Sergey Losyev

“Armored REIT entered the third quarter with historically low leverage and limited net duration exposure, which helped us navigate heightened market volatility. Still, the portfolio's option adjusted spread widened by 20 basis points, with approximately 80% of that widening occurring in September.”

“Some specialness has come back into the TBA market, but it's been still quite volatile. So, you know, we look to buy assets into the portfolio over the longer term.”

“Armour's most recent net balance sheet duration stands at approximately 0.4 years, reflecting our view of further stabilization yield and the return of expectations for the future Fed rate cuts, as consistent with the Fed's committee's own expectations.”

“Yeah, so around the week in Davos, we were expecting maybe a few more announcements on the affordability push that the administration has announced with the GSC purchases.”

“Armour's most recent net duration and applied leverage were 0.2 years and 8.1 times respectively. A balance stands with a bias towards further Fed easing. Roughly 87% of our hedges are in OIS and sulfur pay fixed swaps with a balance in treasury futures.”