ARMOUR Residential REIT, Inc.

Good morning and welcome to Armour Residential REIT fourth quarter 2024 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. 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 then two. Please note this event is being recorded. I would now like to turn the conference over to Scott Ulm, CEO. Please go ahead.

Good morning and welcome to our fourth quarter 2024 conference call. This morning I'm joined by our CFO, Gordon Harper, as well as our co-CIOs, Sergey Lazarev 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.armourleague.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 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 just claim 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 Armour's website shortly and will continue for one year. Turning to results. Armour's Q4 gap net loss related to common stockholders was $49.4 million or $0.83 per common share. Net interest income was $12.7 million. Distributable earnings available to common stockholders was $46.5 million or $0.78 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. Armour Capital Management continues to waive a portion of their management fees, waiving $1.65 million for Q4, which offsets operating expenses. The waiver continues until further notice. During Q4, ARMA raised approximately $136.2 million of capital by issuing approximately 7.2 million shares of common stock through an at-the-market offering program. These issuances were mildly diluted to bulk value at $0.02 per share. Since December 31st, we have continued to be active in our ATM programs, issuing approximately 14 million common shares and 17,364 preferred C shares through February 4th 2025, raising approximately $259 million of total net capital, which again, were mildly dilutive. Armour paid monthly common stock dividends per share of $0.24 per common share per month for a total of $0.72 for the quarter. As we stated previously, we aim to pay an attractive dividend in this appropriated context and stable over the median term. Taken together with contractual dividends on the current stock, Armour has made cumulative distributions to stockholders of $2.4 billion over its history. Quarter end book value was $19.07 per common share. Our most current available estimate of book value is as of Monday, February the 10th, was $19.18 per common share. Now I will turn the call over to our Chief Executive Officer, Scott Holm, to discuss Armour's portfolio position and current strategy.