Armour Residential REIT Business Summary

Armour Residential REIT, Inc. (ARR) operates as a mortgage real estate investment trust primarily focused on investing in residential mortgage-backed securities (MBS) issued or guaranteed by U.S. Government-sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac, or Ginnie Mae. The company generates revenue through a net interest margin strategy, capturing the spread between the yield on its leveraged portfolio of Agency Securities and the short-term financing costs incurred primarily through repurchase agreements. As of early 2026, ARR maintains a highly concentrated portfolio, with approximately 97% of its assets in Agency MBS, supplemented by U.S. Treasury Securities and money market instruments to manage liquidity. Within the mREIT sector, ARR competes directly with AGNC Investment Corp. (AGNC), Chimera Investment (CIM), and Dynex Capital (DX), positioning itself as a specialized, yield-focused vehicle that prioritizes liquidity and government-backed credit profiles to mitigate default risk in volatile interest rate environments. The executive leadership is headed by Chief Executive Officer and Vice Chairman Scott J. Ulm, a co-founder who brings decades of institutional finance experience from senior roles at Nomura Securities and Credit Suisse. Supporting the executive suite are Gordon M. Harper, who serves as Chief Financial Officer and Secretary, and Co-Chief Investment Officers Desmond E. Macauley and Sergey Losyev. While co-founder Jeffrey J. Zimmer—formerly of Lehman Brothers and Oppenheimer & Co.—retired from his role as Co-CEO in March 2024, he continues to influence the firm’s strategy as a special advisor to the Board and a co-managing member of the company’s external manager, ARMOUR Capital Management LP. The Board of Directors is led by Non-Executive Chairman Daniel C. Staton and includes seasoned directors such as Carolyn Downey and Stewart J. Paperin, providing robust oversight of the firm’s leveraged investment strategies and capital market activities.