Every time there is a distribution, the share price is reduced by that amount on the Ex-Div date. Since ARR pays monthly, so too is there a monthly Ex-Div. The next two Ex dates are Feb & Mar 13. Next time, go to dividendinvestor dot kom and check it out.
Mapp78, I strongly disagree with your statement of never flipping reits. I have made more money (hence more shares) of ARR, TWO, AGNC and others in the past couple of years. It does not always work but more often than not it is successful, including the commissions I must pay of $9.00. This of course is in a tax deferred IRA. So never say never