ARMOUR Residential REIT, Inc.

Welcome to the Armour Residential READS Fourth 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 1 on your telephone keypad. To withdraw your question, please press star, then 2. Please note this event is being recorded. I would now like to turn the conference over to Scott Alm, CEO. Please go ahead.

Good morning and welcome to Armour Residential REIT's fourth 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 Lesiev 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 could 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 Harbour Protection provided by the Private Securities Litigation and 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 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. Q4 was a strong quarter for Armour, with a total economic return of 10.63% for the quarter, as we benefited from MBS spreads tightening, lower MBS volatility, and a lower interest rate environment. The market momentum we saw in Q4 has continued so far into Q1. Armour's Q4 gap net income available to common stockholders was $215. and 8.7 million or $1.86 per share. Net interest income was 50.4 million. Distributable earnings available to common stockholders was 79.8 million or 71 cents 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. Quarter end book value was $18.63 per common share of 6.5% from September 30th. Our most recent current available estimate of book value as of Tuesday, February 17th, was $18.37 per common share, which reflects the payment of our January dividend of 24 cents and the accrual of the entire February common dividend payable on February 27th. Again, of $0.24 per common share. During Q4, Armour raised approximately $3.8 million of capital by issuing approximately 183,000 shares of preferred stock through an at-the-market offering program. Through February 11, 2026, we raised approximately $138 million of capital under a common at-the-market program by issuing approximately 7.5 million shares of common stock, which is mildly dilutive. We also issued 4.8 million of capital from the issuance of 230,000 shares of preferred stock under our Preferred at the Market program. Armour paid monthly common dividends per share of 24 cents per common share per month for a total of 72 cents for the quarter. As we've stated previously, we aim to pay an attractive dividend that is appropriate in the context and stable over the medium term. On January 29th, we paid a cash dividend of 24 cents per outstanding common share to the holders of record on January 15th, 2026. We have also declared cash dividends of 24 cents per outstanding common share payable on February 27th, 2026 and March 30th, 2026 to holders of record on February 17th and March 16th, respectively. I will now turn the call back over to CEO Scott Ulm to discuss Armour's portfolio position and current strategy.