Know the company
Company overview
ARMOUR owns residential mortgage-backed securities backed by U.S. agencies or government-sponsored enterprises. Interest from that portfolio is the starting point for its monthly dividend. The company finances the assets with short-term borrowing and uses hedges, so the income left for shareholders moves with mortgage spreads, borrowing costs, prepayments and operating expenses. The guarantees do not protect its common shares from those market and financing changes.
- Business
- REIT
- Listing
- ARR · XNYS
- Reporting period
- Portfolio: August 31, 2026; earnings: second quarter 2026
- Dividend schedule
- Monthly
How the business works
The distribution is supported by cash generation from the mortgage portfolio's net interest spread after the cost of repurchase-agreement funding, hedging and operating expenses. Leverage can magnify this income when spreads are favorable, but it also magnifies the effect of falling asset values, higher funding costs and adverse hedge performance. Agency guarantees address mortgage credit exposure, not the interest-rate and funding risks that drive a mortgage REIT's distributable earnings.
ARMOUR second-quarter 2026 issuer results and reconciliation