ARMOUR Residential REIT, Inc. Q3 2026 Earnings Recap

ARMOUR’s shares fell 0.9% after earnings, a roughly flat reaction. Results showed substantial book-value and economic-return pressure from sharply wider mortgage spreads, while distributable earnings and liquidity remained notable supports.

Key Takeaways

• Q3 GAAP net loss attributable to common stockholders was $327 million, or $2.26 per share; distributable earnings were $102.3 million, or $0.71 per share.
• Total economic return was negative 12.9%, and quarter-end book value fell 17% from June 30 to $14.55 per share.
• Mortgage spreads widened 20 basis points, with about 80% of the move in September; Treasury yields rose 70–80 basis points over the quarter.
• ARMOUR ended Q3 with $1.02 billion of liquidity and implied leverage of 8.2x, excluding Treasuries. It sold about $900 million of MBS starting in late September, primarily DUS pools and seasoned deep-discount securities.
• The company paid $0.72 per common share in dividends for the quarter. Portfolio prepayments averaged 8.5% CPR, down 25% from the prior quarter.