ARMOUR Residential REIT reported a GAAP net loss of $327.0 million for the third quarter of 2026, as rising interest rates and widening mortgage spreads triggered $1.17 billion in valuation losses on its Agency MBS portfolio. Book value per common share fell to $14.55 from $17.53 at the end of the second quarter, resulting in a negative total economic return of 12.9%.
Key Highlights
- Distributable earnings available to common stockholders reached $102.3 million or $0.71 per share, nearly covering the $0.72 in quarterly common dividends.
- Net interest income stood at $83.7 million, with the company realizing an economic net interest spread of 1.83% for the period.
- Leverage remains elevated with an implied debt-to-equity ratio of 8.4:1 on a $21.3 billion total portfolio comprised primarily of Agency mortgage-backed securities.