Armour Residential REIT, Inc. — Form 8-K
Filed October 21, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 48/100
What the filing says
Armour Residential REIT reported Q3 2026 GAAP net loss of $327.0M ($2.26/share, vs. +$111.5M in Q2) driven by $1,165M mark-to-market loss on MBS holdings as rates rose; book value fell to $14.55/share (22% decline from $18.63 at YE 2025). Despite mark-to-market pain, Distributable Earnings stood at $102.3M ($0.71/share), supporting maintained $0.24/month common dividend. Company raised $205.7M equity (12.4M shares ATM) and $2.5M preferred; holds $21.3B portfolio (94% Agency MBS) funded via $19.4B repo (50% from affiliate BUCKLER); debt-to-equity 8.24:1; liquidity $1.0B.
Why this rating
Large mark-to-market loss (5.2% of equity) and 22% YTD book value decline are real pain, but offset by stable distributable earnings, maintained dividend, and adequate liquidity. Modest deterioration in rates-sensitive business—not structural threat but material near-term damage.
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