Core Viewpoint - ARMOUR Residential REIT reported strong financial performance for Q4 2025, achieving a total economic return of 10.63% for the quarter and 12.79% for the year, driven by a significant increase in its investment portfolio and favorable market conditions [4][6]. Q4 2025 Results - The company recorded a GAAP net income of $208.7 million, equating to $1.86 per common share, with net interest income of $50.4 million [6]. - Distributable earnings available to common stockholders were $79.8 million, or $0.71 per common share [6]. - The average interest income on interest-earning assets was 4.97%, while the interest cost on average interest-bearing liabilities was 4.27%, resulting in an economic net interest spread of 1.77% [6][22]. December 31, 2025 Financial Position - The total stockholders' equity increased to $2.261 billion, up from $2.129 billion at the end of Q3 2025 [10]. - The company's portfolio totaled $20.0 billion, primarily composed of 97.0% Agency mortgage-backed securities (MBS) and 3.0% U.S. Treasury Securities [6]. - Liquidity, including cash and unencumbered securities, stood at $1.2 billion [6]. Management's Commentary - The CEO highlighted a 60% growth in the investment portfolio, with $878 million deployed in MBS acquisitions during 2025 [4]. - The company benefited from tightening MBS spreads, lower volatility, and a favorable interest rate environment [4]. - ARMOUR aims to maintain robust liquidity and dynamically adjust hedges for disciplined risk management [4]. Dividends - ARMOUR paid monthly cash dividends of $0.24 per share for Q4 2025, totaling $0.72 per share for the quarter [25]. - Future dividends will be determined based on the company's financial performance and market conditions [25].