ARMOUR Residential REIT, Inc.

G'day and welcome to the Armour Residential Rates Third Quarter 2024 Earnings Conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star and then two. Please note, this event is being recorded. I would now like to turn the conference over to Scott Ulm, Chief Executive Officer. Please go ahead.

Thank you. Good morning, and welcome to ARMA Residential REIT's third quarter 2024 conference call. This morning, I'm joined by our CFO, Gordon Harper, as well as our co-CIOs, Sergey Lyshev and Desmond McCauley. I'll now turn the call over to Gordon to run through the financial results.

Thank you, Scott. By now, everyone has access to Armour's earnings release, which can be found on Armour's website, www.armourreit.com. This conference call includes forward-looking statements, which are intended to be subject to the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995. The risk factors section of Armour's periodic reports, filed with the Securities and Exchange Commission, describe certain risk factors beyond Armour's control. that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements. Those periodic filings can be found on the SEC's website at www.sec.gov. All of today's forward-looking statements are subject to change without notice. We disclaim any obligation to update them unless required by law. Also, today's discussion refers to certain non-GAAP measures. These measures are reconciled with comparable GAAP measures in our earnings release. An online replay of this conference call will be available on ARMA's website shortly and will continue for one year. ARMA's Q3 gap net income available to common stockholders was $62.9 million, or $1.21 per common share. Net interest income was $1.8 million. Distributable earnings available to common stockholders were $52 million, or $1 per common share. This non-GAAP measure is defined as net interest income plus TBA drop income adjusted for interest income or expense on our interest rate swaps and futures contracts minus net operating expenses. Harbor Capital Management continues to waive a portion of their management fees, waiving $1.65 million for Q3, which offsets operating expenses. The waiver continues until further notice. During Q3, Armour issued 6,413,735 shares of common stock through our at-the-market offering program, raising $129.4 million of equity capital at one-tenth of a percent diluted to book value, or essentially flat to book value. Since the end of the quarter, we have issued an additional 567,720 shares of common stock, adding $11.1 million of equity capital. Armour made once we common stock dividends per share of $0.24 per common share per month for a total of $0.72 for the quarter. Taken together with the contractual dividends on the preferred stock, Armour has made cumulative distributions to stockholders of $2.3 billion over its history. Order and book value was $20.76 per common share, up from $20.30 at June 30th, or up 2.3% for the quarter. As of October 18th, our estimate of book value was $19.58 per column share after the accrual of the October preferred C stock dividends and the common stock dividends. And now we'll return the call back to Scott to discuss Armour's portfolio position and current strategy. Scott?