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Get filing alertsArmour Residential REIT reports Q2 2026 net income $111.5M, book value up 0.6% to $17.53
Filed July 22, 2026 · Period ending July 22, 2026 · ~1 min read
Key Changes
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GAAP net income $111.5M ($0.86/share) vs. Q2 2025 loss of $75.6M; book value per share rose 0.6% to $17.53 from $17.42 at March 31, 2026; total economic return 4.8% for the quarter.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Net interest income $76.8M on 4.93% average yield and 3.83% average cost of funds; economic net interest spread 1.82% including TBA drop income and swap effects.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Distributable earnings $93.2M ($0.72/share) matched the $0.72 quarterly dividend; company declared August 2026 common dividend of $0.24/share, maintaining the monthly rate.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Raised $218.7M by issuing 12.7M common shares and $4.1M by issuing 197,939 preferred shares through at-the-market offerings during the quarter.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Portfolio grew to $21.8B (94.5% Agency MBS, 2.7% Treasuries, 2.8% TBA); implied leverage declined to 7.73:1 from 8.2:1 in Q1 2026.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
Summary
Armour Residential REIT reported a strong second quarter, with GAAP net income of $111.5 million ($0.86 per share) reversing a year-ago loss and driving book value per share up 0.6% to $17.53. The 4.8% total economic return reflected both the book value gain and the $0.72 quarterly dividend.
Net interest income of $76.8 million was supported by a 4.93% yield on earning assets and a 3.83% cost of funds, translating to an economic net interest spread of 1.82% after accounting for TBA drop income and hedging costs. Distributable earnings of $0.72 per share exactly covered the dividend, and the company declared its August 2026 monthly dividend of $0.24 per share, maintaining the current payout rate.
The company raised $218.7 million in common equity and $4.1 million in preferred equity through at-the-market offerings, supporting portfolio growth to $21.8 billion while reducing implied leverage to 7.73:1 from 8.2:1 in the prior quarter. The portfolio remains concentrated in Agency MBS (94.5%), with small allocations to Treasuries and TBA positions. For retail holders, the quarter demonstrates stable dividend coverage and modest book value accretion in a leveraged Agency MBS strategy, with the equity raises diluting existing shareholders but funding growth and deleveraging.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Armour Residential REIT announced Q2 2026 unaudited results and June 30, 2026 financial position via press release.
Added in current filing · verify on EDGAR →
On July 22, 2026, ARMOUR Residential REIT, Inc. (the “Company”) issued a press release announcing its unaudited Q2 results and June 30, 2026 financial position.
The company disclosed its second quarter 2026 financial results and financial position as of June 30, 2026. The 8-K itself does not provide specific financial metrics; those details are contained in the attached press release (Exhibit 99.1), which is not included in this filing body.
Event · Item 7.01 — Regulation FD Disclosure
Armour Residential REIT furnished an investor presentation updating its financial position, business, and operations.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On July 22, 2026, ARMOUR produced for distribution a presentation, which contains updates on ARMOUR's financial position, business and operations.
The company furnished an investor presentation providing updates on its financial position, business, and operations. This is a routine disclosure under Regulation FD to ensure material information is publicly available. The presentation itself is attached as Exhibit 99.2.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Raised $218.7 million of capital by issuing 12,714,990 shares of common stock through an at the market offering program. ... Raised $4.1 million of capital by issuing 197,939 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 Q2.
ARMOUR raised $218.7 million by issuing 12.7 million common shares and $4.1 million by issuing 197,939 preferred shares through at-the-market offerings. The company paid monthly common dividends of $0.24 per share, totaling $0.72 for the quarter.
Added in current filing · view on EDGAR →
Portfolio totaled $21.8 billion, comprised of 94.5% Agency mortgage-backed securities ("MBS") and 2.7% U.S. Treasury Securities and 2.8% of To Be Announced ("TBA") Agency Securities. ... Debt to equity ratio of 7.54:1 (based on repurchase agreements divided by total stockholders’ equity). Implied leverage, including TBA Agency Securities and forward settling sales and unsettled purchases was 7.73:1.
The company's $21.8 billion portfolio consisted primarily of Agency MBS (94.5%), with small allocations to U.S. Treasuries (2.7%) and TBA Agency Securities (2.8%). Debt-to-equity ratio was 7.54:1, or 7.73:1 including TBA positions and unsettled trades.
Event · Exhibit 99.2
Added in current filing · view on EDGAR →
Quarterly Highlights Q2 2026 Q1 2026 Q4 2025 Q3 2025 Dividend/Share ($) 0.72 0.72 0.72 0.72 Distributable Earnings(1)/Share ($) 0.72 0.76 0.71 0.72 Book Value/Share ($) 17.53 17.42 18.63 17.49 Total Economic Return(2) 4.8 % (2.6) % 10.6 % 7.8 %
ARMOUR reported Q2 2026 distributable earnings of $0.72 per share, matching the quarterly dividend of $0.72. Book value per share increased to $17.53 from $17.42 in Q1 2026, and total economic return was 4.8% for the quarter. The company maintained its quarterly dividend at $0.72 per share for the fourth consecutive quarter.
Added in current filing · view on EDGAR →
Net Income (Loss) $ 114,816 $ (75,608) $ 59,965 $ (48,276) ... Net income (loss) available (related) to common stockholders $ 111,552 $ (78,611) $ 53,526 $ (54,279) Basic EPS $ 0.86 $ (0.94) $ 0.43 $ (0.68)
ARMOUR reported GAAP net income of $114.8 million for Q2 2026, or $0.86 per share, compared to a net loss of $75.6 million or $(0.94) per share in Q2 2025. For the six months ended June 30, 2026, net income was $60.0 million or $0.43 per share, versus a net loss of $48.3 million or $(0.68) per share in the prior year period.
Added in current filing · view on EDGAR →
Portfolio Balance (in $ millions) 21,787.2 21,071.5 20,015.8 18,180.8 Repo Principal Balance (in $ millions) 19,441.5 18,463.8 17,941.8 16,557.4 Hedges Notional Balance (in $ millions) 18,557.3 15,092.3 14,070.3 12,695.3 Implied Leverage(3) 7.7 8.2 8.1 7.7
The portfolio balance grew to $21.8 billion at June 30, 2026, from $21.1 billion in Q1 2026. Repo principal balance increased to $19.4 billion, and hedges notional balance rose to $18.6 billion from $15.1 billion. Implied leverage decreased to 7.7 from 8.2 in the prior quarter.
Added in current filing · view on EDGAR →
Interest Income $ 263,870 $ 180,886 $ 513,071 $ 353,767 Interest expense (187,051) (147,781) (365,538) (284,321) Net Interest Income $ 76,819 $ 33,105 $ 147,533 $ 69,446 ... Total Expenses after fees waived 17,160 14,349 32,507 27,491
Net interest income for Q2 2026 was $76.8 million, up from $33.1 million in Q2 2025, driven by interest income of $263.9 million and interest expense of $187.1 million. Total expenses after fees waived were $17.2 million for the quarter.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify