ARMOUR Residential REIT : Q1 2026 Investor Presentation (f7d78b4c 0642 4940 aac2 55c314c4810b)

Published: 2026-04-22 16:44:52 ET ARR

Published on 04/22/2026 at 04:44 pm EDT

‌APRIL 22, 2026

Q1 2026 Investor Presentation

ARMOUR Residential REIT, Inc. ("ARMOUR"; NYSE: ARR)

brings private capital into the mortgage markets to support home ownership for a broad and diverse spectrum of homeowners. We seek to create shareholder value through thoughtful investment and risk management of a leveraged and diversified portfolio of mortgage-backed securities issued or guaranteed by U.S Government-sponsored entities. We rely on the decades of experience of our management team for (i) MBS securities portfolio analysis and selection, (ii) access to equity capital and repurchase financing at potentially attractive rates and terms, and

(iii) hedging and liquidity strategies to moderate interest rate and MBS price risk. We prioritize maintaining common share dividends appropriate for the intermediate term rather than focusing on short-term market fluctuations.

‌Quarterly Highlights

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Dividend/Share ($)

0.72

Distributable Earnings(1)/Share ($)

0.76

0.71

0.72

0.77

Book Value/Share ($)

17.42

18.63

17.49

16.90

Total Economic Return(2)

(2.6)%

10.6%

7.8%

(5.2)%

Portfolio Balance (in $ millions)

21,071.5

20,015.8

18,180.8

15,427.3

Repo Principal Balance (in $ millions)

18,463.8

17,941.8

16,557.4

12,810.1

Hedges Notional Balance (in $ millions)

15,092.3

14,070.3

12,695.3

12,824.0

Implied Leverage(3)

8.2

8.1

7.7

8.3

Net Effective Duration(4)

0.55

0.35

0.52

0.23

Average 3-month CPR

11.2

11.1

8.1

7.7

Liquidity(5) (in $ millions)

1,119.2

1,173.8

1,141.4

772.9

Liquidity as % of Total Equity

47.9%

51.9%

53.6%

46.6%

Common Equity (in $ millions)

2,153.1

2,084.9

1,957.2

1,488.3

Total Equity (in $ millions)

2,337.0

2,261.1

2,128.8

1,660.0

‌Markets Overview

as of 3/31/2026

‌ARMOUR Portfolio Composition

% of Portfolio

Market Value (in $ millions)

Effective Duration

Agency CMBS

6.2 %

1,301

5.07

30 Year Fixed Rate Pools

86.4 %

18,196

4.05

Conventionals

84.0 %

17,710

4.07

ARMOUR Key Data

Common Stock Price ($)

16.68

Debt-Equity (1)

7.9

30y 2.0s

1.2 %

258

7.53

Implied Leverage (2)

8.2

30y 2.5s

1.1 %

231

7.78

Liquidity (3) (in $ millions)

1,119.2

30y 3.0s

3.2 %

680

7.34

Liquidity as Percentage of Total Capital

48%

30y 3.5s

5.2 %

1,092

6.57

30y 4.0s

4.7 %

988

5.84

30y 4.5s

7.3 %

1,539

5.51

Dividend Information

30y 5.0s

16.8 %

3,550

4.57

May 2026 Common Dividend 0.24

30y 6.0s

18.0 %

3,801

2.23

Common Ex-Dividend Date/Record Date

05/15/2026

30y 6.5s

2.3 %

477

1.34

Pay Date

05/28/2026

Ginnie Mae

2.3 %

486

3.49

30y 5.0s

0.5 %

4.19

30y 5.5s

1.8 %

388

3.31

ARMOUR Portfolio CPR (4)

30y 5.5s 24.2 % 5,094 3.24

FN 15y 4.5s TBAs 0.9 % 198 3.51

G2 30y 4.5 TBAs 1.8 % 386 5.81

5Y US Treasury Longs 4.7 % 990 4.24

Agency Portfolio

92.5 %

19,498

Net TBA Positions

2.8 %

584

21,072

100.0 %

Total Portfolio

990

4.7 %

US Treasury Long Positions

J F M A M J J

A S O N D J F M A M J J

A S O N D J F M A

2024

2025

2026

Portfolio Summary as of Mar 31, 2026

‌ARMOUR Repo

Composition

Principal Borrowed

(in $ millions)

% of Repo Positions with

ARMOUR

Weighted Average

Original Term (days)

Weighted Average

Remaining Term (days)

Longest Maturity (days)

BUCKLER Securities LLC (5)

8,021

43.4 %

All Other Counterparties

10,443

56.6 %

114

Total (6)

18,464

100.0 %

ARMOUR Hedge Type Notional (in $ millions)(7)

ARMOUR Interest Rate Swaps Maturity (months)

Notional Amount (in $ millions)

Weighted Average Remaining

Term (months)

Weighted Average Rate

0-12

579

0.26

13-24

2,550

3.08

25-36

3,393

3.49

37-48

604

0.49

49-60

2,448

0.84

61-72

600

1.32

73-84

750

2.66

85-96

3.72

97-108

600

103

3.71

109-120

1,000

114

3.77

>120

300

175

4.04

Total

12,899

2.52

Interest Rate Swaps

$12,899

Treasury Futures

$2,193

Financing Summary as of Mar 31, 2026

as of 3/31/2026

‌March 31, 2026 December 31, 2025

$ in thousands

Assets

Cash and cash equivalents

66,471

63,270

Cash collateral posted to counterparties

147,707

226,701

Agency Securities

19,497,548

19,417,640

U.S. Treasury Securities

989,541

598,109

Derivatives, at fair value

661,015

611,544

Accrued interest receivable

88,607

86,153

Prepaid and other

3,715

1,742

Total Assets

21,454,604

21,005,159

Liabilities

Repurchase agreements, net

18,463,834

17,941,796

Cash collateral posted by counterparties

401,189

419,427

Payable for unsettled purchases

148,241

302,094

Derivatives, at fair value

14,445

19,303

Accrued interest payable - repurchase agreements

83,434

59,267

Accounts payable and accrued expenses

6,437

2,219

Total Liabilities

19,117,580

18,744,106

Stockholders' Equity

Preferred stock

Common stock

124

112

Additional paid-in capital

5,666,414

5,446,152

Cumulative distributions to stockholders

(2,756,503)

(2,667,051)

Accumulated net loss

(573,018)

(518,167)

Total Stockholders' Equity

2,337,024

2,261,053

Total Liabilities and Stockholders' Equity

21,454,604

21,005,159

Condensed Balance Sheets (unaudited)

‌For the Three Months Ended March 31, 2026 2025

$ in thousands, except per share amounts

Interest Income

249,201

172,881

Interest expense

(178,487)

(136,540)

Net Interest Income

70,714

36,341

Other Income (Loss)

Gain (Loss) on Agency Securities, trading, net

(182,595)

208,257

Loss on U.S. Treasury Securities, net

(10,648)

(12,906)

Gain (Loss) on derivatives, net

83,025

(191,218)

Total Other Income (Loss)

(110,218)

4,133

Expenses

Management fees

12,215

10,769

Compensation

953

811

Other operating

2,179

3,212

Total Expenses

15,347

14,792

Less management fees waived

(1,650)

Total Expenses after fees waived

15,347

13,142

Net Income (Loss)

(54,851)

27,332

Dividends on preferred stock

(3,175)

(3,000)

Net Income (Loss) Available (related) to Common shareholders

Net income (loss) available (related) to common stockholders

(58,026)

24,332

Basic EPS

(0.49)

0.32

Diluted EPS

(0.49)

0.32

Dividends declared per common share

0.72

Weighted avg shares basic

119,579

75,222

Weighted avg shares diluted

119,579

75,380

Condensed Statements of Operations (unaudited)

‌Q1 2026

Q4 2025

$ in millions except, share and per share

Net Interest Income

70.7

50.4

TBA Drop and interest margin income

0.8

Net interest income on interest rate swaps

35.7

44.5

Net interest income on futures contracts

1.8

1.9

Total Expenses after fees waived

(15.3)

(14.0)

Distributable Earnings

93.7

82.8

Dividends on Preferred Stock

(3.2)

(3.0)

Distributable Earnings available to common stockholders

90.5

79.8

Distributable Earnings per common share

0.76

0.71

Net Income (Loss)

(54.8)

211.7

Items Excluded from Distributable Earnings:

(Gain) Loss on MBS

182.6

(112.9)

Loss on U.S. Treasury Securities

10.6

0.4

(Gain) Loss on TBA Securities, less TBA Drop Income

7.9

(0.2)

(Gain) Loss on futures contracts

(17.0)

(12.2)

Gain on interest rate swaps

(35.6)

(4.0)

Total items excluded

148.5

(128.9)

Distributable Earnings

93.7

82.8

Dividends on Preferred Stock

(3.2)

(3.0)

Distributable Earnings available to common stockholders

90.5

79.8

Distributable Earnings per common share

0.76

0.71

Net Income (Loss)

(54.8)

211.7

Dividends on Preferred Stock

(3.2)

(3.0)

Net Income (Loss) available (related) to common stockholders

(58.0)

208.7

Net Income (Loss) per common share

(0.49)

1.86

Weighted average common shares outstanding

119,578,741

112,243,115

Distributable Earnings Non-GAAP Reconciliation(1)

‌SLIDES 3 and 11

Distributable Earnings is a non-GAAP measure defined as net interest income plus TBA Drop Income adjusted for the net coupon effect of interest rate swaps and futures contracts minus net operating expenses (see page 11 for the reconciliation of the elements of Distributable Earnings and Distributable Earnings per common share to the Company's Net Interest Income, Net Income and Net Income per common share).

Total Economic Return is change in book value for the period plus common dividends paid for the quarter.

Implied Leverage is Total Repo plus TBA market value net of forward settling trades divided by Shareholders' Equity.

Net effective duration is model estimated effective duration of assets net of hedges.

Liquidity is cash plus unencumbered Agency and US Government securities. Excludes any forward settling trades.

SLIDES 6 and 7

Total Repo divided by Shareholders' Equity.

Implied Leverage is Total Repo plus TBA market value net of forward settling trades divided by Shareholders' Equity.

Liquidity is cash plus unencumbered Agency and US Government securities. Excludes any forward settling trades.

Includes April Prepayment Report.

BUCKLER Securities LLC is a FINRA registered broker-dealer affiliated with ARMOUR REIT.

Repo composition includes funding for U.S. Treasury longs and margin collateral posted to ARMOUR.

ARMOUR's Treasury Futures have a weighted average duration of 11.8 years.

Footnotes

‌ARMOUR is externally managed by ARMOUR Capital Management LP, which is also the majority owner of BUCKLER Securities LLC, a FINRA registered broker-dealer that is the largest provider of ARMOUR's repurchase financing.

Certain statements made in this presentation regarding ARMOUR Residential REIT, Inc. ("ARMOUR" or the "Company"), and any other statements regarding ARMOUR's future expectations, beliefs, goals or prospects constitute "forward-looking statements" made within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions) should also be considered forward-looking statements.

Forward looking statements include but are not limited to statements regarding the projections and future plans for ARMOUR's business, growth and operational improvements. Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of ARMOUR's control. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements. Additional information concerning these factors and risks are contained in the Company's most recent annual and quarterly reports and other reports filed with the Securities and Exchange Commission. ARMOUR assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This material is for information purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any securities or financial instruments.

The statements, information and estimates contained herein are based on information that the Company believes to be reliable as of today's date unless otherwise indicated. ARMOUR cannot guarantee future results, levels of activity, performance or achievements. Pricing and duration information are estimates provided by independent third-party providers based on models that require inputs and assumptions. Actual realized prices and durations will depend on a number of factors that cannot be predicted with certainty and may be materially different from estimates.

AMOUNTS MAY NOT FOOT DUE TO ROUNDING.

Estimates do not reflect any costs of operation of ARMOUR.

THE INFORMATION PRESENTED HEREIN IS UNAUDITED AND NOT REVIEWED BY OUR INDEPENDENT PUBLIC ACCOUNTANTS.

Disclaimers

Disclaimer

ARMOUR Residential REIT Inc. published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 20:42 UTC.