ARMOUR Residential REIT, Inc. Earnings Recaps
Q2 2026
Jul 25, 2026
ARMOUR Residential REIT's shares declined modestly by 0.7% post-earnings, reflecting investor caution despite stable book value growth and steady dividends, amid a cautious outlook on interest rate volatility and spread dynamics.
Key takeaways
- GAAP net income was $111.5 million, or $0.86 per share; distributable earnings totaled $93.2 million, or $0.72 per share.
- The company raised over $218 million in common stock and $4 million in preferred stock during the quarter.
- Book value increased slightly to $17.53 per share, a 0.6% gain quarter-over-quarter, with an estimated $17.00 post-dividend.
- Agency MBS spreads tightened by 7 basis points despite a challenging macroeconomic environment, supporting a positive but modest portfolio return of 4.8%.
- Portfolio duration was near neutral with leverage at 7.5x, reflecting a cautious stance amid uncertain Federal Reserve policy and inflation risks.
Q3 2025
Oct 23, 2025
ARMOUR Residential REIT reported strong Q3 2025 results, with a GAAP net income of $156.3 million and a total economic return of 7.75%, driven by favorable macroeconomic conditions and strategic capital management.
Key takeaways
- Q3 GAAP net income was $156.3 million ($1.49 per share), with distributable earnings of $75.3 million ($0.72 per share).
- Book value increased by 3.5% to $17.49 per common share; estimated book value as of October 21 is $17.50.
- ARMOUR raised approximately $99.5 million through a common stock offering and executed a strategic repurchase of 700,000 shares.
- Monthly dividends remained stable at $0.24 per share, with additional dividends declared for the upcoming months.
- A favorable macro backdrop, including Fed rate cuts, is expected to enhance demand for Agency MBS, offering potential for continued portfolio growth.