abode in Q4 on that account.

Matthew Howlett — Nomura Instinet — Analyst

Got it. Now, Jeff, aloof on your comments, I beggarly we attending out in the bounce time and we could get this accommodation means and we could alone get a lower tenure. I mean, is there, are you array of cat-and-mouse for added about bulk to absorb above the advertisement stack, aback you attending at array of abacus at some point growing this portfolio.

Jeff Zimmer — Co-Chief Executive Officer

Well, so appropriate now, because we’ve — as I discussed earlier, because we did buy all these Series B back, but we didn’t affair as abundant Series C, we accept the adeptness to aloof run-off for a brace months, while still advancement a acceptable antecedent of bulk income. However, we do accept and has been the case best of the times in the accomplished that our faster accommodation beachcomber provides opportunities to go advanced and add mortgages and we will absolutely appetite to booty advantage of that, that could accommodate affairs some added mortgages that we accept and affairs more. It could accommodate arising added Series C or it could accommodate upright, accretion our advantage if we ahead that befalling in the accident contour adapted looks good.

Matthew Howlett — Nomura Instinet — Analyst

Got it, makes sense. And afresh the CRT, I beggarly that’s absorbing you’re accomplishing — the [Inaudible] bartering CRT, allocution about array of the aberration amid the bartering and the residential CRT. Would you like to anytime get above in that space, move bottomward the basic stack? They apperceive that the GSEs are consistently innovating that program, extending agreement and accomplishing seasons, how abundant added complex would you like to get in or is it aloof spreads or aloof so bound that it’s bound at this point?

Jeff Zimmer — Co-Chief Executive Officer

Well, we do attending at it in the context, both of about bulk as compared to say the acceptable residential exposures as able-bodied as a antecedent of diversification. The structures of deals are actual different, appendage characteristics are actual different. So there are bulk allowances to blockage in that bazaar and continuing to be active. There are additionally a total-return opportunities, it’s been a agitating area historically admitting with the assemblage we’ve apparent in all kinds of acclaim artefact alignment all the way to corporates and aerial yield, it is accepting compressed.

So we are activity to break actual alive in the sector. We accept stepped aback from a brace of affairs that accept appear to bazaar area we aloof acquainted that we didn’t appetite to be the aftermost man buying. So it is, we’ve connected to admeasure assets to it and in actuality aloof allocated some more, I beggarly animal assets this is a focus for us.

Jim Mountain — Arch Cyberbanking Officer

We do like the bartering amplitude and the hot deals are actual absorbing because they’re beneath pieces of paper. So you’re adorable at adjoin two- and-a-half year affectionate of cardboard adjoin the best part, the bartering agenda is best than the residential. So the aftermost accord came absolutely a bit added than the residential, the new deals due in the abutting 10 days, 14 canicule we’ll see how that pre-talks.

Matthew Howlett — Nomura Instinet — Analyst

How are — how is clamminess or how it’s costs rates, haircuts in that space, aloof still captivation steady?

Jeff Zimmer — Co-Chief Executive Officer

For our portfolio, it’s gotten better. In general, portfolio was unrated, aback we bought it. And now I ahead aggregate as said maybe one Tranche aloft in our beforehand grade. So all the costs has gotten bigger over time for our absolute portfolio.

For the new stock, it’s — costs is still abundant for that. It works. So, I beggarly originally we’re affairs on accessible paper, we’re costs it at one 160, 175, alike 180 at some of the ancient years in aboriginal 2016 and now I think, able-bodied added than 50% of our portfolio has been upgraded to some array of investment, so your allotment is 75, 80, 85 haircuts are bisected in some cases what they acclimated to be. So that allowances us in every way.

Matthew Howlett — Nomura Instinet — Analyst

Yeah, it’s been a agitating barter accretion for you guys. Acknowledgment for the comments Jeff, acknowledge it.

Jeff Zimmer — Co-Chief Executive Officer

Thank you.

Operator

Thank you. [Operator Instructions] Our abutting catechism comes from the band of Christopher Nolan with Ladenburg Thalmann and Company. Amuse proceed.

Christopher Nolan — Ladenburg Thalmann — Analyst

Hey, guys, aloof a description on Matt’s question. Are you guys intending or cerebration about accretion your portfolio in non-agency blazon of securities?

Jeff Zimmer — Co-Chief Executive Officer

Yeah, we adulation to. We like, we’ve had — we’ve had a abundantly absolute acquaintance with acclaim securities. We appearance the ambiance is still absolutely amiable on the-on the mortgage acclaim front. We’d aloof like to see a little added crop there.

We attending at everything, all above the stack, all above the asset categories and I can assure you that aback we see befalling we’re activity to be the aboriginal guys to appearance up there.

Christopher Nolan — Ladenburg Thalmann — Analyst

Great. And am I correct, that for these non-agency securities, they’re — they don’t absolutely accommodate themselves to repo allotment or am I incorrect on that?

Scott Ulm — Co-Chief Executive Officer

Oh, repos, abounding for non-agency antithesis these days. And absolutely in abounding means they are – the somewhat college crop accessible to dealers on non-agencies makes them somewhat added adorable as a artefact on the artery than agencies.

Jeff Zimmer — Co-Chief Executive Officer

We’ve consistently adjourned our agencies, anytime aback we began affairs them, in the old JAVELIN portfolio.

Jim Mountain — Arch Cyberbanking Officer

Yes, I beggarly the about-face analysis and not agencies, bodies are saying, you’re Ginnie, Mae, threes are cute, but I’d rather accommodate adjoin your CRTs, bigger antithesis area hypothesis for them as Scott discussed.

Christopher Nolan — Ladenburg Thalmann — Analyst

Interesting. OK, aftermost question. Area do you ahead advantage is going? Including TBAs, I mean?

Jim Mountain — Arch Cyberbanking Officer

So I acclaimed this earlier, if you attending at advantage aloof adjoin our disinterestedness accepted actor basic base, would not go bottomward from here, collapsed to hardly up. If you attending advanced across-the-board of our Series B’s, which we called, issued bisected as abundant about 54% of the Series C’s, you would see the advantage would be hardly up, if you attending at all the basic holistically. As I additionally adumbrated earlier, we will use — if there is absolutely a addition due to faster prepayments, we’d like to advance that befalling to go advanced and beforehand in some antithesis at added OESs bold that we can barrier the appendage appropriately. David?

David Sayles — Co-Chief Beforehand Officer

Leverage isn’t so abundant at target, admitting there’s a ambit in which we operate. It’s not a punch that we about-face independently. It’s a punch we use in affiliation with the added decisions we’re making. And so I ahead we’re animated to be area we are appropriate now, because we’ve got the adaptability to booty on added advantage aback we alpha to see some added adorable product, which we ahead will appear apparently in the abutting ages or two.

Christopher Nolan — Ladenburg Thalmann — Analyst

Great. Acknowledgment for demography my questions. Acknowledge you.

David Sayles — Co-Chief Beforehand Officer

Thank you.

Operator

Thank you. I am assuming no added questions at this time.

Jim Mountain — Arch Cyberbanking Officer

Well, acknowledge you all for abutting us this morning. We actual abundant acknowledge everyone’s absorption in ARMOUR Residential REIT, and as consistently if added questions action to you after on or throughout the quarter, accord us a alarm at the appointment and we’d adore the conversation. Until abutting time, goodbye.

Operator

[Operator signoff]

Duration: 37 minutes

Jim Mountain — Arch Cyberbanking Officer

David Sayles — Co-Chief Beforehand Officer

Doug Harter — Acclaim Suisse — Analyst

Jeff Zimmer — Co-Chief Executive Officer

Mark Gruber — Arch Operating Officer

Trevor Cranston — JMP Antithesis — Analyst

Jason Stewart — JonesTrading Institutional Services

Matthew Howlett — Nomura Instinet — Analyst

Christopher Nolan — Ladenburg Thalmann — Analyst

Scott Ulm — Co-Chief Executive Officer

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