ARMOUR Residential REIT Reports Q3 Results and Financial Position
News related to:ARMOUR Residential REIT, Inc · 2 min read
VERO BEACH, Florida, Oct. 21, 2026 /CourierPR/ -- ARMOUR Residential REIT, Inc. reported its third quarter (Q3) results and financial position as of September 30, 2026. The company faced a GAAP net loss of $327.0 million, or $2.26 per common share, related to its common stockholders. Despite this, the company maintained a reported book value per common share of $14.55 and paid common stock dividends of $0.24 per share per month, totaling $0.72 per share for Q3. This resulted in a total economic return of (12.9)%, which is the change in book value for the period plus the common dividends paid.
Net interest income for the quarter was $83.7 million. Distributable Earnings, a non-GAAP measure, stood at $102.3 million, representing $0.71 per common share. The company's average interest income on interest-earning assets was 4.99%, while the interest cost on average interest-bearing liabilities was 3.89%. The economic interest income was 4.90% less than the economic interest expense of 3.07%, resulting in an economic net interest spread of 1.83%.
In capital raising efforts, ARMOUR Residential REIT, Inc. raised $205.7 million by issuing 12,366,481 shares of common stock through an at-the-market offering program. Additionally, the company repurchased 363,700 shares of common stock under its common stock repurchase authorization. It also raised $2.5 million of capital by issuing 123,374 shares of preferred stock through an at-the-market offering program.
As of September 30, 2026, the company's liquidity, including cash and unencumbered securities, stood at $1.0 billion. The portfolio was valued at $21.3 billion, with 94.0% of the assets comprised of Agency mortgage-backed securities (MBS), 2.2% in U.S. Treasury Securities, and 3.8% in To Be Announced (TBA) Agency Securities. Repurchase agreements, net, amounted to $19.4 billion, with 49.8% of these agreements being with ARMOUR affiliate BUCKLER Securities LLC.
The company's debt to equity ratio, based on repurchase agreements divided by total stockholders' equity, was 8.24:1. Including TBA Agency Securities and forward settling sales and unsettled purchases, the implied leverage was 8.41:1. For the three and nine months ending September 30, 2026, the average debt to equity ratio was 7.58:1 and 7.76:1, respectively. The average implied leverage for the same periods was 7.94:1 and 8.06:1, respectively.
As of October 19, 2026, the company's common stock outstanding was 148,415,420 shares. Liquidity, including cash and unencumbered securities, exceeded $897.0 million, excluding MBS principal and interest receivable due in October 2026, which totaled $253.2 million. The securities portfolio included approximately $20.8 billion of Agency MBS (including TBA Agency Securities) and U.S. Treasury Securities. The debt to equity ratio, based on repurchase agreements divided by total stockholders' equity, was 7.99 to 1, with an implied leverage, including TBA Agency Securities and forward settling sales and unsettled purchases, of 8.21 to 1.