Armour Residential reports Q EPS 55c, consensus 53c
Core Income, including Drop Income, for the quarter ended September 30, 2019, was approximately $35.9 million, exceeding total dividend payments to stockholders for the quarter of $33.7 million. Core Income, including Drop Income, is a non-GAAP measure and is defined as net income excluding impairment losses, gains or losses on sales of securities and early termination of derivatives, unrealized gains or losses on derivatives and certain non-recurring expenses, plus Drop Income (as defined below). Core Income may differ from GAAP net income, which includes the unrealized gains or losses of the Company's derivative instruments and the gains or losses on Agency and Credit Risk and Non-Agency Securities. Core Income has exceeded dividends paid by $42.0 million in the aggregate over 13 straight quarters, or $0.71 per Common share outstanding at September 30, 2019.