ARMOUR Residential REIT, Inc.

Good day and welcome to the Armour Residential REIT third 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 a touch-tone phone. 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.

Good morning, and welcome to Armour Residential REIT's third quarter 2025 conference call. This morning, I'm joined by our Chief Financial Officer, Gordon Harper, as well as our Co-Chief Investment Officers, Sergei Leshev and Desmond McCauley. I'll now turn the call over to Gordon to run through the financial results. Gordon?

Thank you, Scott. By now, everyone has access to Armour's earnings release, which can be found on Armour's website, www.armoury.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, followed with the Security 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 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 Armour's website shortly and will continue for one year. Armour's Q3 GAAP net income available to common stockholders was $156.3 million, or $1.49 per common share. Net interest income was $38.5 million. Distributable earnings available to common stockholders was $75.3 million, or $0.72 per common share. This non-GAAP measure is defined as net interest income plus TBA drop income adjusted for interest income or expense on interest rate swaps and futures contracts minus net operating expenses. Total economic return for the quarter was 7.75%. Quarter end book value was $17.49 per common share, up 3.5% from June 30th, and up 2.8% from August 8th, the last date which we have reported book value. Our most recent current available estimate of book value is as of Tuesday, October 21st, and was $17.50 per common share, which reflects the accrual of the October common dividend of $0.24 per share, payable on October 30th. During Q3, Armour raised approximately $99.5 million of capital by issuing approximately 6 million shares of common stock through an after-the-market offering program. In August, we completed the sale of 18.5 million shares of common stock for proceeds of approximately $298.6 million net of underwriting discounts and commissions. And in September, we repurchased 700,000 shares of common stock through our common stock repurchase program. 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. We aim to pay an attractive dividend that is appropriate in context and stable over the medium term. On October 30th, a cash dividend of $0.24 per outstanding common share will be paid to the holders of record on October 15th. They've also declared a cash dividend of 24 cents per outstanding common share payable November the 28th to holders of record on November the 17th, 2025. I'll now turn the call over to Scott Holm to discuss Armour's portfolio and current strategy.