Q3 2025 ARMOUR Residential REIT Inc Earnings Call Transcript

Oct 23, 2025 / 12:00PM GMT

Release Date Price: €13.4 (-0.96%)

Transcript 10-Q8-K

Key Points

Positve

ARMOUR Residential REIT Inc (ARR) reported a free GAAP net income of $156.3 million, translating to $1.49 per common share.
The company achieved a total economic return of 7.75% for the quarter.
ARMOUR Residential REIT Inc (ARR) raised approximately $99.5 million of capital through an after-market offering program.
The company completed a $300 million overnight underwritten bought deal, contributing to an increase in book value.
ARMOUR Residential REIT Inc (ARR) maintained a robust liquidity position, with approximately 55% of total capital available.

Negative

The federal government shutdown introduced incremental uncertainty to growth forecasts and delayed key data releases.
There is a potential for near-term consolidation as MBS spreads are now near the tightest levels of the year.
The company's aggregate portfolio prepayment rate rose to 9.6% CPR in October, a 19% increase from the third quarter average.
ARMOUR Residential REIT Inc (ARR) faces challenges with refinancing activity exceeding last year's pace, elevating prepayment concerns.
The spread between SOFR and Fed funds widened, muting the transmission of the Fed's recent cut to funding markets.

Operator

Good day, and welcome to the ARMOUR Residential REIT Third 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, Chief Executive Officer. Please go ahead.

Scott Ulm

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

Scott Ulm CEO and Vice Chairman

Good morning, and welcome to ARMOUR Residential REIT's Third Quarter 2025 Conference Call. This morning, I'm joined by our Chief Financial Officer, Gordon Harper, as well as our Co-Chief Investment Officer, Sergey Losev and Desmond McAuley. 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

Thank you, Scott. By now, everyone has access to ARMOUR's earnings release, which can be found on ARMOUR's website, www.armourreit.com. This

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