ARMOUR Residential REIT Names Sergey Losyev and Desmond Macauley as Co-Chief Investment Officers

VERO BEACH, Florida, March 18, 2024 (GLOBE NEWSWIRE) — ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR PRC) today announced the promotions of Sergey Losyev and Desmond Macauley to Co-Chief Investment Officers (CIO), effective March 18, 2024. Mr. Macauley will also serve as ARMOUR’s Head of Risk Management. Mr. Losyev and Mr. Macauley succeed Mark Gruber, who stepped down.

Mr. Losyev joined ARMOUR in 2016 and has served as Deputy Chief Investment Officer since January 2020. Prior to ARMOUR, he served as an Agency MBS Portfolio Analyst at Deutsche Asset Management, co-managing more than $25 billion of Agency MBS assets from 2009 to 2016. Earlier in his career, Mr. Losyev was a financial programmer at Zebra Capital Management LLC. He has an MBA from the Johnson School of Management at Cornell University and a B.S. in computer science from the University of Connecticut and is a CFA charterholder.

Mr. Macauley has served as the Director of Investment Strategies at ARMOUR since May 2013. He has 25 years of experience in the mortgage-backed securities market and has been cited among the top analysts in Structured MBS Securities by the U.S. Institutional Investor survey. Prior to ARMOUR, Mr. Macauley was a Managing Director in the MBS Strategy group of RBS Greenwich Capital and a Vice President in the MBS Research group at Merrill Lynch. He has an MBA from the Wharton School of the University of Pennsylvania, an M.S. in electrical engineering from the Georgia Institute of Technology and a B.S. magna cum laude in electrical engineering from the New Jersey Institute of Technology. He is a CFA charterholder.

Separately, ARMOUR Capital Management LP, ARMOUR’s external manager, announced the promotions of Shane Rand to Senior Portfolio Manager and Head of Trading, and Michael Schweizer to Portfolio Manager.

About ARMOUR Residential REIT, Inc.

ARMOUR invests primarily in fixed rate residential, adjustable rate and hybrid adjustable rate residential mortgage-backed securities issued or guaranteed by U.S. Government-sponsored enterprises or guaranteed by the Government National Mortgage Association. ARMOUR is externally managed and advised by ARMOUR Capital Management LP, an investment advisor registered with the Securities and Exchange Commission.