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Sep 30, 2025
ARMOUR Residential REIT Q3 2025 Earnings Report
ARMOUR Residential REIT posted a strong Q3 2025 with robust GAAP and economic performance, boosted by favorable investment gains and capital activity.
Key Takeaways
ARMOUR reported Q3 2025 GAAP net income of $156.3 million and EPS of $1.49, driven by strong gains on MBS and stable net interest income. Distributable earnings per share came in at $0.72. The company raised over $398 million through equity issuance and maintained a solid book value growth, ending the quarter with a book value of $17.49 per share and a 7.75% total economic return.
GAAP net income was $156.3 million or $1.49 per share
Distributable earnings reached $75.3 million or $0.72 per share
Economic net interest spread was 1.83% and net yield on assets was 2.17%
Total economic return for Q3 was 7.75%, driven by dividend payouts and book value appreciation
Forward Guidance
ARMOUR expects to maintain strong performance through Q4 with ongoing capital flexibility, stable portfolio composition, and dividend continuity.
Positive Outlook
- Maintained $0.24 monthly dividend per share through Q3 and declared for Q4
- Book value rose to $17.49, a 3.5% sequential increase
- Liquidity remained strong at over $1.1 billion
- Robust equity raise of $398.7 million through common stock issuance
- Portfolio remained primarily in agency MBS (97.9%) ensuring stability
Challenges Ahead
- Future dividend treatment may be partially taxable
- Economic interest spread slightly compressed from Q2
- Decline in TBA drop income vs. previous quarter
- Higher notional interest rate swap exposure ($10.4 billion)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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