- Pays: monthly — $0.24 per share, every month since January 2024.
- Paying since: 2010, monthly throughout.
- The cut: $0.40 → $0.24 (40%), announced December 2023, first paid January 2024. The $0.40 was itself the split-adjusted equivalent of $0.08 before the 2023 reverse split.
- Two reverse splits: 1-for-8 (July 2015) and 1-for-5 (September 2023) — both verified in SEC filings. The chart's split disclosure applies.
- What it is: an externally managed mortgage REIT holding almost entirely agency residential MBS (~$21.8B at mid-2026), financed with repo leverage (~7.7x) and hedged with swaps and futures.
Book value per share keeps sliding — $19.07 (end 2024) → $18.63 (end 2025) → $17.53 (mid-2026) — while $0.72 a quarter goes out the door. Dividends paid from a shrinking book are the defining pattern of this chart.
ARR pays monthly. Each point below is one dividend since 2010, split-adjusted — the long descent with a 2024 step is the page's honest headline.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $2.88 per share across 12 payments — up 0% from $2.88 in the 12 months before (split-adjusted, in today's share terms). What a change like that does to your income →
- Current pace: recent payments annualize to $2.88 — 0% above the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: up 3% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 190 payments over 16 years; the largest single payment was $16.00 (Mar 2010), split-adjusted.
- Payment drops ≥20% below trend, last 24 months: none. Get one short email if that changes →
- Payment steadiness: the last 12 checks wobble ±0% around their median. Compare that against any fund →
Every figure above is computed from ARR's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Dividend / Share |
|---|
"Next expected" is estimated from ARR's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
ARR runs the same machine as AGNC and ORC — leveraged agency mortgage bonds — and its chart reads like ORC's: monthly checks that never stopped, repeatedly shrunk, with two reverse splits repackaging the decline. Split-adjusted, the dividend has fallen for most of its history, and the 2024 cut to $0.24 was the latest step.
The contrast on this site is DX — same asset class, internally managed, raised twice since 2024. Overlay them on the compare tool, and model any future cut against your own income with the impact calculator.
| Year | Total Dividends / Share | Payments | Change vs Prior Year |
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Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources. Note: after a share split, this data source restates all historical per-share payouts in today's share terms — the split disclosure above the chart applies.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is ARR's Next Ex-Dividend Date?
ARR pays monthly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from ARR's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Sixteen Years, Adjusted for Two Reverse Splits
ARMOUR has paid monthly since 2010. Adjust for the 2015 and 2023 reverse splits — as our data does — and the chart is a long staircase downward: dividends that never paused but repeatedly shrank, with the January 2024 cut to $0.24 as the latest step. The year-by-year table makes the trajectory plain.
Why the Book Keeps Shrinking
An agency mortgage REIT's dividend is only as durable as its book value, and ARR's has eroded through every rate shock. At roughly 7.7x leverage, small moves in mortgage-bond prices and hedge costs become large moves in equity — and paying out more than the book earns means each cycle starts from a lower base. The external-management fee structure adds a drag peers like DX don't carry.
Where ARR Fits
As a tactical vehicle for investors with a specific view on mortgage spreads, not a durable income holding. For the same trade with a better recent record, see DX; for durable monthly income, MAIN or Realty Income. Next expected date on the live calendar.
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