ARMOUR Residential REIT (ARR) Q4 2025 earnings summary

Executive summary

• Achieved a total economic return of 10.63% in Q4 2025, with book value per share rising 6.5% to $18.63 and stable monthly dividends of $0.24 per share, driven by MBS spread tightening and a favorable rate environment.

• Portfolio grew approximately 60% in 2025 to $20.0 billion, with common equity at $2.08 billion and nearly 100% allocation to agency MBS, agency CMBS/DUS, and US Treasuries.

Financial highlights

• Q4 2025 GAAP net income available to common stockholders was $208.7 million ($1.86 per share), with net interest income of $50.4 million.

• Distributable earnings for Q4 2025 were $79.8 million ($0.71 per share), and book value per share at year-end was $18.63.

• Liquidity at year-end was $1.2 billion, representing over 50% of equity.

• Common dividends declared per share for 2025 totaled $2.88.

Outlook and guidance

• Management expects a supportive 2026 environment with declining rate volatility, easing funding costs, and a steeper yield curve.

• March 2026 common dividend set at $0.24 per share, with future rates based on results and market conditions.