ARMOUR Residential REIT Q2 2025 Earnings Report

ARMOUR Residential REIT EPS Results

• Actual EPS: $0.77
• Consensus EPS: $0.81
• Beat/Miss: Missed by -$0.04
• One Year Ago EPS: N/A

ARMOUR Residential REIT Revenue Results

• Actual Revenue: $84.19 million
• Expected Revenue: $52.77 million
• Beat/Miss: Beat by +$31.42 million
• YoY Revenue Growth: N/A

ARMOUR Residential REIT Announcement Details

• Quarter: Q2 2025
• Date: 7/23/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, July 24, 2025
• Conference Call Time: 8:00AM ET

ARMOUR Residential REIT (NYSE:ARR) invests in residential mortgage-backed securities (MBS) in the United States. Its securities portfolio primarily consists of the United States Government-sponsored entity's (GSE) and the Government National Mortgage Administration's issued or guaranteed securities backed by fixed rate, hybrid adjustable rate, and adjustable-rate home loans; and unsecured notes and bonds issued by the GSE and the United States treasuries, as well as money market instruments. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. ARMOUR Residential REIT, Inc. was incorporated in 2008 and is based in Vero Beach, Florida.

ARMOUR Residential REIT Q2 2025 Earnings Call Transcript

Key Takeaways

• Neutral Sentiment: Distributable earnings of $64.9 million (or $0.77 per share) were reported alongside a GAAP net loss of $78.6 million (or $0.94 per share).
• Neutral Sentiment: ARMOUR raised approximately $163.4 million of capital in Q2 and early Q3 via at-the-market equity offerings to fund portfolio growth.
• Positive Sentiment: Liquidity remains robust at about 52% of total capital, supporting flexible deployment during spread dislocations.
• Positive Sentiment: The Agency MBS portfolio delivers 18–20% ROEs on production coupons, with spreads historically wide and poised to benefit from potential Fed easing.
• Positive Sentiment: ARMOUR maintained its monthly dividend of $0.24 per share ($0.72 per quarter), aligned with its medium-term dividend strategy.

Presentation

[Operator]

Good morning, and welcome to Armored Residential REIT's Second Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Scott Ulm. Please go ahead.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Good morning, and welcome to Armor Residential REIT's second quarter twenty twenty five conference call. This morning, I'm joined by our CFO, Gordon Harper as well as our co CIOs, Sergey Delislev and Desmond Macaulay. I'll now turn the call over to Gordon to run through the financial results. Gordon?

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

Thanks, Scott. By now, everyone has access to ARMOUR's earnings release, which can be found on ARMOUR's website, www.armorreit.com. This conference call includes forward looking statements were 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 filings can be found on the SEC's website at ww.sec.gov.

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

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 Arbor's website, Charlie, and will continue for one year.

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

Harbor's Q2 GAAP net loss related to common stockholders was $78,600,000 or zero nine four dollars per common share. Net interest income was $33,100,000 Distributable earnings available to common stockholders was $64,900,000 or $0.77 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. ARMOUR Capital Management waived a portion of their management fees, waiving $1,650,000 for the Q2, which offsets operating expenses. During Q2, ARMOUR raised approximately $104,600,000 of capital by issuing approximately 6,300,000.0 shares of common stock through an at the market offering program.

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

Since June 30, we have raised approximately $58,800,000 of capital by issuing approximately 3,500,000.0 shares of common stock through an at the market offering program. We currently have outstanding 91,500,000.0 common shares. ARWUR 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 07/30/2025, a cash dividend of $0.24 per outstanding common share will be paid to holders of record on 07/15/2025.

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

We have also declared a cash dividend of $0.24 per outstanding common share payable August 29 to the holders of record on 08/15/2025. Quarter ending book value was $16.9 per common share. Our estimated book value as of Monday, July 21, was $16.81 per common share, reflective of the accrual of July common dividend. I will now turn the call over to Chief Executive Officer, Scott Ulm, to discuss RMR's portfolio position and current strategy.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Thanks, Gordon. Hey, just a note to the team, had a connectivity problem a second ago. So if I disappear, just continue with what we have to say here, but we should be just fine. Well, thanks all. As we entered the second half of twenty twenty five, the debate around U.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

S. Fiscal sustainability, Fed independence and trade dynamics continues to weigh on the macro landscape. While we don't expect these issues to be resolved quickly, markets appear to have digested much of the initial shock as rates and spreads have settled into stable ranges and volatility has drifted lower. On the monetary policy front, incoming U. S.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Economic data indicates solid economic growth that's supportive of the Fed's wait and see approach. While Fed policy rates remain on hold, elevated short term yields are absorbing investor liquidity. However, we believe that a resumption of the Fed cutting cycle this year should reignite the flow of liquidity into agency MBS. Current coupon MBS spreads have retraced from April's historically distressed levels, supported by declining volatility. The MBS to SOFR spreads have consolidated back towards an average of the spread levels observed in 2025.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

They widened by approximately 10 basis points quarter over quarter and remain historically cheap. The thirty year fixed mortgage rate was near 6.75% through late June and early July, effectively dampening refinancing activity and keeping net mortgage supply muted. This tightening backdrop, while a challenge for borrowers, continues to create compelling opportunities for investors in high carry production agency MBS. At the policy level, The U. S.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Housing finance system remains a central topic in D. C. The HFFA Director, Bill Pulte, has begun to implement reforms aimed at streamlining the GSEs, Fannie Mae and Freddie Mac, with administration officials signaling support for retaining an implicit government guarantee for the GSEs. While public rhetoric hints at an eventual need to end conservatorship, we view these developments as constructive yet not imminent. I'll now turn it over to Desmond for more detail on our portfolio. Desmond?

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

Thank you, Scott. ARMOR's estimated net portfolio duration and implied leverage are closely managed at zero point four six years and eight turns respectively. Our total liquidity is strong at approximately 52% of the total capital as of July 21. Our hedge book reflects a balanced view of duration with a bias for further Fed easing. Hedges are composed of about 33 in treasury shorts and futures with the remainder in OIS and SOFR swaps as measured on a DV01 basis.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

While SOFR swaps are cheaper hedges, treasuries have proven to be a more effective hedge instrument for mortgages as of late. ARMOR is invested 100% in Agency MBS, Agency CMBS and U. S. Treasuries. Our MBS portfolio remains concentrated in production MBS with ROEs in the 18% to 20% range.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

The portfolio remains well diversified across the thirty year coupon stack, GNMAs and Indos whose positive convexity and short duration attributes offer better value over comparable fifteen year MBS pools. Portfolio MBS repayment rates have averaged 7.7 CPR in Q2 and are trending at around 8.3 CPR so far in Q3. We see no signs of material acceleration unless mortgage rates drop significantly. We continue to favor higher loan balance and credit specified pools with favorable convexity and prepayment profiles to TBA and generic collateral. Our TBA exposure is light at $300,000,000 and remains a tactical tool to manage MBS coupon positioning.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

ARMOR funds 40% to 60% of our MBS portfolio with our affiliate, Buckler Securities, while spreading out the remaining repo balances across 15 to 20 other counterparties to provide ARMOR with the best financing opportunities at an average gross haircut of 2.75%. Overall, MBS repo funding remains ample and competitively priced ranging at around software plus 15 to 17 We are increasingly optimistic that structural demand for MBS may improve later this year. Evolving regulatory clarity around banking reform and a resumption of the Fed easing policy could act as meaningful catalysts for increasing banking demand. This combined with constrained mortgage supply sets up a highly constructive technical backdrop for Agency MBS, while historically widespread signals strong risk to reward incentive to own mortgage assets. I'll turn it over back to you, Scott.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Thanks, Desmond. ARMOUR's approach remains unchanged, grow and deploy capital thoughtfully during spread dislocations, maintain robust liquidity and dynamically adjust hedges for disciplined risk management. We're confident in our positioning, strategy and ability to deliver value for shareholders. As you know, we determine our dividend based on a medium term outlook. We view our current dividend as appropriate for this environment and the returns available.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Thank you for joining today's call and your interest in Armor. We're happy to now answer your questions.

[Operator]

We will now begin the question and answer session. The first question comes from the line of Doug Harter with UBS. Please go ahead.

[Douglas Harter, Equity Research Analyst at UBS Group]

Thanks and good morning. Hoping you could just talk about your philosophy for managing spread duration risk as you go through a volatile period like you did in April and the second quarter in total and kind of just give us a little more on the thought process?

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

Yes. Hi, Doug. So on spread risk, I can start with just our leverage, which we are very comfortable with, at this point. We think that spreads remain historically attractive. And for that reason, we could potentially look to even modestly increase our leverage here.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

Currently, we are around just a little bit below the average over the last six to twelve months our own average over the last six to twelve months. In terms of duration, we manage it dynamically. We've recently increased our hedges in longer duration assets, longer duration beyond the ten year point to adjust for what we saw in Q2 where there was steepness of the curve in ten year maturities and beyond.

[Douglas Harter, Equity Research Analyst at UBS Group]

Great. Thank you.

[Operator]

The next question comes from the line of Trevor Cranston with JMP Securities. Please go ahead.

[Trevor Cranston, MD - Mortgage Finance Equity Research at JMP Securities LLC]

Hi, thanks.

[Trevor Cranston, MD - Mortgage Finance Equity Research at JMP Securities LLC]

Looking at the portfolio data, it looks like the allocation to higher coupons like sixes and above declined during the second quarter. Can you guys just comment on where you're seeing the best value in the coupon stack and kind of where you guys are deploying marginal dollars as raise capital? Thanks.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

Good morning, Trevor. This is Sergey. Yes, I think we might have talked about it on last earnings call. There was a volatility during the April. That's probably where the sizes might have been reduced.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

But overall, we remain favorable of 5.56 coupons. These are the highest ROE coupons that we are currently modeling. With the prepayment environment remains very benign. This is remains our focal point for the portfolio. We don't really expect large changes near term.

[Trevor Cranston, MD - Mortgage Finance Equity Research at JMP Securities LLC]

Got it. Okay. And I guess the other notable thing there was the new line item for the long treasury position. Can you just comment on kind of the what the role of that is within the portfolio?

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

Yes. So as you know, we view five year point on the yield curve as a very important pivotal point for managing overall portfolio duration risk and just responding to the monetary policy and all across the yield curve. So five year treasury serves as part of that hedging strategy, but it also is used as a proxy for our Agency CMBS position. As we know, we hold slightly just below maybe 5% of our portfolio. And we are very tactical about that market.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

We tend to go in when spreads widen and reduce our allocations when we see spreads on the more richer side. And five year treasuries help us kind of hedge that position and be able to rotate among those asset classes.

[Trevor Cranston, MD - Mortgage Finance Equity Research at JMP Securities LLC]

Got it. Okay. Appreciate the comments. Thank you.

[Operator]

The next question comes from the line of Randy Binner with B. Riley. Please go ahead.

[Randy Binner, Managing Director at B.Riley Securities]

Hey, good morning. I just have one on the model and total expenses after fees waived reported in the quarter was $14,300,000 That was just a little bit higher than what trend was and what we were looking for. Was there anything unusual in that line item this quarter or seasonal? Or is that a level we would expect going forward?

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

I wouldn't say it's a level we'd expect going forward. We had a bit more professional fees than we had probably in the first quarter just on things that we were working on. So that as we explained in the 10 Q, some of that can just vary quarter to quarter, but not expecting sort of the same run rate on expenses.

[Randy Binner, Managing Director at B.Riley Securities]

And that's helpful. And then just to be, I guess, 100% clear, line item, that if you had higher hedge costs or volatility there because of interest rates moving around in April, that would be netted that would not be in that line item. That would be elsewhere, correct?

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

Yes. That's up in the derivatives.

[Randy Binner, Managing Director at B.Riley Securities]

Yes. Got it. Okay. Thank you.

[Operator]

The next question comes from the line of Jason Stewart with Janney. Please go ahead.

[Jason Stewart, Director - Mortgage Finance at Janney Montgomery Scott]

Hey, good morning. Thanks. Just big picture, as you think about constructing the hedge portfolio and the coupon stack, how do you balance total return versus carry as we start to see some of these dislocations in swaps versus treasuries?

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

So, hi, Jason. So in terms of our portfolio, on the hedge side, we mentioned our duration. We are positioned for a bullish steepener, and we adjust our hedges appropriately. And it's pretty dynamic. It's our view of the macroeconomic environment.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

We like to stay diversified across the coupon stack. The lower coupons would benefit if we do see rate rally. We expect that a rally could take place when the Fed resumes normalization, which we are expecting later on this year to the fall in the fall or later. The higher coupons could benefit in a steepener, where in any steepener scenario, the CPRs projected CPRs could be slower, and those could benefit the higher coupons. We're looking to reinvest muscle in production coupon 5.56.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

These are specified pools. They have the prepayment characteristics that we talked about in our prepared remarks. And that is supposed to improve the overall convexity of our portfolio. And last, of course, we also have DOS securities with even positive convexity. So to stay best to stay diversified across the coupon stack and looking to add more in production coupons in terms of reinvesting paydowns and also reinvesting any equity capital raises.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

Yes.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

And just to add on the hedge book side, as we mentioned, we're on a DBO1 basis, we're about 33% in treasuries. On a notional basis, it's, closer to 20.8%. We still like to, use interest rate swaps, as the main hedge instrument. It's a cheaper hedge. Obviously, from a total return, treasuries have been a more effective hedge as of late.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

So we're keeping these, the balance of the hedge book right where we feel like it provides both the carry and the total return opportunity from both sides.

[Jason Stewart, Director - Mortgage Finance at Janney Montgomery Scott]

Okay. So does the 18% to 20% range keep the hedge book in with the same composition that you have right now in twentyeighty notional?

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

So 18% to 20% would be, for like our production coupon 5.56% ish. In terms of, that would if you look at it from a total return perspective, then the hedge like if we use swap hedges and we run swap hedges to forwards, the total return would be roughly zero in that case. A 20% return on production coupons, it's pretty much doesn't matter whether we use swaps or treasury futures. So in that framework, 18% to 20%, I should also point that, that's in the base case, right? We think spreads are really attractive at this point.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

So if we take, for example, we see a 10 basis points tightening in OAS, that can add another 4% to that number. And also keep in mind as well that the repo rate has been stable throughout the entire year. The Fed has not cut this year. If we do see resumption in normalization, we can expect, even in the base case, for those returns to look even more attractive. But as it is right now, they are more attractive.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

They either meet or exceed our hurdle rate. And that's one of the reason that we are very optimistic about our current environment.

[Jason Stewart, Director - Mortgage Finance at Janney Montgomery Scott]

Okay. That's helpful color. Thank you for that. And then just on the ATM program quarter to date in 3Q, could you give us an idea of how that was raised relative to book and where book was today?

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

I don't have book value for you as of today, but book is, as we said, was $16.81 as of Monday. And the issuances were just mildly dilutive, just a couple of cents per share.

[Jason Stewart, Director - Mortgage Finance at Janney Montgomery Scott]

Okay. Thank you.

[Operator]

The next question comes from the line of Matthew Werner with Jones Trading. Please go ahead.

[Matthew Erdner, Director at Jones Trading]

Hey guys, good morning. Thanks for taking the question. Just a quick one for me. You guys talked on leverage a little bit with it running back up quarter to date still below those historical levels. What exactly are you looking for to take leverage up?

[Matthew Erdner, Director at Jones Trading]

Is it more clarity from the Fed? Is it kind of a little more stability on the long end of the curve? Would just like your thoughts there. Thanks.

[Gordon Harper, CFO & Secretary at ARMOUR Residential REIT]

So go ahead, Dasim.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

Okay. So first, I should just our leverage strategy is it's very flexible. And it's designed to reflect our view on the attractiveness of spreads, our view on market volatility and just where we want our liquidity to be. So we took our leverage down tactically quarter to date. Spreads are tightened locally, and we saw volatility also come up significantly since early April.

[Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management at ARMOUR Residential REIT]

So in addition, there were swirling headlines around Fed independence, and those headlines have now subsided. So given that spreads are still near historically wide levels and liquidity conditions are now stable, we are comfortable modestly increasing our leverage from where we are. So does that answer your question?

[Matthew Erdner, Director at Jones Trading]

Yes, a little bit but I guess going forward over the next three months when you guys are expecting the Fed cut, are you going to pull leverage on in front of that as you go into that event kind of thing?

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Yes. I'll just say we think about all this stuff and but are generally not in the try not to be in the business of putting big bets on. What's behind your question is exactly right. It's a view that there's more stability across all the axes that we look at. And to the degree that and of course that's a reflection of how stable we feel liquidity is going to be, which is really the driver behind what leverage you're comfortable with.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

And we'll react accordingly. I think you could probably expect us not to take a big bet, but as you see elements of greater stability come into the market across those axes, there may well be a pretty good case for going up a little bit. Remember historically, leveraging this sort of business model, if you go back decades, was a lot higher. And generally, have been keeping their head down, which has served everybody pretty well, frankly. Less volatility, more stability means that the model can take a little more leverage.

[Matthew Erdner, Director at Jones Trading]

Yes, that's helpful. Thanks for the comments. Sorry, go ahead.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

Just and as a catalyst, of course, the big elephant in the room is bank demand so far year to date and has probably disappointed most industry investors. And, we are closely watching developments on the regulation front. Just yesterday, there was the first Fed, Capital Framework Conference that a lot of color came out of that industry wide participants are looking to speed up and agree that currently capital framework is too confusing, too stringent. Banks are sitting on record excess capital. So we feel like it's just a question of if not when we start to see greater participation from the banks and this will be the tailwind that we outlined in our script as well.

[Matthew Erdner, Director at Jones Trading]

Yes, I definitely agree there. Thank you.

[Operator]

The next question comes from the line of Eric Hagen with BTIG. Please go ahead.

[Eric Hagen, Managing Director at BTIG]

Hey, thanks. Good morning. Sticking on this conversation around hedging. I mean, do you think there's any value at this point in hedging the short end of the yield curve? I mean, how attractive do you think it is to buy swaptions at this point, just considering volatility has come down a little bit? Thank you, guys.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

Hi, Eric. Yes. So I mean, look, the two year yield has been extremely stable over the last year. Obviously, the talk of hikes are not on the table at this point. But we express that in our bulls keep in our bias of our yield curve hedging.

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

Whatever front end hedges we have on, they're there for kind of the risk management to express that exposure. We currently don't play in the swaptions market. We always evaluate it. But from where mortgages are trading and how wide the spreads are, we feel like that the better trade off is to express the view on volatility through the current coupon basis, for example.

[Eric Hagen, Managing Director at BTIG]

Yes. That's helpful. I mean, maybe continuing on that theme. I mean, you guys offer good information and color on your duration gap. I mean, so just looking at these current coupons specifically, do you maybe have an estimate for what your duration gap would extend to if mortgage rates backed up, let's call it, like 50 basis points?

[Eric Hagen, Managing Director at BTIG]

And in that extension scenario, would you be more likely at this point to let your leverage run a little higher? Or would you look to sell assets in that scenario?

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

Yes, that's a good question. We obviously run risk stress test scenarios. We can get some numbers for you. And do you mean sell off on the long end or on the front end since that was the initial question?

[Eric Hagen, Managing Director at BTIG]

Yes. Maybe more on the long end, right, like that curve steepener you guys are Yes. Positioned

[Sergey Losyev, Co-Chief Investment Officer at ARMOUR Residential REIT]

I think look, I think we hedge our curve exposure on dynamic basis. We don't we're not going to let duration extend over certain levels where we feel like would require rebalancing of duration. So from that standpoint, we stay very disciplined. And, our risk metrics in the shock scenarios don't pose, any large extension beyond which liquidity would be compromised.

[Eric Hagen, Managing Director at BTIG]

Yes. Thank you, guys, so much.

[Operator]

Ladies and gentlemen, this concludes our question and answer session. I would like to turn the conference back over to Scott Ulm for any closing remarks. Thank you.

[Scott Ulm, CEO & Vice Chairman at ARMOUR Residential REIT]

Thanks for joining us this morning. Please feel free to give us a ring at the office. Happy to catch up if other things occur as you're thinking about what's going on in mortgage land. Thank you for joining us this morning, and good morning to you.

[Operator]

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Participants

Executives

• Scott Ulm, CEO & Vice Chairman
• Gordon Harper, CFO & Secretary
• Desmond Macauley, Co-Chief Investment Officer & Head of Risk Management
• Sergey Losyev, Co-Chief Investment Officer

Analysts

• Douglas Harter, Equity Research Analyst at UBS Group
• Trevor Cranston, MD - Mortgage Finance Equity Research at JMP Securities LLC
• Randy Binner, Managing Director at B.Riley Securities
• Jason Stewart, Director - Mortgage Finance at Janney Montgomery Scott
• Matthew Erdner, Director at Jones Trading
• Eric Hagen, Managing Director at BTIG