Q1 2026 ARMOUR Residential REIT Inc Earnings Call Transcript
Key Points
- ARMOUR Residential REIT Inc (ARR) delivered solid results for the first quarter of 2026 despite market turbulence and MBS volatility.
- The company raised approximately $215 million of capital by issuing common stock and $6.4 million by issuing preferred stock through at-the-market offering programs.
- ARMOUR paid monthly common stock dividends of $0.24 per share, totaling $0.72 for the quarter, and declared future dividends, indicating a commitment to shareholder returns.
- The company's portfolio remains 100% agency MBS, agency CMBS, and US Treasuries, with a fourth consecutive quarter of growth in both assets and capital base.
- ARMOUR's balance sheet management allowed them to take advantage of lower MBS prices and buy back some of their own stock, demonstrating strategic capital allocation.
- ARMOUR reported a GAAP net loss related to common stockholders of $58 million, or $0.49 per common share, for Q1 2026.
- The company's total economic return was -2.6% for the first quarter, reflecting challenges in the market environment.
- Quarter-end book value per common share decreased by 6.5% from December 31, 2025, indicating a decline in asset value.
- Heightened market uncertainty due to geopolitical tensions and rising oil prices impacted ARMOUR's operations and strategy.
- The company's leverage remains high at 7.85 times, which could pose risks in volatile market conditions.
Good day, and welcome to the ARMOUR Residential REIT first-quarter 2026 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.
I would now like to turn the conference over to Scott Ulm, Chief Executive Officer. Please go ahead.
Thank you, and good morning, and welcome to ARMOUR Residential REIT's first-quarter 2026 conference call. This morning, I'm joined by our Chief Financial Officer, Gordon Harper, as well as our Co-Chief Investment Officers, Sergey Losyev and Desmond Macauley.
I'll now turn the call over to Gordon to run through the financial results.
By now, everyone has access to ARMOUR's earnings release, which can be found on ARMOUR's website, www.armourreit.com. This conference call includes forward
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