ARMOUR Capital Management

What ARMOUR Capital Management does

ARMOUR Capital Management LP (ACM) is a Delaware limited partnership and SEC-registered investment advisor headquartered in Vero Beach, Florida. Founded in 2009, the firm specializes in constructing and actively managing diversified mortgage investment portfolios for institutional and qualified investors, with a primary focus on Agency mortgage-backed securities and related mortgage market sectors. As of December 31, 2024, ACM managed approximately $13.5 billion in assets under management, including assets managed for NYSE-listed ARMOUR Residential REIT Inc (ticker: ARR), which is the firm's most prominent client relationship.

ACM's investment process is built on rigorous research, stringent underwriting analysis, and disciplined security selection. The firm's proprietary framework evaluates cash flow characteristics, borrower credit quality, regional economic factors, and loan-level and servicer-specific behavior to project prepayments, defaults, and loss severities across multiple scenarios, enabling relative value assessment across mortgage sectors and other investment opportunities. ACM and its affiliates are majority owners of BUCKLER Securities LLC, an SEC and FINRA registered broker-dealer, providing integrated execution capabilities.

The firm employs more than 40 people across ACM and its affiliates and generates revenue primarily through recurring investment advisory and management fees based on assets under management, supplemented by transaction-based revenue from affiliated broker-dealer operations. The firm's stated goal is to produce attractive risk-adjusted returns for clients across varying market conditions and economic cycles, with current targets of 18%-20% ROE on production Agency MBS allocations for the managed REIT.

Name

ARMOUR Capital Management

Legal name

ARMOUR Capital Management LP

Website

https://armourcap.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

ARMOUR Capital Management is an SEC-registered investment advisor that constructs and actively manages diversified mortgage investment portfolios for institutional clients, managing approximately $13.5 billion in assets under management including for NYSE-listed ARMOUR Residential REIT Inc.

Ownership category

akta.pro rank

Product category

Investment Advisory / Asset Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Investment advisory services
• Mortgage-backed securities
• Asset management
• Portfolio management
• Registered investment advisor

Headquarters

HQ city

Vero Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory and Management Fees: ACM generates revenue through investment advisory and management fees charged for managing mortgage investment portfolios, including assets under management for ARMOUR Residential REIT Inc and other clients. The firm waived $1.65 million in management fees during Q2 2025 to reduce operating expenses for the managed REIT.
2. Affiliated Broker-Dealer Operations: ACM and affiliates are majority owners of BUCKLER Securities LLC, an SEC and FINRA registered broker-dealer, generating revenue through securities trading and brokerage operations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

ARMOUR Capital Management is a registered investment advisor that constructs and actively manages diversified portfolios of mortgage-related securities for institutional and qualified investor clients. It applies rigorous research, relative-value analysis, and disciplined security selection to identify asset classes that, when financed and hedged, are designed to produce attractive risk-adjusted returns across market conditions and economic cycles. The firm and its affiliates also hold majority ownership of BUCKLER Securities LLC, an SEC and FINRA registered broker-dealer that supports trading for managed portfolios.

Product overview

ARMOUR Capital Management LP is a registered investment advisor providing asset management services focused on the mortgage market. The firm constructs and actively manages diversified mortgage investment portfolios for clients, identifying asset classes designed to produce attractive risk-adjusted returns across market conditions and economic cycles. The company also maintains majority ownership of BUCKLER Securities LLC, an SEC and FINRA registered broker dealer.

Differentiator

Problem solved

Functional benefit

Products and services

• Mortgage Investment Portfolio Management Active management of diversified portfolios of mortgage and mortgage-related securities for institutional and qualified investor clients, applying rigorous research, relative-value analysis, and disciplined security selection to target attractive risk-adjusted returns across market conditions and economic cycles.
• Agency and Mortgage-Related Securities Underwriting and Selection Specialized selection and underwriting of U.S. agency and mortgage-related securities, evaluating interest rates, property prices, economic indicators, and loan-level and borrower characteristics to project prepayments, defaults, and loss severities under various scenarios.
• Broker-Dealer Securities Services (via BUCKLER Securities LLC) Securities trading and brokerage operations provided through majority-owned affiliate BUCKLER Securities LLC, an SEC and FINRA registered broker-dealer that supports trading activities for ACM's managed mortgage and mortgage-related securities portfolios.

Quantifiable outcome

• Targeting 18%-20% ROE on production Agency MBS allocations
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• BUCKLER Securities LLCcoreOthersACM and its affiliates are the majority owners of BUCKLER Securities LLC, an SEC and FINRA registered broker-dealer. This affiliate relationship enables integrated investment management and securities trading capabilities for managed portfolios.

Scale indicators5 records

Recent moves4 records

Expansion highlights4 records

Peers

• Two Harbors Investment Corp:

Broad incumbents

• Western Asset Management: One of the largest fixed-income and mortgage-focused asset managers globally; directly comparable to ACM in managing Agency MBS and mortgage-related portfolios for institutional clients, though at significantly larger scale and with broader fixed-income coverage.
• BlackRock: World's largest asset manager with extensive mortgage-backed securities strategies across iShares and active fixed-income products; comparable as a competitor for institutional mortgage mandates, though operating at vastly greater scale and product breadth.
• Pacific Investment Management Co (PIMCO): Major fixed-income asset manager with significant Agency MBS and structured credit capabilities; competes with ACM for institutional mortgage allocations and offers comparable relative-value frameworks, though with a much broader product range and global distribution.

Direct peers

• AGNC Investment Corp: Publicly listed mREIT focused on Agency MBS; a near-direct peer to ARMOUR Residential REIT and therefore highly comparable to ACM's flagship mandate, with similar leverage, prepayment, and spread-driven return profile.
• Annaly Capital Management: Largest publicly listed mortgage REIT with internal and external management; comparable to ARMOUR Residential REIT in strategy and to ACM as an externally managed Agency MBS vehicle, providing a benchmark for fee structures and AUM economics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/armour-capital-management-lp

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ARMOUR Capital Management