ARMOUR Residential REIT, Inc.

Good day and welcome to the Armour Residential REIT's third quarter 2026 earnings conference call. All participants will be in a 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 touchtone phone. And 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 the CEO, Mr. Scott Ulm. Please go ahead, sir.

Good morning and welcome to our third 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. Let me turn the call over now to Gordon to run through the financial results.

Thank you, Scott. By now, everyone has access to Armour's earnings release and our Q3 2026 investor presentation. It's going to be found on Armour's website, www.armourreit.com. This conference call includes forward-looking statements that were intended to be subject to the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995. The risk factor section of Armour's periodic reports filed with the Securities Exchange Commission describe certain factors beyond armistice 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 would 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. Our results for the quarter reflect the significant widening of mortgage spreads in the last three weeks of the quarter as interest rates rose and the markets reacted to a more hawkish Federal Reserve. Armour's Q3 GAAP net loss related to common stockholders was $327 million, or a loss of $2.26 per common share. Net interest income was 83.7 million. Distributable earnings available to common stockholders was 102.3 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 under interest rate swaps and futures contracts minus net operating expenses. Total economic return was a negative 12.9% for the quarter. During Q3, Armour raised approximately 205.7 million of capital by issuing approximately 12.4 million shares of common stock and 2.5 million of capital by issuing approximately 123,000 shares of preferred stock through our at-the-market offering programs. We also repurchased at the end of September 363,700 common shares. Armour paid monthly common dividend and many more. We aim to pay an attractive dividend that is appropriate in context and stable over the medium term. On October 29, 2026, a cash dividend of 24 cents per outstanding common share will be paid to holders of record on October 15, 2026. We have also declared a cash dividend of 24 cents per outstanding common share payable November 27 to holders of record on November 16, 2026. Quarter-end book value was $14.55 per common share, down 17% from June 30th, 2026. Our most current available estimate of book value is as of Monday, October the 19th, and was $14.65 per common share, which reflects the accrual of the October common dividend I discussed previously. I will now turn the call over to Chief Executive Officer Scott Ulm to discuss ARM's portfolio position and current strategy.