Armour Residential's Quarter Wasn't Bad

I've covered Armour Residential REIT (ARR) in depth in prior columns, so the company's second-quarter earnings (reported last Thursday after the close) deserve scrutiny now that hysteria over the July nonfarm payrolls data has subsided. My first reaction on reading Armour Residential's 10-Q was "actually not that bad."

Not high praise, but one has to view that in context of what was obviously a difficult quarter for the mortgage REITs in general. Armour's second-quarter earnings easily exceeded my estimates, and the book value erosion in the quarter was not as bad as the recent share price performance would have predicted....495 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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