ARMOUR Residential REIT, Inc.

Good day, and welcome to the Armour Residential REIT First Quarter 2026 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please contact an all-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, and to withdraw your question, please press star then two. Please note, today's event is being recorded. I would now like to turn the conference over to Scott Ulm, Chief Executive Officer. Please go ahead.

Thank you, and good morning, and welcome to ARMA Residential REIT's first quarter 2026 conference call. This morning, I'm joined by our Chief Financial Officer, Gordon Harper, as well as our Co-Chief Investment Officers, Sergey Loisev and Desmond McCauley. I'll now turn the call over to Gordon to run through the financial results.

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 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 more year. Notwithstanding the market turbulence and MBS volatility, due to geopolitical events experienced in the latter portion of the first quarter of the year, the company delivered solid results for the first quarter of 2026 with total economic return of negative 2.6%. Since March 31, 2026, we have seen improvements in MBS spreads and volatility. Armour's Q1 GAAP net loss related to common stockholders was $58 million or 49 cents per common share. Net interest income was 70.7 million. Distributable earnings available to common stockholders was 90.5 million or 76 cents per common share. This non-GAAP measure is defined as net interest income plus TBA drop income adjusted for interest income or expense under interest rate swaps and futures contracts minus operating expenses. During Q1, Armour raised approximately $215 million of capital by issuing approximately 11.8 million shares of common stock and $6.4 million of capital by issuing approximately 306,000 shares of preferred stock through our at-the-market offering programs. Through April 15, 2026, we raised approximately $7.2 million of capital by issuing 416,000 shares of common stock and $179,000 of capital by issuing 8,600 shares of preferred stock through the at-the-market offering programs. In March, 2026, we repurchased 125,000 shares of common stock through our stock repurchase program. Armour 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 April 29th, 2026, a cash dividend of 24 cents per outstanding common share will be paid to holders of record on April the 15th, 2026. We have also declared a cash dividends of 24 cents per outstanding common share payable May 28th, 2026 towards a record on May 15th, 2026. Quarter end book value was $17.42 per common share, down 6.5% from December 31, 2025. As of Monday, April 20th, our estimate of book value was $18.05 per common share, which reflects the accrual of the April common dividend. I will now turn the call over to Chief Executive Officer Scott Odom to discuss Armour's portfolio position and current strategy. Scott.