ARMOUR Residential REIT Q2 2026 Earnings Call: Complete Transcript

ARMOUR Residential REIT (NYSE: ARR ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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The full earnings call is available at Summary ARMOUR Residential REIT reported a strong Q2 2026 with a total economic return of 4.8% and GAAP net income of $111.5 million, or $0.86 per common share.

The company raised approximately $218.7 million through common stock and $4.1 million through preferred stock offerings, with continued capital raising efforts through July 14, 2026.

ARMOUR paid monthly dividends totaling $0.72 per common share for the quarter and maintained a stable book value at $17.53 per common share.

Strategically, the company focuses on agency MBS with a portfolio size of over $22 billion, and adjusts its hedging strategy to manage interest rate risks effectively.

Management highlighted the impact of market supply-demand dynamics on MBS valuations and emphasized a cautious approach given potential macroeconomic and Federal Reserve policy shifts.

Full Transcript OPERATOR Good morning and welcome to ARMOUR Residential REIT's second quarter 2026 earnings conference call.

All participants will be in listen-only mode.

Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad.

After today's presentation there will be an opportunity to ask questions.

To ask a question, you may press star then one on your telephone keypad.

To withdraw your question, please press star then two.

Please note this event is being recorded.

I would now like to turn the conference over to Scott Ulm, CEO.

Please go ahead, sir.

Scott Ulm, CEO Good morning and welcome to ARMOUR Residential REIT's second quarter 2026 conference call.

This morning I'm joined by our Chief Financial Officer, Gordon Harper, as well as our Co-Chief Investment Officers, Sergei Loesyev and Desmond McCauley.

Now I'd like to turn the call over to Gordon to run through the financial results.

Gordon Harper, CFO Thank you, Scott.

By now everyone has access to ARMOUR's earnings release and our Q2 2026 investor presentation, which can be found on ARMOUR's website at This conference call includes forward-looking statements, which are intended to be subject to the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995.

The risk factors section of ARMOUR's periodic reports filed with the Securities and Exchange Commission describe certain factors beyond ARMOUR's control that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements.

Those periodic reports can be found on the SEC's website at All of today's forward-looking statements are subject to change without notice.

We disclaim any obligation to update them unless required by law.

Also, today's discussions refer to certain non-GAAP measures.

These measures are reconciled with comparable GAAP measures in our earnings release.

An online replay of this conference call will be available on ARMOUR's website shortly and will continue for one year.

Our portfolio benefited from MBS spreads tightening.

We delivered strong results for the quarter with total economic return of 4.8%.

ARMOUR's Q2 GAAP net income available to common stockholders was $111.5 million, or $0.86 per common share.

Net interest income was $76.8 million.

Distributable earnings available to common stockholders was $93.2 million, or $0.72 per common share.

This non-GAAP measure is defined as net interest income plus TBA drop income, adjusted for income or expense on our interest rate swaps and futures contracts, minus operating expenses.

During Q2, ARMOUR raised approximately $218.7 million of capital by issuing approximately 12.7 million shares of common stock and $4.1 million of capital by issuing approximately 198,000 shares of preferred stock through our at-the-market offering programs.