ARMOUR Residential REIT Inc (MEX:ARR)

Q2 2025 ARMOUR Residential REIT Inc Earnings Call Transcript

Jul 24, 2025 / 12:00PM GMT

Release Date Price: MXN322.62

Transcript 10-Q8-K

Key Points

Positve

ARMOUR Residential REIT Inc (ARR) raised approximately $104.6 million of capital by issuing 6.3 million shares of common stock through an at-the-market offering program.
The company paid monthly common stock dividends of $0.24 per share, totaling $0.72 for the quarter, indicating a commitment to providing attractive dividends.
ARMOUR's portfolio is 100% invested in agency MBS, agency CMBS, and US Treasuries, with a focus on high-carry production agency MBS, offering ROEs in the 18% to 20% range.
The company maintains strong liquidity, with total liquidity at approximately 52% of total capital as of July 21.
ARMOUR's hedge book reflects a balanced view of duration with a bias for further Fed easing, using a mix of Treasury shorts, futures, OIS, and SOFR swaps.

Negative

ARMOUR Residential REIT Inc (ARR) reported a GAAP net loss of $78.6 million for Q2, equating to $0.94 per common share.
The company's book value per common share decreased from $16.90 at the end of the quarter to an estimated $16.81 as of July 21.
Total expenses after fees waived were reported at $14.3 million, higher than expected due to increased professional fees.
The company experienced a decline in allocation to higher coupons like 6s and above during the second quarter.
ARMOUR's leverage strategy remains cautious, with leverage levels below historical averages, reflecting concerns over market volatility and Fed policy uncertainty.

Operator

Good morning and welcome to ARMOUR Residential REIT's second-quarter 2025 earnings conference call. (Operator Instructions)

Please note, this event is being recorded.

I would now like to turn the conference over to Scott Ulm. Please go ahead.

Scott Ulm

ARMOUR Residential REIT Inc - Chief Executive Officer, Vice Chairman of the Board

Good morning and welcome to ARMOUR Residential REIT's second-quarter 2025 conference call. This morning I'm joined by our CFO, Gordon Harper, as well as our co-CIOs, Sergey Losyev and Desmond Macauley.

I'll now turn the call over to Gordon to run through the financial results. Gordon.

Gordon Harper

ARMOUR Residential REIT Inc - Chief Financial Officer, Controller, Secretary

Thanks, Scott. By now everyone has access to ARMOUR's earnings release, which can be found on ARMOUR's website, www.armourreitcom.

This conference call includes forward-looking statements intended to be subject to the Safe Harbor protection, provided by the Private Securities

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