EarningsQ2 2026 Earnings Report
MX:ARR Q2 2026 EPS Results
Actual EPS$13.03
Consensus EPS$13.08
Beat/MissMissed by -$0.05
One Year Ago EPS$13.93
MX:ARR Q2 2026 Revenue Results
Actual Revenue$3.81B
Expected Revenue$2.03B
Beat/MissBeat by +$1.79B
YoY Revenue Growth+8.35%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:ARR Upcoming Earnings
ARMOUR Residential REIT's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ARR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple clear strengths: solid Q2 economic return (4.8%), strong GAAP and distributable earnings, successful capital raises, maintained dividends, portfolio growth (+$1.3B added) and liquidity above $1.2B. Management also emphasized disciplined risk management (near-zero duration, robust hedging) and attractive incremental return opportunities. Offsetting risks include macro and Fed-policy uncertainty, bear-flattening of the curve (2yr +38 bps, 10yr +15 bps), signs of cooling investor demand, valuation constraints in specified pools, and a modest downward trend in liquidity as a percent of equity. Overall, highlights materially outweigh the lowlights, but management remains cautious given external risks.Company Guidance
Total Economic Return and Earnings
Delivered total economic return of 4.8% for Q2 2026. GAAP net income available to common stockholders of $111.5 million ($0.86 per common share). Net interest income was $76.8 million. Distributable earnings available to common stockholders were $93.2 million ($0.72 per common share).
Capital Raising and Dividend Stability
Raised approximately $218.7 million of capital by issuing ~12.7 million common shares and $4.1 million via ~198,000 preferred shares through ATM programs in Q2; additional $88.3 million raised through July 14 (5.2 million common shares). Paid monthly common dividends of $0.24 per share ($0.72 for the quarter) and declared ongoing monthly dividends.
Book Value and Capital Base Growth
Quarter-end book value of $17.53 per common share, up 0.6% from March 31, 2026. Portfolio and capital base exceeded $22 billion, marking a fifth consecutive quarter of growth.
Portfolio Expansion and Purchases
Net added nearly $1.3 billion of new mortgage assets since the prior call, concentrating purchases in par and slight premium coupons (5- and 10-year DUS bonds) with favorable prepayment characteristics; portfolio remains 100% Agency MBS, Agency CMBS and U.S. Treasuries.
Spread Tightening and Prepayment Trends
Mortgage option-adjusted spreads tightened by 7 basis points across ARMOUR's asset classes in Q2. Q2 aggregate prepayments averaged 11.4 CPR (versus 11.2 CPR in Q1); July prepayment speeds have since declined to 8.8 CPR, and management expects this lower speed to persist.
Risk Management, Duration and Liquidity
Net balance sheet duration registered near 0. Implied leverage (ex-Treasuries) around 7.5 turns. Hedging program concentrated in shorter/intermediate OIS and SOFR pay-fixed swaps (about 86% of hedges). Expected July month-end liquidity over $1.2 billion (~50% of total equity); stress testing indicates comfort with liquidity.
Attractive Incremental Return Opportunity
Management sees static returns in the mid-teens for reinvestments in 30-year 5s–6s (assuming ~8x leverage and hedged to 0.5 year duration). Management highlighted that a hypothetical 10 bps OAS tightening could add 4%–5% to total return via book value.
MX:ARR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed