Operator Welcome to the ARMOUR Residential REIT Second Quarter 2015 Earnings Call. [Operator Instructions]. I would now like to turn the conference over to Mr. Jim Mountain, Chief Financial Officer. Please go ahead, sir. James Mountain - CFO Thank you, Operator. And thank you all for joining ARMOUR's second quarter 2015 earnings call. By now, everyone has access to ARMOUR's earnings release and Form 10-Q which can be found on ARMOUR's website. This conference call may contain statements that are not recitations of historical fact and therefore constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are intended to be subject to the Safe Harbor protection provided by the Reform Act. Actual outcomes and results could differ materially from the outcomes and results expressed or implied by the forward-looking statements due to the impact of many factors beyond the control of ARMOUR. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of ARMOUR's periodic reports filed with these Securities and Exchange Commission. Copies are available on the SEC's website at www.sec.gov. All forward-looking statements included in this conference call are made only as of today's date and are subject to change without notice. We disclaim any obligation to update our forward-looking statements, unless required to do so by law. Also, our discussions today may include references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measures is included in our earnings release which can also be found on ARMOUR's website. An online replay of this conference call will be available on ARMOUR's website shortly and will continue for one year. ARMOUR's Q2 core earnings were $47.7 million or $0.12 per diluted common share, covering common and preferred dividends for the quarter by more than $1.5 million. GAAP net income was $198 million or $0.55 per common share on a diluted basis. The biggest difference between these two measures is the unrealized gains on our interest rate derivatives. ARMOUR does not use hedge accounting for its GAAP reporting, so quarterly results will always be influenced or in this case, even dominated, by fluctuations in the fair value of our open interest rate swaps. On the other hand, the quarter's negative mark to market on our agency securities flowed directly in stockholders' equity rather than GAAP P&L. At June 30, 2015, ARMOUR book value was $3.96 per share or $1.15 above the New York Stock Exchange closing trade price that day. ARMOUR paid cash dividends monthly of $0.04 per common share in Q2 and in July which represents a dividend yield on average book value of 11.9% per annum. Quarter end balance sheet leverage and liquidity remained essentially unchanged from last quarter. We also have purchased $1.6 billion of agency TBA securities for forward delivery. Those positions are treated as derivatives for GAAP purposes and show net on the balance sheet. The related $9.3 million of drop income is included in the core earnings figures I mentioned previously. Earlier this month, SABRE Business Insurance LLC which is ARMOUR's wholly owned insurance subsidiary, became a member of the Federal Home Loan Bank of Des Moines. We have begun to pledge securities and take advances from FHLB Des Moines, so that the bank's staff gets to know SABRE better and we can begin to make practical use of the unique opportunities which membership presents. For example, we may take a portion of the liquidity that we currently carry in cash and invest it in securities deposited with the FHLB Des Moines for safe keeping. When that liquidity is needed elsewhere, we could quickly draw a cash advance while improving earnings in the meantime. More