ARMOUR Residential REIT
Invests in leveraged Agency mortgage securities to earn net interest income.
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Profile
Invests mainly in Agency residential mortgage-backed securities, with smaller Treasury and TBA positions, and earns net interest income from leveraged spreads over funding and hedging costs. An external manager runs the portfolio, which centers on U.S. housing finance and depends on repurchase funding, interest rates, mortgage spreads, prepayments, and REIT qualification.
Invests primarily in fixed-rate residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae, alongside U.S. Treasury securities and forward-settling TBA Agency positions. The portfolio is concentrated in U.S. housing finance and earns net interest income from the spread between asset yields and the cost of financing and hedging.
Uses repurchase agreements to finance most mortgage assets and derivatives to moderate interest-rate and mortgage-price exposure. ARMOUR Capital Management selects securities and manages funding, hedging, and liquidity under board oversight through an external-management structure. Agency guarantees limit underlying credit exposure, but asset values and income remain tied to mortgage spreads, interest rates, borrower prepayments, collateral demands, short-term funding access, and continued REIT qualification.
Company facts
Categories
Key statistics
Year to date −9.8% · Average volume (30d) 3.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 4, 2026 | RBC Capital | Target | $13 | |||
| Jun 4, 2026 | BTIG | Target | $14 | |||
| Apr 24, 2026 | UBS | Reiterate | Neutral | $16 | $18 | |
| Jan 16, 2026 | Jones Trading | Upgrade | Hold | Buy | ||
| Dec 15, 2025 | Compass Point | Target | $18.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.72 | $0.72 | −0.4% | $112.0M | $113.7M | +1.5% | −1.53% |
| Apr 22, 2026Q1 FY26 | $0.73 | $0.76 | +4.1% | $149.3M | $109.0M | −27.0% | −0.34% |
| Feb 18, 2026Q4 FY25 | $0.74 | $0.71 | −4.1% | $149.0M | $96.8M | −35.0% | −0.11% |
| Oct 22, 2025Q3 FY25 | $0.75 | $0.72 | −4.0% | $62.3M | $160.8M | +158.0% | +1.08% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $368.2M | $194.5M | $393.5M | $349.0M | $56.0M | $210.8M | |
| Gross profit | $359.1M | $185.1M | $383.4M | $338.7M | $43.7M | $198.3M | |
| Operating income | $163.9M | $72.2M | $330.9M | $397.8M | $40.6M | $301.9M | |
| Net income | $27.3M | −$75.6M | $159.3M | $211.7M | −$54.9M | $114.8M | |
| Diluted EPS | $0.32 | −$0.94 | $1.49 | $1.86 | −$0.49 | $0.86 | |
| Gross margin | 97.5% | 95.2% | 97.4% | 97.1% | 78.2% | 94.1% | |
| Operating margin | 44.5% | 37.1% | 84.1% | 114.0% | 72.6% | 143.2% |
Fiscal years (4-quarter sums)FY21 −$92.9M · FY22 −$975.2M · FY23 $449.7M · FY24 $239.9M · FY25 $1.31B
Balance sheet, Jun 30, 2026Cash & short-term investments $83.7M · Total debt $19.44B · Total assets $22.75B · Shareholders' equity $2.58B
Dividends
Last cut to $0.24 from $0.40 in Jan 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Aug 28 | $0.24 | |
| Jul 15, 2026 | Jul 15 | Jul 30 | $0.24 | |
| Jun 15, 2026 | Jun 15 | Jun 29 | $0.24 | |
| May 15, 2026 | May 15 | May 28 | $0.24 | |
| Apr 15, 2026 | Apr 15 | Apr 29 | $0.24 | |
| Mar 16, 2026 | Mar 16 | Mar 30 | $0.24 | |
| Feb 17, 2026 | Feb 17 | Feb 27 | $0.24 | |
| Jan 15, 2026 | Jan 15 | Jan 29 | $0.24 |
Ownership
Shares outstanding 116.36M · Float 116.07M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.97M | 17.17% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 7.11M | 6.11% | 13F | Aug 13, 2026 |
| Vanguard Capital Management | 6.57M | 5.29% | 13G | Jul 31, 2026 |
| State Street Corp | 4.75M | 4.08% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 3.22M | 2.77% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 6, 2026 | Robert C. Hain | director | −6,833 | $18.06 |
Peers
- AGNC
Pure-play Agency MBS scale and TBA overlap
- Annaly Capital Management
Large mREIT overlap across Agency MBS, MSR, and residential credit
- TWO
Hybrid residential mREIT overlap in Agency RMBS, MSR, and funding
- Dynex Capital
Agency RMBS-focused mREIT overlap in leverage, hedging, and capital
- Orchid Island Capital
Externally managed Agency RMBS peer with monthly-dividend overlap
- Invesco Mortgage Capital
Invesco-managed mREIT overlap in Agency RMBS and hybrid credit
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ARMOUR Residential REIT | $16.33 | +0.11% | $1.90B | 4.4 | 5.6 | 1.9 | −41.6% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| TWO | $12.18 | +1.08% | $1.28B | — | 10.9 | 1.5 | — |
| Dynex Capital | $12.95 | +0.47% | $3.19B | 4.9 | 8.2 | 3.6 | — |
| Orchid Island Capital | $6.75 | +0.90% | $1.16B | 4.5 | 6.2 | 2.2 | −28.9% |
| Invesco Mortgage Capital | $7.39 | +0.41% | $683.2M | 4.6 | 4.1 | 2.2 | −43.7% |
| Median | 4.9 | 7.3 | 2.3 | −43.7% |