ARMOUR Residential REIT, Inc.

Good morning and welcome to Armour's residential REITs second quarter 2025 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 then two. Please note this event is being recorded. I would now like to turn the conference over to Scott Ohm. Please go ahead.

Good morning and welcome to Armour Residential REIT's second quarter 2025 conference call. This morning I'm joined by our CFO, Gordon Harper, as well as our co-CIOs, Sergei Dilishev and Desmond McCauley. I'll now turn the call over to Gordon to run through the financial results. Gordon.

Thanks, 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 were intended to be subject to the Safe Harbour 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, which is to 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, Charlie, and will continue for one year. Armour's Q2 gap net loss related to common stockholders was 78.6 million or 94 cents per common share. Net interest income was 33.1 million. Distributable earnings available to common stockholders was 64.9 million or 77 cents per common share. Those non-gap measures 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 waived a portion of their management fees, waiving $1.65 million for the Q2, which offsets operating expenses. During Q2, Armour raised approximately $104.6 million of capital by issuing approximately 6.3 million shares of common stock through an at-the-market offering program. Since June 30th, we have raised approximately 58.8 million of capital by issuing approximately 3.5 million shares of common stock through and at the market offering program. We currently have outstanding 91.5 million common shares. Arbor paid monthly common stock dividends per share of 24 cents per common share per month for a total of 72 cents for the quarter. We aim to pay an attractive dividend that is appropriate in context and stable over the medium term. On July 30th, 2025, a cash dividend of 24 cents per outstanding common share will be paid to holders of record on July 15th, 2025. We have also declared a cash dividend of 24 cents per outstanding common share payable August 29th to the holders of record on August 15th, 2025. Quarter ending book value was $16.90 per common share. Our estimate of book value as of Monday, July 21, was $16.81 per common share, reflective of the accrual of the July common dividend. I will now turn the call over to Chief Executive Officer Scott Ulm to discuss Armour's portfolio position and current strategy.