The company maintains a high-risk capital structure with a 7.90x debt-to-equity ratio, leaving it susceptible to forced liquidations during market volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Assets | 21.45B | 21.01B | 13.55B | 12.34B | 9.44B | 5.28B | 5.52B | 13.27B | 8.46B | 8.93B | 7.98B | 13.06B | 16.29B | 15.73B | 20.88B | 6.21B | 1.21B | 126.69M | 250.19M | 249.2M |
| Asset Growth % | 199.46% | 55.04% | 9.75% | 30.81% | 78.82% | -4.47% | -58.38% | 56.8% | -5.2% | 11.92% | -38.89% | -19.84% | 3.52% | -24.65% | 236.34% | 413.37% | 854.45% | -49.36% | 0.4% | - |
| Real Estate & Other Assets | -21.15B | -20.63B | -642.56M | -560.41M | -949.55M | -510.69M | 0 | 0 | -8.46B | -8.93B | -7.98B | -12.46B | -15.3B | -14.65B | -19.1B | 0 | 0 | 0 | 249.29M | 249.03M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 50.36K | 0 | 0 |
| Total Current Assets | 155.08M | 149.42M | 0 | 0 | 0 | 0 | 0 | 0 | 7.3B | 7.77B | 6.8B | 12.79B | 15.83B | 15.19B | 19.92B | 814.07M | 47.37M | 126.64M | 897.08K | 171.04K |
| Cash & Equivalents | 66.47M | 63.27M | 67.97M | 221.89M | 87.28M | 337.66M | 171.67M | 273.17M | 221.67M | 265.23M | 271.77M | 289.93M | 494.56M | 496.48M | 771.28M | 252.37M | 35.34M | 6.65M | 834.19K | 33.38K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 73.7K | 0 | 0 |
| Other Current Assets | 0 | 0 | -120.84M | -269M | -118.19M | -349.33M | -184.5M | -308.25M | 1.09B | 1.08B | 1.2B | 303.8M | 493.71M | 587.86M | 1.01B | 147.2M | 0 | 0 | 26.95K | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 19.12B | 18.74B | 12.19B | 11.07B | 8.32B | 4.13B | 4.59B | 11.84B | 7.34B | 7.6B | 6.89B | 11.83B | 14.54B | 13.83B | 18.57B | 5.58B | 1.1B | 105.2M | 83.81M | 83.3M |
| Total Debt | 18.46B | 17.94B | 0 | 0 | 0 | 0 | 4.54B | 11.35B | 7.04B | 7.56B | 6.82B | 11.57B | 14.02B | 13.25B | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 18.4B | 17.88B | -67.97M | -221.89M | -87.28M | -337.66M | 4.36B | 11.08B | 6.82B | 7.29B | 6.55B | 11.28B | 13.52B | 12.76B | -771.28M | -252.37M | -35.34M | -6.65M | -834.19K | -33.38K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 18.46B | 17.94B | 0 | 0 | 0 | 0 | 4.54B | 11.35B | 0 | 7.56B | 6.82B | 11.57B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 17.94B | 0 | 0 | 0 | 0 | 4.54B | 11.75B | 13.88M | 9.41M | 14.21M | 26.33M | 23.66M | 29.99M | 14.46M | 5.58B | 1.1B | 105.2M | 8.97M | 9.05M |
| Accounts Payable | 89.87M | 2.22M | 40.62M | 38.28M | 28.92M | 3.67M | 0 | 0 | 13.88M | 9.41M | 14.21M | 26.33M | 23.66M | 29.99M | 14.46M | 4.82M | 125.87M | 58.64M | 593.27K | 21.99K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.02B | -7.55B | -6.8B | -11.54B | -14B | -13.22B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 19.12B | 802.31M | 0 | 0 | 0 | 0 | 0 | 0 | -7.34B | -7.6B | -6.89B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.84M | 74.25M |
| Total Equity | 2.34B | 2.26B | 1.36B | 1.27B | 1.11B | 1.14B | 938.3M | 1.44B | 7.93B | 8.6B | 7.56B | 1.23B | 1.75B | 1.9B | 2.31B | 626.61M | 108.71M | 21.49M | 166.38M | 165.9M |
| Equity Growth % | 207.84% | 66.08% | 7.1% | 14.28% | -2.73% | 21.88% | -34.69% | -81.88% | -7.78% | 13.76% | 517% | -29.96% | -7.99% | -17.62% | 268.3% | 476.41% | 405.83% | -87.08% | 0.29% | - |
| Shareholders Equity | 2.34B | 2.26B | 1.36B | 1.27B | 1.11B | 1.14B | 938.3M | 1.44B | 1.13B | 1.33B | 1.09B | 1.23B | 1.75B | 1.9B | 2.31B | 626.61M | 108.71M | 21.49M | 166.38M | 165.9M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.81B | 7.27B | 6.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 124K | 112K | 62K | 49K | 33K | 94K | 65K | 59K | 44K | 42K | 37K | 37K | 353K | 358K | 309K | 95.44K | 16.44K | 230 | 3.13K | 3.13K |
| Additional Paid-in Capital | 5.67B | 5.45B | 4.59B | 4.32B | 3.87B | 3.4B | 3.03B | 3.05B | 2.75B | 2.71B | 2.56B | 2.56B | 2.72B | 2.73B | 2.23B | 678.64M | 116.75M | 22.65M | 165.03M | 165.03M |
| Retained Earnings | -3.33B | -3.19B | -840.85M | -826.46M | -758.54M | -528.61M | -2.27B | -1.97B | -1.58B | -1.36B | -1.44B | -1.27B | -1.05B | -643.14M | -149.3M | -100.88M | -3.83M | -1.2M | 1.35M | 867.32K |
| Preferred Stock | 7K | 7K | 7K | 7K | 7K | 7K | 5K | 8K | 8K | 8K | 8K | 8K | 8K | 8K | 2K | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.23% | 1.87% | -0.11% | -0.62% | -3.13% | 0.28% | -2.29% | -2.3% | -1.22% | 2.14% | -0.43% | -0.21% | -1.12% | -1.02% | 1.64% | -0.25% | 0.98% | -0.61% | 0.43% | 0.35% |
| Return on Equity (ROE) | 11.47% | 17.82% | -1.09% | -5.7% | -20.38% | 1.48% | -18.11% | -5.34% | -1.28% | 2.24% | -1.04% | -2.1% | -9.81% | -8.89% | 15.15% | -2.57% | 10.04% | -1.22% | 0.65% | 0.52% |
| Debt / Assets | 86.06% | 85.42% | - | - | - | - | 82.11% | 85.55% | 83.14% | 84.62% | 85.46% | 88.63% | 86.08% | 84.25% | - | - | - | - | - | - |
| Debt / Equity | 7.90x | 7.94x | - | - | - | - | 4.83x | 7.90x | 0.89x | 0.88x | 0.90x | 9.44x | 8.01x | 6.97x | - | - | - | - | - | - |
| Net Debt / EBITDA | 24.26x | 18.53x | -0.13x | -0.48x | - | -15.03x | - | 289.15x | 141.22x | 26.44x | 237.28x | 401.83x | - | - | -2.72x | -102.37x | -4.59x | - | -0.27x | -0.02x |
| Book Value per Share | 19.54 | 23.99 | 26.10 | 29.53 | 47.15 | 71.20 | 74.39 | 124.21 | 941.23 | 1084.71 | 1029.87 | 143.19 | 195.87 | 209.59 | 410.56 | 81.61 | 148.53 | 8.40 | 56.04 | 102.15 |
High leverage margin calls
As reported in recent financial statements, ARR maintains a debt-to-equity ratio of 7.90x as of 2026Q1, a level of leverage that leaves the company highly susceptible to margin calls and forced asset liquidations during periods of heightened volatility in the mortgage-backed securities market.
The reliance on 7.90x leverage suggests that even minor fluctuations in the fair value of the underlying MBS portfolio could rapidly erode shareholder equity. Investors should monitor whether this high debt load remains sustainable if short-term repo financing costs continue to pressure the net interest spread.
Based on the company's reported figures, cash reserves dropped significantly to $66.5 million in 2026Q1 from $290.0 million in 2025Q4, indicating a potential reduction in the liquidity cushion available to meet immediate obligations or manage unexpected collateral requirements in the repo market.
The rapid depletion of cash reserves appears to coincide with the company's negative FFO performance, suggesting that internal liquidity generation is currently insufficient to support the existing portfolio structure. This trend warrants further investigation into the company's ability to maintain its current leverage profile without resorting to dilutive capital raises.
According to quarterly balance sheet data, total equity has declined from $2.3 billion in 2025Q4 to $2.3 billion in 2026Q1, reflecting a stagnation that, when paired with negative ROE of -2.4%, suggests that the company is struggling to generate meaningful value for shareholders.
The negative return on equity appears to be a direct consequence of the portfolio's inability to generate positive FFO, which may force management to consider further equity issuance to stabilize the balance sheet. Such actions could lead to additional dilution, potentially exacerbating the downward pressure on book value per share.
Financial disclosures indicate that ARR's entire asset base of $21.5 billion is financed through a highly leveraged structure, which, as noted in recent filings, creates a non-obvious risk where the company's survival is tethered to the continued availability and pricing of short-term repurchase agreements.
This dependency on the repo market implies that the company is effectively a liquidity-taker, making it vulnerable to sudden shifts in counterparty risk appetite. If financing terms tighten, the company may be forced to deleverage at unfavorable prices, which would likely result in permanent impairment of the book value.
Quick answers to the most common questions about buying ARR stock.
As of 2025, ARMOUR Residential REIT, Inc. (ARR) had total assets of $21.01B including $149.4M in current assets.
ARMOUR Residential REIT, Inc. (ARR) carries total debt of $17.94B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ARMOUR Residential REIT, Inc. (ARR) has total shareholders' equity (book value) of $2.26B ($23.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ARMOUR Residential REIT, Inc. (ARR) reported a current ratio of 0.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.