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ARR

ARMOUR Residential REIT, Inc.

ARR

ARMOUR Residential REIT, Inc. • NYSE
$17.52 ▲ 0.57% (+0.10)
Market Cap $1.96 B
52w High $19.64
52w Low $13.18
Dividend Yield 2.88%
P/E 92.21
Volume 1.96M
Outstanding Shares 111.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $160.832M ▼ $160.832M ▲ $159.259M ▲ 99.022% ▲ $1.5 ▲ $0 ▼
Q2-2025 $194.544M ▲ $10.298M ▼ $-75.608M ▼ -38.864% ▼ $-0.94 ▼ $72.173M ▼
Q1-2025 $177.014M ▲ $13.142M ▲ $27.332M ▲ 15.441% ▼ $0.32 ▲ $164.493M ▲
Q4-2024 $-222.461M ▼ $-45.156M ▼ $-46.44M ▼ 20.876% ▼ $-0.95 ▼ $-1.993M ▼
Q3-2024 $66.406M $66.406M $65.88M 99.208% $1.22 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $44.238M ▼ $19.357B ▲ $17.228B ▲ $2.129B ▲
Q2-2025 $141.166M ▲ $16.241B ▲ $14.581B ▲ $1.66B ▼
Q1-2025 $49.115M ▼ $15.497B ▲ $13.793B ▲ $1.704B ▲
Q4-2024 $67.97M ▲ $13.548B ▲ $12.187B ▲ $1.361B ▲
Q3-2024 $63.855M $13.404B $12.088B $1.317B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $159.259M ▲ $-37.805M ▼ $-3.62B ▼ $3.544B ▲ $-114.032M ▼ $-37.805M ▼
Q2-2025 $-75.608M ▼ $24.964M ▼ $-216.223M ▲ $350.322M ▼ $159.063M ▲ $24.964M ▼
Q1-2025 $27.332M ▲ $101.482M ▲ $-2.09B ▼ $2.106B ▲ $117.306M ▲ $101.482M ▲
Q4-2024 $-46.44M ▼ $90.442M ▲ $-737.311M ▲ $594.951M ▼ $-51.918M ▼ $90.442M ▲
Q3-2024 $65.88M $47.123M $-3.264B $3.226B $9.196M $47.123M

Five-Year Company Overview

Income Statement

Income Statement Earnings have been very uneven, which is typical for a highly rate‑sensitive mortgage REIT but still important to note. Reported revenue and margins have swung from negative to positive as interest rates and portfolio marks moved around, with the last two years showing better top‑line and operating performance but still a small loss at the bottom line. The direction of travel is improving: losses are narrowing and operating results look more stable than during the sharp rate moves a few years ago. However, results remain fragile and can reverse quickly if funding costs rise or asset values are marked down again.

Balance Sheet

Balance Sheet The balance sheet shows a larger investment portfolio funded mostly with debt, with only a modest layer of equity supporting it. This high leverage is standard for mortgage REITs but leaves a thin cushion if asset values fall or spreads move the wrong way. Cash on hand is quite small relative to total assets, so ARR depends heavily on access to short‑term funding markets. On the positive side, equity has grown over time, suggesting that despite volatility the company has been able to rebuild its capital base.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive in recent years and has generally improved, even when accounting earnings were weak. Because this is a financial company with virtually no traditional capital spending, almost all operating cash flow is effectively free cash flow. This pattern suggests that the underlying spread business has been functioning, even while accounting marks and hedges created earnings volatility. Still, cash flow is closely tied to interest rate conditions and could tighten if funding costs increase or portfolio yields compress.

Competitive Edge

Competitive Edge ARR competes in a crowded mortgage REIT space where many players buy similar government‑backed mortgage securities and use similar funding and hedging tools. Its main edge appears to come from an experienced management team, disciplined focus on agency‑backed mortgages, and long‑standing relationships with financing providers. The company’s reputation with income‑oriented investors and its ability to raise capital are also important advantages. That said, the business model is largely commoditized, and performance is heavily exposed to macro conditions rather than unique products or technology, which limits the strength of its moat.

Innovation and R&D

Innovation and R&D Innovation here is about financial strategy, not traditional research and development. ARR emphasizes sophisticated portfolio construction, hedging, and risk management rather than proprietary technology, aiming to fine‑tune its interest rate exposure and protect book value. The firm appears to rely on advanced analytics and derivatives use to navigate rate cycles, continuously adjusting its mix of securities and hedges. Future “innovation” will likely be incremental—better risk models, refined hedging, and potential partnerships or transactions—rather than disruptive breakthroughs.

Summary

ARR is a classic leveraged mortgage REIT: earnings and book value are highly sensitive to interest rates and funding conditions, and that shows up clearly in its volatile profit history. Recent years suggest a gradual stabilization, with improving operating performance and positive cash flows, supported by a growing but still relatively thin equity base. The company’s strength lies in management expertise, agency‑focused risk posture, and financing relationships, rather than in unique technology or products. Key ongoing risks include high leverage, dependence on short‑term funding, and exposure to shifting rate environments. Overall, ARR looks like a specialized income vehicle whose fortunes will continue to rise and fall with the mortgage and interest rate cycle rather than with company‑specific innovation.

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