As is the case with most mortgage REITs, ARMOUR Residential REIT (ARR) was nearly destroyed by the March crash stemming from COVID-19-related measures. The mREIT owned a highly leveraged portfolio of residential mortgage-backed securities, as well as some non-guaranteed residential mortgage assets which fell dramatically in March. The rapid decline spurred a wave of margin calls, which forced the company to sell assets at significant losses as well as temporarily suspend its dividend.
As with its peers, ARR has made a slight but small recovery. According to the company's latest quarterly report, its