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ARMOUR Residential REITBDocument history
Earnings documents stored for ARR.
Investor releaseQuarter not tagged2026-04-26A Look At ARMOUR Residential REIT (ARR) Valuation After Mixed Q1 2026 Results And Dividend Coverage
Simply Wall St.
A Look At ARMOUR Residential REIT (ARR) Valuation After Mixed Q1 2026 Results And Dividend Coverage
Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. ARMOUR Residential REIT (ARR) reported mixed Q1 2026 results, with a GAAP net loss and lower book value. Distributable earnings covered the monthly dividend, and management continued to highlight opportunities in agency mortgage backed securities. See our latest analysis for ARMOUR Residential REIT. At a share price of US$17.62, ARMOUR Residential REIT has a 1 month share price return of 7.5% but a year to date share price decline of 2.6%. The 1 year total shareholder return of 31% contrasts with a 5 year total shareholder return decline of 35%, suggesting recent momentum has improved even though longer term returns remain weak. If this kind of mixed performance has you comparing income ideas, it can help to broaden your search and uncover 19 top founder-led companies With a GAAP net loss and pressured book value, but with dividend coverage and a 31% one-year total return, is ARMOUR Residential REIT still trading below its intrinsic value, or is the recent rebound already fully pricing in future growth? The most followed narrative puts ARMOUR Residential REIT's fair value at $17, slightly below the last close of $17.62, so the current price sits a bit ahead of those assumptions. Read the complete narrative. Want to see what is baked into that fair value? The narrative leans on rapid revenue expansion, sharply higher profitability and a much lower future earnings multiple to make the numbers work. Result: Fair Value of $17 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this narrative can unravel if Federal Reserve easing stalls and higher funding costs, or renewed Agency MBS spread widening, begin to pressure earnings and book value. Find out about the key risks to this ARMOUR Residential REIT narrative. The first narrative argues ARR looks about 4% overvalued around $17 based on aggressive growth assumptions. Yet on a simple P/E, ARR trades at 9.6x compared with a peer average of 10.9x and a fair ratio of 15.4x. This points to a valuation gap investors need to explain and raises the question: is this a cushion or a warning sign? See what the numbers say about this price — find out in our valuation breakdown. With sentiment in this art...
Investor releaseQuarter not tagged2026-04-24ARMOUR Residential REIT Q1 Earnings Call Highlights
MarketBeat
ARMOUR Residential REIT Q1 Earnings Call Highlights
ARMOUR reported a total economic return of -2.6% in Q1 with a GAAP net loss of $58 million ($0.49 per share), while non‑GAAP distributed earnings were $90.5 million ($0.76 per share). Book value fell 6.5% to $17.42 at quarter end but was estimated at $18.05 early in Q2; the company paid monthly dividends of $0.24 and raised capital via ~$215 million of common and ~$6.4 million of preferred issuance while repurchasing 125,000 shares. ARMOUR’s portfolio is >$21 billion and 100% agency MBS/CMBS and U.S. Treasuries, with ~$1.2 billion liquidity (~50% of equity) and implied leverage ~7.85x; management sees mid‑to‑high‑teens ROE on new purchases and views agency MBS as an attractive, opportunistic hold. Interested in ARMOUR Residential REIT, Inc.? Here are five stocks we like better. 6 Mortgage REITS: How Badly Could Rising Rates Hurt Them? ARMOUR Residential REIT (NYSE:ARR) reported first-quarter 2026 results against a backdrop of heightened market volatility, as management pointed to geopolitical tensions and a sharp rise in oil prices that widened mortgage-backed securities (MBS) spreads and lifted implied volatility during the quarter. Chief Financial Officer Gordon Harper said the company posted a total economic return of -2.6% for the first quarter. ARMOUR recorded a GAAP net loss attributable to common stockholders of $58 million, or $0.49 per common share. Net interest income was $70.7 million. → Credo Stock Flashes Strong Bullish Signal—Upswing Just Starting Harper also highlighted ARMOUR’s non-GAAP “distributed earnings,” which he defined as net interest income plus TBA drop income, adjusted for interest income or expense on interest rate swaps and futures contracts, minus operating expenses. Distributed earnings available to common stockholders were $90.5 million, or $0.76 per common share. ARMOUR ended the quarter with book value of $17.42 per common share, down 6.5% from December 31, 2025. However, Harper said that as of Monday, April 20, the company’s estimated book value was $18.05 per common share, reflecting the accrual of the April common dividend. → Allbirds Exits Shoes, Pivots to AI With NewBird Rebrand Chief Executive Officer Scott Ulm attributed the first-quarter disruption to macro and geopolitical events, describing a bear-flattening yield curve amid a “shallower path of Fed cuts,” while “implied volatility more than doubled” and nominal mo...
Investor releaseQuarter not tagged2026-04-24ARMOUR Residential REIT Inc (ARR) Q1 2026 Earnings Call Highlights: Navigating Market ...
GuruFocus.com
ARMOUR Residential REIT Inc (ARR) Q1 2026 Earnings Call Highlights: Navigating Market ...
This article first appeared on GuruFocus. Total Economic Return: -2.6% for Q1 2026. GAAP Net Loss: $58 million, or $0.49 per common share. Net Interest Income: $70.7 million. Distributed Earnings: $90.5 million, or $0.76 per common share. Capital Raised: $215 million from common stock and $6.4 million from preferred stock in Q1 2026. Common Stock Dividends: $0.24 per share per month, totaling $0.72 for the quarter. Book Value: $17.42 per common share at quarter end, down 6.5% from December 31, 2025. Estimated Book Value (April 20, 2026): $18.05 per common share. Net Balance Sheet Duration: Approximately 0.4 years. Implied Leverage: 7.85 times. Asset Portfolio: Over $21 billion, 100% agency MBS, agency CMBS, and US Treasuries. Portfolio Prepayments: Averaged 12.1 CPR year to date through April. Repo Financing: Approximately 80% financed at 3% haircut or lower, with a weighted average haircut of 2.75%. Warning! GuruFocus has detected 5 Warning Sign with ARR. Is ARR fairly valued? Test your thesis with our free DCF calculator. Release Date: April 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ARMOUR Residential REIT Inc (NYSE:ARR) delivered solid results for the first quarter of 2026 despite market turbulence and MBS volatility. The company raised approximately $215 million of capital by issuing common stock and $6.4 million by issuing preferred stock through at-the-market offering programs. ARMOUR paid monthly common stock dividends of $0.24 per share, totaling $0.72 for the quarter, and declared future dividends, indicating a commitment to shareholder returns. The company's portfolio remains 100% agency MBS, agency CMBS, and US Treasuries, with a fourth consecutive quarter of growth in both assets and capital base. ARMOUR's balance sheet management allowed them to take advantage of lower MBS prices and buy back some of their own stock, demonstrating strategic capital allocation. ARMOUR reported a GAAP net loss related to common stockholders of $58 million, or $0.49 per common share, for Q1 2026. The company's total economic return was -2.6% for the first quarter, reflecting challenges in the market environment. Quarter-end book value per common share decreased by 6.5% from December 31, 2025, indicating a decline in asset value. Heightened market uncertainty due to geopolitical tensions and rising...
Investor releaseQuarter not tagged2026-04-23Armour Residential REIT: Q1 Earnings Snapshot
Associated Press
Armour Residential REIT: Q1 Earnings Snapshot
VERO BEACH, Fla. (AP) — VERO BEACH, Fla. (AP) — Armour Residential REIT Inc. (ARR) on Wednesday reported a first-quarter loss of $54.9 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Vero Beach, Florida-based company said it had a loss of 49 cents. Earnings, adjusted for non-recurring costs, came to 76 cents per share. The real estate investment trust posted revenue of $249.2 million in the period. Its adjusted revenue was $70.7 million. Armour Residential REIT shares have decreased nearly 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.56, a climb of 19% in the last 12 months. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARR at https://www.zacks.com/ap/ARR
Investor releaseQuarter not tagged2026-04-23Armour Residential REIT (ARR) Beats Q1 Earnings and Revenue Estimates
Zacks
Armour Residential REIT (ARR) Beats Q1 Earnings and Revenue Estimates
Armour Residential REIT (ARR) came out with quarterly earnings of $0.76 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.86 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +4.11%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.74 per share when it actually produced earnings of $0.71, delivering a surprise of -4.05%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Armour Residential REIT, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $70.71 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 30.95%. This compares to year-ago revenues of $36.34 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Armour Residential REIT shares have lost about 1.4% since the beginning of the year versus the S&P 500's gain of 3.2%. While Armour Residential REIT has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Armour Residential REIT was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near...
TranscriptFY2026 Q12026-04-23FY2026 Q1 earnings call transcript
Earnings source - 48 paragraphs
FY2026 Q1 earnings call transcript
Good day, and welcome to the ARMOUR Residential REIT First Quarter 2026 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please let us know by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad, and to withdraw your question, please press star then two. Please note, today's event is being recorded. I would now like to turn the conference over to Scott Ulm, Chief Executive Officer. Please go ahead.
Thank you, and good morning, and welcome to ARMOUR Residential REIT's first quarter 2026 conference call. This morning, I'm joined by our Chief Financial Officer, Gordon Harper, as well as our Co-Chief Investment Officers, Sergey Losyev and Desmond Macauley. I'll now turn the call over to Gordon to run through the financial results.
By now, everyone has access to ARMOUR's earnings release, which can be found on ARMOUR's website, www.armourreit.com. This conference call includes forward-looking statements, which are intended to be subject to the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995. The Risk Factors section of ARMOUR's periodic reports, filed with the Securities and Exchange Commission, describe certain factors beyond ARMOUR's control that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements. Those periodic filings can be found on the SEC's website at www.sec.gov. All of today's forward-looking statements are subject to change without notice. We disclaim any obligation to update them unless required by law. Also, today's discussion refers to certain non-GAAP measures. These measures are reconciled with comparable GAAP measures in our earnings release.
An online replay of this conference call will be available on ARMOUR's website shortly and will continue for one year. Notwithstanding the market turbulence and MBS volatility due to geopolitical events experienced in the latter portion of the first quarter of the year, the company delivered solid results for the first quarter of 2026, with total economic return of -2.6%. Since March 31, 2026, we have seen improvements in MBS spreads and volatility. ARMOUR's Q1 GAAP net loss related to common stockholders was $58 million, or $0.49 per common share. Net interest income was $70.7 million. Distributed earnings available to common stockholders was $90.5 million, or $0.76 per common share. This non-GAAP measure is defined as net interest income plus TBA drop income, adjusted for interest income or expense on our interest rate swaps and futures contracts, minus operating expenses.
During Q1, ARMOUR raised approximately $215 million of capital by issuing approximately 11.8 million shares of common stock and $6.4 million of capital by issuing approximately 306,000 shares of preferred stock through our at-the-market offering programs. Through April 15th, 2026, we raised approximately $7.2 million of capital by issuing 416,000 shares of common stock and $179,000 of capital by issuing 8,600 shares of preferred stock through the at-the-market offering programs. In March 2026, we repurchased 125,000 shares of common stock through our stock repurchase program. ARMOUR paid monthly common stock dividends per share of $0.24 per common share per month, for a total of $0.72 for the quarter. We aim to pay an attractive dividend that is appropriate in context and stable over the medium term.
On April 29th, 2026, a cash dividend of $0.24 per outstanding common share will be paid to holders of record on April 15th, 2026. We have also declared cash dividends of $0.24 per outstanding common share payable May 28th, 2026, to owners of record on May 15th, 2026. Quarter end book value was $17.42 per common share, down 6.5% from December 31, 2025. As of Monday, April 20th, our estimated book value was $18.05 per common share, which reflects the accrual of the April common dividend. I will now turn the call over to Chief Executive Officer Scott Ulm to discuss ARMOUR's portfolio position and current strategy. Scott?
Thank you, Gordon. Heightened uncertainty returned to the market in 2026, driven by renewed geopolitical tensions and a sharp rise in oil prices that put further Fed easing on hold for now. As concerns around the Middle Eastern conflict intensified, the yield curve bear-flattened on a shallower path of Fed cuts. Implied volatility more than doubled, and nominal mortgage spreads widened from 95 basis points to as much as 130 basis points from trough to peak over the course of the first quarter. That combination of wider spreads and elevated volatility ultimately proved to be a buying opportunity for ARMOUR, as the risk/reward at valuations last observed in Q3 of last year turned decisively favorable. As interest rates stabilized, MBS spreads retraced tighter, driving a recovery in our book value of 3.5% quarter-to-date net of dividend.
Against a more balanced picture for mortgage spreads today, market technicals remain firmly supportive. The rise in Treasury yields and mortgage rates has tempered prepayment concerns, and elevated mortgage rates continue to weigh on an already soft housing market, keeping a lid on primary origination supply. On the demand side, while the GSEs' pace of purchases slowed in the first two months of the first quarter, reflecting tight MBS spreads, we expect Fannie and Freddie to report that they re-accelerated holdings growth in March during the period of wider spread. This would be consistent with our view of the GSEs as backstop buyers with substantial dry powder to step in when mortgage spreads widen. Another emerging source of demand is coming from banks. March recorded the highest CMO creation on record, reflecting a strong bid for structured MBS that typically signals growing bank appetite.
While the bank demand story has failed to materialize in recent years, the regulatory relief now taking shape fuels growth and capital for bank's MBS portfolio at a time when deposit bases are also expanding. Sustained inflows into fixed income, both domestically and from overseas, provide an additional tailwind for demand in the first quarter as high-quality liquid agency MBS serve as an attractive alternative to corporate credit, where valuation questions persist. I'll now turn it over to Sergey for more detail on our portfolio.
Thank you, Scott. ARMOUR's most recent net balance sheet duration stands at approximately 0.4 years, reflecting our view of further stabilization in yields and the return of expectations for the future Fed rate cuts, as consistent with the Fed's committee's own expectations. The implied leverage excluding the Treasury shorts is 7.85x, a balanced posture that reflects our constructive view on the market and incorporates MBS purchases at the wider spreads in March. Our expected month-end liquidity position, including April's pay downs, remains strong at $1.2 billion or nearly 50% of Monday's total equity. ARMOUR's asset portfolio remains 100% agency MBS, agency CMBS, and U.S. Treasuries. It now stands at over $21 billion, notching a fourth consecutive quarter of growth in both assets and capital base.
Consistent with our balance sheet growth, we have net added nearly $900 million of MBS pools and does since ARMOUR's last conference call in Q1. Our purchase mix continues to evolve by coupon and product as rates and spreads move. In March, we took advantage of widening in the new production coupons where GSE activity is most concentrated. We also added seasoned, deeper discount MBS along with 15-year agency MBS TBA rolls. Within premium price bonds, we continue to focus on prepayment protection in the higher tier maximum loan balance pools. The portfolio remains concentrated in specified pools with favorable prepayment characteristics, which now represent 95% of ARMOUR's MBS holdings. In agency CMBS, we have gradually moved a large portion of our DUS portfolio out on the yield curve, rotating out of the 5-year sector, which experienced notable tightening into this year, and swapping into the 10-year DUS paper.
This rebalance allows us to take advantage of the positive convexity profile of these longer bonds and take an additional 30-40 basis points of spread of longer SOFR hedges. Our hedge strategy aims to reduce duration risk across the entire yield curve. Roughly 86% of ARMOUR's hedges are OIS and SOFR pay-fixed swaps with a balance in Treasury futures. As the recent market volatility subsided, the 10-year SOFR Treasury spread recovered from its recent tights of -49 basis points, the most negative level since October of last year. Despite the recovery to levels closer to fair value models and pre-liberation date historical averages, SOFR swaps remain an attractive hedge instrument for us, with pay-fixed rates at approximately 44 basis points below the comparable Treasury yields.
We expect further normalization of swap spreads to hinge on a path of policy debate around the Fed's desired balance sheet and banking deregulation. Aggregate portfolio prepayments averaged 12.1 CPR year to date through April versus 11.1 CPR in Q4 of 2025, stable but running at a slightly higher level versus the prior quarter. Mortgage rates were not spared from volatility. After hitting a low of 5.9% in February, rates backed up by almost 60 basis points the following month, stifling near-term refinance activity. Despite the rate rally we've seen so far in April, 30-year mortgage rates remain elevated around 6.2%, which should anchor premium prepayment expectations through the next several prepayment reports. Funding markets have been refreshingly uneventful in Q1. The repo remains liquid and stable, with spreads trading inside 15 basis points above SOFR and Fed funds rate.
The Fed's response to last year's funding pressures appears to have done its work and stabilized banking reserves. As expected, the Fed has announced an incoming step down in its reserve management T-bill purchases from $40 billion-$25 billion per month. It is a notable reduction, yet one that still leaves the Fed as the net provider of new liquidity to funding markets, and we expect repo conditions to remain easy. As of today, refinance portfolio across 24 active repo counterparties, approximately 80% of our repo principal is financed at 3% haircut or lower, and weighted average haircut across the entire repo book is approximately 2.75%. Buckler Securities accounts for roughly 45% of our repo financing book. Thank you, and back to you, Scott.
Thanks, Sergey. The case to own MBS remains strong and should strengthen further if the Fed resumes its easing cycle later this year. We believe lower funding rates combined with a steeper curve would reinforce the catalyst for strong demand and broaden the investor base for agency MBS. We saw some volatility this quarter driven by geopolitical events, but the impact overall was manageable and has dissipated significantly more recently. Our balance sheet management over the quarter gave us some options, and we were able to take advantage of lower MBS prices and bought back some of our own stock. We continue to set our dividend with a medium-term outlook, and we review our dividend as appropriate in the current environment. Our approach remains unchanged. Stress test our liquidity, apply systematic hedging, and deploy capital when opportunities present themselves.
Overall, we're confident in our positioning, our strategy, and our ability to perform well for shareholders in 2026. Before we open the line for questions, we'd also note again that we've launched a new quarterly investor presentation now available on ARMOUR's website. Thank you for joining today's call and for your continued interest in ARMOUR. You can open the line for questions, please.
Yes, sir. Absolutely. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. To remove yourself from queue, please press star then two. Once again, that's star then one if you have a question. Today's first question comes from Marissa Lobo at UBS. Please go ahead.
Good morning. Thank you for taking my question. You noted the tightening of spreads in Q2 to date. What does the current ROE on new agency purchases look like? And where do you see the long-term equilibrium of spreads settling versus swaps?
Yes. Hi, Marissa. This is Desmond.
Hi, Desmond.
Yeah, hi. How are you? Looking at par and premium securities, return on equity is in the mid to high-teens. That's assuming about eight times of leverage and hedged to half duration. Now, that's somewhat of a static view. We also do scenario analysis where we look at horizon returns. For example, if OAS is tightened by 10 basis points, that adds about 3%-5% in total return that will accrue through book value. That takes, let's say for example, the return is at around 16%, you add 3%-5% there, then now you're getting to the 19%-20% area. Now, in terms of our long-term view on spreads, we think spreads are still attractive. That's why we are constructive on the sector.
You can look back at a period like 2019 when the Fed was running our fixed mortgage portfolio and also cutting rates. If we look at spread to swaps, let's say a blended 5-year, 10-year swap, those levels were around 120 basis points on average mortgage spreads, and currently they are around 150. That suggests that we are wider by 30 basis points. If you look at it versus Treasuries, you get something around 20 basis points wider today versus back then. We think conservatively, we can see another 20 basis points of tightening here over the medium term.
Great. Thank you. Can you share your view on the opportunity for dollar rolls in agencies and how does that inform your current preference for TBAs versus specified pools?
Hi, Marissa. This is Sergey. Yeah. The TBA market spread has certainly returned to some level this year, but it remains fairly volatile and unstable. We have some TBA rolls in our portfolio. As we mentioned, we've reallocated a little bit to the 15-year sector to Ginnie Maes, but we don't expect them necessarily to be our strongest carry trades. We kind of use these opportunistically for total return opportunities. Right now, we still prefer specified pool cash flow yields even if there isn't a lot of OAS pickup versus the TBAs. We like the certainty of cash flows, and it certainly kind of protects us from the tail risk if mortgage rates turn lower in the future.
Got it. Thanks for the answers.
Thank you. Our next question today comes from Trevor Cranston with JMP Securities. Please go ahead.
Hey, thanks. Good morning. Looking at your leverage, it's been kind of consistent around the 8x level for the last few quarters. Given your commentary around the positive backdrop in terms of the technical environment and the GSE sort of acting as a backstop buyer, does that change how you guys are viewing the appropriate leverage level at all? Or how are you thinking about that in the current environment? Thanks.
Yes. Hi, Trevor. First, we are comfortable with our current leverage. We did increase it after spreads widened in March, which benefited our book value. We think that the current level is appropriate. It would allow us to participate, in terms of spread risk if we see more spreads tightening as we expect. We prioritize risk management. We stress test our liquidity to ensure that it can sustain extreme bouts of volatility. As long as we are comfortable with those stress tests, then we'd look to add leverage to take opportunity if we see more spreads widening as long as we think that if there's a bout of volatility, it's not systemic.
Right. Okay. That's helpful. Thank you.
Thank you. Our next question today comes from Timothy D'Agostino with B. Riley Securities. Please go ahead.
Thank you. Good morning, and congrats on the quarter. The first question for me, I guess. Could you provide just a little bit more color on the widening of the economic interest spread? I think it went from about 188 basis points to 194. Would just be great to get any color on the movement there.
Gordon, do you want to handle that one?
Yeah, just one second. I think the main real driver, I think, is you could see that our rate on our repos has gone down. The other real driver is the rate that we have on our swaps.
Okay, great.
When you factor all that together, that's your answer.
All right, perfect. Awesome. I appreciate it. As a second question, just on capital formation, I guess just kind of getting a better understanding of the playbook a little bit. Obviously, when you're above book value, you're issuing off your equity ATM. When you are below book value, do you turn to repurchasing shares and issuing preferreds? Just trying to understand how you all think about going and raising capital and then putting that capital to work. Thank you.
Sure. Well, look, it's all about price. It's all about price, and it's all about opportunity. By opportunity, I mean what the investment horizons are for us. The clear simple answer is it depends. There are also other factors which include when we increase the shareholder base, our expenses decline per share, and our cost of running the shop declines as well on average. We are very focused on all of those factors in terms of how they coalesce in making a decision on whether we issue or we repurchase, as the case may be. We're very committed to being on both sides of the market. Clearly, when we repurchase, it has to be a fairly definitive view that we want to take back that capital.
When we issue, it's also a very carefully calibrated view on where the price is compared to book, what the opportunity for deploying that capital is, and how it impacts the overall operation. Not a clear, crisp answer, sorry. It is all those factors that coalesce in how we manage it. You'll see if you look back, there are quarters where we're active, and there are quarters where we're not active at all, which might give you a sense of how tightly we manage that.
Okay, great. Thank you so much. I appreciate the color. Congrats again on the quarter.
Thank you. Our next question today. Actually, as a reminder, if you'd like to ask a question, please press star then one at this time. Our next question today comes from David Storms at Stonegate Capital. Please go ahead.
Morning, and thank you for taking my questions. I actually wanted to follow up on that last question around capital formation and ask, does times of increased volatility like we saw in Q1 play any sort of meaningful factor into issuing or repurchasing shares?
Yes, for sure. Generally, volatility is not a positive for share price. I'd say generally, volatility means that we're likely to be less active on the issuance side, but maybe a little more active on the repurchase side. Certainly, we saw some volatility this quarter, and you saw us. Early on in the quarter, we were still enjoying some tightening. Later on in the quarter, we had some geopolitical stuff that happened, which maybe pushed us the other way. Yes, absolutely correct that volatility impacts us. Generally, in a period of lower volatility, I would guess you're going to see us more active on issuance and higher volatility, maybe a little less active.
Understood. Thank you. Maybe just one question around your outlook. With the Fed being in a bit of a wait-and-hold period, given some of the conflicts of late, are you keeping an eye out for any sort of second-order impacts, such as increased fertilizer prices or increased shipping prices that may maybe force the Fed's hand? Are you tracking anything like that?
Yeah, look, we look at all this stuff, and yeah, you're absolutely right that there's a pile load of secondary impacts out there that they could go either way. We keep a close eye on it, but multi-level Tetris game there, right?
That's perfect. Thank you for the commentary.
Thank you. That concludes our question-and-answer session. I'd like to turn the conference back over to Mr. Ulm for any closing remarks.
Thanks for joining. We appreciate your participation in our conference call here. Any follow-up questions, we're around. Thanks so much.
Thank you, sir. That does conclude our conference call for today. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.
Investor releaseQuarter not tagged2026-04-22ARMOUR Residential REIT, Inc. First Quarter 2026 Webcast Scheduled for April 23, 2026
GlobeNewswire
ARMOUR Residential REIT, Inc. First Quarter 2026 Webcast Scheduled for April 23, 2026
VERO BEACH, Florida, April 21, 2026 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PRC) (“ARMOUR” or the “Company”) announced today that it will provide an online, real‑time webcast of its conference call with equity analysts covering first quarter 2026 operating results on Thursday, April 23, 2026. The Company will issue its first quarter 2026 earnings release after the close of trading on Wednesday, April 22, 2026. The live broadcast will be available on April 23, 2026, beginning at 9:00 a.m. (Eastern Time) at https://event.choruscall.com/mediaframe/webcast.html?webcastid=CdUUe5Qw. The online replay will be available on the Company’s website www.armourreit.com and continue for one year. About ARMOUR Residential REIT, Inc. ARMOUR invests primarily in fixed rate residential, adjustable rate and hybrid adjustable rate residential mortgage-backed securities issued or guaranteed by U.S. Government-sponsored enterprises or guaranteed by the Government National Mortgage Association. ARMOUR is externally managed and advised by ARMOUR Capital Management LP, an investment advisor registered with the Securities and Exchange Commission (“SEC”). Additional Information and Where to Find It Investors, security holders and other interested persons may find additional information regarding the Company at the SEC’s internet site at www.sec.gov, or the Company website at www.armourreit.com, or by directing requests to: ARMOUR Residential REIT, Inc., 3001 Ocean Drive, Suite 201, Vero Beach, Florida 32963, Attention: Investor Relations. Investor Contact: Gordon M. Harper Chief Financial Officer ARMOUR Residential REIT, Inc. (772) 617-4340
Investor releaseQuarter not tagged2026-04-21AGNC Investment Q1 Earnings Top Estimates, Book Value Improves Y/Y
Zacks
AGNC Investment Q1 Earnings Top Estimates, Book Value Improves Y/Y
AGNC Investment Corp. AGNC reported first-quarter of 2026 net spread and dollar roll income per common share of 42 cents, topping the Zacks Consensus Estimate by 16.7%. However, the metric declined 4.5% from the year-ago quarter’s 44 cents. Adjusted net interest and dollar roll income available to common stockholders of $547 million rose 14.7% from the year-ago quarter. Results benefited from rallies in average asset yield and net interest income (NII). Also, a rise in tangible net book value per share (BVPS) on the portfolio was positive. However, a reduced net interest spread and a higher weighted average cost of funds were concerning. NII came in at $319 million, rising from $159 million a year earlier, but missing the consensus estimate by 3.7%. AGNC Investment's average asset yield on its portfolio was 4.95% in the first quarter of 2026, up from 4.78% in the first quarter of 2025. The combined weighted average cost of funds, inclusive of interest rate swap, was 2.92%, up from 2.75% in the first quarter of 2025. The average net interest spread (excluding estimated “catch-up” premium amortization benefits) was 2.06%, down from 2.12% in the year-ago quarter. As of March 31, 2026, AGNC’s average tangible net book value “at risk” leverage ratio was 7.4X compared with 7.5X in the prior-year quarter. In the first quarter, the company's investment portfolio bore an average actual constant prepayment rate of 13.2%, up from 7% in the year-ago quarter. As of March 31, 2026, tangible net BVPS was $8.38, up 1.6% on a year-over-year basis. The economic loss on tangible common equity was 1.6% against the economic return on tangible common equity of 2.4% in the year-ago quarter. As of March 31, 2026, the company’s investment portfolio aggregated $94.7 billion. This included $84.4 billion in Agency mortgage-backed securities, $9.5 billion in net forward purchases/(sales) of Agency MBS in the “to-be-announced” market (“TBA securities”), and $0.7 billion of CRT and non-Agency securities, and other mortgage credit investments. As of March 31, 2026, AGNC’s cash and cash equivalents totaled $493 million, up from $450 million in the prior quarter. AGNC Investment declared dividends of 36 cents per share for the first quarter. Management declared $15.9 billion or $50.44 per share in common stock dividends since its initial public offering in May 2008 through the first quarter...
Investor releaseQuarter not tagged2026-03-08What Next For Armour Residential REIT (ARR) After Impressive Earnings?
Insider Monkey
What Next For Armour Residential REIT (ARR) After Impressive Earnings?
ARMOUR Residential REIT, Inc. (NYSE:ARR) is one of the 13 Most Profitable Growth Stocks to Buy Right Now. ARMOUR Residential REIT, Inc. (NYSE:ARR) posted its Q4 fiscal 2025 financial results on February 19. The company reported a GAAP net income available to common stockholders of $208.7 million, translating to $1.86 per share. Net interest income for the quarter totaled $50.4 million. During the quarter, ARMOUR Residential REIT, Inc. (NYSE:ARR) raised $3.8 million of capital through the issuance of preferred stock and an additional $138 million through common stock as part of its at-the-market program. This involved the issuance of approximately 7.5 million shares of common stock and around 230,000 shares of preferred stock. The company distributed dividends of $0.24 per common share each month, resulting in a total of $0.72 per share for the quarter. The management said that the market remains attractive due to lower rate volatility and easing funding costs. These trends are supported by the Federal Reserve’s efforts to lower interest rates and maintain ample liquidity in the banking system. ARMOUR Residential REIT, Inc. (NYSE:ARR) CEO Scott Ulm highlighted confidence in the company’s dividend outlook, commenting that: 11 Tips to Get Approved for a Mortgage ARMOUR Residential REIT, Inc. (NYSE:ARR) engages in the investment in residential mortgage-backed securities (MBS) across the United States. The company was founded by Marc H. Bell in 2008 and is based in Vero Beach, Florida. While we acknowledge the potential of ARR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 40 Most Popular Stocks Among Hedge Funds Heading Into 2026 and Goldman Sachs Value Stocks: 10 Stocks to Buy. Disclosure: None. Follow Insider Monkey on Google News.
Investor releaseQuarter not tagged2026-02-20ARMOUR Residential REIT Inc (ARR) Q4 2025 Earnings Call Highlights: Strong Economic Return and ...
GuruFocus.com
ARMOUR Residential REIT Inc (ARR) Q4 2025 Earnings Call Highlights: Strong Economic Return and ...
This article first appeared on GuruFocus. Total Economic Return: 10.63% for Q4 2025. GAAP Net Income: $208.7 million or $1.86 per share. Net Interest Income: $50.4 million. Distributable Earnings: $79.8 million or $0.71 per common share. Book Value: $18.63 per common share, up 6.5% from September 30. Capital Raised: $3.8 million from preferred stock and $138 million from common stock through at-the-market programs. Common Dividends: $0.24 per share per month, totaling $0.72 for the quarter. Portfolio Growth: Increased by more than 10% from Q3 2025. Mortgage Assets: Over $20 billion. Prepayment Rate: 11.1 CPR through Q4 2025 and Q1 2026 to date. Repo Financing: Financed across 23 active counterparties with a weighted average haircut of approximately 2.75%. Warning! GuruFocus has detected 9 Warning Signs with BKD. Is ARR fairly valued? Test your thesis with our free DCF calculator. Release Date: February 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ARMOUR Residential REIT Inc (NYSE:ARR) reported a strong total economic return of 10.63% for Q4 2025, benefiting from MBS spreads tightening and a lower interest rate environment. The company's Q4 GAAP net income available to common stockholders was $208.7 million, or $1.86 per share, indicating solid profitability. ARMOUR's book value per common share increased by 6.5% from September 30 to $18.63, reflecting strong financial performance. The company raised approximately $138 million of capital through its common at-the-market program, enhancing its financial flexibility. ARMOUR's portfolio grew by more than 10% from the end of Q3 2025, driven by spread tightening and maintaining moderate leverage, indicating effective portfolio management. The issuance of approximately 7.5 million shares of common stock was mildly dilutive, potentially impacting existing shareholders. Despite the strong performance, the market's appeal remains anchored in declining rate volatility and easing funding costs, which could be subject to change. Prepayments have increased from Q4 2025 to Q1 2026, posing a risk to the company's mortgage-backed securities portfolio. The company's strategy relies heavily on the Fed's efforts to lower rates and maintain ample banking liquidity, which may not be sustainable long-term. ARMOUR's reliance on technical supply and demand dynamics and...
Investor releaseQuarter not tagged2026-02-20ARMOUR Residential REIT Q4 Earnings Call Highlights
MarketBeat
ARMOUR Residential REIT Q4 Earnings Call Highlights
ARMOUR reported a strong Q4 with a total economic return of 10.63%, GAAP net income of $208.7 million ( $1.86 per share), distributable earnings of $79.8 million ( $0.71 per share), and quarter-end book value of $18.63 (current estimate $18.37), while continuing a monthly common dividend of $0.24. The portfolio grew more than 10% from Q3, totals over $20 billion in mortgage assets, is nearly 100% agency MBS/CMBS/DUS with a net balance-sheet duration of 0.14 years and implied leverage of 7.9x, and management called agency MBS a “high conviction opportunity” supported by Fed easing and the FHFA’s $200 billion MBS purchase mandate. Capital and funding activity included raising about $138 million of common equity via ATM (described as “mildly dilutive”) plus preferred issuances, while repo funding materially improved to roughly SOFR+15bp with ~23 counterparties and a weighted average haircut near 2.75%. Interested in ARMOUR Residential REIT, Inc.? Here are five stocks we like better. 6 Mortgage REITS: How Badly Could Rising Rates Hurt Them? ARMOUR Residential REIT (NYSE:ARR) reported what management repeatedly characterized as a strong fourth quarter of 2025, citing tightening mortgage-backed securities (MBS) spreads, lower MBS volatility, and a lower interest-rate environment as key drivers of performance. Executives also said positive market momentum observed in the fourth quarter had continued into the first quarter of 2026. Chief Financial Officer Gordon Harper said ARMOUR generated a total economic return of 10.63% for the quarter. GAAP net income available to common stockholders was $208.7 million, or $1.86 per share, and net interest income was $50.4 million. → Corning’s Surprise AI Boom: Is It Already Too Late to Buy? Harper reported distributable earnings available to common stockholders of $79.8 million, or $0.71 per common share. He described distributable earnings as a non-GAAP measure defined as net interest income plus TBA drop income, adjusted for interest income or expense on interest-rate swaps and futures contracts, minus net operating expenses. Quarter-end book value was $18.63 per common share, up 6.5% from September 30. Management also provided a more recent estimate: Harper said the company’s “current available estimate” of book value as of Tuesday, February 17 was $18.37 per common share, reflecting payment of the January dividend and accr...
Investor releaseQuarter not tagged2026-02-19ARMOUR Residential REIT, Inc. Announces Q4 Results and December 31, 2025 Financial Position
GlobeNewswire
ARMOUR Residential REIT, Inc. Announces Q4 Results and December 31, 2025 Financial Position
VERO BEACH, Florida, Feb. 18, 2026 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR PRC) (“ARMOUR” or the “Company”) today announced the Company's unaudited Q4 results and December 31, 2025 financial position. Q4 2025 Results GAAP net income available to common stockholders of $208.7 million or $1.86 per common share. Net interest income of $50.4 million. Distributable Earnings available to common stockholders of $79.8 million, which represents $0.71 per common share (see explanation of this non-GAAP measure on page 5). Average interest income on interest earning assets of 4.97% and interest cost on average interest bearing liabilities of 4.27%. Economic interest income was 4.97% less economic interest expense of 3.20% for an economic net interest spread of 1.77% (see explanation of this non-GAAP measure on page 7). Raised $3.8 million of capital by issuing 183,490 shares of preferred stock through an at the market offering program. Paid common stock dividends of $0.24 per share per month, or $0.72 per share for Q4. December 31, 2025 Financial Position Book value per common share of $18.63, up 6.5% compared to $17.49 at September 30, 2025. Q4 2025 total economic return was 10.63%, which is change in book value for the period plus common dividends paid for the quarter. For the year ended December 31, 2025, total economic return was 12.79%. Liquidity, including cash and unencumbered securities, of $1.2 billion. Portfolio totaled $20.0 billion, comprised of 97.0% Agency mortgage-backed securities ("MBS") and 3.0% U.S. Treasury Securities. Repurchase agreements, net totaled $17.9 billion; 47.0% were with ARMOUR affiliate BUCKLER Securities LLC. Debt to equity ratio of 7.94:1 (based on repurchase agreements divided by total stockholders’ equity). Implied leverage, including To Be Announced ("TBA") Securities and forward settling sales and unsettled purchases was 8.07:1. Interest Rate swap contracts totaled $12.3 billion of notional amount. Management's Commentary "2025 was a good year for ARMOUR with total economic return of 12.79% and our Q4 2025 total economic return was 10.63%," said Scott Ulm, the Company's Chief Executive Officer. "In 2025 we grew our investment portfolio by approximately 60%, as we deployed $878 million of capital raised during the year by acquiring MBS. In 2025 and Q4 we benefited from MBS spreads tightening, lower MBS...