ARR Q2 2026: Net interest spread widens to 1.10% as portfolio grows 41% to $20.4B

Filed July 22, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 23, 2025 · ~2 min read

Key Changes

• high

  Net interest spread improved to 1.10% from 0.36% year-over-year, driven by lower repo borrowing costs (3.83% vs. 4.55%) and a 41% increase in average securities portfolio to $20.4 billion.

  MD&A: Net Interest Spread verify on EDGAR →
• high

  Raised $444.6 million via ATM sales of common and preferred stock during the six months ended June 30, 2026, funding portfolio expansion; repurchased 125,000 common shares for $2.0M in March 2026.

  MD&A: Equity Capital Activity verify on EDGAR →
• high

  Management agreement with ACM extended from December 31, 2029 to March 31, 2033, adding over three years to the term and locking in external management fees totaling $383 million through 2033; ACM also terminated its voluntary monthly fee waiver effective December 22, 2025.

  Notes: Management Agreement verify on EDGAR →