ARMOUR Residential REIT, Inc.

Good morning and welcome to Armour Residential REIT's second quarter 2026 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, sir.

Good morning, and welcome to Armour Residential REIT's second 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 Losyev and Desmond Macauley. Now I'd like to 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 and our Q2 2026 investor presentation, which can be found on Armour's website at www.armourreit.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 reports 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 discussions refer 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 Army's website shortly and will continue for one year. Our portfolio benefited from MBS spreads tightening. We delivered strong results for the quarter with total economic return of 4.8%. Armour's Q2 GATT net income available to common stockholders was $111.5 million, or $0.86 per comp share. Net interest income was $76.8 million. Distributable earnings available to common stockholders was $93.2 million, or $0.72 per comp share. This non-GATT measure is defined as net interest income plus TBA drop income adjusted for income or expense on our interest rate swaps and futures contracts minus operating expenses. During Q2, Armour raised approximately $218.7 million of capital by issuing approximately 12.7 million shares of common stock and $4.1 million of capital by issuing approximately 198,000 shares of preferred stock through our at-the-market offering programs. Through July 14, 2026, we raised approximately $88.3 million of capital by issuing 5.2 million shares of common stock through our common stock at-the-market offering programs. Armour paid monthly common stock dividends 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 median term. On July 30, a cash dividend of $0.24 per outstanding common share will be paid to the holders of record on July 15, 2026. We have also declared cash dividends of $0.24 per outstanding common share payable August 28, 2026 to the holders of record on August 17, 2026. Quarter-end book value was $17.53 per common share, up 0.6% from March 31, 2026. Our estimated book value as of Monday, July 20, was $17 per common share, which reflects the accrual of the July common dividend of $0.24 per share. I will now turn the call over to Chief Executive Officer Scott Ulm to discuss Armour's portfolio position and current strategy.